CHICAGO, Jan. 16, 2024 /PRNewswire/ -- According to Arizton's latest research report, the green hydrogen market is growing at a CAGR of 53.53% during 2022-2029. Rising investments in green hydrogen projects, technological advancements & increasing R&D activities, and the emergence of anion exchange membrane are significant trends in the green hydrogen market.
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Browse in-depth TOC on "Green Hydrogen Market"??
313 - Pages??
96 - Tables??
82 - Figures?
The Global Green Hydrogen Market Report Scope
Report Attributes | Details |
Market Size (2029) | $84.03 Billion |
Market Size (2023) | $6.42 Billion |
CAGR (2023-2029) | 53.53 % |
Base Year | 2023 |
Forecast Year | 2024-2029 |
Market Segments | Technology, Source, End User, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Green hydrogen is increasingly recognized as a leading sustainable energy source owing to rapid technological advancements and the declining cost of renewable electricity; some experts, however, are expressing skepticism about its future. Presently, most of the hydrogen derived is from natural gas, which results in gray or blue hydrogen; this type, though cost-effective, fails to align with the carbon neutrality goals. The feasibility of green hydrogen production is currently contingent on the development of demand and the global market growth, both of which remain relatively limited. The total hydrogen production in 2021 was 94 million tons, of which a mere 1 million tons was produced through technologies with low environmental impact. The widespread adoption of green hydrogen can stimulate competitive value chains and create new investment opportunities for nations trying to position themselves in this burgeoning industry.
Despite being in its early stages, the global market for green hydrogen holds significant potential in the energy transition scenario. Green hydrogen, produced via electrolysis and fuel cells using zero-carbon renewable energy, is unique in its ability to be generated at any scale and in diverse locations worldwide. This characteristic feature makes it an attractive option for sustainable hydrogen solutions, especially in developing countries. The green hydrogen market has been gaining significant attention and undergoing dynamic changes. There is a rising global focus on decarbonization and the transition to a low-carbon economy. Governments, industries, and investors recognize green hydrogen's potential as a key player in achieving carbon neutrality goals. Several countries have announced ambitious plans and investments to scale up green hydrogen production, infrastructure, and utilization.
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Recent Partnerships & Developments
Iberdrola: In December 2023, Iberdrola committed to doubling its Innovation, Development, and Research (R&D&I) investment to $4.37 by 2030 and has secured recognition as the world's top private utility in R&D for two consecutive years. The company's strategic emphasis on innovation spans renewable energy, smart grids, digital transformation, green hydrogen, and custom solutions; it also aims to accelerate its decarbonization initiatives. The key projects include offshore wind energy, pumped hydro technology, and green hydrogen development. The company continues to launch competitive products and services, leveraging big data and Artificial Intelligence (AI) for customer-driven energy solutions.
ITM Power: In September 2023, ITM and FRIEM collaborated to develop a standardized Power Supply Unit (PSU) design, which has been optimized for ITM's 2MW Plug & Play electrolysis container. This collaboration aims to enhance PSU performance through closer integration with ITM's electrolyzer technology, promoting overall system reliability and cost reduction. ITM specializes in Proton Exchange Membrane (PEM) electrolysis, while FRIEM, with 70 years of experience, excels in electric energy conversion systems. The partnership underscores ITM's commitment to advancing PEM electrolysis technology, focusing on improving system performance and cost-effectiveness. FRIEM views this collaboration to strengthen its position in the global green hydrogen market.
The Global Green Hydrogen Market Surges with Unprecedented Investments, Accelerating Transition to Clean Energy and Fostering Sustainable Growth
Over the past year, the green hydrogen market has experienced a significant investment surge, marking a significant trend toward sustainable and clean energy solutions. Governments, industries, and investors increasingly acknowledge the importance of adopting cleaner energy alternatives to reduce carbon emissions. For instance, in 2023, the Board of Directors of the World Bank approved a loan of $150 million to boost investments in green hydrogen projects in Chile. This financial support aims to expedite Chile's progress in green growth, energy transition, and the dedication to achieving carbon neutrality by 2050. This marks the World Bank's first loan designed to promote green hydrogen and contribute to the country's initiatives in mitigating climate change. As a result, substantial financial commitments are being made to support green hydrogen technologies' development and scaling up.
Moreover, the demand for green hydrogen is escalating in sectors such as heavy industries and long-haul transportation, where achieving decarbonization through electrification is challenging. Green hydrogen, a versatile energy carrier, can be utilized in industries that are difficult to electrify directly, expanding its potential market applications and driving further investments. As of November 2022, nearly 50 green hydrogen projects in the Middle East and North Africa (MENA) region were in the planning stages, requiring an estimated investment of at least $155 billion. These projects are primarily focused on the integrated ammonia production facilities running on green hydrogen, with investments allocated to renewable energy plants ($102 billion), electrolyzer plants ($23 billion), air separation units ($14 billion), and civil works ($16 billion). The Cop27 UN climate summit in Egypt fueled momentum, leading to the preliminary agreements for over 23 GW of wind projects and numerous green hydrogen deals.
Key Company Profiles
- Nel
- ITM Power
- ENGIE
- Siemens Energy
- Air Products and Chemicals
- McPhy Energy
- Loop Energy
- Messer
- Elcogen
- LONGi
- John Cockerill
- Plug Power
- Cummins
- Genvia
- Air Liquide
- Linde
- Bloom Energy
- Uniper
- FuelCell Energy
- Toshiba Energy Systems & Solutions Corporation
- FUSION-FUEL
- thyssenkrupp AG
- Enapter
- Ørsted
- HydrogenPro
- Topsoe
- Sunfire
- H2 Green
- NTPC REL
- Green Hydrogen Systems
- Lhyfe
- Iberdrola
- Enel Green Power
- Beijing SinoHy Energy
- GUOFUHEE
- Sungrow Power Supply
- Shandong AUYAN New Energy Technology
- Purification Equipment Research Institute of CSIC
- Kohodo Hydrogen Energy
- Ohmium
Market Segmentation
Technology
- Alkaline Electrolyser
- Proton Exchange Membrane Electrolyzer
- Others
Source
- Wind Energy
- Solar Energy
- Others
End Users
- Refining
- Ammonia
- Others
Geography
- Europe
- Germany
- Spain
- France
- Portugal
- Italy
- APAC
- China
- India
- Japan
- Australia
- South Korea
- North America
- The US
- Canada
- Middle East & Africa
- Egypt
- Morocco
- South Africa
- Saudi Arabia
- The UAE
- Latin America
- Chile
- Brazil
- Mexico
- Argentina
Key Questions Answered in the Report:
How big is the green hydrogen market?
What is the growth rate of the global green hydrogen market?
Which region dominates the global green hydrogen market share?
What are the significant trends in the green hydrogen market?
Who are the key players in the global green hydrogen market?
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