Power Generation Segment to Dominate the Green Hydrogen Market through 2026
Growing commercialization of
green hydrogen fuel and ongoing technological advancements are expected to
drive the demand for global green hydrogen market in the forecast period.
According to TechSci Research report, “Green
Hydrogen Market - Global Industry Size, Share, Trends, Opportunity and
Forecast, 2016-2026 Segmented By Technology (Proton Exchange Membrane
Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), By
Application (Power Generation, Transport, and Others), By End Use Industry
(Food & Beverages, Medical, Chemical, Petrochemicals, Glass, and Others)and
By Region”, the global green hydrogen market is expected to witness the
growth of steady CAGR in the forecast period, 2022-2026. Green hydrogen is a
type of clean-burning fuel and is produced by the process of electrolysis. The
supply of electric current is provided which breaks down the water molecules
into hydrogen and oxygen in an electrolyzer. The hydrogen produced by the
process of electrolysis can be used as fuel in vehicles or to store energy in
the fuel cells which can be later used for running the electric vehicle.
Hydrogen does not harm the environment and can be stored or converted into
electricity or heat according to the requirements. The growing awareness about
the use of hydrogen as an energy carrier and the rise in the occurrence of
environmental issues is expected to boost the growth of global green hydrogen
market in the next five years. The use of advanced technologies and growing
proliferation of smart devices which require the source of energy for proper
functioning is influencing the demand of the global green hydrogen market.
However, the storage and transportation of green
hydrogen is difficult as it requires the construction of specialized pipes
which is costly and thereby restrains the growth of the global green hydrogen
market growth in the next five years.
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Global
green hydrogen market is segmented into technology, application, end use
industry, regional distribution, and company. Based on the technology, the
market can be divided into proton exchange membrane electrolyzer, alkaline
electrolyzer, and solid oxide electrolyzer. The alkaline electrolyzer segment
is expected to dominate the global green hydrogen market in the next five years
owing to its requirement for low capital cost and high operating time capacity.
The alkaline electrolyzer uses the liquid alkaline solution of potassium or
sodium hydroxide as its electrolyte. The alkaline electrolyzer is lower in cost
than the proton exchange membrane electrolyzer, contributing to its high share
in the market. Based on application, the market can be divided into power
generation, transport, and others. The power generation segment is expected to
account for a major market share in the next five years. The high demand from
the industrial sector for on-site electrolyzer setup is contributing to the
market growth. Based on the end use industry, the market can be divided into
food & beverages, medical, chemical, petrochemicals, glass, and others. The
chemical segment is expected to witness growth in the forecast period owing to
their high applications for different purposes.
Ballard
Power Systems, Enapter SRL, Engie SA, Green Hydrogen Systems, Hydrogenics, Plug
Power Inc., SGH2 Energy Global LLC, Siemens Gas and Power GmbH & Co. KG.,
Toshiba Energy Systems & Solutions Corp., Uniper SE are the leading players
operating in global green hydrogen market. Market players are increasingly
focusing on research and development process to fuel higher growth in the
market. To meet evolving customer demand with respect to better efficiency and
durability, several green hydrogen manufacturers are coming up with their
technologically advanced offerings.
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“The
development of national and international net-zero target set-up by the leading
authorities of several economies and the growing demand from end-user
industries is contributing to surging market growth. Green hydrogen is the only
present compatible hydrogen energy needed to achieve a net-zero target. Announcement of several construction projects
aiming for using renewable and cleaner sources of energy as fuel and power
sources such as the development of Neom city in Saudi Arabia which aims to have
the presence of sustainable energy source is expected to create lucrative
opportunities for the global green hydrogen market growth. The increasing
demand for zero-emission energy from various end-user industries including oil
& gas, power generation, petrochemical, automotive for electric vehicles
coupled with the rising awareness among consumers is expected to propel the
global green hydrogen market growth till 2026.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Green Hydrogen Market -
Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented
By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer,
and Solid Oxide Electrolyzer), By Application (Power Generation, Transport, and
Others), By End Use Industry (Food & Beverages, Medical, Chemical,
Petrochemicals, Glass, and Others)and By Region” has
evaluated the future growth potential of global green hydrogen market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global green hydrogen market.
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