Green Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy Source (Wind, Hydropower), Application (Fueling, Feedstock), End User (Transportation, Chemical Production, Power Generation), and Geography

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Green Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy Source (Wind, Hydropower), Application (Fueling, Feedstock), End User (Transportation, Chemical Production, Power Generation), and Geography-Global Forecast to 2031

The research report titled 'Green Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy Source (Wind, Hydropower), Application (Fueling, Feedstock), End User (Transportation, Chemical Production, Power Generation), and Geography-Global Forecast to 2031' from Meticulous Research(R) provides an in-depth analysis of the green hydrogen market across five major geographies and focuses on the current market trends, market sizes, market shares, recent developments, and forecasts to 2031.

The green hydrogen market is projected to reach $18.8 billion by 2031, at a CAGR of 43.1% from 2024 to 2031.

The growth of this market is driven by the increasing demand for green hydrogen in fuel cell electric vehicles (FCEVs), the increasing use of green hydrogen in chemical production, and rising government initiatives for net zero-emission. However, the high cost of production restrains the growth of this market.

Increasing investments by market players in electrolysis technology development and the growing adoption of green hydrogen across various industries to reduce carbon footprints are expected to create market growth opportunities. However, the complex and costly storage & transportation processes pose significant challenges for players operating in this market.

Additionally, the increasing use of water and electricity for green hydrogen production is a prominent trend in this market.

The green hydrogen market is segmented by generation process (proton exchange membrane electrolysis, alkaline electrolysis, and solid oxide electrolysis), energy source (Wind, solar, hydropower, and other energy sources), application (fueling, feedstock, heat processing, energy storage, and other applications), end-user (transportation [shipping, aviation, cars, railway, and trucks], chemical production, healthcare, steel production, petroleum refinery, power generation, and other end users), and geography. This study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on generation process, the green hydrogen market is segmented into proton exchange membrane electrolysis, alkaline electrolysis, and solid oxide electrolysis. In 2024, the proton exchange membrane electrolysis segment is expected to account for the largest share of the green hydrogen market. This segment's large market share can be attributed to the increasing adoption of PEM electrolysis, which operates efficiently at high current densities and is environmentally friendly. Additionally, the proliferation of low-carbon hydrogen production projects and the rising focus on advancing fuel cell technology contribute to the growth of this segment. Moreover, the proton exchange membrane electrolysis segment is projected to register the highest CAGR during the forecast period.

Based on energy source, the green hydrogen market is segmented into wind, solar, hydropower, and other energy sources. In 2024, the hydropower segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing demand for renewable energy in hydrogen production, driven by government initiatives aimed at reducing dependency on fossil fuels for power generation. Moreover, the hydropower segment is projected to register the highest CAGR during the forecast period.

Based on application, the green hydrogen market is segmented into fueling, feedstock, heat processing, energy storage, and other applications. In 2024, the feedstock segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing adoption of green hydrogen in chemical production and increasing government initiatives promoting its use due to its zero-carbon footprint.

However, the fueling segment is projected to register the highest CAGR during the forecast period. This segment's growth is driven by the increasing adoption of green hydrogen as a sustainable alternative to fossil fuels and government initiatives aimed at promoting clean & sustainable energy sources to achieve zero-carbon objectives.

Based on end user, the green hydrogen market is segmented into transportation, chemical production, healthcare, steel production, petroleum refinery, power generation, and other end users. In 2024, the chemical production segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the growing adoption of green hydrogen to reduce carbon emissions, the increasing use of green hydrogen to produce sustainable methanol and ammonia, the increasing demand for highly efficient energy sources for refineries, and the rising use of green methanol as a clean energy resource.

However, the transportation segment is projected to register the highest CAGR during the forecast period. This segment's growth is driven by the increasing adoption of fuel-cell electric vehicles (FCEVs), rising demand for green hydrogen to reduce carbon emissions, increasing fueling solutions for various transportation and motive power applications, and the increasing use of green hydrogen to minimize greenhouse gas emissions, reduce oil dependency, and decrease air pollutants.

Based on geography, the green hydrogen market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the green hydrogen market. North America's significant market share can be attributed to the increasing adoption of clean energy solutions in sectors like power generation and transportation and rising government initiatives & investments in green hydrogen production to reduce emissions.

However, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by large-scale investments in clean hydrogen production, increasing adoption of green hydrogen in power generation, and initiatives to expand infrastructure capabilities for large-scale green hydrogen storage.

The key players operating in the green hydrogen market include FuelCell Energy, Inc. (U.S.), Bloom Energy Corporation (U.S.), Plug Power Inc. (U.S.), Air Products and Chemicals, Inc. (U.S.), and China Petrochemical Corporation. (China), L'AIR LIQUIDE S.A. (France), Linde plc (Ireland), Green Hydrogen Systems A/S (Denmark), McPhy Energy (France), ITM Power PLC (U.K.), Nel ASA (Norway), Ballard Power Systems Inc. (Canada), ENGIE SA (France), Repsol S.A. (Spain), and Iberdrola, S.A. (Spain).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of the generation process, energy source, application, and end user?
What is the historical market size for green hydrogen?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the green hydrogen market?
Who are the major players in the green hydrogen market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the green hydrogen market?
What are the growth strategies adopted by major market players?
What are the key market trends, and which are the high-growth countries?
Who are the emerging players in the green hydrogen market, and how do they compete with the other players?

Scope of the Report:

Green Hydrogen Market Assessment-by Generation Process

Proton Exchange Membrane Electrolysis
Alkaline Electrolysis
Solid Oxide Electrolysis

Green Hydrogen Market Assessment-by Energy Source

Wind
Solar
Hydropower
Other Energy Sources

Green Hydrogen Market Assessment-by Application

Fueling
Feedstock
Heat Processing
Energy Storage
Other Applications

Green Hydrogen Market Assessment-by End User

Transportation
- Shipping
- Aviation
- Cars
- Railway
- Trucks
Chemical Production
Healthcare
Steel Production
Petroleum Refinery
Power Generation
Other End Users

Green Hydrogen Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherland
- Poland
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
Latin America
Middle East & Africa

Product Code: MRCHM - 104897

1. Introduction

1.1 Market Definition & Scope
1.2 Market Ecosystem
1.3 Currency & Limitations
1.4 Key Stakeholders

2. Research Methodology

2.1 Research Approach
2.2 Process of Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3 Market Sizing and Forecast
- 2.3.1 Market Size Estimation Approach
- 2.3.2 Growth Forecast Approach
2.4 Assumptions for the Study

3. Executive Summary

3.1 Market Overview
3.2 Market Analysis, by Generation Process
3.3 Market Analysis, by Energy Source
3.4 Market Analysis, by Application
3.5 Market Analysis, by End User
3.6 Market Analysis, by Geography
3.7 Competitive Analysis

4. Market Insights

4.1 Overview
4.2 Factors Affecting Market Growth
- 4.2.1 Drivers
  - 4.2.1.1 Increasing Demand for Green Hydrogen in Fuel Cell Electric Vehicles (FCEVs)
  - 4.2.1.2 Growing Demand for Green Hydrogen in Chemical Production
  - 4.2.1.3 Rising Government Initiatives for Net Zero-emission
- 4.2.2 Restraints
  - 4.2.2.1 High Cost of Production
- 4.2.3 Opportunities
  - 4.2.3.1 Increasing Investment by Market Players in the Development of Electrolysis
  - 4.2.3.2 Growing Adoption of Green Hydrogen Due to its Zero Carbon Footprint
- 4.2.4 Challenges
  - 4.2.4.1 Complex and Expensive Storage and Transportation
4.3 Market Trend
- 4.3.1 Increasing Use of Water and Electricity for Green Hydrogen Production
4.4 Case Studies
- 4.4.1 Case Study A
- 4.4.2 Case Study B
- 4.4.3 Case Study C
4.5 Supply Chain Analysis

5. Green Hydrogen Market Assessment-by Generation Process

5.1 Overview
5.2 Proton Exchange Membrane Electrolysis
5.3 Alkaline Electrolysis
5.4 Solid Oxide Electrolysis

6. Green Hydrogen Market Assessment-by Energy Source

6.1 Overview
6.2 Wind
6.3 Solar
6.4 Hydropower
6.5 Other Energy Sources

7. Green Hydrogen Market Assessment-by Application

7.1 Overview
7.2 Fueling
7.3 Feedstock
7.4 Heat Processing
7.5 Energy Storage
7.6 Other Applications

8. Green Hydrogen Market Assessment-by End User

8.1 Overview
8.2 Transportation
- 8.2.1 Shipping
- 8.2.2 Aviation
- 8.2.3 Cars
- 8.2.4 Railway
- 8.2.5 Trucks
8.3 Chemical Production
8.4 Healthcare
8.5 Steel Production
8.6 Petroleum Refinery
8.7 Power Generation
8.8 Other End Users

9. Green Hydrogen Market Assessment-by Geography

9.1 North America
- 9.1.1 U.S.
- 9.1.2 Canada
9.2 Europe
- 9.2.1 Germany
- 9.2.2 U.K.
- 9.2.3 France
- 9.2.4 Italy
- 9.2.5 Spain
- 9.2.6 Netherlands
- 9.2.7 Poland
- 9.2.8 Rest of Europe
9.3 Asia-Pacific
- 9.3.1 Japan
- 9.3.2 China
- 9.3.3 India
- 9.3.4 South Korea
- 9.3.5 Singapore
- 9.3.6 Australia & New Zealand
- 9.3.7 Indonesia
- 9.3.8 Rest of Asia-Pacific
9.4 Latin America
9.5 Middle East & Africa

10. Competition Analysis

10.1 Overview
10.2 Key Growth Strategies
10.3 Competitive Benchmarking
10.4 Competitive Dashboard
- 10.4.1 Industry Leaders
- 10.4.2 Market Differentiators
- 10.4.3 Vanguards
- 10.4.4 Emerging Companies
10.5 Market Share Analysis

11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments)

11.1 FuelCell Energy, Inc. (U.S.)
11.2 Bloom Energy Corporation (U.S.)
11.3 Plug Power Inc. (U.S.)
11.4 Air Products and Chemicals, Inc. (U.S.)
11.5 China Petrochemical Corporation. (China)
11.6 L'AIR LIQUIDE S.A. (France)
11.7 Linde plc (Ireland)
11.8 Green Hydrogen Systems A/S (Denmark)
11.9 McPhy Energy (France)
11.10 ITM Power PLC (U.K.)
11.11 Nel ASA (Norway)
11.12 Ballard Power Systems Inc. (Canada)
11.13 ENGIE SA (France)
11.14 Repsol S.A. (Spain)
11.15 Iberdrola, S.A. (Spain)

(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)

12. Appendix

12.1 Available Customization
12.2 Related Reports