Green Hydrogen Market By Technology (Proton exchange membrane electrolyzer, Alkaline electrolyzer, Solid oxide electrolyzer), By Application (Power generation, Transport, Others), By End-use industry (Food and beverages, Medical, Chemical, Petrochemicals, Glass, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global green hydrogen market was valued at $2.5 billion in 2022, and is projected to reach $143.8 billion by 2032, growing at a CAGR of 50.3% from 2023 to 2032.
Green hydrogen is produced by water electrolysis. In this process, renewable electricity is used to split water molecules into hydrogen and oxygen gas. Its main applications include heavy industry, such as high temperature processes alongside electricity, feedstock for production of green ammonia and organic chemicals, as an alternative to coal-derived coke for steel manufacturing; long-haul transport, such as shipping and aviation; and long-term energy storage.
North America green hydrogen industry poised significant growth during forecast period owing to cost declines in green hydrogen production and infrastructure. Green hydrogen is expected to play a major role in decarbonizing the economy and transitioning to a clean energy future. According to the International Energy Agency, in North America, green hydrogen applications in heavy industries and long-distance transport currently account for only 0.1% of all hydrogen investments globally.
The global market for green hydrogen, specifically electrolysis, is expected to grow exponentially to a global installed base of 550 GW of electrolyzers by 2030, up from less than 11 GW in 2022. The U.S. reached an impressive 40% reduction in carbon dioxide emissions from the electricity sector between 2005 and 2020, with the current administration targeting a 100 percent reduction by 2035. Furthermore, offer a new clean hydrogen-specific production tax credit (PTC) as part of the Inflation Reduction Act (IRA) with up to $3 per clean hydrogen kg tax incentive for projects.
Moreover, supportive policies, incentives, and ambitious renewable energy targets set by governments globally have propelled investments and initiatives in green hydrogen production and infrastructure. Governments, along with private industries and research institutions, have collaborated to drive innovation, reduce production costs, and scale up green hydrogen projects. Based on application, transport segment held the highest market share in 2022, accounting for nearly half of the global green hydrogen market revenue, and is estimated to maintain its leadership status throughout the green hydrogen market forecast.
Demand for transportation has steadily increased owing to population growth, urbanization, and economic development contributing to a rise in the number of vehicles and the need for efficient transportation systems. In addition, the versatility of green hydrogen as an energy carrier across multiple sectors, including transportation, industry, power generation, and heating, contributes to its increase in global demand. Its potential to replace fossil fuels in hard-to-electrify sectors and serve as a versatile, clean energy solution has gained significant interest.
Furthermore, international partnerships and collaborations have fostered the exchange of knowledge, best practices, and investments in green hydrogen projects, accelerating global green hydrogen market growth trajectory. As a result of these combined factors, the green hydrogen market has experienced rapid expansion, positioning itself as a critical player in the transition toward sustainable and low-carbon energy systems on a global scale.
The green hydrogen market is segmented on the basis of technology, application, end-use industry, and region. On the basis of technology, it is classified into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. On the basis of application, it is divided into power generation, transport, and others. On the basis of end-use industry, it is fragmented into food and beverages, medical, chemical, petrochemicals, glass, others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest share of the market, followed by Asia-Pacific and North America.
In addition, this report analyses green hydrogen market trends across different applications such as into power generation, transport, and others. Furthermore, it also analyses green hydrogen market size across end users such as food and beverages, medical, chemical, petrochemicals, glass, others. Moreover, the report analyses the market trends across North America, Europe, Asia-Pacific, and LAMEA. In addition, it also highlights market dynamics that impact the growth of the global green hydrogen market, such as key drivers, restraints, growth green hydrogen market opportunities, and the role of different key players in the market. Further, the report presents the quantitative data in terms of value.
Green Hydrogen Systems, Air Liquide, Shell plc, Enapter S.r.l., Plug Power Inc., Ballard Power Systems, Linde plc, Reliance Industries, GAIL (India) Limited and Adani Green Energy Ltd. are some of the major players discussed in the report. The report provides a detailed green hydrogen market analysis of these key players. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their green hydrogen market share and maintain dominant shares in different regions. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under green hydrogen market scope in this report.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the green hydrogen market analysis from 2022 to 2032 to identify the prevailing green hydrogen market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the green hydrogen market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global green hydrogen market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TechnologyProton exchange membrane electrolyzer
Alkaline electrolyzer
Solid oxide electrolyzer
By ApplicationPower generation
Transport
Others
By End-use industryFood and beverages
Medical
Chemical
Petrochemicals
Glass
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
UK
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Arabia
South Africa
Rest of LAMEA
Key Market PlayersAir Liquide
Ballard Power Systems
Plug Power Inc.
Royal Dutch Shell
Adani Green Energy Ltd
Green Hydrogen Systems
Linde Plc
Reliance Industries
Enapter
GAIL (India) Limited
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