In 2020, the market was worth USD 940 million with a CAGR of 14.68% and is expected to reach a market value of USD 3.48 billion by 2030 according to Strategic Market Research.

New York, United States, June 29, 2022 (GLOBE NEWSWIRE) -- The main factors that are boosting the green hydrogen market are increasing awareness of using hydrogen as a fuel, rising pollution and environmental degradation and increasing usage of nuclear and green hydrogen as fuels.

Pivotal Insights into the Green Hydrogen Market:

• Europe dominated the market share with 57% of the market.
• By technology, alkaline electrolyzer held the highest market, with over 50% of the market share.
• By Application, the power-generating held the largest market share.
• By End-user, the petrochemical segment had the highest market share.

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Key Factors Driving the Market

Increasing awareness of the use of green hydrogen as an energy carrier.

Using hydrogen as a fuel results in releasing water vapour and heat, thereby omitting greenhouse gas emissions. Hydrogen fuel cells are also far more efficient in terms of energy output; coal-based energy generation is about 33 to 35% efficient, whereas hydrogen fuel cells demonstrate nearly 60% efficiency. As per the US Environment and Energy Study Institute (EESI), over 9 million metric tons of hydrogen are produced annually in the US. Through the Clean Transportation Program, the California Energy Commission invests resources to develop 100 public hydrogen stations in California. As per Eurostat, Europe has 228 hydrogen stations, of which 37 were opened to the public in 2021 alone. Thus, with rising awareness and further programs to develop eco–friendly fueling stations, there will be a staggering rise in the demand for green hydrogen.

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Increasing use of nuclear and green hydrogen as fuels.

The use of nuclear and green hydrogen has been increasing. As per the US Environmental Information Administration (EIA), the cost of producing nuclear power is 0.61 cents per kWh, whereas, for fossil fuel-based energy generation, it is 2.29 cents per kWh. As of 2021, nuclear energy-based electricity accounted for approximately 19.7% of total power generation in the US. As per the US Department of Energy, over 10 million tons of green hydrogen should have been produced in 2021. As per the EIA, in 2020, two new nuclear plants have been commissioned for construction in Georgia. Therefore, with increasing capacities for green hydrogen and nuclear power generation, we would see growth in the use of green hydrogen. 

Rising Pollution and Environmental Degradation.

Pollution levels have steadily risen since the 1990s, causing more diseases and deaths each year. As per WHO, approximately 99% of the world's population breathes air containing chemicals beyond WHO limits. Further, the WHO studies show that over 3.8 million deaths occur yearly due to smoke inhalation from unclean fuel (such as wood and coal) stoves. As per WHO, approximately 829,000 people die yearly from diarrhoea due to unsafe water sources, and over 2 billion people live in water-stressed countries. With the need to conserve the environment for future generations, people and companies must take up initiatives, such as using green hydrogen to protect the environment. 

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Report Coverage	Details
Forecast Period	2020-2030
Forecast Period 2020 to 2030 CAGR	14.68%
2030 Value Projection	USD 57.1 billion
Base Year	2020
Market Size in 2020	USD 0.94 billion
Historical Data for	2015 - 2019
No. of Pages	135
Companies	Linde Air Liquide, Linde,Air Products and Chemicals, Inc, Siemens,Uniper SE, Engie,Nel ASA, Toshiba Energy Systems and Solutions Corp., Hydrogenics
Leading Segment By Technology	Alkaline electrolyze
Leading Region	Asia-Pacific
Segments covered	By Technology, By Application, By Renewable Source, By End-Use and By Region
Growth Drivers
	Increasing awareness of using hydrogen as a fuel, rising pollution and environmental degradation, and increasing usage of nuclear and green hydrogen as fuels.

In-depth and Elaborative Segment Analysis of the Green Hydrogen Market Report as per Strategic Market Research:  

By Technology

• PEM Electrolyzer
• Solid Oxide Electrolyzer 
• Alkaline Electrolyzer
  
  

By Application

• Transportation
• Power Generation
• Others
  
  

By End-Use Industry

• Petrochemicals
• Chemical
• Medical
• Food & Beverages
• Glass
• Others

Based on Region

North America

• USA
• Canada
• Mexico
  
  

Europe

• United Kingdom
• Germany
• France
• Italy
• Spain 
• Germany
• Rest of Europe
  
  

Asia Pacific

• Japan
• China
• South Korea
• India
• Australia
• Rest of Asia Pacific

LAMEA

• Argentina
• Brazil
• UAE
• Saudi Arabia
• Qatar
• Nigeria
• South Africa
• Rest of LAMEA

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By technology, alkaline electrolyzer dominates the market share due to its low capital cost and the ability to work for longer periods compared to other electrolyzers. As per National Renewable Energy Laboratory(NREL), the median lifespan of alkaline electrolyzers is 26 years compared to 22 years of PEM electrolyzers. 

By Application, the power generation segment had the highest market share, and the segment is further expected to see growth in the coming years as there is increased adoption of the use of renewable energy sources to produce hydrogen. Renewable hydrogen can be produced by electrolysis that uses electricity from renewable sources. As per the REPowerEU plan, the EU plans to produce and import a total of 20 million tons of renewable Hydrogen by 2030. It plans to enact this by using the Hydrogen Energy Network, the European Clean Hydrogen Alliance, and Horizon Europe initiatives. 

By Region, Europe dominated the market with over 57% of the market share. This is due to the EU’s commitment to the UN’s climate goals. As mentioned, the REPowerEU plan aims to increase the use of renewable hydrogen. As per Fuel Cells and Hydrogen Joint Undertaking (FCH-JU), in Europe, under the H2ME (Hydrogen Mobility Europe) Program, 8 million kilometres were driven by fuel cell electric vehicles (FCEVs) and decreased more than 1000 tons of carbon dioxide emissions. Further, 49 additional refuelling stations were developed as part of H2ME. Thus, with such developments, we can see the region committed to increased green hydrogen, further enhancing the market for the same.

Key players in the Green Hydrogen market are:

• Air Products and Chemicals, Inc.
• Engie
• Hydrogenics
• Linde
• Linde Air Liquide
• Nel ASA
• Siemens
• Toshiba Energy Systems and Solutions Corp.
• Uniper SE
  
  

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Recent Developments

• In June 2022, Siemens Energy is working to develop green hydrogen as a fuel for the aviation industry, focusing on making it affordable for companies.
  
  
• In June 2022, TotalEnergies acquired a 25% stake in Adani New Industries Limited to develop the world’s largest green hydrogen ecosystem. In the initial phase, the project aims to produce one million tons of green hydrogen annually by 2030.
  
  
• In June 2022, the country of Tunisia announced its commitment to developing a green hydrogen program with the assistance of the German Ministry for Economic Cooperation and Development. The medium-term aim of the program is to produce green ammonia and reduce the import of fertilizers.
  
  
• In June 2022, motorsport company Extreme E announced a partnership with ENOWA, an energy company providing sustainable resources for various purposes. The partnership aims to integrate the use of green hydrogen as a fuel in the motorsport industry.
  
  
• In June 2022, Air Products and Gunvor Petroleum Rotterdam signed an agreement to jointly develop an import terminal to supply green hydrogen to The Netherlands. 
  
  

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