WASHINGTON, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The Global Green Hydrogen Market size is expected to reach USD 8,702 million by 2028, exhibiting a CAGR of 48.19% during the forecast period. This is accredited to the technological advancements to scale up the production combined with decreasing variable renewable energy (VRE) electricity costs. Moreover, broader use of hydrogen in several industries is likely to create immense opportunities for green hydrogen producers, states Vantage Market Research, in a report, titled “Green Hydrogen Market by Technology (Proton Exchange Membrane Electrolyser, Alkaline Electrolyser, Solid oxide Electrolyser) by Application (Power Generation, Transport, Others) by End-use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, Others) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the green hydrogen. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Green Hydrogen Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Market Overview:
A Transition towards Clean Energy and Decarbonization to Stimulate Green Hydrogen Demand
As of 2020, 70% of the world’s clean energy investments are funded by governments through policies such as subsidies or taxes or direct government finance. Clean hydrogen is among the key elements stimulating the process of decarbonizing especially through long-distance transport by adopting hydrogen-derived fuels. Hence, ambitious targets and plans announced by several governments towards carbon neutrality and decarbonization are likely to attract heavy investments and to promote the consumption the clean hydrogen. For instance, the European Union (EU) is aiming to become climate neutral by 2050 and pursues an economy with net-zero through European Green Deal projects. China has also announced ambitious goals towards carbon reduction as part of the Paris Agreement. In addition to that, around 40 governments across the world have either adopted or planning to implement a price on carbon through cap-and-trade programs and direct taxes on fossil fuels.
Low variable renewable energy (VRE) electricity costs, Likely to Support Green Hydrogen Movement
The cost of electricity is the primary cost driver for green hydrogen production and clean electricity produced from onshore wind plants and solar power projects have witnessed a significant decrease since the last decade. For instance, the average contracted price of solar energy was 250 USD/MWh in 2010 as compared to 56 USD/MWh in 2018. Similarly, the prices for onshore wind energy declined during the same period to 48 USD/MWh in 2018 from 75 USD/MWh in 2010. Additionally, in 2019 and 2020 prices of clean energy further reduced reaching new record-low prices observed to date. Decreasing cost of the clean electricity is expected to make green hydrogen production even more economically attractive.
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Advancements in Technologies combined with broader Application of Hydrogen to Support the Growth of the Market
Many of the technologies and components from the hydrogen value chain that have been installed in the small-scale production are near to ready for commercialization. As per the Hydrogen Council, the capital cost of electrolysis has fallen by 60% since 2010 and this is accredited to the adoption of technological developments across the supply chain. Moreover, the cost of fuel cells has too declined by 70% since 2006 stated by the U.S. DOE. However, some of the technologies have not yet been demonstrated at a large scale and are likely to create attractive pathways as production costs decrease.
Regional Analysis:
Europe is Likely to Dominate the Global Green Hydrogen Market
Europe Green Hydrogen Market is likely to dominate the global market during the forecast period. This is accredited to a large number of green hydrogen projects and aggressive but favourable government policies to further stimulate regional market growth during the upcoming years. Moreover, heavy investments in the research and development in the Hydrogen industry are anticipated to fuel the growth of the Green Hydrogen Market in Europe. For instance, European Union has partnered with Hydrogen Europe Research, an international non–profit association comprised of 91 universities and Research & Technology Organisations from 26 countries. The partnership is expected to create a favourable business environment for the green hydrogen movement in the region.
The Asia Pacific and North America are likely to witness substantial growth in the green hydrogen market during the forecast period. This is accredited to the rising green energy initiatives in countries like the U.S., China, Japan, and India.
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List Of Prominent Players in the Green Hydrogen Market:
| Sr. No. | Companies | Location |
| 1. | Linde plc | Dublin, Ireland |
| 2. | Air Liquide | Paris, France |
| 3. | Air Products and Chemicals, Inc. | Pennsylvania, United States |
| 4. | Engie SA | Paris, France |
| 5. | Uniper SE | Düsseldorf, Germany |
| 6. | Siemens AG | Munich, Germany |
| 7. | Hydrogenics | Mississauga, Canada |
| 8. | Toshiba Energy Systems & Solutions Corporation | Kanagawa, Japan |
Recent Developments in the Industry:
1. April 2020: Siemens AG and Uniper SE signed a cooperation agreement to work on the projects related to the decarbonization of power generation. This partnership would also include the assessment of Uniper's existing gas storage facilities and gas turbines for the use of hydrogen.
2. August 2021: Linde plc announced the plan to build a green hydrogen plant in Austria. The company has signed an long-term agreement with semiconductor manufacturer Infineon Technologies for onsite product and storage of green hydrogen.
This market titled “Green Hydrogen Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Forecast For 2028 | USD 8,702 million |
| Expected CAGR Growth | CAGR 48.19% From 2021 - 2028 |
| Base Year | 2020 |
| Historic Years | 2016 - 2019 |
| Forecast Years | 2021 - 2028 |
| Segments Covered | Technology: - Alkaline Electrolyser, Proton Exchange Membrane Electrolyser, and Solid Oxide Electrolyser End-Use Industry: - Medical, Glass, Chemical, Food & Beverages, Petrochemicals, and Others Application: - Transport, Power Generation, and Others |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Table of Content –
- Chapter No. 1: Introduction
- Report Scope
- Objectives of the Study
- USP & Key Offerings
- Target Audience
- Vantage Market Research Report Guidance/Walk-through
- Chapter No. 2: Premium Insights
- Market Snapshot
- Top Investment Pockets
- Market Attractiveness Analysis, By Technology
- Market Attractiveness Analysis, By Application
- Market Attractiveness Analysis, By End-use Industry
- Market Attractiveness Analysis, By Europe
- Insights from Primary Respondents
- Chapter No. 3: Key Market Dynamics
- Introduction
- Market Drivers
- Market Restraints
- Market Opportunities
- Porter’s Five Forces Analysis
- PEST Analysis
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