Green Hydrogen Market by Technology, Renewable Source, Distribution Channel, Application

List of Tables

[193 Pages Report] The Green Hydrogen Market size was estimated at USD 2.76 billion in 2023 and expected to reach USD 3.76 billion in 2024, at a CAGR 39.84% to reach USD 28.89 billion by 2030.

Green hydrogen is made using renewable energy or low-carbon power sources; it exhibits significantly lower emissions than hydrogen derived from fossil fuels without carbon capture. Green hydrogen can be reserved and transported as a versatile energy vector for various applications across different sectors, including transportation, industry, and power generation. It is used directly in fuel cells to generate electricity for vehicles or combined with captured CO2 to produce synthetic fuels. In enterprises such as steel and chemical manufacturing, where high-temperature heat is required, green hydrogen can serve as a low-emission substitute for fossil fuels traditionally used in these processes. Green hydrogen is experiencing increased demand due to the growing need for renewable energy resources. Manufacturers in the ammonia and fertilizer industry are increasingly adopting green hydrogen. The growth of green hydrogen is driven by mounting environmental concerns and regulations on carbon emissions. While safety concerns are associated with handling and transporting green hydrogen, government investments and subsidies are promoting the use of clean fuel. Along with these, extensive research and development efforts are underway worldwide to harness the potential of green hydrogen as a sustainable energy carrier. As innovation continues to drive technological advancements and reductions in production costs, green hydrogen is expected to play a pivotal role in the transition toward a low-carbon future.

KEY MARKET STATISTICS
Base Year [2023]	USD 2.76 billion
Estimated Year [2024]	USD 3.76 billion
Forecast Year [2030]	USD 28.89 billion
CAGR (%)	39.84%

Technology: Pertaining advantage of alkaline and polymer electrolyte membrane (PEM) electrolyzers in large-scale projects

Alkaline electrolyzers are the most established and widespread technology for green hydrogen production. They split water into its constituent elements, oxygen, and hydrogen, using an alkaline solution as the electrolyte. In these systems, a current is passed through water containing dissolved potassium hydroxide or sodium hydroxide, leading to hydrogen gas formation at the cathode and oxygen gas at the anode. Alkaline electrolyzers have been commercially used for decades and offer several advantages, including low capital costs, high system efficiency, robustness, and extended operating lifetimes. However, they require large-scale installations for optimal performance and can be sensitive to variations in current density. Polymer electrolyte membrane (PEM) electrolyzers represent a recent advancement in green hydrogen technology. These systems utilize a solid polymer membrane as an electrolyte instead of an alkaline solution. PEM electrolyzers are more compact due to their higher current densities and exhibit faster response times to changes in load conditions. PEM technology has high proton conductivity, lower gas permeability, and lower proton exchange membrane thickness and allows flexible integration with intermittent renewable energy sources such as solar and wind power. Furthermore, PEM electrolyzers produce higher-purity hydrogen gas without requiring additional purification steps, majorly employed for applications requiring stringent quality standards, such as fuel cell vehicles or industrial processes.

Renewable Source: Growing uses of solar and wind energy sources providing operational flexibility in electricity generation

Wind and solar energy generate electricity used in electrolysis to produce green hydrogen. Wind energy is a crucial renewable source for electrolyzers producing green hydrogen, as its intermittent nature can be managed through energy storage and grid-balancing technologies to ensure a stable electricity supply for hydrogen production. Moreover, solar energy is another significant renewable source used to power electrolyzers for green hydrogen production. Excess solar power generated during sunny periods can produce hydrogen for later use with the help of energy storage solutions. Solar energy capacity factors vary depending on location, time of day, and weather conditions.

Distribution Channel: Wider availability of green hydrogen pipelines in large scale plants for convenient transmission

Pipelines have been established as the conventional means of transporting gaseous substances such as natural gas. Using pipelines for green hydrogen transportation requires new infrastructure and retrofitting existing natural gas pipelines. This approach benefits from lower transportation costs per unit over long distances and continuous supply with minimal interruptions. However, in terms of capital expenditure, constructing new pipelines and retrofitting existing ones involve significant upfront investment. Cargo transportation involves shipping green hydrogen using carriers such as ships, trucks, and trains. For instance, liquid organic hydrogen carriers (LOHC) technology has emerged as an alternative to traditional compressed and liquefied hydrogen storage methods due to its lower energy requirements and reduced transport costs compared to high-pressure storage tanks. Nonetheless, cargo transportation generally has higher operating costs due to the necessity for regular refueling and maintenance.

Application: Increasing adoption of green hydrogen energy for power generation and transportation

Green hydrogen is utilized for grid balancing and storage in the power generation sector, effectively incorporating solar photovoltaic (PV) and wind, variable renewable energy technologies. It enables the decarbonization of electricity production by substituting natural gas in gas turbines or combined-cycle plants with H2-blended fuels. Green hydrogen is observed as a promising alternative fuel for numerous modes of transportation, including cars, buses, trucks, trains, ships, and even aircraft. In transportation applications, hydrogen is used in fuel cell electric vehicles (FCEVs) and hydrogen internal combustion engine vehicles (HICEVs). FCEVs running on hydrogen emit water vapor, making them zero-emission vehicles and contributing to efforts to combat air pollution and reduce the transportation sector's carbon footprint. Harnessing green hydrogen's potential can revolutionize power generation and transportation sectors toward a more sustainable future while providing low-carbon solutions contributing to climate change mitigation efforts.

Regional Insights

Europe and the Americas are witnessing an increase in development across the production of green hydrogen. In recent years, both regions have witnessed increased investments in green hydrogen production and the development of supportive clean energy policies. Advances in research and development for green hydrogen have made it more cost-effective and widely available. The European Union has been particularly proactive in adopting green hydrogen. The European Commission has identified green hydrogen as a key element of its Green Deal agenda, setting ambitious targets for using renewable energy sources and supporting businesses willing to invest in green hydrogen technology. Additionally, several European countries have developed specific strategies to produce and use this energy source, committing significant resources to promote its growth. In the Americas, countries such as Canada, Mexico, Chile, and Brazil focus on exploring the potential of green hydrogen. Canada is investing heavily in infrastructure to produce electricity from renewable sources such as solar and wind power, which can then be used with electrolysis technology to produce green hydrogen. India and China are witnessing a significant increase in the adoption of green hydrogen for manufacturing ammonia and fertilizers. Their commitment to sustainable growth drives this shift across developing countries to reduce greenhouse gas emissions in line with global climate targets. Furthermore, several notable collaborations between key industry players have been observed to capitalize on the market potential offered by green hydrogen technology. Other key partnerships are emphasized in research & development efforts and commercial-scale deployment strategies.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Green Hydrogen Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Green Hydrogen Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Green Hydrogen Market, highlighting leading vendors and their innovative profiles. These include Adani Green Energy Limited, Air Liquide S.A., Air Products and Chemicals, Inc., Avaada Energy Pvt. Ltd., Ballard Power Systems Inc., Bloom Energy Corporation, Cummins Inc., CWP Global, ENAPTER s.r.l., ENGIE SA, Green Hydrogen Systems A/S, Hiringa Energy Limited, HydrogenPro ASA, Iberdrola, S.A., ITM Power PLC, Iwatani Corporation, Kawasaki Heavy Industries, Ltd., Larsen & Toubro Limited, Linde PLC, McPhy Energy S.A, Messer SE & Co. KGaA, Nel ASA, NEOM Company, Ohmium International, Inc., Plug Power Inc., PowerCell Sweden AB, Reliance Industries Limited, Saudi Arabian Oil Company, Siemens AG, Thermax Limited, Topsoe A/S, Toshiba Corporation, and Uniper SE.

Market Segmentation & Coverage

This research report categorizes the Green Hydrogen Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
- Alkaline Electrolyzer
- Polymer Electrolyte Membrane (PEM) Electrolyzer

Renewable Source
- Solar Energy
- Wind Energy

Distribution Channel
- Cargo
- Pipeline

Application
- Power Generation
- Transportation

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Green Hydrogen Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Green Hydrogen Market?

3. What are the technology trends and regulatory frameworks in the Green Hydrogen Market?

4. What is the market share of the leading vendors in the Green Hydrogen Market?

5. Which modes and strategic moves are suitable for entering the Green Hydrogen Market?

Product Code: MRR-035590447BCA

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing demand for renewable alternative to conventional fossil fuels
  - 5.1.1.2. Increasing utilization of green hydrogen for manufacturing of ammonia and fertilizers
- 5.1.2. Restraints
  - 5.1.2.1. High initial investment requirements for setting up hydrogen infrastructure
- 5.1.3. Opportunities
  - 5.1.3.1. Advancing research and development for green hydrogen
  - 5.1.3.2. Increasing government investments and subsidies promoting clean fuel usage
- 5.1.4. Challenges
  - 5.1.4.1. Safety concerns associated with handling and transportation of green hydrogen
5.2. Market Segmentation Analysis
- 5.2.1. Technology: Pertaining advantage of alkaline and polymer electrolyte membrane (PEM) electrolyzers in large-scale projects
- 5.2.2. Renewable Source: Growing uses of solar and wind energy sources providing operational flexibility in electricity generation
- 5.2.3. Distribution Channel: Wider availability of green hydrogen pipelines in large scale plants for convenient transmission
- 5.2.4. Application: Increasing adoption of green hydrogen energy for power generation and transportation
5.3. Market Trend Analysis
- 5.3.1. Latin America presents significant near-term opportunities for large-scale implementation of green hydrogen
- 5.3.2. Increasing government investments and funding for the development of green hydrogen in the Asia-Pacific region
- 5.3.3. Reliance on renewable energy and supportive government policies for green hydrogen in EMEA region
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization
- 5.9.1. Technology Trend

6. Green Hydrogen Market, by Technology

6.1. Introduction
6.2. Alkaline Electrolyzer
6.3. Polymer Electrolyte Membrane (PEM) Electrolyzer

7. Green Hydrogen Market, by Renewable Source

7.1. Introduction
7.2. Solar Energy
7.3. Wind Energy

8. Green Hydrogen Market, by Distribution Channel

8.1. Introduction
8.2. Cargo
8.3. Pipeline

9. Green Hydrogen Market, by Application

9.1. Introduction
9.2. Power Generation
9.3. Transportation

10. Americas Green Hydrogen Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Green Hydrogen Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Green Hydrogen Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Nikola And Fortescue Future Industries Commit To Creating American Green Energy Jobs With Acquisition Of Nikola's Phoenix Hydrogen Hub
- 13.3.2. Receives purchase order for 40 MW electrolyser equipment from Bondalti
- 13.3.3. Statkraft supplies Air Liquide with wind power for large scale green hydrogen electrolyser
- 13.3.4. L&T Construction is all set to create Renewable Energy Infrastructure for the World's Largest Green Hydrogen plant at NEOM
- 13.3.5. Enapter AG unveils the world's first megawatt-class AEM electrolyser
- 13.3.6. NEOM Green Hydrogen Company Completes Financial Close At a Total Investment Value Of USD 8.4 Billion In The World's Largest Carbon-Free Green Hydrogen Plant
- 13.3.7. Germany's Siemens Energy partners with Australian company in 100% green hydrogen project
- 13.3.8. Green hydrogen startup Ohmium raises USD 250 million in latest funding round
- 13.3.9. L&T Signs Pact With French Firm McPhy Energy To Explore Green Hydrogen Market
- 13.3.10. ANDRITZ enters partnership with HydrogenPro for green hydrogen
- 13.3.11. Thermax enters the green hydrogen market in partnership with Fortescue Future Industries
- 13.3.12. Linde to Increase Green Hydrogen Production in California
- 13.3.13. Air Products and AES Announce Plans to Invest Approximately USD 4 Billion to Build First Mega-scale Green Hydrogen Production Facility in Texas

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio