Dublin, Dec. 23, 2022 (GLOBE NEWSWIRE) — The “Green Hydrogen Market by Technology (Alkaline and PEM), Renewable Source (Wind, Solar, Geothermal, Hydropower, and Hybrid of Wind & Solar), End-Use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The green hydrogen market is projected to grow from USD 676 million in 2022 to USD 7,314 million by 2027, at a CAGR of 61.0% during the forecasted period. The market is driven by factors like the decreasing cost of producing renewable energy from all sources, the development of electrolysis technologies, and high demand from FCEVs and the power industry. Green hydrogen is used in a variety of industries, including transportation, chemical, power, grid injection, industrial, and others. Because of its zero-emission manufacturing process and cost-competitiveness as a result of technological advancements, green hydrogen is on its way to replacing conventional grey, brown, and blue hydrogen. Green hydrogen provides a sustainable alternative to fossil fuels in a variety of end-use industries..
In terms of volume, alkaline electrolysis-based green hydrogen accounted for the largest share of the overall green hydrogen market.
In terms of volume, the green hydrogen segment based on alkaline electrolysis accounted for 61% of the overall green hydrogen market in 2021. Alkaline electrolysis is the most widely used technology for producing green hydrogen around the world. Alkaline electrolysis employs two electrodes immersed in a basic electrolyte solution (such as sodium or potassium hydroxide) and separated by a diaphragm, a non-conductive permeable membrane. As hydrogen ions do not diffuse easily into an electrolyte solution, alkaline electrolysis produces more pure green hydrogen than PEM electrolysis and is thus more widely used.
During the forecast period, the green hydrogen market in the mobility industry is expected to register the highest CAGR.
Mobility is the most important end-use industry for green hydrogen. Vehicles used in road/off-road transportation, rail, maritime, or aviation can all be powered by green hydrogen. The mobility end-use industry accounted for the largest share of the green hydrogen market in terms of value. This is due to the fact that hydrogen has three times the energy per unit as fossil fuels. The mobility industry had no other sustainable alternatives to fossil fuels prior to the commercialization of fuel-cell-based engines. Fuel Cell Electric Vehicles (FCEV) provide a more environmentally friendly option. For the automotive industry, green hydrogen is a viable and practical substitute. Green hydrogen-powered vehicles are ideal for mining vehicles, trains, planes, trucks, buses, and even maritime transportation. It is the most effective means of achieving advanced countries’ zero carbon footprint targets.
During the forecast period, the green hydrogen market in Europe is projected to register the highest CAGR.
Europe dominated the global market for green hydrogen. Many manufacturers of green hydrogen and their products are present in the region. Germany held a significant share of the global green hydrogen market and is expected to grow significantly during the forecast period. The growing mobility and power industries are driving the growth of the green hydrogen market in this region.
- Low Variable Electricity Costs
- Technological Advancements
- Global Plans for Net-Zero Emissions by 2050
- High Demand from Fcevs and Power Industry
- High Cost of Green Hydrogen
- Lack of Transportation Infrastructure
- Energy Loss in Value Chain
- Sustainability Management
- Decreasing Cost of Electrolyzers
- Increasing Government Investments
- Announcement of Large-Capacity Green Hydrogen Projects
- Favorable Policies for Green Hydrogen
- High Initial Investments
- Under-Developed Market