The worldwide green hydrogen market is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 17.8% from 2023 to 2030. By the end of the forecast period, the market value is expected to surpass US$25.4 billion. This surge is attributed to the increasing awareness of the environmental impacts of climate change and the adoption of stricter regulations worldwide. These factors are laying a solid foundation for the expansion of the global hydrogen economy, particularly in the green hydrogen industry.
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Key Report Findings:
- Market Valuation: The green hydrogen market is projected to surpass US$25 billion by the end of the forecast year, with over 90% of the global hydrogen industry currently dominated by grey hydrogen.
- Commercial Viability: The commercial viability of green hydrogen production has increased due to declining costs of renewable energy sources, reduced electrolyser costs, and technological advancements enhancing efficiency.
- Segment Dominance: In 2022, the refining segment held a 61.3% market share, with alkaline electrolyser technology constituting 52.4% of the market.
- Solar PV Technology: Solar PV technology accounted for over 53% of the market in 2022, with Asia Pacific leading in market value share, followed by Europe.
Market Drivers:
- Growing Awareness: Increasing awareness of hydrogen as a clean energy carrier and its high efficiency in generating electricity are driving market growth.
- Net Zero Carbon Emission Goals: Green hydrogen is seen as a powerful means to achieve net-zero carbon emission goals, gaining support from public events, campaigns, and businesses.
Market Challenges:
- Expensive Production Costs: Initial setup and ongoing infrastructure costs are significant challenges, though ongoing investments and R&D projects aim to reduce production costs.
- COVID-19 Impact: The market experienced disruptions due to the COVID-19 pandemic but has since returned to pre-pandemic levels.
Key Segments:
- Refining Application: While refining dominated in 2022, other segments like transport and industries (iron & steel, chemical) are expected to gain market share.
- Technology: PEM electrolyser technology is expected to grow, driven by its ability to produce high-purity hydrogen and easy cooling.
- Source: Solar PV technology is set to maintain dominance, with a projected CAGR of 17.9% by 2030.
Growth Opportunities Across Regions:
- Europe: Europe is expected to register strong growth in both production and consumption, with initiatives to reduce green hydrogen costs and projects aimed at achieving sustainability goals.
- North America: The US leads in 2022, with numerous green hydrogen projects expected to commence. Canada and Australia are also significant players in market expansion.
Competitive Landscape:
Major players in the global green hydrogen market include FuelCell Energy, Inc., Adani Green Energy, Bloom Energy Corporation, Linde Plc, Royal Dutch Shell, Plug Power, Inc., Air Products & Chemicals Inc., Air Liquide S.A., Reliance Industries, TotalEnergies, and BP p.l.c.
The global green hydrogen market is on the cusp of a transformative period, driven by increasing environmental consciousness, technological advancements, and strategic investments. As nations and industries seek sustainable energy solutions, green hydrogen stands as a key player in shaping a cleaner and greener future.
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