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Green Hydrogen Market

Green Hydrogen Market

Global Industry Analysis (2019 - 2022), Growth Trends, and Market Forecast (2023 - 2030)

Published Date: Upcoming | Format:

Industry: Chemicals & Materials | Author Name: Harshad

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This study intends to analyse diverse aspects of the global green hydrogen market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.

Green Hydrogen Market – Greater Awareness of Hydrogen as an Energy Carrier Boosts Demand

There continues to be a greater level of awareness concerning hydrogen being an energy carrier that only produces heat and water when combined with oxygen. Moreover, the use of hydrogen fuel cells produces no greenhouse gases or other pollutants. As per findings by the US Department of Energy, hydrogen-based fuel cells can produce electricity at up to 60% efficiency, while a conventional combustion-based power plant does the same at 33-35% efficiency. This is a major factor that is expected to boost the adoption rate of this technology, and in turn spike market growth prospects for players engaged in the global green hydrogen market in the years to come.

Green Hydrogen Market – Severing Environmental Concerns Paves the Way

As the effects of climate change become clearer, a growing number of individuals are now keener on looking for and adopting alternative energy solutions that reduce if not eliminate our carbon footprint on the atmosphere. Various governments and concerned authorities are now enforcing stricter regulations to achieve these collective goals. There has been a rise in the number of public events and campaigns that are aimed at increasing awareness concerning this topic, with a vast number of influential individuals lending their support to various groups that promote the use of cleaner tech for various applications. Moreover, many manufacturers are now more focused on developing more efficient green hydrogen technology that can replace the use of conventional energy sources with relative ease. These are major elements expected to have a profound impact on the growth trajectory of the global green hydrogen market in the future.

Green Hydrogen Market – Hindrances Prevail in Form of Expensive Set-up and Maintenance Costs

It is a well-known fact that the initial setup costs associated with the production, conversion, storage, and transportation of green hydrogen, as well as the subsequent maintenance of the necessary infrastructure are major elements that are expected to have a negative influence on the projected growth of the global green hydrogen market. However, increased funding and ongoing R&D initiatives looking to develop low-cost, efficient production technologies are slated to have a positive influence on the adoption and growth of the market.

Green Hydrogen Market – COVID-19 Impact

The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles. This led to a significant decline in generated revenues for many industries and was no different for the market. However, as restrictions were gradually relaxed, post the 3rd and 4th waves, the global green hydrogen market has regressed to its pre-COVID state of operations.

Green Hydrogen Market – Europe Spearheads Banking on Greater Investments

Extensive investments made by various European nations towards the transition to a clean, green hydrogen-based economy is a major factor that is expected to result in this regional market accounting for the majority share of this industry. North America on the other hand is also slated to index a favorable rate of growth over the forecast timeline due to the implementation of various clean energy policies. More importantly though, markets in the Asia Pacific are expected to register the highest CAGR, with Australia, and Canada being the primary contributors to the growth of green hydrogen market.

Green Hydrogen Market: Competitive Landscape

Major players in the global green hydrogen market include Linde plc., Air Products Inc., Air Liquide, Cummins Inc., Engie, Nel ASA, Siemens Energy, Toshiba Energy Systems & Solutions Corporation, Uniper SE, and Bloom Energy, to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.

Recent Notable Developments

  • In April 2020, Siemens Gas and Uniper SE, two German-based companies, announced a joint agreement to implement projects that produce and use green hydrogen from renewable energy resources. Initiatives such as this are expected to boost the commercialization of green hydrogen as a fossil fuel alternative

  • In May 2022, Toyota Motor Europe, Air Liquide, and CaetanoBus signed an MoU to develop integrated hydrogen solutions such as hydrogen fuel cell-powered electric vehicles. They aim to address the complete hydrogen mobility value chain using their collective expertise

  • In May 2022, Air Products & Chemicals announced a collaboration with Road Transport Project and Schenk-TankTransport to develop hydrogen trucks and a refueling station for hydrogen in Rotterdam

  • In June 2022, Air Liquide and Siemens Energy announced a joint venture solely concerned with the manufacturing of renewable hydrogen electrolyzes in Europe. Siemens will account for a 74.6% stake, while Air Liquide accounts for the remaining 25.1%

  • In July 2022, Iberdrola S.A. collaborated with BP to decarbonize the industrial and transport sectors by accelerating the development of EV charging infrastructure, green hydrogen generation hubs in the UK, Portugal, and Spain

Regional Classification of Global Green Hydrogen Market Can be Given as Below:

North America

  • U.S.
  • Canada


  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Green Hydrogen Market

  • Green Hydrogen Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2019 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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