Green Hydrogen Market by Technology (Alkaline Electrolyzer, Polymer Electrolyte Membrane (PEM) Electrolyzer), Renewable Source (Solar Energy, Wind Energy), Distribution Channel, Application - Global Forecast 2024-2030

Green Hydrogen Market by Technology (Alkaline Electrolyzer, Polymer Electrolyte Membrane (PEM) Electrolyzer), Renewable Source (Solar Energy, Wind Energy), Distribution Channel, Application - Global Forecast 2024-2030

The Green Hydrogen Market size was estimated at USD 2.76 billion in 2023 and expected to reach USD 3.76 billion in 2024, at a CAGR 39.84% to reach USD 28.89 billion by 2030.

Green hydrogen is made using renewable energy or low-carbon power sources; it exhibits significantly lower emissions than hydrogen derived from fossil fuels without carbon capture. Green hydrogen can be reserved and transported as a versatile energy vector for various applications across different sectors, including transportation, industry, and power generation. It is used directly in fuel cells to generate electricity for vehicles or combined with captured CO2 to produce synthetic fuels. In enterprises such as steel and chemical manufacturing, where high-temperature heat is required, green hydrogen can serve as a low-emission substitute for fossil fuels traditionally used in these processes. Green hydrogen is experiencing increased demand due to the growing need for renewable energy resources. Manufacturers in the ammonia and fertilizer industry are increasingly adopting green hydrogen. The growth of green hydrogen is driven by mounting environmental concerns and regulations on carbon emissions. While safety concerns are associated with handling and transporting green hydrogen, government investments and subsidies are promoting the use of clean fuel. Along with these, extensive research and development efforts are underway worldwide to harness the potential of green hydrogen as a sustainable energy carrier. As innovation continues to drive technological advancements and reductions in production costs, green hydrogen is expected to play a pivotal role in the transition toward a low-carbon future.

Regional Insights

Europe and the Americas are witnessing an increase in development across the production of green hydrogen. In recent years, both regions have witnessed increased investments in green hydrogen production and the development of supportive clean energy policies. Advances in research and development for green hydrogen have made it more cost-effective and widely available. The European Union has been particularly proactive in adopting green hydrogen. The European Commission has identified green hydrogen as a key element of its Green Deal agenda, setting ambitious targets for using renewable energy sources and supporting businesses willing to invest in green hydrogen technology. Additionally, several European countries have developed specific strategies to produce and use this energy source, committing significant resources to promote its growth. In the Americas, countries such as Canada, Mexico, Chile, and Brazil focus on exploring the potential of green hydrogen. Canada is investing heavily in infrastructure to produce electricity from renewable sources such as solar and wind power, which can then be used with electrolysis technology to produce green hydrogen. India and China are witnessing a significant increase in the adoption of green hydrogen for manufacturing ammonia and fertilizers. Their commitment to sustainable growth drives this shift across developing countries to reduce greenhouse gas emissions in line with global climate targets. Furthermore, several notable collaborations between key industry players have been observed to capitalize on the market potential offered by green hydrogen technology. Other key partnerships are emphasized in research & development efforts and commercial-scale deployment strategies.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Green Hydrogen Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Growing demand for renewable alternative to conventional fossil fuels
    • Increasing utilization of green hydrogen for manufacturing of ammonia and fertilizers
    • Market Restraints
      • High initial investment requirements for setting up hydrogen infrastructure
      • Market Opportunities
        • Advancing research and development for green hydrogen
        • Increasing government investments and subsidies promoting clean fuel usage
        • Market Challenges
          • Safety concerns associated with handling and transportation of green hydrogen
          • Market Segmentation Analysis
            • Technology: Pertaining advantage of alkaline and polymer electrolyte membrane (PEM) electrolyzers in large-scale projects
            • Renewable Source: Growing uses of solar and wind energy sources providing operational flexibility in electricity generation
            • Distribution Channel: Wider availability of green hydrogen pipelines in large scale plants for convenient transmission
            • Application: Increasing adoption of green hydrogen energy for power generation and transportation
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Green Hydrogen Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Green Hydrogen Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Nikola And Fortescue Future Industries Commit To Creating American Green Energy Jobs With Acquisition Of Nikola's Phoenix Hydrogen Hub
              
              Fortescue Future Industries (FFI) and Nikola Corporation have announced that FFI has acquired the Phoenix Hydrogen Hub (PHH) project near Phoenix in Buckeye, Arizona. The companies signed a MoU in January 2023 to collaborate on the co-development of large-scale green hydrogen production facilities. FFI provides the capital and resources to fully develop PHH, which is expected to commence hydrogen production by mid-decade. The agreement aims to support Nikola's Class 8 zero-emission trucks through a hydrogen supply agreement.
              
              Receives purchase order for 40 MW electrolyser equipment from Bondalti
              
              Nel Hydrogen Electrolyser AS has entered into a contract with Bondalti for the H2 Enable project in Estarreja, Portugal, securing 40 MW of alkaline electrolyzer equipment. Wood has been chosen as the EPC for the FEED study, while the electrodes are manufactured at the Herøya facility in Norway. Bondalti aims to incorporate green hydrogen into its value chain, aligning with European climate and energy targets to decarbonize its operations.
              
              Statkraft supplies Air Liquide with wind power for large scale green hydrogen electrolyser
              
              A Norwegian state-owned company provides Air Liquide with a wind-energy portfolio for a duration of three years starting in 2024. Air Liquide intends to use renewable power to produce hydrogen at its 20 MW Trailblazer plant in Oberhausen, Germany. The availability of such power enables Air Liquide to certify the hydrogen as renewable and meet REDII compliance, thereby allowing customers to market products with a lower carbon footprint. The supply of green electricity facilitates the transformation of industrial processes, consequently reducing CO2 emissions in Germany.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Green Hydrogen Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Green Hydrogen Market, highlighting leading vendors and their innovative profiles. These include Adani Green Energy Limited, Air Liquide S.A., Air Products and Chemicals, Inc., Avaada Energy Pvt. Ltd., Ballard Power Systems Inc., Bloom Energy Corporation, Cummins Inc., CWP Global, ENAPTER s.r.l., ENGIE SA, Green Hydrogen Systems A/S, Hiringa Energy Limited, HydrogenPro ASA, Iberdrola, S.A., ITM Power PLC, Iwatani Corporation, Kawasaki Heavy Industries, Ltd., Larsen & Toubro Limited, Linde PLC, McPhy Energy S.A, Messer SE & Co. KGaA, Nel ASA, NEOM Company, Ohmium International, Inc., Plug Power Inc., PowerCell Sweden AB, Reliance Industries Limited, Saudi Arabian Oil Company, Siemens AG, Thermax Limited, Topsoe A/S, Toshiba Corporation, and Uniper SE.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Green Hydrogen Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Technology
              • Alkaline Electrolyzer
              • Polymer Electrolyte Membrane (PEM) Electrolyzer
              • Renewable Source
                • Solar Energy
                • Wind Energy
                • Distribution Channel
                  • Cargo
                  • Pipeline
                  • Application
                    • Power Generation
                    • Transportation
                    • Region
                      • Americas
                        • Argentina
                        • Brazil
                        • Canada
                        • Mexico
                        • United States
                          • California
                          • Florida
                          • Illinois
                          • New York
                          • Ohio
                          • Pennsylvania
                          • Texas
                          • Asia-Pacific
                            • Australia
                            • China
                            • India
                            • Indonesia
                            • Japan
                            • Malaysia
                            • Philippines
                            • Singapore
                            • South Korea
                            • Taiwan
                            • Thailand
                            • Vietnam
                            • Europe, Middle East & Africa
                              • Denmark
                              • Egypt
                              • Finland
                              • France
                              • Germany
                              • Israel
                              • Italy
                              • Netherlands
                              • Nigeria
                              • Norway
                              • Poland
                              • Qatar
                              • Russia
                              • Saudi Arabia
                              • South Africa
                              • Spain
                              • Sweden
                              • Switzerland
                              • Turkey
                              • United Arab Emirates
                              • United Kingdom
                              
                              
                              Please Note: PDF & Excel + Online Access - 1 Year