Implementation of government policies encouraging adoption of green hydrogen is among some of the key factors driving growth of the market.
New York, Feb. 10, 2021 (GLOBE NEWSWIRE) — Market Size – USD 894.3 Million in 2020, Market Growth – CAGR of 14.1%, Market Trends – Rising environmental concerns.
The global green hydrogen market is expected to reach a market size of USD 2,569.7 Million by 2028 and register a high CAGR during the forecast period, according to a latest report by Reports and Data. Green hydrogen market is witnessing increasing growth due to rising concerns regarding climate and growing shift towards renewable energy instead of fossil fuels. Green hydrogen will also aid in meeting the goal of the Paris Agreement, which was signed by 197 countries.
As the world is looking towards a low-carbon future, green hydrogen has been garnering rising interest from governments, businesses, and investors. Increasing investments in research and development of more improved hydrogen fuel cells and rising focus on more energy-efficient solutions is propelling growth of the market. Mitsubishi Power and Magnum Development, which is a fuel storage company, are working in Utah to build a storage facility for clean power. Projected to be operational by 2025, the project is expected to be the largest clean energy storage system in the world.
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Initiatives taken by market players are driving growth of the market. In May 2020 for instance, Shell Nederland joined forces with energy company, Eneco, to announce launch of Crossword, which is a new joint venture to create a green hydrogen hub in the port of Rotterdam. The hub will be powered by wind energy from the Hollandse Kust offshore wind farm.
The primary factor expected to restrain market growth is high cost of green hydrogen. Green hydrogen costs three times as much as natural gas, and producing green hydrogen is more expensive than blue or gray hydrogen, which is expected to hamper growth of the market to some extent.
The COVID-19 impact:
The COVID-19 pandemic has created a need to deal with rising climate change issues. The pandemic has presented an opportunity for fast and new transition to low-carbon future. The fall in price of solar modules around the world has far-reaching implications, and is transforming human lives from the age of hydrocarbon to electrification.
Green Hydrogen Market Size, Share & Analysis, By Technology (Proton Exchange Membrane (PEM) Electrolyzer, Alkaline (ALK) Electrolyzer, Solid Oxide Electrolyzer), By Application (Heating, Power Generation, Transportation), By Region And Forecast To 2027Size, Share & Analysis, By Technology (Proton Exchange Membrane (PEM) Electrolyzer, Alkaline (ALK) Electrolyzer, Solid Oxide Electrolyzer), By Application (Heating, Power Generation, Transportation), By Region And Forecast To 2027, To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/green-hydrogen-market
Further key findings in the report
- In February 2021, Australia’s state-owned utility CS Energy partnered with Japanese firm IHI to assess the feasibility of building a green hydrogen plant fueled by solar power. CE Energy is pursuing the project to ensure that the country has technical capability to enter the green hydrogen market once it has become commercially viable.
- PEM electrolyzer is industrially important as a source for pure green hydrogen for application in chemicals and energy storage. Revenue from this segment is expected to increase at a rapid rate and fuel market growth.
- Green hydrogen is used to power fuel cells in ships and cars. Energy of hydrogen fuel cells is more efficient than an internal combustion engine fueled by gas. Hydrogen fuel cells are ready to go in few minutes as compared to electric vehicles, which take some time to charge.
- The green hydrogen market revenue in North America is projected to increase at a steady rate during the forecast period due to implementation of clean energy policies in Canada and the U.S. Various sectors in the region are undertaking initiatives to go green and reduce carbon emissions. Toyota is planning to expand production of hydrogen-powered semi-trucks, which are currently being tested in ports of Los Angeles and Long Beach.
List of Top Key Players of Green Hydrogen Market
- Air Liquide
- Engie, Linde,
- Uniper SE
- Toshiba Energy Systems & Solutions Corporation
- Air Products and Chemicals, Inc.
- Green Hydrogen Systems.
For the purpose of this report, Reports and Data has segmented the global green hydrogen market on the basis of technology, application, and region:
- Technology Outlook (Revenue, USD Million; 2018 – 2028)
- Proton Exchange Membrane (PEM) Electrolyzer
- Alkaline (ALK) Electrolyzer
- Solid Oxide Electrolyzer
- Application Outlook (Revenue, USD Million; 2018 – 2028)
- Power Generation
- Regional Outlook (Revenue, USD Million; 2018 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
- North America
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