Report ID:
SQMIG15E2545 |
Region:
Global |
Published Date: November, 2024
Pages:
162
|Tables:
0
|Figures:
0
Global Green Hydrogen Market size was valued at USD 6.23 Billion in 2022 and is poised to grow from USD 8.69 Billion in 2023 to USD 89.31 Billion by 2031, growing at a CAGR of 39.5% during the forecast period (2024-2031).
Growing emphasis on sustainability and rising demand for clean energy around the world are forecasted to primarily drive green hydrogen market growth in the future. Advancements in electrolysis technologies and the launch of new electrolyzers around the world are also expected to create new opportunities for green hydrogen companies going forward. Rising demand for renewable energy and increasing investments in the adoption of the same are also expected to bolster green hydrogen market development. High investments in decarbonization and advancements in hydrogen fuel cell technologies will also be major green hydrogen market trends to watch out for going forward. Increasing popularity and demand for hydrogen-powered vehicles around the world owing to rising emphasis on vehicle emission reduction will also bolster market development in the future. Developed countries are projected to spearhead the demand for green hydrogen owing to their high spending potential. Increasing awareness regarding benefits of green hydrogen usage is also expected to create new opportunities for green hydrogen providers in the long run. However, lack of proper infrastructure, availability of alternative clean energy solutions, energy losses in conversion, and high costs of production are estimated to dull the green hydrogen market outlook across the forecast period and beyond.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Global green hydrogen market is segmented by application, technology, distribution channel, and region. Based on technology, the market is segmented into alkaline electrolyzer, polymer electrolyte membrane (PEM) electrolyzer, and others. Based on application, the market is segmented into power generation, transportation, and others. Based on distribution channel, the market is segmented into pipeline, cargo, others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
Analysis by Distribution Channel
Pipelines are forecasted to account for a major chunk of the global green hydrogen market share. Growing use of the existing natural gas pipelines to transport green hydrogen is helping this segment maintain its dominant stance. Pipelines allow for the affordable transportation of large volumes of green hydrogen without compromising on security and safety. Moreover, the proven efficacy of existing tested pipelines in transporting gas for several years also incites confidence among green hydrogen producers to use them as a preferred medium of distribution. Easy integration with existing pipeline infrastructure is also expected to help this segment maintain its lead in the global green hydrogen market forecast.
Meanwhile, the transportation of green hydrogen through cargo is also expected to rise at a rapid pace. The absence of pipelines in remote areas and rough terrain is projected to primarily augment the distribution of green hydrogen through cargo over the coming years. Mostly green hydrogen is converted into liquid form for this type of distribution and is highly suitable for high-purity end-use. However, the daily boil-off losses are estimated to hurt the share of this segment in the long run. Trucks and ships are most preferred for cargo distribution of green hydrogen as they are cost-effective modes of transport for short as well as long distances.
Analysis by Application
Transportation is forecasted to emerge as the key application for green hydrogen providers across the forecast period and beyond. Advancements in hydrogen fuel cell technology and growing investments in the development of hydrogen propulsion systems are all expected to aid the dominance of this segment going forward. Rising emphasis on vehicle emission reduction and growing awareness regarding benefits of hydrogen-powered vehicles are slated to create new opportunities for green hydrogen companies focusing on this application segment in the future. CNH, Daimler, DAF, Ford, MAN, Scania, and Volvo are some key companies that are developing hydrogen-based transport vehicles to promote sustainability and reduce emissions from the automotive industry.
On the other hand, the demand for green hydrogen in power generation applications is projected to rise at a robust pace in the future. Rapidly surging demand for renewable energy storage and clean energy around the world to satisfy the growing global energy demand is estimated to offer lucrative opportunities for green hydrogen providers in the long run. Hydrogen is being extensively used in renewable power generation plants to store energy, thereby creating more lucrative opportunities for green hydrogen market players. Increasing investments in the development of hydrogen production infrastructure are also expected to help this segment bring in more revenue for green hydrogen companies in the long run.
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Europe is forecasted to account for a prominent share of the global green hydrogen demand outlook. High emphasis on sustainability, supportive government initiatives to promote hydrogen production, and growing awareness among consumers in this region are allowing it to spearhead global green hydrogen market outlook. Imposition of stringent mandates to curb emissions and growing use of clean and renewable energy are expected to bolster the demand for green hydrogen in Europe going forward. Sweden, Germany, France, and the United Kingdom are estimated to be key markets for green hydrogen companies looking to make a mark in the European region through 2031.
Asia-Pacific is projected to emerge as the fastest-expanding market for green hydrogen providers in the future. Increasing efforts of governments to promote clean energy, rising investments in the development of new green hydrogen plants, and the launch of new decarbonization technologies are expected to create new opportunities for green hydrogen market players in this region. India, Japan, China, and Australia are estimated to have a substantial contribution to the high green hydrogen market share of this region through 2031. Growing investments in development of new green hydrogen technologies and high demand for hydrogen-based transport are also slated to be key green hydrogen market trends for the Asia Pacific region going forward.
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Drivers
Advancements in Electrolysis Technologies
Rising Use of Hydrogen-powered Propulsion Systems
Restraints
Lack of Infrastructure for Production
Availability of Alternative Clean Energy Solutions
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Investing in the development of green hydrogen production and transportation infrastructure is projected to be the top priority of all market players in the future. Collaborations and partnerships will be essential strategies for green hydrogen companies looking to enhance their market presence on a global level. Investing in the development of a new carbon-neutral way to produce green hydrogen will be a major market trend for green hydrogen companies to focus on going forward.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, surging demand for clean energy and growing investments in the development of renewable energy infrastructure are projected to drive green hydrogen market growth. On the contrary, the lack of infrastructure for green hydrogen production and the availability of alternatives are estimated to impede green hydrogen demand outlook. High consumer awareness and efforts of governments in the European region to promote sustainability allow it to dominate the global market. Using pipelines to transport green hydrogen is slated to emerge as the most rewarding segment for all market players going forward. The use of hydrogen blending is forecasted to create new opportunities for green hydrogen companies in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 6.23 Billion |
Market size value in 2031 | USD 89.31 Billion |
Growth Rate | 39.5% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Green Hydrogen Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Green Hydrogen Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Green Hydrogen Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Green Hydrogen Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15E2545
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