Green Hydrogen Market Size, Industry & Landscape Outlook, Revenue Growth Analysis to 2028

According to the most recent analysis by Emergen Research, the size of the worldwide green hydrogen market is anticipated to reach USD 2,565.7 million in 2028 and show a revenue CAGR of 14.1% over the projected period. Growing worries about carbon emissions and rising demand for green hydrogen in the transportation sector are two major drivers influencing market revenue growth.

Due to its capacity to lower carbon emissions, green hydrogen has recently been in great demand. Additionally, it helps to meet the world’s rising energy demand. Since it is a renewable energy source, its use is anticipated to rise in the coming years. The global market is anticipated to rise as knowledge of hydrogen’s potential as an energy source increases. The industry is also growing as a result of an increase in environmental concerns, which emphasise the need for clean, renewable energy production to lower emission levels. Additionally, the business for green hydrogen is expanding due to increased use of nuclear power and green hydrogen. However, the primary barriers to expanding hydrogen infrastructure are the high upfront costs as well as the prohibitive maintenance expenses.

Global green hydrogen market potential Government spending on creating green hydrogen ecosystems should increase. Developing infrastructure for green hydrogen is a priority for many wealthy nations’ governments. Europe is where this is most prevalent, followed by Asia. Infrastructure growth will enable producers to increase their capacity and reach, which will help them cut the cost of green hydrogen. For the development of an environment that accepts green hydrogen as an alternative fuel, the participation of the governments of the individual countries is extremely important.

In wind farms, green hydrogen is commonly employed. It is usual to find both onshore and offshore wind farms. Offshore plants have steady output throughout the year in contrast to onshore facilities. Since a couple decades ago, wind energy costs have decreased by 50%. This aspect has increased the acceptance of wind energy as a green hydrogen source. The manufacture of green hydrogen today uses power produced by both onshore and offshore wind turbines.

Because alkaline electrolyzers are the traditional electrolyzer technology utilised in green hydrogen projects, they accounted for the biggest sales share (66.18%) in 2021. In contrast to PEM electrolyzers, the alkaline electrolyzer has a higher running time and employs a liquid alkaline solution of potassium or sodium hydroxide as its electrolyte.

In terms of revenue, the pipeline sector held 62.07% of the global market for green hydrogen in 2021. Transporting green hydrogen is possible in a variety of ways, including as a gas in high-pressure containers, a liquid in thermally insulated containers, a processed form such as methanol or ammonia, or as a chemical carrier medium.

In 2021, the transportation segment had the highest revenue share (40.61%). Hydrogen can be utilised in internal combustion engines or fuel cells for transportation. A hydrogen fuel cell is two to three times more efficient than an internal combustion engine running on gasoline due to its high energy efficiency.

Due to large expenditures made by European economies in the pursuit of an energy transition toward a clean hydrogen-based economy during the ensuing years, Europe accounted for a sizeable revenue share of about 50% in 2021. For instance, the U.K. government revealed a USD 14.8 billion investment plan in August 2019 for a project that is anticipated to utilise 4 GW of offshore wind for the production of green hydrogen by 2030.

Key Companies Profiled in the Ultraviolet LED Market

AIR LIQUIDE, Engie, Siemens, Royal Dutch Shell PLC, Ballard Power Systems, Plug Power Inc., SGH2 Energy Global LLC, Cummins Inc., Linde, and Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd.

Global Green Hydrogen Market Segmentation

Emergen Research has segmented global green hydrogen market on the basis of technology, renewable resources, application, end-use, and region:

Technology Outlook (Revenue, USD Million, Volume, Kilotons; 2018–2028)

·        Alkaline Electrolysis

·        Proton Exchange Membrane (PEM) Electrolysis

Renewable Resources (Revenue, USD Million, Volume, Kilotons; 2018–2028)

·        Solar Resources

·        Water Resources

·        Wind Resources

Application Outlook (Revenue, USD Million, Volume, Kilotons; 2018–2028)

·        Power generation

·        Transport

·        Others

End-use Outlook (Revenue, USD Million, Volume, Kilotons; 2018–2028)

·        Medical

·        Chemical

·        Petrochemicals

·        Grid injection

·        Others