Green Hydrogen Market to Hit $8,120.8 Million by 2030: Cognitive Market Research

CHICAGO, Feb. 20, 2023 /PRNewswire/ — The Global Green Hydrogen Market size is projected to be USD 8,120.8 Million by 2030 growing at a CAGR of 62.6% from 2023 to 2030, as per a recent report by Cognitive Market Research. Europe is currently dominating the green hydrogen market as the EU opens the door to ‘green’ nuclear-derived hydrogen.

Major findings During the Analysis of Green Hydrogen Industry:

• Alkaline Water Electrolyser Technology is projected to garner significant market share as it is the most matured green hydrogen technology. This is primarily due to the relatively low cost per kW of installed capacity
• Green hydrogen is produced majorly from wind sources owing to the rise in the development of onshore and offshore wind farms. Rising awareness regarding the use of clean energy and the desire to mitigate the impacts of global warming has contributed to a significant rise in wind energy’s popularity over the past few decades
• In terms of application, revenue from the transport segment is highest due to the hydrogen’s rapid refueling time and higher energy density. It is pure enough for fuel cells used in the mobility sector which increases the demand for green hydrogen in transport application
• Europe held the highest position in the green hydrogen market as major players are present in the country. For instance, key players like Siemens Gamesa Renewable Energy, S.A., Nel ASA, and Linde, among others, are extremely active in European countries. Hydrogen is essential to Europe’s goals to decarbonize heavy industry, and the laws of the country are trying to encourage investors and enterprises to switch from hydrogen produced from fossil fuels to hydrogen produced from renewable sources
• The market in APAC will significantly grow in the green hydrogen market during the forecast period. For instance, in the recent budget, the Indian Government is targeting 5 million tonnes (MT) of green hydrogen production by 2030
• Market participants focus on implementing various strategic programs, such as partnerships, joint ventures, acquisitions, and mergers, on strengthening their market position in the emerging hydrogen market. For instance, Heliogen Inc. and Bloom Energy Corporation have announced the generation of green hydrogen by integrating the companies’ technologies – Heliogen’s concentrated solar energy system and the Bloom Electrolyzer. Moreover, Air Liquide and Siemens Energy formed a joint venture for the European production of large-scale renewable hydrogen electrolyzers
• North American region will grow exponentially with the highest CAGR in the green hydrogen market owing to the rising demand and production of green hydrogen. For instance, Linde has announced that it will build a 35-megawatt PEM (Proton Exchange Membrane) electrolyzer to produce green hydrogen in Niagara Falls, New York, U.S.

Read Full Market Analysis Green Hydrogen: by Technology (Alkaline Water Electrolyser, and Proton Exchange Membrane Electrolyser); by Source (Wind, Solar, Geothermal, Hydropower, and Hybrid); by Application (Transport, Power, Feedstock, and Others); by Region (North America, Europe, Asia Pacific, Latin America and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030

Global Green Hydrogen Industry Statistics:

 

What are the Current Trends in the Green Hydrogen Market?

Decarbonization has become a global dependable and a priority for governments, companies, and society at large because it plays a vital role in limiting global warming. Carbon-free hydrogen plays a critical role in decarbonizing various end-use sectors, such as iron ore and steel, methanol, fertilizers, refining, and maritime shipping, emitting significant amounts of CO2. To achieve this, decarbonizing the production of an element like hydrogen has given rise to green hydrogen. Thus, hydrogen has started attracting new momentum among various nations.  Currently 43 countries have set up strategies for driving the hydrogen economy.

Green hydrogen is one of the most promising technologies for meeting the world’s future energy demands. However, the market of green hydrogen is facing challenges owing to the high cost associated with the implementation of green hydrogen in various end-user markets. Thus, to reduce the overall pricing for green hydrogen, constant efforts are being made to decrease the cost of electrolyzers. It has been estimated that by 2050, green hydrogen production costs in some parts of the Middle East, Africa, Russia, China, the US, and Australia will be in the range of USD 1 to USD 1.6/kg.

Read the Full Report with the Table of Contents and Consult with Author: 

https://www.cognitivemarketresearch.com/green-hydrogen-market-report

What is the Future of Green Hydrogen?

It has been estimated that, by 2050, most heavy road transport will run on hydrogen and electricity. As per Cognitive Market Research study it also projected that 35% of trucks will be electric, 55% will run on hydrogen, and 10% will run on bio-methane in Europe. The demand for green hydrogen will keep on rising in the coming years.  Plug Power Inc. has announced to build of a 35-ton-per-day green hydrogen generation plant at the Port of Antwerp-Bruges in the heart of Europe. The company has also signed a 30-year concession agreement to build the plant at the Belgian port, the second largest in Europe. As a result, innovative technology and additional funds will create a game-changing situation for green hydrogen, leading to sustainable development and green industrialization for everybody.

Green Hydrogen Market Report Scope

Green Hydrogen Market – Technology Outlook (Revenue, USD Million, 2018–2030)

• Alkaline Water Electrolyser
• Proton Exchange Membrane Electrolyser

Green Hydrogen Market – Source Outlook (Revenue, USD Million, 2018–2030)

• Wind
• Solar
• Geothermal
• Hydropower
• Hybrid

Green Hydrogen Market – Application Outlook (Revenue, USD Million, 2018–2030)

• Transport
• Power
• Feedstock
• Others

Green Hydrogen Market – Regions Outlook (Revenue, USD Million, 2018–2030)

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
• Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)

List of Key Players in the Green Hydrogen Market

• Siemens Gamesa Renewable Energy, S.A.
• Plug Power Inc.
• Bloom Energy Corp.
• Toshiba
• Nel ASA
• Linde Plc
• Cummins, Inc.
• Air Liquide S.A.
• Uniper SE
• Lhyfe
• Engie S.A.
• Hiringa Energy Limited
• Others

Related Reports on Green Hydrogen Market:

• Global Wind Energy Market to Hit $172.36 Billion by 2030

The global wind energy market is expected to hit $172.36 Billion by 2030, growing at a CAGR of 9.4%. Wind power generation is the process of transforming wind energy into the spinning energy of the blades, which is then converted into electrical energy by the generator. Currently, the world is struggling with two major problems; depletion of natural resources and drastically changing climatical conditions. Increasing population, industrialization, and globalization are the prime factors for both the issues. Governments worldwide are investing huge amounts of time and resources to come up with satisfactory solutions for these problems.  Government of several countries have implemented policies and regulations for carbon emission and is promoting the adoption of renewable energy among the population and businesses. Hence, the adoption of renewable sources of energy is driving the growth of the wind energy market.

• Global Photovoltaic Market to Reach $169.28 Billion by 2030

The global photovoltaic market is projected to reach USD 169.28 billion by 2030, growing at a CAGR of 11.3%. Solar PV is becoming the cheapest option for electricity generation in many parts worldwide, which is expected to propel investment in the coming years. Robotics and automation, according to current applications and research, assist in simplifying the processes involved in renewable energy generation, particularly for solar energy sources, resulting in higher productivity and cost savings. Robots play an essential role in the PV manufacturing process because of their capacity to significantly cut costs while improving precision and accuracy when compared to human participation. As a result, many firms are becoming interested in robotic process automation in solar facilities. Consequently, the growing usage of robotics process automation in solar power plants will provide enormous growth opportunities for the photovoltaic market.

Other Related Reports:

• Global Electric Vehicle Market to reach USD 1,385.36 Billion by 2030, growing at an impressive CAGR of 24.3%
• Global Fuel Cell Market to be worth USD 11.08 Billion by 2030 and is expected to have a CAGR of 26.1%

Explore Other Cognitive Market Research’s Automobile & Transportation Industry Report

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SOURCE Cognitive Market Research