New York , Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global green hydrogen market size is predicted to grow at a CAGR of over 61% from 2023 to 2035. The market is projected to garner a revenue of USD 515.66 billion by the end of 2035, up from a revenue of USD 1.7 billion in the year 2022. The major factor to dominate the market revenue is growing global warming. For instance, from 1880 to 2022, the Earth's temperature went up by 0.14° Fahrenheit (0.08° Celsius) on average per decade, or almost 2° F overall. Hence, the green hydrogen is set to play a significant role in reducing global warming.
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Additionally, the government of various nations is also investing heavily in order to promote the production of green hydrogen. For instance, the goals that India has established for itself are to achieve Net Zero by 2070 and energy independence by 2047. In order to accomplish this, they are currently constructing a green hydrogen production capacity of at least 5 MMT (million metric tonnes) per year, along with an additional 125 GW of renewable energy capacity expansion nationwide.
Green Hydrogen Market: Key Takeaways
- Market in Europe to propel the highest growth
- The Transport segment to garner the highest growth
- Market in Asia Pacific region to grow at a tremendous rate
Rising Demand for Fuel Cell Electric Vehicles (FCEVs) to Boost the Growth of the Global Green Hydrogen Market ‘
Green hydrogen is currently employed in transportation as a sustainable mobility option as a result of technology including the fuel cell. Vehicles powered by this renewable energy source contain a hydrogen tank that is connected to the fuel cell, which generates the electricity needed to run the engine. Hence, fuel cell electric vehicles (FCEVs) symbolize a fuel revolution towards carbon-neutral fuel consumption in the transportation and energy sectors. As of right now, their share of newly sold low-emission vehicles is about 0.4%. However, the FCEV market is expected to take off.
Green Hydrogen Industry: Regional Overview
The global green hydrogen market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Production of Electricity Through Renewable Energy to Drive Market Expansion in Europe
The Europe market for green hydrogen is set to generate the largest share of ~30% over the projected period. This could be owing to the rising production of electricity through renewable energy. Similar to 2020 (when it accounted for over 37% of total electricity consumption), renewable energy sources contributed to close to 38% of the EU's gross electricity consumption in 2021. Water is electrolyzed with electricity produced by renewable energy sources to produce green hydrogen.
Rising Production of Green Hydrogen to Influence the Market Expansion in Asia Pacific
The green hydrogen market in Asia Pacific is poised to gather a notable share of ~28% over the forecast period. The major element to influence this growth in rising production of green hydrogen. Furthermore, the cost of producing green hydrogen is also low in this region. For instance, China manufactures green hydrogen for over USD 981 per kilowatt-hour, less than half the price of countries in Europe.
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Green Hydrogen Segmentation by Application
- Power Generation
- Transport
The transport segment is predicted to gather the highest market revenue by the end of 2035. This growth of the market is set to be influenced by growing demand for commercial vehicles owing to the growing population since a large number of are opting to travel through them. With 8,045,311,446 individuals on the globe in 2023, there was a rise of over 0.87% (or over 70,206,290) from the population of roughly 7,975,105,155 in 2022.
Green Hydrogen Segmentation by End User Industry
- Medical
- Food & Beverages
- Chemical
- Glass
- Petrochemicals
- Others
The chemical segment is expected to have significant growth in its share over the forecast period. This growth is predicted to be influenced by rising demand for ammonia and fertilizers. Ammonia is the type of hydrogen that the fertilizer industry utilizes to make complex fertilizers including urea and diammonium phosphate (DAP). About 177 kilograms of hydrogen are required to produce one ton of ammonia.
Green Hydrogen Segmentation by Technology
- Proton Exchange Membrane Electrolyzer
- Solid Oxide Electrolyzer
- Alkaline Electrolyzer
A few of the well-known market leaders in the global green hydrogen market that are profiled by Research Nester are Siemens Energy, Cummins Inc., Linde plc, ITM Power plc, Nel ASA, Air Products and Chemicals Inc., Iwatani Corporation Ltd., Messer SE & Co. KGaA, Adani Group, Air Liquide, and others.
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ssRecent Development in the Market
- In order to boost the production of renewable hydrogen electrolyzers for industrial use in Europe, Siemens Energy partnered with Air Liquide. This Franco-German partnership would enable a sustainable hydrogen economy to flourish throughout Europe. It is projected that production will begin in the second half of 2023 and increase to a capacity of three gigawatts per year by 2025.
- The Adani Group declared its intention to contribute USD 20 billion towards the production of renewable energy. This will probably include making investments with potential partners in order to produce electrolyzers.
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