Green Hydrogen Global Market Report 2022 - COVID-19 Growth And Change

The Business Research Company’s Green Hydrogen Global Market Report 2021 - COVID-19 Growth And Change

LONDON, GREATER LONDON , UK, June 30, 2022 /EINPresswire.com/ -- The green hydrogen market consists of sales of hydrogen-based fuel produced from electrolyzing water by using electricity. Green hydrogen gas is created by dividing water into hydrogen and oxygen using an electrolyzer that can be powered by renewable energy sources. It is environmentally friendly and can be stored and converted back to energy or heat when required.

Reference to the Global Market Model, will evidence the expected rise in demand with the global green hydrogen market size anticipated to grow from $692.7 million in 2021 to $1011.7 million in 2022 at a massive compound annual growth rate (CAGR) of 46.1%, despite the effects of the recent COVID-19 pandemic which decimated other global markets. The pandemic had the effect of increasing the focus towards sustainability and a green future, which in turn helped to drive the green hydrogen market. The Coronavirus outbreak also had positive environmental consequences with significant reductions in carbonization, due to the large-scale slowdown in economic activity. With the increasing focus on sustainability after the pandemic, and companies and governments committed to fighting climate change, the share of renewable energy is set to increase with the green hydrogen market anticipated to grow to $5,685 million in 2026 at a CAGR of 52.3%, with further accelerated growth expected to reach $31,595 million in 2031 at a CAGR of 41%.

Western Europe was by far the largest region in the global green hydrogen market, accounting for 52% of the market in 2021, with North America in second place, accounting for 30% of the market. Africa was the smallest region with only fledgling activity in the global green hydrogen market. By individual country, Germany and the UK had the largest share of the global market, accounting for around 23% each, as a result of increasing government investments and initiatives focused on renewable energy. The major developing countries of India and China though are forecast to show the most growth in the period 2021 to 2026, both with CAGRs of around 60%.

The main types of technologies in green hydrogen are alkaline electrolyzer accounting for around 43% of the market, proton exchange membrane electrolyzer with 34%, and solid oxide electrolyzer making up the remaining 23% of the market. All segments though, are forecast to show similar growth rates in the period 2021 to 2026 with CAGR’s in excess of 50%.

Emerging trends in the green hydrogen market include the scaling up of technologies, for example, advanced analytics can be used in the green hydrogen market to transform data into business intelligence with actionable insights. Analytics can provide corrective action recommendations to maximize yields for green hydrogen, learning through data from plants, tanks, and pipes. By projecting any potential failures, energy losses can also be prevented.

Green Hydrogen Global Market Report 2021 - By Technology (Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide Electrolyzer), By Application (Power Generation, Transport), By End-Use Industry (Petrochemicals, Food And Beverages, Medical, Chemical, Glass), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides green hydrogen market overviews, analyzes and forecasts green hydrogen market size, share, green hydrogen market players, green hydrogen market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

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