Green Hydrogen Market Size to Reach USD 2,565.7 Million in 2028 | Constant Advancements in Production Technologies and Favorable Government Policies are Some Key Factors Driving Industry Demand, according to Emergen Research
VANCOUVER, BC, Dec. 8, 2021 /PRNewswire/ — The global green hydrogen market size was USD 897.5 million in 2020, driven by potential of green hydrogen to seal intermittency of solar and wind, while burning like natural gas and serving as raw material in industrial chemical processes has piqued interest of businesses, governments, and investors.
Drivers: Rising Demand for Green Globe Projects
Green hydrogen is generated using electrolysis process, in which water is separated into hydrogen and oxygen by utilizing electricity generated from renewable resources. Declining cost of both reusable electricity and electrolysis technology would lead to rising demand for green hydrogen, thereby driving green hydrogen market revenue growth.
Many industries, including oil & gas, utility, steel, and fertilizers, among others are opting for green hydrogen for harmonizing intermittency of reusable resources. In addition, this type of hydrogen is being used large scale as an energy substitute for decarbonizing industrial, chemical, and transportation sectors. In addition to these industrial uses, advantage of storing green hydrogen in existing gas pipelines to power household appliances would result in a gradual increase in demand for green hydrogen from households. It converts renewable energy into a carrier such as ammonia and can be used in fuel cell to power anything that functions on electricity such as electric vehicles and electronic devices. The multiple and economical uses of green hydrogen is driving market revenue growth.
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Restraints: High Operational Cost
Green hydrogen is incredibly challenging and expensive to store and transport. Since it is highly flammable in nature with a low volumetric density, high investment is required to be put into pipelines and carriers. In addition, lack of skilled workers in another factor restraining expansion and hampering growth of the global green hydrogen market.
The global green hydrogen market size is expected to reach USD 2,565.7 million in 2028 and register a revenue CAGR of 14.1% during the forecast period, according to the latest report by Emergen. Various benefits of green hydrogen such as availability of low-cost resources, eco-friendly nature, cost-efficiency, and high demand for Green Globe Projects are driving green hydrogen market revenue growth.
COVID-19 Direct Impact
The global COVID-19 pandemic has affected green hydrogen industry. Frequent lockdowns from early-2020 to mid-2021 gave rise to a number of problems such as lower availability of workforce and personnel, logistical difficulties, and disrupted supply chain. Amidst these obstacles, the pandemic resulted in high demand for renewable energy, which was accompanied by major revenue growth in the global green hydrogen market. Global market growth is expected to return to normal and regain traction going ahead.
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Current Trends and Innovations
Renewable hydrogen, as well as Carbon Capture, Utilization, and Storage (CCUS) have a major influence on various trends due to inter-relationship with clean hydrogen production. Biomass gasification among the set of X-to-hydrogen-to-X technologies, provides sustainable method for producing hydrogen, which helps the global green hydrogen market to expand. Other important application of green hydrogen includes Combined Heat and Power (CHP) and green propulsion, which would demonstrate the versatility of hydrogen as an energy carrier. Rising demand for CHP among various industries such as food processing, pharmaceutical, manufacturing, paper production, oil and refinery, hospitals, and utility industries is also driving green hydrogen market revenue growth.
Asia Pacific market is a major market for green hydrogen owing to significantly large revenue contribution from Australia and Japan. Japan had named Tokyo 2020 Olympics as “Hydrogen Olympics” and used it to fuel the Olympic Cauldron during the opening ceremony. This is a strong gesture symbolizing the influence of green hydrogen in Japan. In another instance, Toshiba is constructing its green hydrogen plant with a 10 MW electrolyzer capacity, which will have a significant impact on green hydrogen in Japan’s transport industry.
In September 2021, India invited many U.S. companies to take part in upcoming bids for green hydrogen and electrolyzers. This collaboration will help North America and Asia Pacific to drive green hydrogen market revenue growth.
In March 2020, the New Energy and Industrial Technology Development Organization (NEDO), Toshiba Energy Systems & Solutions Corporation (Toshiba ESS), Tohoku Electric Power Co., Inc., and Iwatani Corporation announced completion of construction of Fukushima Hydrogen Energy Research Field (FH2R). The facility has a production capacity of 10 MW class with reusable forces. It is considered to be the largest class worldwide. It would help to establish low-cost green hydrogen production technology by making maximum utilization of natural resources.
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Some Key Highlights From the Report
- Proton Exchange Membrane (PEM) electrolysis segment is expected to account for significantly robust revenue share during the forecast period owing to advantages over alkaline electrolysis. PEM electrolyzers are lower-cost in comparison to alkaline electrolyzers. In addition, it takes shorter response time resulting in fast heat-up and cool-off.
- Water resources segment revenue is expected to register a significantly rapid growth rate during the forecast period. Water is a clean source of energy, hence will not pollute the environment. Rising focus towards ensuring a pollution-free environment is boosting demand for water resource-based green hydrogen, which is driving revenue growth of this segment.
- Transport segment accounted for a significantly large revenue share in 2020, due to high demand for Fuel Cell Electric Vehicles (FCEVs). Using green hydrogen in the transportation industry is leading towards reduced pollution in the environment, thereby ensuring the success of Green Globe Projects.
- Major companies in the market report include 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.
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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)
- o Alkaline Electrolysis
- o Proton Exchange Membrane (PEM) Electrolysis
- · Renewable Resources (Revenue, USD Million, Volume, Kilotons; 2018–2028)
- o Solar Resources
- o Water Resources
- o Wind Resources
- · Application Outlook (Revenue, USD Million, Volume, Kilotons; 2018–2028)
- o Power generation
- o Transport
- o Others
- · End-use Outlook (Revenue, USD Million, Volume, Kilotons; 2018–2028)
- o Medical
- o Chemical
- o Petrochemicals
- o Grid injection
- o Others
- · Regional Outlook (Revenue, USD Million, Volume, Kilotons; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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