Green Hydrogen Market by Technology (Alkaline and PEM), Renewable Source (Wind, Solar, Geothermal, Hydropower, and Hybrid of Wind & Solar), End-Use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region - Global Forecast to 2027

Green Hydrogen Market by Technology (Alkaline and PEM), Renewable Source (Wind, Solar, Geothermal, Hydropower, and Hybrid of Wind & Solar), End-Use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region - Global Forecast to 2027

The green hydrogen market is projected to grow from USD 676 million in 2022 to USD 7,314 million by 2027, at a CAGR of 61.0% during the forecasted period. The market is driven by factors like the decreasing cost of producing renewable energy from all sources, the development of electrolysis technologies, and high demand from FCEVs and the power industry. Green hydrogen is used in a variety of industries, including transportation, chemical, power, grid injection, industrial, and others. Because of its zero-emission manufacturing process and cost-competitiveness as a result of technological advancements, green hydrogen is on its way to replacing conventional grey, brown, and blue hydrogen. Green hydrogen provides a sustainable alternative to fossil fuels in a variety of end-use industries..

‘‘In terms of volume, alkaline electrolysis-based green hydrogen accounted for the largest share of the overall green hydrogen market.’’

In terms of volume, the green hydrogen segment based on alkaline electrolysis accounted for 61% of the overall green hydrogen market in 2021. Alkaline electrolysis is the most widely used technology for producing green hydrogen around the world. Alkaline electrolysis employs two electrodes immersed in a basic electrolyte solution (such as sodium or potassium hydroxide) and separated by a diaphragm, a non-conductive permeable membrane. As hydrogen ions do not diffuse easily into an electrolyte solution, alkaline electrolysis produces more pure green hydrogen than PEM electrolysis and is thus more widely used.

“During the forecast period, the green hydrogen market in the mobility industry is expected to register the highest CAGR.’’

Mobility is the most important end-use industry for green hydrogen. Vehicles used in road/off-road transportation, rail, maritime, or aviation can all be powered by green hydrogen. The mobility end-use industry accounted for the largest share of the green hydrogen market in terms of value. This is due to the fact that hydrogen has three times the energy per unit as fossil fuels. The mobility industry had no other sustainable alternatives to fossil fuels prior to the commercialization of fuel-cell-based engines. Fuel Cell Electric Vehicles (FCEV) provide a more environmentally friendly option. For the automotive industry, green hydrogen is a viable and practical substitute. Green hydrogen-powered vehicles are ideal for mining vehicles, trains, planes, trucks, buses, and even maritime transportation. It is the most effective means of achieving advanced countries' zero carbon footprint targets.

“During the forecast period, the green hydrogen market in Europe is projected to register the highest CAGR.”

Europe dominated the global market for green hydrogen. Many manufacturers of green hydrogen and their products are present in the region. Germany held a significant share of the global green hydrogen market and is expected to grow significantly during the forecast period. The growing mobility and power industries are driving the growth of the green hydrogen market in this region.

This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:

By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%

By Designation- C Level- 50%, Director Level- 30%, and Others- 20%

By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-5%, Middle East & Africa (MEA)-10%

The report provides a comprehensive analysis of company profiles:

Siemens Energy AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Nel ASA (Norway), Linde plc (Ireland), Cummins Inc. (US), H&R Ölwerke Schindler GmbH (Germany), Wind to Gas Energy GmbH & Co. KG (Germany), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China), Air Liquide S.A. (France), and Air Products and Chemicals, Inc. (US), Uniper SE (Germany), Engie SA (France), Orsted AS(Denmark), Lhyfe (France).

Research Coverage

This report covers the global green hydrogen market and forecasts the market size until 2027. It includes the following market segmentation-By Technology (Alkaline Electrolysis and PEM Electrolysis), By Renewable source (Wind Energy, Solar Energy and Others), By End-Use Industries (Mobility, Chemical, Power, Grid Injection, Industrial and Others) and Region (North America, Europe, APAC, MEA, Latin America) - Global Forecast to 2027. Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global green hydrogen market.

Key benefits of buying the report:

The report is expected to help market leaders/new entrants in this market in the following ways:

1. This report segments the global green hydrogen market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.

2. The report helps stakeholders understand the pulse of the green hydrogen market and provides them with information on key market drivers, restraints, challenges, and opportunities.

3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, contract, expansion, and acquisition.

Reasons to buy the report:

The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall green hydrogen market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.