Green Hydrogen Market Trends, Share, and Growth (2020-2030)

Green Hydrogen Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (Alkaline Electrolysis and PEM Electrolysis), Renewable Source (Wind Energy, Solar Energy, and Others), and End-use Industry (Chemical, Power, Food & Beverages, Medical, Petrochemicals, and Others), and Geography

Publication Month : Aug 2023

  • Report Code : TIPRE00029371
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 192
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The green hydrogen market size is expected to grow from US$ 4,061.21 million in 2022 to US$ 88,055.64 million by 2030; it is estimated to record a CAGR of 46.9% from 2022 to 2030. The significantly growing government investment in renewable energy is likely to remain a key green hydrogen market trend.

Green Hydrogen Market Analysis

Governments of various across the globe are recognizing the advantages of green hydrogen as a clean and sustainable energy solution. They are taking proactive measures to support its development and deployment across various sectors. The increasing focus on decarbonization and climate change mitigation is prompting governments to prioritize investments in green hydrogen as a means to reduction carbon emissions. For instance, in June 2022, Protium, one of the leading green hydrogen energy companies in the UK, provided end-to-end net-zero energy solutions. Thus, increasing investments in green hydrogen projects are anticipated to create worthy opportunities for market expansion in the coming years.

Green Hydrogen Market Overview

Electrolysis is used to produce green hydrogen by separating water molecules into oxygen and hydrogen using electricity. Technological advancements in electrolysis contribute to improving the efficiency, cost-effectiveness, and scalability of the production, storage, and utilization of green hydrogen. Enhanced electrolyzer designs, advanced catalyst materials, and optimized operating conditions are a few factors that might lead to higher energy conversion efficiencies, shorter response times, and longer equipment lifetimes. In July 2023, the Korea Research Institute of Standards & Science (KRISS) showcased a potential solution for the durable and efficient carrier transport procedure of a photoanode with a protective film to develop the production of green hydrogen. Such advancements are also expanding the range of applications of green hydrogen. Thus, technological advancements associated with green hydrogen are projected to fuel the market growth during the forecast period.

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Green Hydrogen Market: Strategic Insights

green-hydrogen-market
Market Size Value inUS$ 4,061.21 million in 2022
Market Size Value byUS$ 88,055.64 million by 2030
Growth rateCAGR of 46.9% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Green Hydrogen Market Drivers and Opportunities

Increasing Demand for FCEV to Favor Market

Fuel cell electric vehicles (FCEVs) use hydrogen as a fuel and employ fuel cells to produce electricity, offering a clean and competent alternative to traditional internal combustion engine vehicles. With countries striving to reduce carbon emissions and transition to low-carbon transportation, the demand for FCEVs is increasing across the globe. As a result, various market players are involved in strategic development, such as partnerships, collaborations, and agreements, to enhance their product offerings and fulfil the growing demand for FCEVs. The adoption of FCEVs drives the need for green hydrogen production, as it is the primary source of fuel in these vehicles.

Growing Establishment of Large Green Hydrogen Plants– An Opportunity in Green Hydrogen Market

The establishment of large-scale green hydrogen plants attracts significant investments from both the public and private sectors. In June 2023, a group of companies announced their plan to invest US$ 79.75 in a project for the expansion of a hydrogen production facility and a hydrogen liquefaction facility in Queensland, Australia. The group of companies includes Kansai Electric Power Company (Japan), Marubeni Corporation (Japan), Iwatani Corporation (Japan), Keppel Infrastructure (Singapore), and Stanwell Corporation (Australia). The rise in infrastructure development is expected to create a positive environment for the implementation of green hydrogen in different sectors, which is likely to offer growth prospects to the market players during the forecast period.

Green Hydrogen Market Report Segmentation Analysis

Key segments that contributed to the derivation of the green hydrogen market analysis are technology, renewable sources, and end-use.

  • Based on the technology, the green hydrogen market has been divided into Alkaline Electrolysis and PEM Electrolysis. The Alkaline Electrolysis segment held a larger market share in 2022.
  • In terms of renewable source, the market has been segmented into wind energy, solar energy, and others. The solar energy segment dominated the market in 2022.
  • In terms of end-use Industry, the market has been segmented into chemical, power, food & beverages, medical, petrochemicals, and others. The power segment dominated the market in 2022.

Green Hydrogen Market Share Analysis by Geography

The geographic scope of the green hydrogen market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

Europe led the green hydrogen market. Several European countries, including Spain, France, Germany, and Portugal, have taken steps to cooperate and build a hydrogen pipeline by 2030. This pipeline will facilitate the transportation of ~2 million metric tonnes of hydrogen annually from these countries to France. As Europe looks to secure its energy supply and accelerate the transition to a carbon-neutral future, green hydrogen emerges as a vital resource and a key solution to reduce reliance on fossil fuels and achieve ambitious climate targets. Germany, France, Italy, UK are some of the prime countries operating in the green hydrogen market in Europe. The German government has already taken steps to promote the hydrogen economy, including the adoption of a National Hydrogen Strategy. For instance, in March 2022, Germany announced the contribution of US$ 572 million toward a new global green hydrogen economy. This is a significant step in promoting the adoption and development of clean energy solutions worldwide.

Green Hydrogen Market Report Scope

Green Hydrogen Market News and Recent Developments

The Green Hydrogen Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

  • In October 2022, NTPC and Siemens Ltd signed a Memorandum of Understanding (MoU) for the feasibility of demonstrating hydrogen co-firing blended with natural gas in Siemens V94.2 gas turbines installed at NTPC Faridabad gas power plant. (Source: Siemens Ltd, Press Release/Company Website/Newsletter)
  • In December 2022, Cummins Inc. supplied a 35-megawatt (MW) proton exchange membrane (PEM) electrolyzer system for Linde’s new hydrogen production plant in Niagara Falls, New York. (Source: Cummins Inc, Press Release/Company Website/Newsletter)

Green Hydrogen Market Report Coverage and Deliverables

The “Green Hydrogen Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering the following areas:

  • Green Hydrogen Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Market dynamics such as drivers, restraints, and key opportunities
  • Green Hydrogen Market Trends
  • Detailed PEST and SWOT analysis
  • Green Hydrogen Market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
  • Green Hydrogen Market Industry, landscape and competition analysis, covering market concentration, heat map analysis, prominent players, and recent developments
  • Detailed company profiles
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Technology, Renewable Source, and End-use Industry

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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