Green Hydrogen Market Size By Technology (Alkaline, PEM, Solid Oxide), By Source (Solar, Wind), By Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power), COVID-19 Impact Analysis, Regional Outlook, Grow

Green Hydrogen Market Size By Technology (Alkaline, PEM, Solid Oxide), By Source (Solar, Wind), By Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global green hydrogen market is projected to witness lucrative growth between 2022-2030. The power generation and transport sector are steadily shifting to cleaner fuel alternatives. Focus on reducing the dependency on fossil fuels and achieving decarbonization targets has led to the imposition of stringent government norms.

New research and development activities are currently underway to meet the requirement for efficient & low-cost production of clean hydrogen. In July 2022, Indian Institute of Science (IISc) research developed a technology to produce green hydrogen using biomass. The innovative process generates 100 gm of green hydrogen using 1 kg biomass. The construction of new manufacturing facilities to enable large-scale deployment of clean hydrogen and build a hydrogen economy across developing economies will favor industry trends.

The global green hydrogen market is classified based on source, technology, application, and region.

In terms of technology, the market is categorized into alkaline, solid oxide, and PEM. The solid oxide technology segment is projected to surpass USD 950 million by 2030. The necessity for low-cost & high-efficiency clean hydrogen solutions has encouraged the development and commercialization of electrolyzer technologies. Features like low capital cost, reduced requirement of auxiliary components, high current density, and less maintenance in terms of electrode corrosion will boost the adoption of solid oxide technologies in the green hydrogen industry.

Based on source, the green hydrogen market size is fragmented into solar and wind. The solar segment is anticipated to record over 60% CAGR by 2030. The large-scale availability of sunlight has made solar a beneficial source of energy to produce clean hydrogen. Efforts to replace conventional fuel sources with renewable energy will boost the adoption of solar power. Moreover, the development of new solar energy projects across emerging nations along with stern decarbonization targets by various sectors will boost segment growth.

With respect to application, the industry is segregated into power generation, industrial feedstock, and transportation. The industrial feedstock segment is likely to grow at a CAGR of over 70% between 2022 to 2030. The construction of new projects for green ammonia production has facilitated the demand for clean hydrogen. Robust government investments could support the use of green hydrogen as a feedstock across industrial applications like metallurgy, fertilizers, steel making and, chemical production.

The Asia Pacific green hydrogen market size is projected to register over 60% CAGR by 2030. New government initiatives to reduce carbon emission levels across the industrial sector will support the adoption of eco-friendlier fuel alternatives. Public and private sectors across the region are making investments to develop green hydrogen projects. Shift to renewable energy sources in the power generation sector and strategic alliances among emerging nations will positively impact the APAC industry outlook.