Home / Energy / Green Hydrogen Market by Technology (Alkaline Electrolysis, Biomass Gasification, Proton Exchange Membrane (PEM) Electrolysis) by Resource (Solar Resources, Water Resources, Wind Resources, Biomass Resources) by Application ( Medical, Chemical, Petrochemicals, Transport, Others) - Growth, Future Prospects And Competitive Analysis, 2016 - 2028

Green Hydrogen Market by Technology (Alkaline Electrolysis, Biomass Gasification, Proton Exchange Membrane (PEM) Electrolysis) by Resource (Solar Resources, Water Resources, Wind Resources, Biomass Resources) by Application ( Medical, Chemical, Petrochemicals, Transport, Others) - Growth, Future Prospects And Competitive Analysis, 2016 - 2028

Published Date: Mar 2022
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Report ID: 60510
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Report Format: PDF
Energy
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Pages: 128
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Rating: 4.5 (16)

Green Hydrogen Market Analysis

Unlike grey hydrogen, green hydrogen is generated by using completely renewable resources or lower carbon emitting power resources. Different technologies can be deployed in manufacturing green hydrogen using different power sources. Green hydrogen generation technology still in the phase of evolution and likely emerge as one of the mainstream technologies by the end of analysis period. 

Global Green Hydrogen market is expected to witness CAGR of 16.66% during the forecast period. The revenue generated by the global Green Hydrogen market in 2021 was over USD 941.16 million and expected to generate revenue worth USD 2,846.52 million in 2028. The incremental growth opportunity offered by the global Green Hydrogen is estimated to be USD 13.38 billion between 2022 and 2028.     

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Interesting Facts about Green Hydrogen Industry

  • 70 million tons of hydrogen is produced globally every year
  • Production cost of hydrogen from renewable resources is twice as much as natural gas and four times that of coal
  • More than 16 countries have favorable policies for the hydrogen to be used in transportation
  • There are around 50 targets, mandates and policy incentives in place today that direct support hydrogen, with the majority focused on transport
  • Hydrogen production from fossil fuel results into CO2 emissions of around 830 million tons

Biomass Gasification to Grow at a Rapid Pace

Alkaline Electrolysis, Biomass Gasification and Proton Exchange Membrane (PEM) Electrolysis are some of the major technologies deployed in the production of green hydrogen. Biomass Gasification is gaining a lot of traction over the past few years. Biomass gasification is increasingly being recognized as key element in an effort to decarbonization. Biomass gasification is an efficient alternative to existing green hydrogen production technologies with carbon neutral potential. While, Alkaline Electrolysis is dominating the present day green hydrogen production with over 40% share in 2021. On the other hand, Proton Exchange Membrane (PEM) also hold the significant share of the green hydrogen generation market.   

Favorable Government Policies to Fuel the Demand for Green Hydrogen Market

In an attempt to lower the CO2 emission while increasing production of hydrogen is leading countries around the world to draft favorable policies that can encourage the industry participants to enter into green hydrogen manufacturing practices. Manu countries such as Japan, South Korea, China and Australia are leading the green hydrogen production as they have limited access to natural gas for the production of hydrogen. Aforementioned countries have set targets to reach certain volume of hydrogen using renewable resources coupled with incentive and other facilities. At present, large number of countries have set targets, policies and mandates regarding green hydrogen production in place.

High Cost of Green Hydrogen to Remain as a Major Challenge

High cost of hydrogen generation using renewable resources has been remained major challenge for the growth of green hydrogen industry. As compare to its counterparts that is hydrogen produced using natural gas and coal, renewable resources based hydrogen cost significantly high. Hydrogen generation using natural gas can cost up to USD 0.9 to USD 3.2 per kilo and around USD 1.2 to USD 2.2 per kg for coal. On the other hand, renewable resources based hydrogen generation can easily cost as high as USD 3.10 to USD 7.5 per kg. Moreover, countries such as Russia, U.S. and Middle Eastern Countries where there is abundance of natural gas are reluctant to adopt green hydrogen production technologies owing to its higher cost. This in turn affecting the growth rate of this industry.     

Hydrogen Production Cost by Production Source, 2021

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Water Resources Segment to Hold Significant Share      

Solar Resources, Water Resources, Wind Resources and Biomass Resources are some of the major renewable resources used in the green hydrogen generation. Water resources accounted for over 30% share of the total green hydrogen generation in 2021. Water resource has been remained cleanliest energy resource. While, biomass resource is likely to gain increasing demand over the forecast period.  

Transport Application to Increase at a Rapid Pace

Medical, Chemical, Petrochemicals, Transport and Others are some of the leading application markets for the global green hydrogen market. Transportation is expected to experience increasing adoption in transportation application over the forecast period. Australia, Japan, South Korea and China are likely to witness considerable growth in usage of green hydrogen in transportation sector. While, U.S., Europe and Middle East to register slow growth in green hydrogen market. Some of the key players involved in green hydrogen market included but not limited to AIR LIQUIDE, Ballard Power Systems, Cummins Inc., Engie, Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd., Linde, Plug Power Inc., Royal Dutch Shell PLC, SGH2 Energy Global LLC and Siemens

Likewise other industries, COVID 19 also taken a toll on Industrial Wireless Instrumentation market with around -13.70% decline in its revenue in 2020 as compare to 2019

North America is the largest regional market with highest share in the total revenue generation of Industrial Wireless Instrumentation consumed in 2021

Ever increasing manufacturing activities and growing adoption of advanced Hardware is driving demand for Industrial Wireless Instrumentation

Process control and monitoring segment dominated the Industrial Wireless Instrumentation market in 2021 with over 25% share

Oil & Gas and Power industry was the largest end-user of Industrial Wireless Instrumentation in 2021 with over 20% share

Green Hydrogen Report Scope

Report Attribute Details
Market Value in 2021 USD 941.16 million
Market Value in 2028 USD 2,846.52 million
CAGR 16.66% between 2021 and 2028
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Report coverage Market Size Valuation, Share Analysis and Growth Rate by Segments such as Technology and Application, Company Share, Competitive Landscape and Trends Analysis
Segments covered

Technologies

Alkaline Electrolysis

Biomass Gasification

Proton Exchange Membrane (PEM) Electrolysis

Application

Solar Resources

Water Resources

Wind Resources

Biomass Resources

Renewable Resources

Medical

Chemical

Petrochemicals

Transport

Others

Major Players Analysed AIR LIQUIDE, Ballard Power Systems, Cummins Inc., Engie, Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd., Linde, Plug Power Inc., Royal Dutch Shell PLC, SGH2 Energy Global LLC and Siemens
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