According to a new report published by Allied Market Research titled, “Green Hydrogen Market By Technology, Application And End-Use Industry: Global Opportunity Analysis And Industry Forecast, 2020–2027,” the global green hydrogen market size was valued at $0.3 billion in 2020, and is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028.
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Green hydrogen production involves the electrolysis of water, powered by clean energy sources like wind and solar power. The increasing support from governments for hydrogen-based economies, along with growing environmental concerns over carbon emissions from fossil fuels, is expected to drive the demand for hydrogen. This trend sets the stage for substantial industry growth in the future.
In 2019, the alkaline electrolyzer segment, characterized by its high operational efficiency and low capital costs, dominated the global market and is projected to experience the most rapid expansion in the forecast period.
The power generation sector also experienced significant growth in 2019. This surge can be attributed to rising demand due to population growth, rapid industrialization in emerging economies, and urbanization.
Europe currently leads the green hydrogen market, leveraging its extensive oil and gas infrastructure to transition into hydrogen production, storage, and transportation, all while creating employment opportunities.
Prominent players in the global green hydrogen market include Ballard Power Systems, Enapter, Engie, Green Hydrogen Systems, Hydrogenics, Nikola Motors, Plug Power, SGH2 Energy Global LLC, Shell, and Siemens Gas and Power GmbH & Co. KG.
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Key Findings of the Study:
- By technology, the alkaline electrolyze segment emerged as the global leader with more than 52.3% share in 2020.
- By application, the power generation segment dominated the global green hydrogen market with around 72.7% global market share in 2020.
- By end-use industry, the petrochemicals segment dominated the global green hydrogen market with around 41.3% global market share in 2020.
- Countries such as the U.S., China, and India are emerging as investment centric hubs due to wide scope of green hydrogen in the manufacturing sector.
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Impact Of Covid-19 On the Global Green Hydrogen Market
The green hydrogen industry was unaffected by COVID-19 disruption. However, coronavirus-related lockdowns posed a number of problems for industry participants, including disrupted supply chains, logistical difficulties in shipping end goods, and recruiting staff from quarantines.
In addition, the pandemic ensured a strong rise in the renewable energy market, resulting in constant increase in energy demand. The renewable energy market grew steadily during 2020, owing to an increase in energy demand from industrial sectors. Following relaxation of lockdown mandates in many countries, the green hydrogen market is quickly returning to normal and is expected to pick up even further.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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