The proliferating deployment of renewable energy sources is fueling growth
Global Green Hydrogen Market
Dublin, Sept. 16, 2022 (GLOBE NEWSWIRE) — The “Analysis Report of the Green Hydrogen Market Size, Share, and Trends by Technology (PEM Electrolyzer, Alkaline Electrolyzer), by Application (Power Generation, Transportation), by Distribution Channel, by Region and Segment Forecast, 2022-2030” report has been added to from ResearchAndMarkets.com offer.
The global green hydrogen market size is expected to reach USD 60.56 billion by 2030, according to this report. The market is expected to grow at a CAGR of 39.5% from 2022 to 2030. Growing government investments and subsidies benefiting the use of clean fuels, as well as the hydrogen economy touted as an environmentally friendly alternative environment to the fossil fuel economy, are expected to strengthen demand over the forecast period.
The market is driven by the proliferating deployment of renewable energy sources in various end-use industries. Green hydrogen is produced by electrolysis of water, with renewable energy generation sources such as wind power, solar power and other renewable energy sources. Furthermore, it is estimated that the growing scale of renewable energy will drive down the cost of clean energy generation, thereby positively influencing the growth of the market over the forecast years.
The alkaline electrolyzer segment accounted for 66.18% of the market in 2021 as it is the conventional electrolyzer technology used in green hydrogen projects. The alkaline electrolyzer uses the liquid alkaline solution of potassium or sodium hydroxide as the electrolyte and it has higher operating hours than PEM electrolyzers. However, PEM electrolyzers are expected to witness a higher growth rate than alkaline electrolyzers over the forecast period.
The transportation segment was the largest in the application segmentation, accounting for around 40.61% of the global green hydrogen market in 2021 segment during the forecast period. The power generation segment is also expected to grow at a steady pace owing to the reduction in green hydrogen production costs.
The pipeline segment in the distribution channel accounted for 63.11% of the market in 2021. A pipeline is the most economically viable method for transporting large volumes over long distances. Cargo segmentation is expected to grow at a CAGR of 40.9% over the forecast period due to increased demand for green hydrogen.
The market in North America is expected to achieve a significant growth rate over the forecast period, with the United States and Canada leading the region due to the implementation of clean energy policies. In the United States, California holds the majority of market share with growth driven by aggressive decarbonization goals, such as phasing out gasoline or diesel public buses by 2040.
Major industry players are focusing on innovation and technological advancements to reduce the high cost of electrolyser units, thereby boosting the commercialization of green hydrogen production. Additionally, market players are emphasizing on practicing several strategic initiatives such as joint ventures, partnerships, mergers & acquisitions and others to strengthen their market presence in the coming years.
Countries realizing their untapped potential in hydrogen markets are expected to improve the industry landscape over the coming years. In October 2019, Siemens announced a technical partnership on a 5 GW combined wind and solar power project in Australia. The company is expected to provide its electrolyser technology to generate green hydrogen through electrolysis from renewable energy. The clean hydrogen produced is intended for export to Asian markets.
Main topics covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends and Scope
Chapter 4 Green Hydrogen Market: Technology Movement Analysis, 2021 & 2030
Chapter 5 Green Hydrogen Market: Application Movement Analysis, 2021 & 2030
Chapter 6 Green Hydrogen Market: Distribution Channel Movement Analysis, 2021 & 2030
Chapter 7 Green Hydrogen Market: Regional Estimates and Trend Analysis
Chapter 8 Green Hydrogen Market: Hydrogen Fueling Stations
Chapter 9 Green Hydrogen Market – Competitive Landscape
Chapter 10 Business Profiles
For more information on this report, visit https://www.researchandmarkets.com/r/vflxus
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