Home Press Releases Green Hydrogen Market Size Worth $58.53 Billion By 2030 | CAGR: 39.6%

Green Hydrogen Market Size Worth $58.53 Billion By 2030 | CAGR: 39.6%

The global green hydrogen market size is expected to reach USD 58.53 billion by 2030, according to a new study by Polaris Market Research. The report “Green Hydrogen Market Share, Size, Trends, Industry Analysis Report, By Technology (Alkaline Electrolyze, Polymer Electrolyte Membrane (PEM) Electrolyzer); By Application; By Distribution Channel; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

Due to significant investments made by European economies in the pursuit of an energy transition to a clean hydrogen-based economy, Europe currently dominates the worldwide demand for the industry. With 2030, it is anticipated to grow by a CAGR of 55% to reach a value of USD 10360 million.

 

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Through interconnectivity, Europe supplies stored hydrogen to North Africa and other locations, which has a favorable effect on the expansion of the market. China, Japan, India, South Korea, and the rest of Asia Pacific are all included in the Asia Pacific. By 2030, it is anticipated to grow by a CAGR of 55% to reach a value of USD 4805 million.

 

The fastest-growing region is the Asia Pacific, and Japan and Australia are its two biggest contributors. Significant governmental measures to enhance the generation of green energy are also driving the Asia Pacific market share. The rising demand for alternative energy sources is the main factor driving the global market for green hydrogen. Major growth in the use of green hydrogen has also been brought about by greater government spending and incentives for renewable fuels like hydrogen.

 

Concern over carbon emissions and global warming is growing. Governments all around the world have implemented a range of policies and regulations that call for a reduction in carbon emissions from various businesses. By employing electricity, water is split into hydrogen and oxygen during the electrolysis process, which produces hydrogen. Electricity is produced using either renewable or nonrenewable resources.

 

Green Hydrogen Market Report Highlights

  • Alkaline electrolyzers are the traditional electrolyzer technology utilised in green hydrogen projects, they accounted for the biggest sales share in 2021. In contrast to PEM electrolyzers, the alkaline electrolyzer has a higher running time and employs a liquid alkaline solution of potassium or sodium hydroxide as its electrolyte.
  • One of the main possibilities for storing renewable energy in the production of electricity is hydrogen. Hydrogen and ammonia can be used to power gas turbines in power plants, enhancing the flexibility of the power system. Ammonia can be used in coal-fired power stations to cut emissions. The usage of hydrogen as a fuel for power plants is expanding in the US.
  • Due to large expenditures made by European economies in the pursuit of an energy transition toward a clean hydrogen-based economy during the ensuing years, Europe accounted for a significant revenue share in 2021. For instance, the U.K. government revealed a USD 14.8 billion investment plan in August 2019 for a project that is anticipated to utilize 4 GW of offshore wind for the generation of green hydrogen by 2030.
  • The global market is highly competitive owing to the existence of large market players with global presence including Air Products and Chemicals, Inc., H&R Olwerke Schindler GmbH, Siemens Energy AG, Linde, Toshiba Energy Systems & Solutions Corporation, Nel ASA, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd., and Cummins Inc.

 

Polaris Market Research has segmented the Green Hydrogen Market report based on technology type, application, type, distribution channel and region:

 

Green-Hydrogen, Technology Type Outlook (Revenue – USD Billion, 2022 – 2030)

  • Alkaline Electrolyzer
  • Polymer Electrolyte Membrane (PEM) Electrolyzer

 Green-Hydrogen, Application Outlook (Revenue – USD Billion, 2022 – 2030)

  • Power Generation
  • Transportation
  • Others

Green-Hydrogen, Distribution Channel Outlook (Revenue – USD Billion, 2022 – 2030)

  • Pipeline
  • Cargo

 Green-Hydrogen, Regional Outlook (Revenue – USD Billion, 2022 – 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

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