全球綠色氫能市場（2027-2037 年）

全球綠氫能市場正經歷自誕生以來最重大的轉捩點：從投機性的雄心壯志轉向有選擇的商業性現實。在經歷了2021年至2022年的投資激增和2024年至2025年的急劇理性化之後，2026年的市場將以更加嚴謹而非樂觀為特徵，真正成功的應用和地區與徹底失敗的地區之間將出現明顯的兩極分化。

預計到2025年，綠氫氣年產量將首次突破100萬噸，較2021年的27萬噸增加六倍。此外，截至年中，全球電解槽裝置容量已超過3吉瓦。這些無疑是突破性的成就。然而，另一方面，國際能源總署（IEA）2030年專案規劃已下調25%（僅一年內從4,900萬噸降至3,700萬噸），具有約束力的啟動合約也已終止（僅佔已公佈產能的1-5%），尼古拉公司（Nikola Corporation，已破產）、Universal Hydrogen, Heliogen, and Green Hydrogen Systems, while placing Nel Hydrogen, Plug Power, McPhy Energy也面臨嚴重的財務壓力。

目前的政策環境呈現出災難性的兩極化。美國透過「一項宏偉法案」（One Big Beautiful Bill Act）取消了每公斤3美元的第45V條稅額扣抵，實際上關閉了美國市場。因此，Nell公司在密西根州投資4億美元的超級工廠項目已被永久取消；Plug Power公司將於2026年8月關閉其位於安特衛普的工廠；Air Products公司已對其位於馬塞納的工廠提列了31億美元的減值準備。同時，歐洲也在加大力度。碳邊境調節機制（CBAM）於2026年1月正式生效，使灰氫進口成本增加約0.85至1.10歐元/公斤；歐盟氫能銀行第二次競標的補貼競標價格則創下每公斤0.37歐元的歷史新低。中國持續推動國家主導的發展，其電解槽裝置容量佔全球的65%。

近幾個月來，我們見證了該領域一系列意義重大的商業化專案。 NEOM公司2.2吉瓦的綠色氨綜合體將於2026年8月完工，成為全球首個基礎建設規模的綠氫能計畫。 RWE公司位於林根的300兆瓦計畫將透過一條120公里長的管道，向贏創位於馬爾的化學工業園區供應歐洲首個商業化綠色氫能計畫。西門子能源的電解槽業務將分拆為Omterra公司，打造西方世界財務狀況最穩健的PEM（質子交換膜）製造商。 Hive Hydrogen在其位於南非、價值58億美元的Coega專案中採用了托普索公司的固體氧化物電解池（SOEC）技術，這標誌著吉瓦級SOEC技術的首次商業性化應用。巴拉德動力系統公司也以2.75億英鎊收購了GeoPura公司，進一步印證了「氫能即服務」模式的商業性價值。

未來的道路雖然有限，但方向明確。具體而言，包括：根據歐盟法律義務，替代煉油廠和工業氫氣；根據國際海事組織（IMO）2027框架，發展海上氨氣生產；在高階買家市場推廣綠色鋼鐵；以及將用於人工智慧/資料中心的燃料電池發展成為一個新興且可靠的成長領域。

「全球綠色氫能市場（2027-2037）」是一份長達521頁的權威產業分析報告，深入剖析了綠色氫能領域。該報告在進行結構性梳理後，對市場進行了最全面的評估，並清楚分析了商業性成功和失敗的案例。

本報告涵蓋了整個綠色氫能價值鏈，從生產經濟性和電解槽技術到儲存和運輸基礎設施，最終到提煉、氨、鋼鐵、船用燃料以及資料中心電力等新興應用。

報告包含以下資訊：

• 摘要整理- 2027-2037 年預測，包括市場概覽、項目取消浪潮分析、政策差異（美國崩潰、歐盟強制、中國主導）、成本競爭力、需求優先事項以及按應用和基礎設施投資要求分類的需求細分。
• 氫氣的介紹和分類——顏色分類、全球能源狀況、氫能經濟概述、生產方法以及當前和預測供應組成的比較
• 全球市場分析－能源需求、區域成本競爭力、工業應用（石油煉製、氨、鋼鐵、船用燃料、化工、航空航太）、電解槽技術及製造現況、碳定價機制（包括完整的碳定價評估模型分析）、承購危機量化、技術成熟度評估、市場地圖、全球生產資料、2037年需求預測、投資流分析及市場集中度詳細章節
• 綠色氫能項目清單 - 2026 年 9 月更新，全球主要項目現況。運作中（NEOM、Lingen、Normand'Hy、Petrobrazi）、在建項目（Stegra）、開發中的項目（Coega、HNH Chile、Saemangeum）以及已終止的項目（Air Products Louisiana、HyDeal Ambition、Nel Michigan）。
• 電解槽技術 - 涵蓋鹼性水電電解、PEM電解、AEM電解（包括安特衛普「電力製氫」專案的里程碑）、SOEC（Coega/Topsoe 選擇）、新技術（E-TAC、天然氫、PCE）、工廠營運基礎（BOP）成本、產能和全球市場收入的綜合技術和商業章節。
• 氫氣儲存和運輸－管道基礎設施、海上運輸（氨與液氫）、壓縮和液化、地下儲存以及市場參與企業
• 氫能利用－燃料電池（PEMFC、SOFC）、燃料電池汽車（小型汽車市場萎縮，大型汽車未來不確定）、航空、氨生產和船用燃料、電甲醇經濟性、綠色鋼鐵（H-DRI 經濟性、Stegra 示範實驗、區域發展）、熱電聯產、船舶推進技術、燃料電池列車以及在人工智慧/資料中心的應用。
• 公司簡介 - 涵蓋 170 家公司，包括電解槽製造商、專案開發商、工業燃氣公司、倉儲運輸業者、零件供應商以及終端用戶產業的公司。重點介紹的公司包括：ABO Wind/ABO Energy, Adani Green Energy, Advanced Ionics, Aemetis Inc., Agfa-Gevaert NV, Air Products and Chemicals, Aker Horizons ASA, Alchemr Inc., Alleima, Alleo Energy, Arcadia eFuels, AREVA H2Gen, Asahi Kasei, Atmonia, Atome, Avantium, AvCarb, Avoxt B.V., BASF, Battolyser Systems, Blastr Green Steel, Bloom Energy, Boson Energy, BP, Brineworks, Caplyzer, Carbon280, Carbon Sink LLC, Cavendish Renewable Technology, CellMo, Ceres Power Holdings, Chevron Corporation, CHARBONE Hydrogen, Chiyoda Corporation, Cockerill Jingli Hydrogen, Convion, Cummins Inc., C-Zero, Cipher Neutron, De Nora, Dimensional Energy, Domsjo Fabriker AB, Dynelectro ApS, Elcogen AS, Electric Hydrogen, elementarhy, Elogen H2, Enapter, Energy B, ENEOS Corporation, Equatic。

目錄

第1章摘要整理

第2章：引言

• 氫分類
• 全球能源需求與消費
• 氫經濟和氫氣生產
• 減少氫氣生產過程中的二氧化碳排放
• 綠色氫能的經濟學
• 氫能價值鏈
• 國家層級關於氫能的計劃、政策與法規
• 氫能認證
• 碳定價
• 市場挑戰
• 2020年至2026年產業趨勢
• 市場地圖
• 全球氫氣產量
• 全球氫需求預測

第3章：綠色氫氣生產

• 概述
• 綠氫能項目
• 使用動機
• 脫碳
• 比較分析
• 在能源轉型中的作用
• 再生能源來源
• SWOT分析

第4章電解槽技術

• 介紹
• 主要類型
• 決定技術選擇的因素
• 植物平衡
• 特徵
• 優點和缺點
• 電解槽市場
• 鹼性水電電解裝置（AWE）
• 陰離子交換膜電解裝置（AEMEL）
• 質子交換膜電解裝置（PEMEL）
• 固體氧化物水電電解裝置（SOEC）
• 其他類型的電解槽
• 成本
• 綠色氫氣生產的水資源與土地利用
• 電解槽製造能力
• 來自全球市場的收入

第5章：氫氣儲存與運輸

• 市場概覽
• 氫氣運輸方法
• 氫氣的壓縮、液化和儲存
• 參與企業

第6章：氫的利用

• 氫燃料電池
• 替代燃料的生產
• 氫燃料汽車
• 航空
• 氨的生產
• 甲醇生產
• 煉鋼
• 發電和供熱
• 海上
• 燃料電池列車
• 人工智慧和資料中心

第7章：公司簡介（170家公司簡介）

第8章附錄

第9章參考文獻

The global green hydrogen market is navigating its most consequential transition since the sector's emergence: a structural shift from speculative ambition to selective commercial reality. After the investment surge of 2021–2022 and the brutal rationalisation of 2024–2025, the market in 2026 is defined by discipline rather than optimism - and by a sharp divergence between the applications and geographies that are genuinely working and those that have definitively failed.

Green hydrogen production crossed 1 million tonnes per year for the first time in 2025, up sixfold from 270,000 tonnes in 2021, with global installed electrolyser capacity surpassing 3 GW at mid-year. These are genuine milestones. But they sit alongside a 25% downward revision in the IEA's 2030 project pipeline (from 49 Mt to 37 Mt in a single year), a collapse of binding offtake agreements (only 1–5% of announced capacity), and manufacturer distress that has claimed Nikola Corporation (bankrupt, liquidated), Universal Hydrogen, Heliogen, and Green Hydrogen Systems, while placing Nel Hydrogen, Plug Power, McPhy Energy, and Fusion Fuel under severe financial pressure.

The policy environment has bifurcated catastrophically. The US eliminated the $3/kg Section 45V tax credit under the One Big Beautiful Bill Act, effectively closing the American market - Nel's $400M Michigan gigafactory was permanently cancelled, Plug Power abandoned its Antwerp facility in August 2026, and Air Products wrote off $3.1 billion on its Massena plant. Europe simultaneously strengthened its approach: the Carbon Border Adjustment Mechanism became financially operational in January 2026, adding approximately €0.85–1.10/kg to grey hydrogen import costs, while the EU Hydrogen Bank's second auction cleared at a record-low subsidy bid of €0.37/kg. China continues state-directed deployment, controlling 65% of global installed electrolyser capacity.

Recent months have produced the sector's most important commercial confirmations. NEOM's 2.2 GW green ammonia complex completed construction in August 2026 - the world's first infrastructure-scale green hydrogen project. RWE's Lingen 300 MW project delivered Europe's first commercial green hydrogen through 120 kilometres of pipeline to Evonik's Marl chemical park. The Siemens Energy electrolyser business is being spun out as Omterra - creating the best-capitalised Western PEM manufacturer. Hive Hydrogen selected Topsoe's SOEC technology for the $5.8 billion Coega project in South Africa, the first GW-scale SOEC commercial commitment. And Ballard Power Systems acquired GeoPura for £275 million, confirming the commercial value of hydrogen-as-a-service models.

The path forward is selective but confirmed: refining and industrial hydrogen replacement under binding EU mandates, maritime ammonia under IMO 2027 framework compliance, green steel in premium-buyer markets, and AI/data centre fuel cells as an emerging creditworthy offtake category.

The Global Green Hydrogen Market 2027–2037 is a definitive 521-page industry analysis of the green hydrogen sector,. The report provides the most comprehensive current assessment of a market that has undergone structural rationalisation, with clear analysis of what has succeeded commercially and what has failed.

The report covers the full green hydrogen value chain - from production economics and electrolyser technology through storage and transport infrastructure to end-use applications in refining, ammonia, steel, maritime fuel, and emerging data centre power.

Report contents include:

• Executive Summary - market overview, cancellation wave analysis, policy divergence (US collapse, EU mandates, China dominance), cost competitiveness, demand hierarchy, and 2027–2037 forecasts including application demand breakdown and infrastructure investment requirements
• Introduction and Hydrogen Classification - colour taxonomy, global energy context, hydrogen economy overview, production methods, and the current vs. projected supply mix
• Global Market Analysis - detailed sections on energy demand, cost competitiveness by region, industrial applications (refining, ammonia, steel, maritime, chemicals, aviation), electrolyser technology and manufacturing realities, carbon pricing mechanisms including full CBAM analysis, the offtake crisis quantification, technology maturity assessment, market map, global production data, demand forecasts to 2037, investment flow analysis, and market concentration
• Green Hydrogen Projects Table - status of all major global projects updated to September 2026, including operational (NEOM, Lingen, Normand'Hy, Petrobrazi), under construction (Stegra), development stage (Coega, HNH Chile, Saemangeum), and cancelled (Air Products Louisiana, HyDeal Ambition, Nel Michigan)
• Electrolyser Technologies - comprehensive technical and commercial chapters on alkaline water electrolysis, PEM electrolysis, AEM electrolysis (including Power to Hydrogen Antwerp milestone), SOEC (Coega/Topsoe selection), novel technologies (E-TAC, natural hydrogen, PCE), balance of plant costs, manufacturing capacities, and global market revenues
• Hydrogen Storage and Transport - pipeline infrastructure, maritime shipping (ammonia vs. liquid hydrogen), compression and liquefaction, underground storage, and market players
• Hydrogen Utilisation - fuel cells (PEMFC, SOFC), fuel cell vehicles (light-duty collapse, heavy-duty uncertain future), aviation, ammonia production and maritime fuel, e-methanol economics, green steel (H-DRI economics, Stegra proof-of-concept, regional development), power and heat generation, maritime propulsion technologies, fuel cell trains, and AI/data centre applications
• Company Profiles - 170 companies across electrolyser manufacturers, project developers, industrial gas companies, storage and transport players, component suppliers, and end-use sector companies. Companies profiled include ABO Wind/ABO Energy, Adani Green Energy, Advanced Ionics, Aemetis Inc., Agfa-Gevaert NV, Air Products and Chemicals, Aker Horizons ASA, Alchemr Inc., Alleima, Alleo Energy, Arcadia eFuels, AREVA H2Gen, Asahi Kasei, Atmonia, Atome, Avantium, AvCarb, Avoxt B.V., BASF, Battolyser Systems, Blastr Green Steel, Bloom Energy, Boson Energy, BP, Brineworks, Caplyzer, Carbon280, Carbon Sink LLC, Cavendish Renewable Technology, CellMo, Ceres Power Holdings, Chevron Corporation, CHARBONE Hydrogen, Chiyoda Corporation, Cockerill Jingli Hydrogen, Convion, Cummins Inc., C-Zero, Cipher Neutron, De Nora, Dimensional Energy, Domsjo Fabriker AB, Dynelectro ApS, Elcogen AS, Electric Hydrogen, elementarhy, Elogen H2, Enapter, Energy B, ENEOS Corporation, Equatic and more.....

Table of Contents

1 EXECUTIVE SUMMARY

• 1.1 Market Overview: A Sector in Transition
• 1.2 The Reality Check: Project Cancellations and Market Consolidation
• 1.3 Policy and Regulatory Landscape: Diverging Trajectories
  • 1.3.1 United States
  • 1.3.2 European Union
  • 1.3.3 China
• 1.4 Market Economics: The Cost Competitiveness Challenge
• 1.5 Demand Picture: Industrial Applications Lead, New Markets Struggle
  • 1.5.1 Strong Adoption - Existing Industrial Applications
  • 1.5.2 Struggling Adoption - New Applications
• 1.6 Regional Market Dynamics: Import-Export Imbalances Emerging
• 1.7 Market Forecast 2027-2037
  • 1.7.1 Market Size
  • 1.7.2 Production Volume
  • 1.7.3 Key Applications by 2037 (Demand Breakdown)
  • 1.7.4 Infrastructure Investment Requirements (2025–2037)
• 1.8 Electrolyzer Technology and Manufacturing
  • 1.8.1 Market structure (2026–2027)
  • 1.8.2 Consolidation trajectory
  • 1.8.3 AI integration delivering operational gains
• 1.9 Investment Outlook
• 1.10 Critical Challenges Facing the Sector
• 1.11 Outlook

2 INTRODUCTION

• 2.1 Hydrogen classification
  • 2.1.1 Hydrogen colour shades
• 2.2 Global energy demand and consumption
• 2.3 The hydrogen economy and production
  • 2.3.1 The Project Cancellation Wave (2024-2025)
• 2.4 Removing CO₂ emissions from hydrogen production
• 2.5 The Economics of Green Hydrogen
  • 2.5.1 Cost Gaps and Market Imperatives
    • 2.5.1.1 The Cost Competitiveness Challenge: Reality vs. Expectations
      • 2.5.1.1.1 The Cost Reduction Disappointment - and Why It Differs by Market:
  • 2.5.2 Hard-to-Abate Sectors
    • 2.5.2.1 Market Reality: Industrial Replacement vs. New Applications
      • 2.5.2.1.1 Where Green Hydrogen IS Working
      • 2.5.2.1.2 Where Green Hydrogen IS NOT Working
  • 2.5.3 Steel Production
    • 2.5.3.1 Steel Sector Update
      • 2.5.3.1.1 Projects Advancing
      • 2.5.3.1.2 Projects Delayed or Restructured (2025–2026)
  • 2.5.4 Ammonia Production
    • 2.5.4.1 The Maritime Fuel Opportunity: Ammonia as Hydrogen Carrier
      • 2.5.4.1.1 IMO Net-Zero Framework
      • 2.5.4.1.2 Development Status
      • 2.5.4.1.3 Fertiliser sector (parallel track)
      • 2.5.4.1.4 2037 Projection
  • 2.5.5 Chemical Industry and Refining
    • 2.5.5.1 European Refiners: The Unexpected Green Hydrogen Leaders
  • 2.5.6 Electrolyzer Technologies
    • 2.5.6.1 2025–2026 Electrolyser Market Reality: Overcapacity, Consolidation, and Structural Reorganisation
      • 2.5.6.1.1 Supply Chain Fragility
    • 2.5.6.2 Alkaline Water Electrolyzers: Proven Technology Dominates Market
      • 2.5.6.2.1 Why AWE dominates
      • 2.5.6.2.2 Key limitations and current mitigation approaches
      • 2.5.6.2.3 Innovation advancing AWE competitiveness
    • 2.5.6.3 Proton Exchange Membrane Electrolyzers: Superior Performance, Limited Adoption
      • 2.5.6.3.1 The PEM Paradox
      • 2.5.6.3.2 Why PEM Underperformed Market Expectations
      • 2.5.6.3.3 Iridium bottleneck - 2026 breakthrough pending
      • 2.5.6.3.4 PEM's genuine market position in 2025–2026
      • 2.5.6.3.5 PEM's Niche Applications
    • 2.5.6.4 Solid Oxide Electrolyzers: High Efficiency, High Risk, Distant Commercialization
      • 2.5.6.4.1 Reality Check: SOEC Crosses a Commercial Threshold
      • 2.5.6.4.2 Why Coega selected SOEC over AWE
      • 2.5.6.4.3 Why Alkaline Won Over SOEC
      • 2.5.6.4.4 The changing calculus post-2026
    • 2.5.6.5 Next-Generation Technologies
      • 2.5.6.5.1 Anion Exchange Membrane Electrolyzers: Bridging the Gap - Crossed a Threshold in
      • 2.5.6.5.2 Novel Approaches: Beyond Conventional Electrolysis
      • 2.5.6.5.3 Photoelectrochemical (PEC) Water Splitting
      • 2.5.6.5.4 Medium-Temperature Steam Electrolysis (200–400°C)
      • 2.5.6.5.5 Proton Ceramic Electrolysis (PCE)
      • 2.5.6.5.6 Biological/Microbial Hydrogen Production
      • 2.5.6.5.7 Plasma-Assisted Electrolysis
      • 2.5.6.5.8 Market Reality
  • 2.5.7 The Path Forward
    • 2.5.7.1 The New Reality: What Changed
    • 2.5.7.2 Implementation Pathways by Application
      • 2.5.7.2.1 Near-Term Success Cases (2027-2030)
      • 2.5.7.2.2 Medium-Term Opportunities (2030-2037)
      • 2.5.7.2.3 Long-Term/Uncertain (Post-2037)
      • 2.5.7.2.4 Failed Applications (Effectively Abandoned)
• 2.6 Hydrogen value chain
  • 2.6.1 Production
    • 2.6.1.1 Production Infrastructure Reality (2025-2026)
  • 2.6.2 Transport and storage
    • 2.6.2.1 Hydrogen Transport: The $80-120 Billion Infrastructure Gap
      • 2.6.2.1.1 Current Transport Infrastructure
    • 2.6.2.2 Infrastructure Investment Requirements (2025-2037)
    • 2.6.2.3 Critical Challenges
    • 2.6.2.4 Hydrogen Storage: Options and Costs
      • 2.6.2.4.1 Storage Methods and Current Status
  • 2.6.3 Utilization
    • 2.6.3.1 Current Utilization by Sector
      • 2.6.3.1.1 Existing Industrial Applications - Green H₂ Penetration Accelerating
• 2.7 National hydrogen initiatives, policy and regulation
  • 2.7.1 Country focus: Canada
  • 2.7.2 Country focus: Japan
• 2.8 Hydrogen certification
• 2.9 Carbon pricing
  • 2.9.1 Overview
    • 2.9.1.1 The Carbon Price Threshold for Green Hydrogen
  • 2.9.2 Global Carbon Pricing Landscape
    • 2.9.2.1 High Carbon Pricing - Driving Commercial Green H₂ Adoption
      • 2.9.2.1.1 CBAM - Now Operational
    • 2.9.2.2 Moderate Carbon Pricing (Insufficient for Green H2)
      • 2.9.2.2.1 China National ETS
      • 2.9.2.2.2 California Cap-and-Trade
      • 2.9.2.2.3 Regional Greenhouse Gas Initiative (RGGI) - Northeast USA
      • 2.9.2.2.4 South Korea K-ETS
    • 2.9.2.3 No/Minimal Carbon Pricing (Green H₂ Requires Full Subsidies or Mandate)
      • 2.9.2.3.1 United States (Federal)
      • 2.9.2.3.2 Canada
      • 2.9.2.3.3 Australia
      • 2.9.2.3.4 Middle East (Saudi Arabia, UAE, Oman)
      • 2.9.2.3.5 Japan
      • 2.9.2.3.6 South Korea
  • 2.9.3 Carbon Pricing Mechanisms Comparison
  • 2.9.4 The "Carbon Price + Mandate + Subsidy" Trinity
    • 2.9.4.1 2025–2026 Lesson: All Three Required - The Policy Trinity Confirmed
  • 2.9.5 Carbon Pricing Projections and Green Hydrogen Implications
    • 2.9.5.1 Global Carbon Price Scenarios
  • 2.9.6 Carbon Pricing Alternatives and Supplements
• 2.10 Market challenges
  • 2.10.1 The Offtake Crisis (Most Critical Challenge)
  • 2.10.2 The Infrastructure Chicken-and-Egg
  • 2.10.3 Cost Competitiveness - The Persistent Gap
  • 2.10.4 Technology Maturity Gap
• 2.11 Industry developments 2020-2026
• 2.12 Market map
• 2.13 Global hydrogen production
  • 2.13.1 Industrial applications
  • 2.13.2 Hydrogen energy
    • 2.13.2.1 Stationary use
    • 2.13.2.2 Hydrogen for mobility
  • 2.13.3 Current Annual H2 Production
    • 2.13.3.1 Global Hydrogen Production: Reality vs. Ambition
    • 2.13.3.2 Regional Production Patterns and Methods
  • 2.13.4 Leading Green Hydrogen Projects and Operational Status
  • 2.13.5 The Project Cancellation Wave
  • 2.13.6 Hydrogen production processes
    • 2.13.6.1 Regional Variation in Production Methods
    • 2.13.6.2 The Capacity Deployment Gap
    • 2.13.6.3 Production Cost Drivers by Technology
    • 2.13.6.4 Geographic Cost Competitiveness
    • 2.13.6.5 Hydrogen as by-product
    • 2.13.6.6 Reforming
      • 2.13.6.6.1 SMR wet method
      • 2.13.6.6.2 Oxidation of petroleum fractions
      • 2.13.6.6.3 Coal gasification
    • 2.13.6.7 Reforming or coal gasification with CO2 capture and storage
    • 2.13.6.8 Steam reforming of biomethane
    • 2.13.6.9 Water electrolysis
    • 2.13.6.10 The "Power-to-Gas" concept
    • 2.13.6.11 Fuel cell stack
    • 2.13.6.12 Electrolysers
    • 2.13.6.13 Other
      • 2.13.6.13.1 Plasma technologies
      • 2.13.6.13.2 Photosynthesis
      • 2.13.6.13.3 Bacterial or biological processes
      • 2.13.6.13.4 Oxidation (biomimicry)
  • 2.13.7 Production costs
• 2.14 Global hydrogen demand forecasts
  • 2.14.1 Green and Blue Hydrogen Penetration
  • 2.14.2 Demand by End-Use Application
  • 2.14.3 Green Hydrogen Demand by Application
  • 2.14.4 Regional Demand Patterns
  • 2.14.5 Import-Export Dynamics and Trade Flows
  • 2.14.6 Demand Growth Drivers and Constraints
  • 2.14.7 Market Size and Revenue Forecasts: Recalibrating the Hydrogen Economy
    • 2.14.7.1 Total Hydrogen Market Revenue
    • 2.14.7.2 Electrolyzer Equipment Market
    • 2.14.7.3 Infrastructure Investment Requirements
    • 2.14.7.4 Green Hydrogen Market Revenue by Application
    • 2.14.7.5 Investment Flow Analysis
    • 2.14.7.6 Geographic Distribution of Investment
  • 2.14.8 Market Concentration and Competitive Dynamics

3 GREEN HYDROGEN PRODUCTION

• 3.1 Overview
• 3.2 Green hydrogen projects
• 3.3 Motivation for use
• 3.4 Decarbonization
• 3.5 Comparative analysis
• 3.6 Role in energy transition
• 3.7 Renewable energy sources
  • 3.7.1 Wind power
  • 3.7.2 Solar Power
  • 3.7.3 Nuclear
  • 3.7.4 Capacities
  • 3.7.5 Costs
• 3.8 SWOT analysis

4 ELECTROLYZER TECHNOLOGIES

• 4.1 Introduction
  • 4.1.1 Technical Specifications and Performance Evolution
  • 4.1.2 Chinese Manufacturing Leadership
  • 4.1.3 Architecture and Design Evolution
  • 4.1.4 Cost Structure and Economic Competitiveness
  • 4.1.5 Future Outlook and Development Trajectory
  • 4.1.6 Market Share Projections
• 4.2 Main types
• 4.3 Technology Selection Decision Factors
• 4.4 Balance of Plant
  • 4.4.1 Components, Costs, and Commercial Significance
  • 4.4.2 Power Electronics: The Largest Single BoP Cost
  • 4.4.3 Water Treatment
  • 4.4.4 Gas Purification and Compression
  • 4.4.5 Thermal Management
  • 4.4.6 AI Integration in BoP Operations (2025–2026)
• 4.5 Characteristics
• 4.6 Advantages and disadvantages
• 4.7 Electrolyzer market
  • 4.7.1 Market trends
  • 4.7.2 Market landscape
    • 4.7.2.1 Market Structure Evolution
      • 4.7.2.1.1 2026 Status - Three Confirmed Tiers
  • 4.7.3 Innovations
  • 4.7.4 Cost challenges
  • 4.7.5 Why Electrolyzers Differ from Solar/Batteries
  • 4.7.6 Scale-up
  • 4.7.7 Manufacturing challenges
  • 4.7.8 Market opportunity and outlook
    • 4.7.8.1 The data center upside - the most significant new demand variable
• 4.8 Alkaline water electrolyzers (AWE)
  • 4.8.1 Technology description
  • 4.8.2 AWE plant
  • 4.8.3 Components and materials
  • 4.8.4 Costs
  • 4.8.5 Levelized Cost of Hydrogen (LCOH) from AWE
  • 4.8.6 Companies
• 4.9 Anion exchange membrane electrolyzers (AEMEL)
  • 4.9.1 Technology description
  • 4.9.2 Technical Specifications - Lab vs. Demonstration vs. Target
  • 4.9.3 AEMEL plant
  • 4.9.4 Components and materials
    • 4.9.4.1 Catalysts
    • 4.9.4.2 Anion exchange membranes (AEMs)
    • 4.9.4.3 Materials
  • 4.9.5 Costs
    • 4.9.5.1 Current Cost Structure
    • 4.9.5.2 Performance and Cost Positioning
    • 4.9.5.3 Levelized Cost of Hydrogen (LCOH) from AMEL
    • 4.9.5.4 Cost Reduction Pathways
  • 4.9.6 Companies
• 4.10 Proton exchange membrane electrolyzers (PEMEL)
  • 4.10.1 Technology description
  • 4.10.2 The Iridium Bottleneck
    • 4.10.2.1 Ultra-Low Iridium Technology Advancing
  • 4.10.3 PEMEL plant
  • 4.10.4 Components and materials
    • 4.10.4.1 Membranes
    • 4.10.4.2 Advanced PEMEL stack designs
    • 4.10.4.3 Plug-and-Play & Customizable PEMEL Systems
    • 4.10.4.4 PEMELs and proton exchange membrane fuel cells (PEMFCs)
  • 4.10.5 Costs
    • 4.10.5.1 Current Cost Structure
    • 4.10.5.2 Cost Reduction Pathways
  • 4.10.6 Companies
• 4.11 Solid oxide water electrolyzers (SOEC)
  • 4.11.1 Technology description
  • 4.11.2 Technical Performance - Theoretical vs. Demonstrated Reality
  • 4.11.3 Why SOEC Cannot Compete - Economic Reality
  • 4.11.4 SOEC plant
  • 4.11.5 Components and materials
    • 4.11.5.1 External process heat
    • 4.11.5.2 Clean Syngas Production
    • 4.11.5.3 Nuclear power
    • 4.11.5.4 SOEC and SOFC cells
      • 4.11.5.4.1 Tubular cells
      • 4.11.5.4.2 Planar cells
    • 4.11.5.5 SOEC Electrolyte
  • 4.11.6 Costs
    • 4.11.6.1 Current Cost Structure
    • 4.11.6.2 Levelized Cost of Hydrogen (LCOH) from SOEC
  • 4.11.7 Companies
• 4.12 Other electrolyzer types
  • 4.12.1 Overview
  • 4.12.2 CO₂ electrolysis
    • 4.12.2.1 Electrochemical CO₂ Reduction
    • 4.12.2.2 Electrochemical CO₂ Reduction Catalysts
    • 4.12.2.3 Electrochemical CO₂ Reduction Technologies
    • 4.12.2.4 Low-Temperature Electrochemical CO₂ Reduction
    • 4.12.2.5 High-Temperature Solid Oxide Electrolyzers
    • 4.12.2.6 Cost
    • 4.12.2.7 Challenges
    • 4.12.2.8 Coupling H₂ and Electrochemical CO₂
    • 4.12.2.9 Products
  • 4.12.3 Seawater electrolysis
    • 4.12.3.1 Direct Seawater vs Brine (Chlor-Alkali) Electrolysis
    • 4.12.3.2 Key Challenges & Limitations
  • 4.12.4 Protonic Ceramic Electrolyzers (PCE)
  • 4.12.5 Microbial Electrolysis Cells (MEC)
  • 4.12.6 Photoelectrochemical Cells (PEC)
  • 4.12.7 E-TAC Electrolysis (Electrochemical-Thermally Activated Chemical)
  • 4.12.8 Companies
• 4.13 Costs
• 4.14 Water and land use for green hydrogen production
  • 4.14.1 Water Consumption Reality
  • 4.14.2 Land Requirements Reality
• 4.15 Electrolyzer manufacturing capacities
• 4.16 Global Market Revenues

5 HYDROGEN STORAGE AND TRANSPORT

• 5.1 Market overview
• 5.2 Hydrogen transport methods
  • 5.2.1 Pipeline transportation
    • 5.2.1.1 Current Infrastructure Reality
    • 5.2.1.2 Natural Gas Pipeline Repurposing - The Failed Promise
    • 5.2.1.3 Pipeline Economics and Project Viability
  • 5.2.2 Road or rail transport
  • 5.2.3 Maritime transportation
    • 5.2.3.1 Ammonia vs. Liquid Hydrogen Shipping - The Decisive Battle
    • 5.2.3.2 Ammonia Shipping Infrastructure Requirements
    • 5.2.3.3 Ammonia Cracking - The Critical Bottleneck
  • 5.2.4 On-board-vehicle transport
• 5.3 Hydrogen compression, liquefaction, storage
  • 5.3.1 Storage Technology Overview and Economics
  • 5.3.2 Solid storage
  • 5.3.3 Liquid storage on support
  • 5.3.4 Underground storage
    • 5.3.4.1 Salt Cavern Storage - Detailed Assessment
    • 5.3.4.2 Alternative Underground Storage Options
  • 5.3.5 Subsea Hydrogen Storage
• 5.4 Market players

6 HYDROGEN UTILIZATION

• 6.1 Hydrogen Fuel Cells
  • 6.1.1 Market overview
  • 6.1.2 Critical Market Failure - Light-Duty Vehicles
  • 6.1.3 Why FCEVs failed
  • 6.1.4 PEM fuel cells (PEMFCs)
    • 6.1.4.1 2026 market development: Data centre/AI power demand
  • 6.1.5 Solid oxide fuel cells (SOFCs)
  • 6.1.6 Alternative fuel cells
• 6.2 Alternative fuel production
  • 6.2.1 Solid Biofuels
  • 6.2.2 Liquid Biofuels
  • 6.2.3 Gaseous Biofuels
  • 6.2.4 Conventional Biofuels
  • 6.2.5 Advanced Biofuels
  • 6.2.6 Feedstocks
  • 6.2.7 Production of biodiesel and other biofuels
  • 6.2.8 Renewable diesel
  • 6.2.9 Biojet and sustainable aviation fuel (SAF)
  • 6.2.10 Electrofuels (E-fuels, power-to-gas/liquids/fuels)
    • 6.2.10.1 Hydrogen electrolysis
    • 6.2.10.2 eFuel production facilities, current and planned
• 6.3 Hydrogen Vehicles
  • 6.3.1 Market overview
  • 6.3.2 Light-Duty FCEV Market Collapse
  • 6.3.3 Manufacturer Exits and Remaining Players
  • 6.3.4 Refueling Infrastructure Collapse
  • 6.3.5 Heavy-Duty Hydrogen Trucks - Uncertain Future
  • 6.3.6 Heavy-duty FCEV market outlook
• 6.4 Aviation
  • 6.4.1 Market overview
• 6.5 Ammonia production
  • 6.5.1 Market overview
  • 6.5.2 Current Market Structure
  • 6.5.3 Drivers of Green Ammonia Adoption
  • 6.5.4 Maritime Fuel - The Game Changer
  • 6.5.5 Ammonia vs. methanol for maritime
  • 6.5.6 Decarbonisation of ammonia production
  • 6.5.7 Green ammonia synthesis methods
    • 6.5.7.1 Haber-Bosch process
    • 6.5.7.2 Biological nitrogen fixation
    • 6.5.7.3 Electrochemical production
    • 6.5.7.4 Chemical looping processes
  • 6.5.8 Green Ammonia Production Costs
  • 6.5.9 Blue ammonia
    • 6.5.9.1 Blue ammonia projects
  • 6.5.10 Chemical energy storage
    • 6.5.10.1 Ammonia fuel cells
    • 6.5.10.2 Marine fuel
• 6.6 Methanol production
  • 6.6.1 Market overview
    • 6.6.1.1 Current Market Structure
  • 6.6.2 E-Methanol Economics
  • 6.6.3 Maritime methanol vs. ammonia competition
  • 6.6.4 Maritime Methanol vs. Ammonia Competition:
  • 6.6.5 Methanol-to gasoline technology
    • 6.6.5.1 Production processes
      • 6.6.5.1.1 Anaerobic digestion
      • 6.6.5.1.2 Biomass gasification
      • 6.6.5.1.3 Power to Methane
• 6.7 Steelmaking
  • 6.7.1 Market overview
  • 6.7.2 Current Steel Production Methods
    • 6.7.2.1 H-DRI process
    • 6.7.2.2 H-DRI Process Overview
  • 6.7.3 Green Steel Production Costs and Economics
  • 6.7.4 Regional Green Steel Development
  • 6.7.5 Comparative analysis
    • 6.7.5.1 BF-BOF vs. H-DRI + EAF - Comprehensive Comparison
  • 6.7.6 Hydrogen Direct Reduced Iron (DRI)
  • 6.7.7 Green Steel Market Demand and Willingness-to-Pay
• 6.8 Power & heat generation
  • 6.8.1 Market overview
    • 6.8.1.1 Why Hydrogen Failed in Power Sector
  • 6.8.2 Power generation
  • 6.8.3 Economics of Hydrogen Power
  • 6.8.4 Heat Generation
    • 6.8.4.1 Building Heating with Hydrogen - Failed Application
• 6.9 Maritime
  • 6.9.1 Market overview
  • 6.9.2 IMO Regulatory Framework - The Demand Driver
  • 6.9.3 Ammonia vs. Methanol for Maritime - Technology Competition
  • 6.9.4 Maritime Ammonia Infrastructure Requirements
  • 6.9.5 Critical bottleneck
  • 6.9.6 Ammonia Marine Engines and Fuel Cells
    • 6.9.6.1 MAN Energy Solutions
    • 6.9.6.2 Viking Energy ShipFC project (Norway)
    • 6.9.6.3 Toxicity management - the primary technical challenge
• 6.10 Fuel cell trains
  • 6.10.1 Market overview
• 6.11 AI and Data Centers

7 COMPANY PROFILES (170 company profiles)

8 APPENDIX

• 8.1 RESEARCH METHODOLOGY

9 REFERENCES

List of Tables

• Table 1. Green hydrogen demand 2027-2037.
• Table 2. Infrastructure Investment Requirements (2025–2037)
• Table 3. Electrolyzer Technology System prices (2026 benchmarks and trajectory to 2037):
• Table 4. Hydrogen colour shades, Technology, cost, and CO2 emissions.
• Table 5. Current and projected hydrogen demand by application (2025, 2030, 2037)
• Table 6. Overview of hydrogen production methods.
• Table 7. Current Cost Reality (2025–2026)
• Table 8. 2025–2026 Installation Cost Breakdown (non-China)
• Table 9. Economic reality Green Steel
• Table 10. Cost trajectory (ammonia maritime fuel, 2025–2037)
• Table 11. Cost Competitiveness Timeline
• Table 12. Electrolyzer Manufacturing Overcapacity (2025–2026)
• Table 13. Electrolyzer Manufacturer viability assessment
• Table 14. Current commercial specifications (2025–2026) Alkaline Water Electrolyzers
• Table 15. AWE cost trajectory
• Table 16. PEM technology specifications (confirmed commercial systems)
• Table 17. PEM Cost trajectory revised (2026–2037)
• Table 18. Major PEM projects operational or under construction (2025–2026)
• Table 19. SOEC technology specifications (2026 commercial and demonstration systems)
• Table 20. The economic case against SOEC through 2026
• Table 21. AEM electrolysers 2025–2026 status
• Table 22. AEM timeline
• Table 23. Production Cost Reality by Region (2025–2026, updated)
• Table 24. Pipelines - the cheapest large-scale transport option
• Table 25. Maritime Shipping - ammonia confirmed, liquid hydrogen niche
• Table 26. Transport cost comparison (2025–2026)
• Table 27. Infrastructure Investment Requirements
• Table 28. Hydrogen Storage Methods
• Table 29. Utilisation summary table (2025–2037):
• Table 30. National Hydrogen Strategy Assessment
• Table 31. Carbon price required for green H₂ to reach cost parity with grey (no other support)
• Table 32. European Union ETS
• Table 33. Carbon Pricing Systems and Green Hydrogen Impact
• Table 34. Policy model comparison
• Table 35. EU Carbon Pricing Trajectory and Green Hydrogen Gap Closure (Updated, Extended to 2037)
• Table 36. Realistic Scenario (Current Policies Maintained - Base Case, 50–60% probability)
• Table 37. Market challenges in the hydrogen economy and production technologies.
• Table 38. Challenge Resolution Pathways and Requirements
• Table 39. Market Challenges by Stakeholder Impact
• Table 40. Challenge Severity by Application Sector
• Table 41. Regional offtake security comparison
• Table 42. Solutions working vs. failing
• Table 43. Investment Required vs. Committed
• Table 44. Cost Gap Evolution and Projections
• Table 45. Technology Readiness vs. Market Requirements (Updated September 2026)
• Table 46. Green hydrogen industry developments 2020-2026.
• Table 47. Market map for hydrogen technology and production.
• Table 48. Global Hydrogen Production Overview
• Table 49. Industrial applications of hydrogen.
• Table 50. Hydrogen energy markets and applications.
• Table 51. Global Hydrogen Production Overview
• Table 52. Global Hydrogen Production by Method and Region
• Table 53. Green Hydrogen Production Capacity - Top Projects
• Table 54. Cancelled Major Green Hydrogen Projects
• Table 55. Hydrogen production processes and stage of development.
• Table 56. Hydrogen Production Methods - Technical and Economic Comparison (2024)
• Table 57. Regional Production Method Mix (2024)
• Table 58. Electrolyzer Capacity - Installed vs. Under Construction vs. Announced
• Table 59. Production Cost Drivers by Method (2024)
• Table 60. Green Hydrogen Production Cost by Region (2025–2026)
• Table 61. Comprehensive Production Cost Comparison (2025 actuals vs. 2030 and 2037 projections)
• Table 62. Total Hydrogen Demand Projections - All Production Methods (2025–2037)
• Table 63. Low-Emissions Hydrogen (Green + Blue) Demand and Market Share (2025–2037)
• Table 64. Hydrogen Demand by End-Use Application (2025 actuals vs. 2030 / 2033 / 2037 projections)
• Table 65. Green Hydrogen Demand by Application (2025, 2030, 2033, 2037)
• Table 66. Regional Hydrogen Demand Projections (2025, 2030, 2036, 2037)
• Table 67. Major Import-Export Trade Flows (2033 and 2037 Projections)
• Table 68. Infrastructure requirements
• Table 69. Demand Drivers vs. Constraints (Relative Impact Assessment)
• Table 70. Total Hydrogen Market Revenue by Production Method (2025–2037)
• Table 71. Electrolyser Equipment Market Revenue and Capacity Deployment (2025–2037)
• Table 72. Cumulative Infrastructure Investment Requirements (2025–2037)
• Table 73. Green Hydrogen Market Revenue by Application (2025–2037, US$B)
• Table 74. Annual Investment Flow Analysis (2025–2037)
• Table 75. Investment Distribution by Geography (% of total, 2025–2037)
• Table 76. Electrolyser Manufacturing - Rapid Consolidation
• Table 77. Project developer concentration
• Table 78. Green hydrogen application markets.
• Table 79. Major Green Hydrogen Projects - Global Status (September 2026)
• Table 80. Green Hydrogen 2026 Market Status Update
• Table 81. Traditional Hydrogen Production.
• Table 82. Hydrogen Production Processes.
• Table 83. Comparison of hydrogen types.
• Table 84. Alkaline Electrolyser Performance Evolution (2020 → 2025 → 2030 → 2037)
• Table 85. Comparative performance update (2026 commercial systems)
• Table 86. Leading Electrolyser Manufacturers - Global Competitive Landscape (September 2026)
• Table 87. Global manufacturing capacity summary
• Table 88. Electrolyser Capacity - Installed vs. Under Construction vs. Announced
• Table 89. US DOE Technical Targets vs. Current Performance by Electrolyser Technology (2025 actuals vs. DOE 2026 targets)
• Table 90. Alkaline Electrolyzer Architecture Comparison
• Table 91. Alkaline Electrolyzer Cost Breakdown (2024 vs. 2036 Projection)
• Table 92. Alkaline Technology Roadmap
• Table 93. Alkaline Market Share Evolution by Application
• Table 94. Electrolyser Manufacturing Capacity by Company
• Table 95. Electrolyzer Technology Comparison - Technical and Commercial Status (2024)
• Table 96. Technology Selection by Application Type (2024-2025 Market Patterns)
• Table 97. BoP Cost Breakdown by Component (% of Total Installed System Cost, 2025–2026)
• Table 98. Characteristics of typical water electrolysis technologies
• Table 99. Advantages and disadvantages of water electrolysis technologies.
• Table 100. Global Electrolyser Market Evolution (2020–2025 Actual, 2026–2037 Projections)
• Table 101. Manufacturer Viability Assessment
• Table 102. Cost Reality vs. Projections Table (2022 Forecast → 2025 Actual → 2030 and 2037 Revised)
• Table 103. Manufacturing gigafactory status
• Table 104. Market Opportunity Scenarios (2025–2037 Cumulative)
• Table 105. Regional deployment outlook (2025–2037 cumulative, base case):
• Table 106. Cumulative electrolyser revenue decomposition (2025–2037, base case)
• Table 107. Classifications of Alkaline Electrolyzers.
• Table 108. Advantages & limitations of AWE.
• Table 109. Key performance characteristics of AWE.
• Table 110. Updated cost trajectory (2025–2037)
• Table 111. AWE LCOH by Region (2025–2026 Actual, 2030 and 2037 Projections)
• Table 112. LCOH component breakdown
• Table 113. Detailed AWE System Cost Breakdown - Chinese vs. Western Manufacturers
• Table 114. Major AWE Manufacturers
• Table 115. AEM Performance - Laboratory vs. Demonstration vs. Commercial Targets
• Table 116. Updated AEM commercial timeline (revised September 2026)
• Table 117. Updated AEM cost benchmarks (2026):
• Table 118. Comparison of Commercial AEM Materials.
• Table 119. AEM Electrolyser Cost Structure - Current (2025–2026) vs. Projected Commercial (2030–2037)
• Table 120. Performance vs. competitive technologies
• Table 121. AEM Competitive Positioning vs. Established Technologies
• Table 122. Companies in the AMEL market.
• Table 123. Iridium Supply Constraint vs. PEM Electrolyzer Scaling Requirements
• Table 124. Revised iridium cost trajectory
• Table 125. PEM Electrolyser Cost Breakdown - 2025–2026 Actual vs. 2030 and 2037 Projections
• Table 126. PEM Cost Reduction Pathways - Feasibility and Impact Assessment
• Table 127. Companies in the PEMEL market.
• Table 128. SOEC Performance - Theoretical vs. Pilot Demonstration vs. Commercial Requirements
• Table 129. LCOH Comparison - SOEC vs. Alkaline in Best-Case SOEC Applications
• Table 130. SOEC System Cost Breakdown - 2025–2026 Actual vs. 2032–2037 Projections
• Table 131. SOEC LCOH
• Table 132. SOEC LCOH Scenarios - Best Case to Worst Case
• Table 133. Why SOEC Failed - Summary Assessment:
• Table 134. Companies in the SOEC market.
• Table 135. Other types of electrolyzer technologies
• Table 136. Electrochemical CO₂ Reduction Technologies/
• Table 137. Cost Comparison of CO₂ Electrochemical Technologies.
• Table 138. Direct Seawater vs. Desalinated Water Electrolysis Comparison
• Table 139. PEC vs. PV+Electrolysis Pathway Comparison
• Table 140. Companies developing other electrolyzer technologies.
• Table 141. Electrolyser Technology Cost Comparison - All Technologies (2026 Actual vs. 2030 and 2037 Projections)
• Table 142. Water Requirements for Green Hydrogen Production
• Table 143. Land Footprint for Green Hydrogen Production (Renewable Energy + Electrolyzer)
• Table 144. Global Electrolyser Manufacturing Capacity - Current (2026) vs. Projected (2030, 2033, 2037)
• Table 145. Key manufacturing developments 2025–2026
• Table 146. Global Electrolyser Equipment Market Size - 2018 to 2037 (US$ Billions)
• Table 147. Revenue by technology (2025–2037 cumulative, base case):
• Table 148. Hydrogen Infrastructure Investment Requirements vs. Commitments (2024-2036)
• Table 149. Hydrogen Transport Methods - Comprehensive Comparison
• Table 150. Existing and Planned Hydrogen Pipeline Infrastructure (2024-2036)
• Table 151. Natural Gas Pipeline Repurposing Challenges and Reality
• Table 152. Hydrogen Pipeline Economics - Representative 500 km Regional Project
• Table 153. Road/Rail Transport Economics
• Table 154. Ammonia vs. Liquid H2 Shipping - Comprehensive Comparison
• Table 155. Ammonia Shipping Value Chain - Investment and Development Status (2024-2036)
• Table 156. Ammonia Cracking Facility Economics
• Table 157. Hydrogen Storage Technologies - Comprehensive Comparison (2024)
• Table 158. Salt Cavern Hydrogen Storage Economics and Availability
• Table 159. Regional Salt Cavern Storage Availability and Implications
• Table 160. Depleted Gas Fields and Aquifers - Uncertain Potential
• Table 161. Industrial Gas Companies - Infrastructure Positions (Updated September 2026)
• Table 162. Pipeline Infrastructure Developers
• Table 163. Ammonia Shipping, Bunkering and Terminals
• Table 164. Storage Technology Providers
• Table 165. Hydrogen Refuelling Infrastructure
• Table 166. PEMFC market segmentation
• Table 167. Categories and examples of solid biofuel.
• Table 168. Comparison of biofuels and e-fuels to fossil and electricity.
• Table 169. Classification of biomass feedstock.
• Table 170. Biorefinery feedstocks.
• Table 171. Feedstock conversion pathways.
• Table 172. Biodiesel production techniques.
• Table 173. Advantages and disadvantages of biojet fuel
• Table 174. Production pathways for bio-jet fuel.
• Table 175. Applications of e-fuels, by type.
• Table 176. Overview of e-fuels.
• Table 177. Benefits of e-fuels.
• Table 178. eFuel production facilities, current and planned.
• Table 179. FCEV vs. BEV Competitive Position
• Table 180. FCEV Manufacturer Status
• Table 181. Hydrogen Refuelling Station Status by Region
• Table 182. Heavy-duty truck competition
• Table 183. Manufacturer status
• Table 184. Global ammonia production by region and source
• Table 185. Green Ammonia Demand Drivers and Market Segments (2025–2037)
• Table 186. Maritime ammonia development timeline
• Table 187. Green Ammonia Production Cost by Region (2025–2026 Actual vs. 2030 and 2037 Projections)
• Table 188. Cost breakdown (representative: MENA, 2025–2026)
• Table 189. Blue ammonia projects.
• Table 190. Ammonia fuel cell technologies.
• Table 191. Market overview of green ammonia in marine fuel.
• Table 192. Summary of marine alternative fuels.
• Table 193. Estimated costs for different types of ammonia.
• Table 194. Global methanol market (2025–2026)
• Table 195. E-methanol applications
• Table 196. E-Methanol Production Costs (2025–2026 Actual vs. 2030 and 2037 Projections)
• Table 197. Cost breakdown (representative: MENA, 2025–2026)
• Table 198. Maritime methanol vs. ammonia
• Table 199. Maritime Fuel Competition - Methanol vs. Ammonia
• Table 200. Comparison of biogas, biomethane and natural gas.
• Table 201. Global Steel Production by Method and Decarbonization Potential
• Table 202. Steel Production Cost Comparison - BF-BOF vs. H-DRI + EAF
• Table 203. Green Steel Projects and Capacity by Region
• Table 204. Leading green steel projects
• Table 205. Steelmaking Technology Comparison
• Table 206. H-DRI Process Parameters and Requirements
• Table 207. Green Steel Customer Segments and Premium Acceptance
• Table 208. Green steel demand projections
• Table 209. Hydrogen vs. Competing Technologies for Power Generation
• Table 210. Hydrogen Power Generation Technologies
• Table 211. Levelized Cost of Electricity (LCOE) - Hydrogen vs. Alternatives
• Table 212. Heating Technology Comparison - Hydrogen vs. Alternatives
• Table 213. Maritime Fuel Consumption and Decarbonization Pathways
• Table 214. IMO GHG Regulations and Impact
• Table 215. Ammonia vs. Methanol - Detailed Maritime Fuel Comparison
• Table 216. Maritime Ammonia Value Chain Investment Needs
• Table 217. Ammonia Propulsion Technologies for Maritime
• Table 218. Rail Electrification Alternatives - Hydrogen vs. Competition
• Table 219. Hydrogen Train Projects

List of Figures

• Figure 1. Hydrogen value chain.
• Figure 2. Principle of a PEM electrolyser.
• Figure 3. Power-to-gas concept.
• Figure 4. Schematic of a fuel cell stack.
• Figure 5. High pressure electrolyser - 1 MW.
• Figure 6. SWOT analysis: green hydrogen.
• Figure 7. Types of electrolysis technologies.
• Figure 8. Typical Balance of Plant including Gas processing.
• Figure 9. Schematic of alkaline water electrolysis working principle.
• Figure 10. Alkaline water electrolyzer.
• Figure 11. Typical system design and balance of plant for an AEM electrolyser.
• Figure 12. Schematic of PEM water electrolysis working principle.
• Figure 13. Typical system design and balance of plant for a PEM electrolyser.
• Figure 14. Schematic of solid oxide water electrolysis working principle.
• Figure 15. Typical system design and balance of plant for a solid oxide electrolyser.
• Figure 16. Process steps in the production of electrofuels.
• Figure 17. Mapping storage technologies according to performance characteristics.
• Figure 18. Production process for green hydrogen.
• Figure 19. E-liquids production routes.
• Figure 20. Fischer-Tropsch liquid e-fuel products.
• Figure 21. Resources required for liquid e-fuel production.
• Figure 22. Levelized cost and fuel-switching CO2 prices of e-fuels.
• Figure 23. Cost breakdown for e-fuels.
• Figure 24. Hydrogen fuel cell powered EV.
• Figure 25. Green ammonia production and use.
• Figure 26. Classification and process technology according to carbon emission in ammonia production.
• Figure 27. Schematic of the Haber Bosch ammonia synthesis reaction.
• Figure 28. Schematic of hydrogen production via steam methane reformation.
• Figure 29. Estimated production cost of green ammonia.
• Figure 30. Renewable Methanol Production Processes from Different Feedstocks.
• Figure 31. Production of biomethane through anaerobic digestion and upgrading.
• Figure 32. Production of biomethane through biomass gasification and methanation.
• Figure 33. Production of biomethane through the Power to methane process.
• Figure 34. Transition to hydrogen-based production.
• Figure 35. Hydrogen Direct Reduced Iron (DRI) process.
• Figure 36. Three Gorges Hydrogen Boat No. 1.
• Figure 37. PESA hydrogen-powered shunting locomotive.
• Figure 38. Symbiotic™ technology process.
• Figure 39. Alchemr AEM electrolyzer cell.
• Figure 40. Domsjo process.
• Figure 41. EL 2.1 AEM Electrolyser.
• Figure 42. Enapter – Anion Exchange Membrane (AEM) Water Electrolysis.
• Figure 43. Direct MCH® process.
• Figure 44. FuelPositive system.
• Figure 45. Left: a typical single-stage electrolyzer design, with a membrane separating the hydrogen and oxygen gasses. Right: the two-stage E-TAC process.
• Figure 46. Hystar PEM electrolyser.
• Figure 47. OCOchem’s Carbon Flux Electrolyzer.
• Figure 48. CO2 hydrogenation to jet fuel range hydrocarbons process.
• Figure 49. The Plagazi ® process.
• Figure 50. Sunfire process for Blue Crude production.
• Figure 51. O12 Reactor.
• Figure 52. Sunglasses with lenses made from CO2-derived materials.
• Figure 53. CO2 made car part.