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The size of the green hydrogen market was estimated in 2022 at USD 0.28 billion. The green hydrogen market industry is anticipated to see a compound annual growth rate (CAGR) of 58.41% from 2022 to 2030, rising from USD 0.44 billion to USD 10.55 billion. The two main factors boosting the growth of the green hydrogen market are the rising demand for renewable energy sources and the requirement to reduce carbon emissions.
The global market for green hydrogen is growing as more people become aware of using hydrogen as energy. The fact that hydrogen exclusively combines with oxygen to produce water and heat makes it a good candidate for use as an energy carrier. There are no emissions of greenhouse gases or other pollutants when using hydrogen fuel cells. Hydrogen fuel cells have been found to be more efficient than traditional combustion-based power plants. In contrast to conventional combustion-based power plants, which have an efficiency of 33% to 35%, hydrogen-based fuel cell systems have an efficiency of up to 60% (and even higher with cogeneration). In recent years, the business has been led by growing environmental concerns. The growing global demand for alternative energy sources is what is driving the demand for green hydrogen and the growth of its market. The International Energy Agency estimates that worldwide carbon emissions rose from 31.5 Gt CO2 in 2020 to 33 Gt CO2 in 2021, an increase of 4.76%. Carbon emissions in the United States were predicted to rise by more than 200 Mt CO2 to 4.46 Gt CO2 in 2021.
As the use of nuclear and green hydrogen fuel surged recently, the green hydrogen industry expanded. Due to the increased acceptance of renewable energy in recent years to lessen the environmental load, the use of green hydrogen has been expanding. Around 120 metric tonnes of hydrogen are consumed worldwide, with China using around 23.9 tonnes and the United States using about 11.2 tonnes. This has increased the green hydrogen market CAGR internationally in recent years, according to the IREA (International Renewable Energy Agency).
Urbanisation and the frighteningly widespread use of fossil fuels have both been related to rising global greenhouse gas emissions. Methane, carbon dioxide, and nitrous oxide are all major contributors to climate change, which results from an increase in heat. Global temperatures have risen by one degree during the past century. Because of this, environmentalists advocate for the widespread use of hydrogen as a substitute for harmful fossil fuels, which is another element boosting the green hydrogen market's profitability.
With its headquarters in La Défense, Courbevoie, Engie is a French international utility firm that engages in energy transition, electricity generation and distribution, natural gas, nuclear power, renewable energy, and petroleum. It is one of the few players in the market with expertise in both upstream (engineering, purchasing, operation, and maintenance) and downstream (waste management, dismantling) activities. Engie and Alstom announced their collaboration in April 2022 to develop a fuel cell system for European rail freight that will utilise renewable hydrogen. Engie thinks the collaboration marks a new turning point in the development of the hydrogen economy and the development of renewable hydrogen technologies.
Report Coverage
Global Green Hydrogen research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Green Hydrogen report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Green Hydrogen competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Green Hydrogen market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Green Hydrogen market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Green Hydrogen market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Green Hydrogen Systems (Denmark), Solena Group (U.S.), H2X (Australia), Siemens Gas and Power GmbH & Co. K.G. (Germany), Engie (France), FuelcellWorks (U.S.), Plug Power (U.S.), Fuelcell Energy (U.S.), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (U.S.), Ergosup (France), Loop Energy (Canada), and Syzygy Plasmonics (U.S.)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Green Hydrogen market based on the below-mentioned segments:
Global Green Hydrogen Market, By Technology
Alkaline Electrolyzer
Proton Exchange Membrane Electrolyzer
Solid Oxide Electrolyzer
Global Green Hydrogen market, By Application
Transport
Power Generation
Industries
Heating
Global Green Hydrogen Market, By Location
Onshore
Offshore
Global Green Hydrogen market, Regional Analysis
The global market for green hydrogen is growing as more people become aware of using hydrogen as energy. The fact that hydrogen exclusively combines with oxygen to produce water and heat makes it a good candidate for use as an energy carrier. There are no emissions of greenhouse gases or other pollutants when using hydrogen fuel cells. Hydrogen fuel cells have been found to be more efficient than traditional combustion-based power plants. In contrast to conventional combustion-based power plants, which have an efficiency of 33% to 35%, hydrogen-based fuel cell systems have an efficiency of up to 60% (and even higher with cogeneration). In recent years, the business has been led by growing environmental concerns. The growing global demand for alternative energy sources is what is driving the demand for green hydrogen and the growth of its market. The International Energy Agency estimates that worldwide carbon emissions rose from 31.5 Gt CO2 in 2020 to 33 Gt CO2 in 2021, an increase of 4.76%. Carbon emissions in the United States were predicted to rise by more than 200 Mt CO2 to 4.46 Gt CO2 in 2021.
As the use of nuclear and green hydrogen fuel surged recently, the green hydrogen industry expanded. Due to the increased acceptance of renewable energy in recent years to lessen the environmental load, the use of green hydrogen has been expanding. Around 120 metric tonnes of hydrogen are consumed worldwide, with China using around 23.9 tonnes and the United States using about 11.2 tonnes. This has increased the green hydrogen market CAGR internationally in recent years, according to the IREA (International Renewable Energy Agency).
Urbanisation and the frighteningly widespread use of fossil fuels have both been related to rising global greenhouse gas emissions. Methane, carbon dioxide, and nitrous oxide are all major contributors to climate change, which results from an increase in heat. Global temperatures have risen by one degree during the past century. Because of this, environmentalists advocate for the widespread use of hydrogen as a substitute for harmful fossil fuels, which is another element boosting the green hydrogen market's profitability.
With its headquarters in La Défense, Courbevoie, Engie is a French international utility firm that engages in energy transition, electricity generation and distribution, natural gas, nuclear power, renewable energy, and petroleum. It is one of the few players in the market with expertise in both upstream (engineering, purchasing, operation, and maintenance) and downstream (waste management, dismantling) activities. Engie and Alstom announced their collaboration in April 2022 to develop a fuel cell system for European rail freight that will utilise renewable hydrogen. Engie thinks the collaboration marks a new turning point in the development of the hydrogen economy and the development of renewable hydrogen technologies.
Report Coverage
Global Green Hydrogen research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Green Hydrogen report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Green Hydrogen competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Green Hydrogen market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Green Hydrogen Systems (Denmark), Solena Group (U.S.), H2X (Australia), Siemens Gas and Power GmbH & Co. K.G. (Germany), Engie (France), FuelcellWorks (U.S.), Plug Power (U.S.), Fuelcell Energy (U.S.), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (U.S.), Ergosup (France), Loop Energy (Canada), and Syzygy Plasmonics (U.S.) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Green Hydrogen Market from 2021 to 2030.
- Market Forecast for Green Hydrogen Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Green Hydrogen competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Green Hydrogen
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Green Hydrogen market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Green Hydrogen market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Green Hydrogen Systems (Denmark), Solena Group (U.S.), H2X (Australia), Siemens Gas and Power GmbH & Co. K.G. (Germany), Engie (France), FuelcellWorks (U.S.), Plug Power (U.S.), Fuelcell Energy (U.S.), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (U.S.), Ergosup (France), Loop Energy (Canada), and Syzygy Plasmonics (U.S.)
Primary Target Market
- Market Players of Green Hydrogen
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Green Hydrogen market based on the below-mentioned segments:
Global Green Hydrogen Market, By Technology
Alkaline Electrolyzer
Proton Exchange Membrane Electrolyzer
Solid Oxide Electrolyzer
Global Green Hydrogen market, By Application
Transport
Power Generation
Industries
Heating
Global Green Hydrogen Market, By Location
Onshore
Offshore
Global Green Hydrogen market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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