25 January 2023
Visiongain has published a new report entitled Green Hydrogen Market Report 2023-2033: Forecasts by Technology (Alkaline Electrolyzer, Polymer Electrolyte Membrane (PEM) Electrolyzer, Solid Oxide Electrolyzer, Other), by Renewable Source (Solar Energy, Wind Energy, Geothermal Energy, Hydropower, Hybrid of Wind & Solar), by Application (Mobility, Industrial Uses, Chemical Production, Grid Injection, Power Generation, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global green hydrogen market was valued at US$2,018 million in 2022 and is projected to grow at a CAGR of 47.0% during the forecast period 2023-2033.
The Green Hydrogen Market Is Expected to Experience Significant Growth In the Coming Years
The increasing demand for clean and renewable energy sources, along with government incentives and policies aimed at reducing greenhouse gas emissions, are driving the growth of the green hydrogen market.
Green hydrogen, also known as renewable hydrogen, is produced through the electrolysis of water using renewable energy sources such as solar and wind power. This process results in zero emissions, making it a clean and sustainable energy source.
The transportation and power generation sectors are expected to be major drivers of the green hydrogen market. The growing adoption of electric vehicles and the increasing need for clean and efficient power generation are expected to drive the demand for green hydrogen.
Additionally, the green hydrogen market is expected to benefit from the increasing adoption of fuel cell technology. Fuel cells are highly efficient and have a lower environmental impact compared to traditional fossil fuel-based power generation.
How has COVID-19 had a significant negative impact on the Green Hydrogen Market?
With a well-coordinated supply chain and significant funding needed for demonstration, hydrogen technologies are anticipated to be most affected by the crisis' influence on global supply networks. Practically all of the present need for hydrogen is found in the steel industry, the chemical industry, and oil refining, all of which have been severely hit by the Covid-19 outbreak.
Before the Covid19 crisis, the production and usage of low-carbon hydrogen had experienced an extraordinary uptick. Sales of hydrogen fuel-cell vehicles significantly increased in 2019 and it was anticipated that the early 2020s would be record years for the deployment of electrolyser capacity. These trends may now be in danger as a result of important end-use technology demonstrations slowing off and low-carbon production projects being postponed.
The Covid-19 issue presents a critical opportunity to maintain the momentum for hydrogen technology, and stimulus plans may be able to do so. In addition to maintaining momentum, encouraging the development of CCUS infrastructure and electrolysis production will hasten the uptake of hydrogen for sector integration and generate the jobs required for economic recovery.
How will this Report Benefit you?
Visiongain’s 302-page report provides 157 tables and 149 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global green hydrogen market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Green Hydrogen. Get financial analysis of the overall market and different segments including technology, application, renewable sources, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing green hydrogen market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Alternative Technology Developments
The development of other technologies has a significant impact on the scope and functions of green hydrogen use. The final roles and scales of green hydrogen in the decarbonization of the energy system will be influenced by developments in battery technology (e.g., higher energy density at lower costs), the role of nuclear power in the energy system, and many other new innovative technologies (e.g., alternative technologies for large scale storage and flexible re-usage of RES electricity surpluses). It is clear that this driving factor has a significant impact and unpredictability.
The creation of a new specialized hydrogen infrastructure and totally new value chains is necessary to carry out the necessary large-scale redesign of the energy system. To do this, politics and governments at different levels must consistently and optimally align, for example, policy and decision-making at the EU level, national country level, and local level within the EU countries (e.g. municipalities). Additionally, it will need to be implemented with the best possible alignment with private firms while assuring widespread community support. Reaching such complete consistency and ideal alignment for the implementation governance will be difficult.
Where are the Market Opportunities?
Green Hydrogen as an Opportunity for Industrial Development
The new industrialisation paths brought about by the switch to green hydrogen are anticipated to be most advantageous for nations with rich geothermal, solar, and wind energy resources. IEA (2019) believes that the most desirable locations for creating green hydrogen using solar and wind energy are found in Africa, the Middle East, Southern Asia, and the western regions of South America. This is good news for many low- and middle-income countries
Advancements in Technology and Infrastructure
Advances in technology and infrastructure have made it possible to produce, store, and distribute green hydrogen at scale. This has opened up new opportunities for the market, such as the development of hydrogen-powered vehicles and the use of hydrogen in industrial processes.
The major players operating in the green hydrogen market are Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, Nel ASA, Linde plc, Cummins Inc., Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd., Air Liquide S.A, Air Products and Chemicals, Inc., Uniper SE, Engie SA. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 23 June 2022, Siemens Energy and Air Liquide have formed a joint venture in Europe to produce industrial scale renewable hydrogen electrolyzers in series. This Franco-German collaboration will enable the emergence of a sustainable hydrogen economy in Europe and foster a European ecosystem for electrolysis and hydrogen technology by combining the expertise of two of the world's leading companies in their respective fields.
• 16 Nov 2022, Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE: NEL), has entered into a joint development agreement with General Motors (NYSE: GM) to aid in the industrialization of Nel's proton exchange membrane (PEM) electrolyzer platform. The two companies hope to enable more cost competitive sources of renewable hydrogen by combining GM's extensive fuel cell expertise and Nel's deep knowledge of electrolysers.
Notes for Editors
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