Renewable Energy Integration and Decarbonization Driving the Green...

Renewable Energy Integration and Decarbonization Driving the Green Hydrogen Market Globally

Posted 2023-03-14 08:03:57

Green Hydrogen Market Overview:

Green Hydrogen Market share is expected to reach USD 10.55 billion in valuation, representing a compound annual growth rate of a CAGR of 57.41%.

The green hydrogen market is experiencing rapid growth due to increasing demand for clean energy and the need to decarbonize industries such as transportation and energy production. Green hydrogen is produced using renewable energy sources such as wind and solar power, and it emits no carbon dioxide during combustion or use, making it a key component of the transition to a low-carbon economy.

MRFR’s report on the green hydrogen market focuses on installation of solar panels and its potential due to rise of renewable energy projects during the forecast period (2022-2030). The COVID-19 pandemic and its implications are explored in depth in the market.

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Market Scope

The global green hydrogen market is driven by decarbonization initiatives undertaken by governments to lower emission levels and forecast of high energy consumption owing to expanding population and boom in manufacturing. Green hydrogen is a light fuel developed through electrolysis and prevent carbon emission levels by extracting energy through sustainable methods.

Favorable government policies and influx of funds into research and development of production of green hydrogen at economical rates can drive market growth. For instance, Germany has approved nearly 11 green hydrogen projects in 2019.

But huge storage and transportation costs of green hydrogen can impede market growth.

COVID-19 Impact Analysis

The COVID-19 pandemic has negatively affected the green hydrogen market owing to delays in construction and installation of units and facilities. Huge demand for power due to remote working and movement restriction orders passed by governments can bode well for the market. Renewable energy targets pursued by countries to lower emission levels and reduce reliance on fossil fuels can propel market growth during the assessment period.

Segmentation Analysis

Onshore Segment to Lead in Market Share

The onshore segment is set to take the lead in the green hydrogen market owing to production of green hydrogen by use of solar energy and wind energy parks. Dipping prices of components and surging prices of electricity can drive segment growth.

Proton Exchange Membrane Electrolyzer to Dominate Market Demand

The PEM technology is expected to dominate market demand over the forecast period due to specialty plastic offering higher flexibility compared to alkaline technology. Low gas permeability and thickness of PEM electrolyzers can drive the segment growth in the market.

Regional Analysis

Europe to Dominate Global Market Growth

Europe is set to dominate the global green hydrogen market owing to investments by European governments and efforts to curtail emission levels caused by robust manufacturing practices. Investments in renewable energy projects and development of sustainable infrastructure can boost market growth. Low costs of renewable energy generation and inclination of customers towards the new energy source can be beneficial to the market.

Competitive Analysis

Messer Group GMBH (Germany), Toshiba Corporation (Japan), SEIMENS (Germany), UNIPER SE (Germany), Air Products Inc. (US), LINDE (UK), MC PHY Energy (France), Air LIQUIDE (France), NEL ASA (Norway), ITM Power (UK), ENGIE (France), Cummins Inc. (US), and Plug Power Inc. (US) are key players in the global green hydrogen market. Mergers and acquisitions are prime strategies pursued by players to gain the edge in the competition.

Industry News

Mauritania’s Ministry of Petroleum, Mines and Energy has signed a memorandum of understanding (MoU) with Chariot Ltd., an African firm, for developing a 10 GW hydrogen project.