Global Green Hydrogen Market to Register CAGR of over 20% until 2027
Growing demand for green hydrogen in fuel cell electric
vehicle and low variable renewable energy electricity costs are the major
drivers of the Global Green Hydrogen market.
According to TechSci Research report, “Green Hydrogen Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the Global Green Hydrogen Market over 20% during
the forecast period. Green hydrogen is hydrogen that is
generated entirely by renewable energy. It has lower carbon emissions than grey
hydrogen, which is produced by steam reforming of natural gas. Green hydrogen
does not emit greenhouse gases such as carbon dioxide or methane.
The Paris Agreement of
2016 set an aspirational goal of limiting global warming to 1.5 degrees Celsius
(2.7 degrees Fahrenheit). To achieve this objective, global emissions will have
to be cut by around 45 percent from 2010 levels by 2030, with net-zero
emissions by 2050. Also, worldwide CO2 emissions must be drastically reduced.
Green hydrogen production is one of the most common low-carbon alternatives
being examined on a wide scale. At present, green hydrogen is more expensive to
produce than blue hydrogen, but this is predicted to change in the 2030s.
Increasing global awareness of lowering of carbon footprint is expected to
drive the market for green hydrogen.
The cost of energy is a
primary driver for green hydrogen. In the recent decade, the cost of
electricity generated by solar PV and onshore wind farms has dropped
dramatically. The production of green hydrogen is becoming more economically
appealing as solar photovoltaic, and wind electricity costs continue to fall,
which is anticipated to drive the market in the coming years.
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The Global Green
Hydrogen Market segmentation is based on Technology, Renewable Source, End Use
Industry, and regional distribution.
Based on Technology, the
market is further fragmented into alkaline electrolyzer, proton exchange
membrane electrolyzer and solid oxide electrolyzer. Alkaline Electrolyzer segment dominated the
market in 2021 with an overall market share of around 69.40%. This can be ascribed to the growing demand from fuel
cell electric vehicles.
Based on Renewable source the
market is further divided into Wind, Solar PV and
others.
The Solar PV segment dominated the
market in 2021 on account of the widespread use of solar panels in different
industries.
Some of the major companies
operating in the Global Green Hydrogen Market include:
·
Ballard Power Systems Inc.
·
ENAPTER s.r.l.
·
Engie SA
·
Green Hydrogen Systems
·
Plug Power Inc
·
SGH2 Energy Global LLC
·
Siemens Energy AG
·
Toshiba Energy Systems and Solutions Corp
·
Linde Plc
·
Air Liquide
·
Cummins
Inc
·
Royal Dutch Shell Plc
NEL ASA
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Various digital technologies are also becoming a
part of the Global Green Hydrogen Market by providing optimization and
automation of systems through enhanced data management and analytics. For
instance, Artificial IoT- a combination of artificial intelligence and internet
of things technology can provide fast anomaly detection through intelligent
alarms, sensors on the system for monitoring KPIs, system status, and
cloud-based remote monitoring beyond the control room. Individual governments
are launching many schemes and investing in many initiatives to ensure the
adoption of green hydrogen in the energy system. 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, 2017-2027, Segmented
By Technology (Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer,
Solid Oxide Electrolyzer), By Renewable Source (Wind, Solar PV, Others), By End
Use Industry (Power Generation, Automotive, Chemicals & Petrochemicals,
Others), By Region”, has evaluated the future growth potential of Global Green Hydrogen
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide innovative 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 Global Green Hydrogen Market.
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