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Green Hydrogen - Global Strategic Business Report

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    Report

  • 380 Pages
  • October 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 6009439
The global market for Green Hydrogen was estimated at US$3.8 Billion in 2023 and is projected to reach US$41.0 Billion by 2030, growing at a CAGR of 40.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Green Hydrogen Market - Key Trends and Drivers Summarized

Is Green Hydrogen the Future of Clean Energy?

Green hydrogen refers to hydrogen produced through the electrolysis of water using renewable energy sources such as wind, solar, or hydropower. This production process is carbon-free, unlike traditional methods such as steam methane reforming, which rely on fossil fuels and emit significant amounts of CO2. The fundamental appeal of green hydrogen lies in its potential to serve as a clean energy carrier that can be utilized across a wide range of applications, from power generation and industrial manufacturing to transportation and residential heating. What makes green hydrogen particularly compelling is its versatility - it can be stored, transported, and converted back into electricity or used directly as a fuel source without emitting harmful pollutants. The production of green hydrogen involves splitting water into hydrogen and oxygen using an electrolyzer powered by renewable energy. The result is a fuel that, when combusted, releases only water vapor, making it an ideal solution for industries and applications where electrification is not feasible. With the global push towards decarbonization and the need to meet ambitious climate goals, green hydrogen is increasingly seen as a crucial pillar of the future energy system, capable of reducing carbon footprints in sectors that are difficult to decarbonize, such as steel manufacturing, chemical production, and heavy-duty transport.

Who is Investing in Green Hydrogen, and What Are the Main Areas of Application?

The momentum behind green hydrogen is being propelled by a coalition of governments, major energy companies, technology innovators, and financial institutions. Many countries, particularly in Europe and Asia, have outlined comprehensive hydrogen strategies as part of their broader climate action plans. For instance, the European Union's Hydrogen Strategy aims to install at least 40 GW of electrolyzer capacity by 2030, while countries like Germany, Japan, and South Korea are investing billions of dollars in research, pilot projects, and infrastructure development. In parallel, energy giants such as Shell, BP, and TotalEnergies are entering the green hydrogen market, either through direct investments in production facilities or by forming partnerships with technology firms specializing in electrolyzer manufacturing. These investments are not limited to large-scale projects; smaller firms and startups are also playing a key role, focusing on niche applications and technological innovations that enhance the efficiency and scalability of hydrogen production. The primary areas of application for green hydrogen are diverse and rapidly expanding. In the industrial sector, it is being used as a feedstock in refining and ammonia production, replacing conventional hydrogen derived from natural gas. In the transportation sector, green hydrogen is gaining traction as a fuel for fuel cell electric vehicles (FCEVs), particularly in heavy-duty trucking, shipping, and aviation, where battery technology faces limitations. Additionally, green hydrogen is emerging as a solution for seasonal energy storage, where it can be stored for long durations and converted back into electricity to balance intermittent renewable energy sources like wind and solar.

What Challenges and Opportunities Lie Ahead for the Green Hydrogen Market?

Despite its promise, the green hydrogen market faces several challenges that could impede its large-scale adoption. One of the primary hurdles is the high cost of production. Currently, green hydrogen is significantly more expensive than “grey” hydrogen produced from natural gas, primarily due to the cost of electrolyzers and the reliance on renewable electricity, which can be variable and location-dependent. This price gap makes green hydrogen economically unviable without supportive policies, subsidies, or carbon pricing mechanisms. Another challenge is the lack of a dedicated infrastructure for storage and distribution. Hydrogen, being a low-density gas, requires either high-pressure compression or liquefaction, both of which involve substantial costs and technical complexities. Transporting hydrogen through pipelines designed for natural gas or via trucks is also fraught with safety and efficiency concerns. However, these challenges are stimulating significant innovation and investment. Advances in electrolyzer technology, such as the development of solid oxide electrolyzers and improvements in proton exchange membrane (PEM) systems, are gradually lowering production costs and enhancing efficiency. Moreover, the expansion of renewable energy capacity and the creation of green hydrogen hubs - integrated clusters where hydrogen is produced, stored, and utilized in close proximity - are helping to mitigate infrastructure challenges. Countries are also investing in dedicated hydrogen pipelines and refueling stations, which will be critical for scaling up the use of green hydrogen in transportation. Opportunities abound for green hydrogen to serve as a cornerstone of a new, cleaner industrial economy, particularly if cost reductions can be achieved through economies of scale and technological advancements. Additionally, the growing emphasis on hydrogen as a geopolitical asset, with countries positioning themselves as future “hydrogen superpowers,” is likely to accelerate investment and cross-border cooperation.

What Are the Key Growth Drivers in the Green Hydrogen Market?

The growth in the green hydrogen market is driven by several factors related to policy support, technological advancements, and changing industrial dynamics. One of the most significant drivers is the global push toward decarbonization and the urgency to meet stringent climate targets set under the Paris Agreement. Governments around the world are implementing supportive policies, subsidies, and regulatory frameworks to make green hydrogen competitive. These include direct funding for research and development, tax incentives for green hydrogen projects, and the establishment of carbon pricing mechanisms that penalize CO2 emissions, making green alternatives more attractive. Another major growth driver is the falling cost of renewable energy, which is critical since electricity accounts for a large portion of green hydrogen's production cost. As the cost of solar and wind energy continues to plummet, producing hydrogen through electrolysis is becoming more economically viable. Technological advancements are also playing a crucial role in accelerating growth. Innovations in electrolyzer technology are improving the efficiency and durability of these systems, while economies of scale are helping to reduce capital costs. Additionally, the rise of integrated hydrogen ecosystems, where hydrogen production, storage, and utilization are co-located, is creating synergies that enhance overall feasibility. Moreover, the growing demand for green hydrogen from industries that cannot be easily electrified - such as heavy manufacturing, long-haul transportation, and chemical production - is driving investment and accelerating commercialization. Lastly, the role of international collaboration and strategic partnerships cannot be overlooked. Several cross-border hydrogen initiatives are underway, such as those between the European Union and North African countries, aiming to establish global supply chains and turn hydrogen into a tradable commodity. This international cooperation is laying the groundwork for a global green hydrogen economy, poised to transform the energy landscape over the coming decades.

Key Insights:

  • Market Growth: Understand the significant growth trajectory of the Alkaline Electrolyzer Technology segment, which is expected to reach US$29.0 Billion by 2030 with a CAGR of a 41.7%. The Polymer Electrolyte Membrane (PEM) Electrolyzer Technology segment is also set to grow at 38.4% CAGR over the analysis period.
  • Regional Analysis: Gain insights into the U.S. market, estimated at $1.0 Billion in 2023, and China, forecasted to grow at an impressive 50.3% CAGR to reach $11.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

  • Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
  • In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
  • Company Profiles: Coverage of major players such as Air Liquide SA, Air Products, Aker Solutions ASA, and more.
  • Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Key Questions Answered:

  • How is the Global Green Hydrogen Market expected to evolve by 2030?
  • What are the main drivers and restraints affecting the market?
  • Which market segments will grow the most over the forecast period?
  • How will market shares for different regions and segments change by 2030?
  • Who are the leading players in the market, and what are their prospects?

Why You Should Buy This Report:

  • Detailed Market Analysis: Access a thorough analysis of the Global Green Hydrogen Market, covering all major geographic regions and market segments.
  • Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
  • Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Green Hydrogen Market.
  • Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Select Competitors (Total 53 Featured):

  • Air Liquide SA
  • Air Products
  • Aker Solutions ASA
  • Bloom Energy Corporation
  • BP Plc
  • Clariant International Ltd.
  • Cummins, Inc.
  • Dastur Energy
  • Equinor ASA
  • Linde plc

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • Green Hydrogen - Global Key Competitors Percentage Market Share in 2024 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Rising Global Focus on Decarbonization and Net-Zero Emission Targets Drives Growth in the Green Hydrogen Market
  • Increasing Adoption of Green Hydrogen in Heavy Industries Expands Market Potential
  • Growing Use of Green Hydrogen in the Production of Ammonia and Methanol Fuels Market Demand
  • Advancements in Electrolyzer Technologies Enhance Efficiency and Lower Production Costs
  • Rising Investment in Hydrogen Infrastructure Development Boosts Market Expansion
  • Emerging Use of Green Hydrogen in Fuel Cell Electric Vehicles (FCEVs) Strengthens Market Potential
  • Focus on Energy Independence and Security Drives Adoption of Green Hydrogen Solutions
  • Growing Integration of Green Hydrogen in Energy Storage Systems Expands Market Scope
  • Increasing Use of Green Hydrogen in Grid Balancing and Power-to-X Applications Creates New Opportunities
  • Growing Awareness of Green Hydrogen`s Role in Hard-to-Decarbonize Sectors Sustains Market Demand
  • Expanding Adoption in Maritime and Aviation Industries Fuels Long-Term Market Growth
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Green Hydrogen Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
  • Table 2: World Recent Past, Current & Future Analysis for Green Hydrogen by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 3: World Historic Review for Green Hydrogen by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 4: World 16-Year Perspective for Green Hydrogen by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2024 & 2030
  • Table 5: World Recent Past, Current & Future Analysis for Alkaline Electrolyzer Technology by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 6: World Historic Review for Alkaline Electrolyzer Technology by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 7: World 16-Year Perspective for Alkaline Electrolyzer Technology by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 8: World Recent Past, Current & Future Analysis for Polymer Electrolyte Membrane (PEM) Electrolyzer Technology by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 9: World Historic Review for Polymer Electrolyte Membrane (PEM) Electrolyzer Technology by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 10: World 16-Year Perspective for Polymer Electrolyte Membrane (PEM) Electrolyzer Technology by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 11: World Recent Past, Current & Future Analysis for Pipeline Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 12: World Historic Review for Pipeline Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 13: World 16-Year Perspective for Pipeline Distribution Channel by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 14: World Recent Past, Current & Future Analysis for Cargo Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 15: World Historic Review for Cargo Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 16: World 16-Year Perspective for Cargo Distribution Channel by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 17: World Recent Past, Current & Future Analysis for Transport Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 18: World Historic Review for Transport Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 19: World 16-Year Perspective for Transport Application by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 20: World Recent Past, Current & Future Analysis for Power Generation Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 21: World Historic Review for Power Generation Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 22: World 16-Year Perspective for Power Generation Application by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 23: World Recent Past, Current & Future Analysis for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 24: World Historic Review for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 25: World 16-Year Perspective for Other Applications by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
III. MARKET ANALYSIS
UNITED STATES
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
CANADA
JAPAN
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
CHINA
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
EUROPE
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
FRANCE
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
GERMANY
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
ITALY
UNITED KINGDOM
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
AUSTRALIA
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2024 (E)
INDIA
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2024 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2024 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2024 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • Green Hydrogen Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2024 (E)
IV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Air Liquide SA
  • Air Products
  • Aker Solutions ASA
  • Bloom Energy Corporation
  • BP Plc
  • Clariant International Ltd.
  • Cummins, Inc.
  • Dastur Energy
  • Equinor ASA
  • Linde plc

Table Information