Green Hydrogen Market

The global green hydrogen market size reached US$ 1,129.3 Million in 2023.

UNITED STATES, May 30, 2024 /EINPresswire.com/ -- IMARC Group's report titled "𝐆𝐫𝐞𝐞𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐛𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 (𝐏𝐫𝐨𝐭𝐨𝐧 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐌𝐞𝐦𝐛𝐫𝐚𝐧𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐥𝐲𝐳𝐞𝐫, 𝐀𝐥𝐤𝐚𝐥𝐢𝐧𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐥𝐲𝐳𝐞𝐫, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 (𝐏𝐨𝐰𝐞𝐫 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧, 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥 (𝐏𝐢𝐩𝐞𝐥𝐢𝐧𝐞, 𝐂𝐚𝐫𝐠𝐨), 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧 𝟐𝟎𝟐𝟒-𝟐𝟎𝟑𝟐",The global green hydrogen market size reached US$ 1,129.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 44,463.0 Million by 2032, exhibiting a growth rate (CAGR) of 49.36% during 2024-2032. 

𝐅𝐨𝐫 𝐚𝐧 𝐢𝐧-𝐝𝐞𝐩𝐭𝐡 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬, 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐫𝐞𝐟𝐞𝐫 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/green-hydrogen-market/requestsample

Factors Affecting the Growth of the Green Hydrogen Industry:

● 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐏𝐨𝐥𝐢𝐜𝐢𝐞𝐬 𝐚𝐧𝐝 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐒𝐮𝐩𝐩𝐨𝐫𝐭:

The expansion of the green hydrogen market is impacted by robust governmental policies and incentives designed to promote cleaner energy alternatives. Governments worldwide are setting ambitious targets for carbon reduction and are actively supporting the development of green hydrogen through various subsidies, tax incentives, and favorable regulatory frameworks. These initiatives aim to reduce the dependence on fossil fuels, manage energy security, and achieve decarbonization goals. As such, policy frameworks are not only lowering the barriers to entry but are actively encouraging investments and the establishment of green hydrogen projects, paving the way for a scalable transition to sustainable energy sources.

● 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐂𝐨𝐬𝐭 𝐑𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧:

The viability of green hydrogen as a sustainable energy carrier is increasingly linked to continuous technological innovations and the consequent reduction in production costs. Electrolysis, the process used to produce hydrogen from water using electricity, has seen significant advancements in terms of efficiency and cost-effectiveness. Innovations in electrolyzer design, improved catalyst materials, and energy-efficient operations are critical in driving down costs. Additionally, the falling prices of renewable energy sources, such as wind and solar, directly decrease the cost of producing green hydrogen.

● 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐫𝐨𝐦 𝐕𝐚𝐫𝐢𝐨𝐮𝐬 𝐄𝐧𝐝-𝐮𝐬𝐞 𝐒𝐞𝐜𝐭𝐨𝐫𝐬:

The growing adoption across multiple end-use sectors, such as transportation, industrial manufacturing, and power generation, is driving the demand for green hydrogen. In the transportation sector, green hydrogen is pivotal in powering fuel cell vehicles, offering a clean alternative to conventional fossil fuels. Major automotive manufacturers and public transportation entities are increasingly incorporating hydrogen fuel cells into their fleets. In industrial processes, green hydrogen serves as a vital raw material and energy source in sectors like chemical manufacturing, refining, and steel production, which are traditionally dependent on carbon-intensive processes.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐆𝐫𝐞𝐞𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

● Air Liquide S.A.
● Air Products and Chemicals Inc.
● Enapter AG
● Green Hydrogen Systems A/S
● Linde plc
● Nel ASA
● Ørsted A/S
● Plug Power Inc.
● Siemens Energy AG
● Uniper SE (Fortum Oyj) 

𝐀𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/request?type=report&id=939&flag=C

Green Hydrogen Market Report Segmentation:

𝐁𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲:

● Proton Exchange Membrane Electrolyzer
● Alkaline Electrolyzer
● Others

Alkaline electrolyzers represent the largest segment as they are a mature technology used in the production of hydrogen through the electrolysis of water.

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧:

● Power Generation
● Transport
● Others

Transport holds the biggest the market share driven by the increasing demand for clean energy solutions to prevent air pollution.

𝐁𝐲 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥:

● Pipeline
● Cargo

Pipeline exhibits a clear dominance in the market due to its cost-effectiveness, reliability, safety, and reduced environmental impact.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

● North America (United States, Canada)
● Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
● Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
● Latin America (Brazil, Mexico, Others)
● Middle East and Africa

Europe's dominance in the green hydrogen market is attributed to the increasing deployment of renewable energy technologies in numerous industrial applications.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐆𝐫𝐞𝐞𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

Energy security concerns are driving interest in green hydrogen. Countries dependent on imported oil and gas are particularly interested in developing domestic sources of green hydrogen to reduce this dependence. By investing in hydrogen production using locally sourced renewable energy, countries can mitigate the risks associated with volatile global oil markets and geopolitical tensions. This strategic shift not only enhances national energy security but also supports local economies by creating jobs in new and emerging sectors of the green economy. Moreover, the ability to store and transport hydrogen means it can be used to stabilize the grid during periods of low renewable energy generation, further enhancing its appeal as a component of energy independence strategies.

𝐍𝐨𝐭𝐞: 𝐈𝐟 𝐲𝐨𝐮 𝐧𝐞𝐞𝐝 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐚𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲 𝐰𝐢𝐭𝐡𝐢𝐧 𝐭𝐡𝐞 𝐬𝐜𝐨𝐩𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭, 𝐰𝐞 𝐰𝐢𝐥𝐥 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐢𝐭 𝐭𝐨 𝐲𝐨𝐮 𝐚𝐬 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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