• Stacy Lawlor

Global Green Hydrogen Market Size to grow USD 9.8 Bn in 2028.


Green Hydrogen Market

The Global Green Hydrogen Market Size was valued at USD 1.2 Bn in 2021. The market is projected to grow USD 9.8 Bn in 2028, at a CAGR of 51.6%. Green hydrogen is one of the type of hydrogen produced from water using electrolysis.


COVID-19 ANALYSIS

The impact of Covid-19 had a stagnant impact on the global green hydrogen market. Many European and Asian governments have announced new projects and feasibility studies including various technologies. The main effect of COVID-19 on the green hydrogen market was that it caused delays in projects since raw material supplies were affected owing to lockdowns. Green hydrogen has finally reached the pre-commercialization stage and is poised to play a critical role in global decarbonization.

Green Hydrogen Market

Request Free Sample To Learn More About This Report


Instead of fossil fuels, green hydrogen is produced utilizing renewable energy sources. In a wide range of applications, this can be a good and steady replacement for vital sources like natural gas, coal, and oil. When water is hydrolyzed with the help of electricity, green hydrogen is produced. These come from renewable energy sources like wind and solar power. The global market forecast shows a strong and remarkable pace of expansion. Green technologies are seeing a growth in demand, as well as government support for wider implementation of zero-emission systems. The global green hydrogen market is investing heavily in the development of process that will help to reduce production costs and advance infrastructure due to the need for hydrogen rises across various industries. The global green hydrogen market is estimated to increase at a pace of by the end of the global forecast period as a result of all of these factors, such as rising demand for renewable energy resources and government initiatives. For instance, according to a new study by analyst BloombergNEF, the Ukraine crisis has pushed up natural gas costs to the point where green hydrogen is now cheaper than highly polluting grey H2 throughout Europe, the Middle East, and Africa (EMEA) and China (BNEF).


Hydrogen generated by renewable-powered electrolysis is utilized as a fuel in automobiles or saved for later use in fuel cells to generate energy. Furthermore, certain major countries, such as Germany, Japan, and the United States, are considering using hydrogen as a transportation fuel instead of traditional fossil fuels, which will support market growth throughout the projection period. However, one of the greatest impediments to large-scale deployment of green hydrogen projects is the high capital cost of the electrolyzer unit. Furthermore, the availability of low-cost hydrogen production by traditional methods such as steam methane reforming and coal gasification is projected to restrain market expansion throughout the projection period.

Green Hydrogen Market

Request Free Sample To Learn More About This Report


The Proton Exchange Membrane (PEM) Electrolysis segment dominated the global green hydrogen market share owing to the most used type among population because of its versatility and methods to use. PEM electrolysis offers the advantage of being able to respond fast to the fluctuations that are common in renewable energy generation. Because the equipment is low-maintenance and supplies high-quality gas, this technology is frequently employed for distributed systems. The offshore segment dominated the global green hydrogen market share owing to the high generation of electricity as compared to onshore wind capacity and this expansion could be a crucial factor in establishing a green hydrogen economy. The transportation segment dominated the global green hydrogen market share owing to the huge development in transportation in turn increasing demand for Fuel Cell Electric Vehicles (FCEVs) across the world.


Europe region is expected to dominate the market share of global Green Hydrogen Market owing to the heavy investments on green hydrogen developments and presence of major automotive manufacturers which are focusing on shifting the concept of IC engines along with manufacturing lightweight and fuel-efficient engines. Furthermore, the region is implementing more renewable energy policies. However, Asia Pacific is expected to account highest CAGR across the forecast period due to the growing capabilities for the development in infrastructures for storing green hydrogen.


Read More Details On This Report:

https://extrapolate.com/Energy-and-Power/green-hydrogen-market/25617


7 views