Product Code: TIPRE00029371
The green hydrogen market is valued at US$ 4.06 billion in 2022 and is expected to reach US$ 88.05 billion by 2030; it is estimated to grow at a CAGR of 46.9% from 2022 to 2030.
Alkaline electrolysis is one of the most established and mature methods for hydrogen production, and it offers several advantages for scaling up green hydrogen production. The growth of green hydrogen in alkaline electrolysis is a key factor in increasing the utilization of renewable energy sources, particularly solar and wind power. These renewable energy sources generate electricity, which is then used in electrolysis to split water into hydrogen and oxygen. The alkaline water electrolyzers (AWEs) have a temperature range of 70-1000C; a current density of 200-1,200 mA/cm2; a pressure of 1-40 bar; and a target stack lifetime of 7-10 years. Moreover, alkaline electrolyzers are considered to have low installation costs. Over the years, the cost of alkaline electrolyzers has been declining, primarily driven by technological advancements, economies of scale, and increased manufacturing efficiency. As the cost of electrolyzers decreases, the preference for alkaline electrolysis to obtain green hydrogen increases.
Additionally, alkaline electrolysis can be easily scaled up to meet the demand for industrial hydrogen. It is suitable for large-scale hydrogen production, making it a viable option for applications in the refinery, chemical plants, power, food & beverages, medical, and petrochemical sectors. Furthermore, governments of various countries across the globe recognize the potential of green hydrogen and are implementing supportive policies and regulations to accelerate its growth. These measures include financial incentives, grants, tax credits, and research funding, which can further boost the deployment of alkaline electrolysis systems.
Electrolysis is used to produce green hydrogen by splitting water molecules into hydrogen and oxygen using electricity. Technological advancements in electrolysis contribute to improving the efficiency, cost-effectiveness, and scalability of the production, storage, and utilization of green hydrogen. Enhanced electrolyzer designs, advanced catalyst materials, and optimized operating conditions are a few factors that might lead to higher energy conversion efficiencies, shorter response times, and longer equipment lifetimes. In July 2023, the Korea Research Institute of Standards & Science (KRISS) showcased a potential solution for the durable and efficient carrier transport mechanism of a photoanode with a protective film to enhance the production of green hydrogen. Such advancements are also expanding the range of applications of green hydrogen. Thus, technological advancements associated with green hydrogen are expected to fuel the green hydrogen market growth during the forecast period.
The green hydrogen market study primarily focuses on three segments: technology, renewable source, and end-use industry. The technology segment is subsegmented into alkaline electrolysis and PEM electrolysis. The renewable source segment is further categorized into wind energy, solar energy, and others. The end-use industry segment is further divided into chemical, power, food & beverages, medical, petrochemicals, and others.
Based on technology, the green hydrogen market is segmented into alkaline electrolysis, PEM electrolysis. Water electrolyzers are typically categorized into two main technologies: alkaline water electrolysis (AWE) and proton exchange membrane water electrolysis (PEMWE). All types of electrolyzers are already being commercialized. However, even within the same category of technologies, some technologies are more used than others: for example, large-scale atmospheric alkaline water electrolyzers (AWEs) have been used since the start of the 20th century.
Key green hydrogen market players profiled in the report include Air Liquide and Siemens Energy, Cummins Inc., Linde Plc, NEL ASA, Ørsted A/S, Toshiba Energy Systems and Solutions Corporation, Uniper SE, Engie, and Air Products & Chemicals Inc. In addition to all the players profiled in the report, there are several other global, regional, and local green hydrogen market players operating in the market which were also analyzed and studied during this study, to get a holistic view of the entire green hydrogen market. The overall green hydrogen market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also helps obtain an overview and forecast of the green hydrogen market with respect to all the green hydrogen market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the green hydrogen market.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global green hydrogen market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global green hydrogen market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table Of Contents
1. Introduction
- 1.1 The Insight Partners Research Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. Green Hydrogen Market Landscape
- 4.1 Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
- 4.3.1 Renewable Energy Sources:
- 4.3.2 Green Hydrogen Producers:
- 4.3.3 Green Hydrogen Distributors:
- 4.3.4 End Users or Consumers:
5. Green Hydrogen Market - Key Industry Dynamics
- 5.1 Key Market Drivers:
- 5.1.1 Rising Global Plans for Net-zero Emission by 2050
- 5.1.2 Growing Investment in Renewable Energy
- 5.1.3 Increasing Demand for FCEV
- 5.2 Key Market Restraints:
- 5.2.1 High Cost of Green Hydrogen and Associated Products
- 5.2.2 Lack of Infrastructure
- 5.3 Key Market Opportunities:
- 5.3.1 Increasing Investment in Green Hydrogen Projects
- 5.3.2 Growing Establishment of Large Green Hydrogen Plants
- 5.4 Future Trend:
- 5.4.1 Technological Advancements in Green Hydrogen
- 5.5 Impact of Drivers And Restraints:
6. Green Hydrogen Market - Global Market Analysis
- 6.1 Green Hydrogen Market Share, By Region (%), 2020 and 2030
- 6.2 Green Hydrogen Market Revenue (US$ Mn), 2020 - 2030
7. Green Hydrogen Market Analysis - End-Use Industry
- 7.1 Overview
- 7.2 Green Hydrogen Market Revenue Share, By End-Use Industry (2022 and 2030)
- 7.3 Chemicals
- 7.3.1 Overview
- 7.3.2 Chemicals: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 7.4 Power
- 7.4.1 Overview
- 7.4.2 Power: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 7.5 Food and Beverages
- 7.5.1 Overview
- 7.5.2 Food and Beverages: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 7.6 Medical
- 7.6.1 Overview
- 7.6.2 Medical: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 7.7 Petrochemicals
- 7.7.1 Overview
- 7.7.2 Petrochemicals: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 7.8 Others
- 7.8.1 Overview
- 7.8.2 Others: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
8. Green Hydrogen Market Analysis - Renewable Source
- 8.1 Overview
- 8.2 Green Hydrogen Market Revenue Share, By Renewable Source (2022 and 2030)
- 8.3 Wind Energy
- 8.3.1 Overview
- 8.3.2 Wind Energy: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 8.4 Solar Energy
- 8.4.1 Overview
- 8.4.2 Solar Energy: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
9. Green Hydrogen Market Analysis - Technology
- 9.1 Overview
- 9.2 Green Hydrogen Market Revenue Share, By Technology (2022 and 2030)
- 9.3 Alkaline Electrolysis
- 9.3.1 Overview
- 9.3.2 Alkaline Electrolysis: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 9.4 PEM Electrolysis
- 9.4.1 Overview
- 9.4.2 PEM Electrolysis: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
10. Green Hydrogen Market Analysis - Transportation Mode
- 10.1 Overview
- 10.2 Green Hydrogen Market Revenue Share, By Transportation Mode (2022 and 2030)
- 10.3 Compressed
- 10.3.1 Overview
- 10.3.2 Compressed: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 10.4 Liquid
- 10.4.1 Overview
- 10.4.2 Liquid: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 10.5 Ammonia
- 10.5.1 Overview
- 10.5.2 Ammonia: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 10.6 LOHC
- 10.6.1 Overview
- 10.6.2 LOHC: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
11. Green Hydrogen Market - Geographical Analysis
- 11.1 Overview
- 11.2 North America: Green Hydrogen Market
- 11.2.1 North America: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 11.2.2 North America: Green Hydrogen Market, by End-Use Industry
- 11.2.3 North America: Green Hydrogen Market, by Renewable Source
- 11.2.4 North America: Green Hydrogen Market, by Technology
- 11.2.5 North America: Green Hydrogen Market, by Key Country
- 11.2.5.1 US: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.2.5.1.1 US: Green Hydrogen Market, By End-Use Industry
- 11.2.5.1.2 US: Green Hydrogen Market, By Renewable Source
- 11.2.5.1.3 US: Green Hydrogen Market, By Technology
- 11.2.5.2 Canada: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.2.5.2.1 Canada: Green Hydrogen Market, By End-Use Industry
- 11.2.5.2.2 Canada: Green Hydrogen Market, By Renewable Source
- 11.2.5.2.3 Canada: Green Hydrogen Market, By Technology
- 11.2.5.3 Mexico: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.2.5.3.1 Mexico: Green Hydrogen Market, By End-Use Industry
- 11.2.5.3.2 Mexico: Green Hydrogen Market, By Renewable Source
- 11.2.5.3.3 Mexico: Green Hydrogen Market, By Technology
- 11.3 Europe: Green Hydrogen Market
- 11.3.1 Europe: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 11.3.2 Europe: Green Hydrogen Market, by End-Use Industry
- 11.3.3 Europe: Green Hydrogen Market, by Renewable Source
- 11.3.4 Europe: Green Hydrogen Market, by Technology
- 11.3.5 Europe: Green Hydrogen Market, by Key Country
- 11.3.5.1 Germany: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.3.5.1.1 Germany: Green Hydrogen Market, By End-Use Industry
- 11.3.5.1.2 Germany: Green Hydrogen Market, By Renewable Source
- 11.3.5.1.3 Germany: Green Hydrogen Market, By Technology
- 11.3.5.2 France: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.3.5.2.1 France: Green Hydrogen Market, By End-Use Industry
- 11.3.5.2.2 France: Green Hydrogen Market, By Renewable Source
- 11.3.5.2.3 France: Green Hydrogen Market, By Technology
- 11.3.5.3 Italy: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.3.5.3.1 Italy: Green Hydrogen Market, By End-Use Industry
- 11.3.5.3.2 Italy: Green Hydrogen Market, By Renewable Source
- 11.3.5.3.3 Italy: Green Hydrogen Market, By Technology
- 11.3.5.4 UK: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.3.5.4.1 UK: Green Hydrogen Market, By End-Use Industry
- 11.3.5.4.2 UK: Green Hydrogen Market, By Renewable Source
- 11.3.5.4.3 UK: Green Hydrogen Market, By Technology
- 11.3.5.5 Russia: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.3.5.5.1 Russia: Green Hydrogen Market, By End-Use Industry
- 11.3.5.5.2 Russia: Green Hydrogen Market, By Renewable Source
- 11.3.5.5.3 Russia: Green Hydrogen Market, By Technology
- 11.3.5.6 Spain: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.3.5.6.1 Spain: Green Hydrogen Market, By End-Use Industry
- 11.3.5.6.2 Spain: Green Hydrogen Market, By Renewable Source
- 11.3.5.6.3 Spain: Green Hydrogen Market, By Technology
- 11.3.5.7 Rest of Europe: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.3.5.7.1 Rest of Europe: Green Hydrogen Market, By End-Use Industry
- 11.3.5.7.2 Rest of Europe: Green Hydrogen Market, By Renewable Source
- 11.3.5.7.3 Rest of Europe: Green Hydrogen Market, By Technology
- 11.4 Asia Pacific: Green Hydrogen Market
- 11.4.1 Asia Pacific: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 11.4.2 Asia Pacific: Green Hydrogen Market, by End-Use Industry
- 11.4.3 Asia Pacific: Green Hydrogen Market, by Renewable Source
- 11.4.4 Asia Pacific: Green Hydrogen Market, by Technology
- 11.4.5 Asia Pacific: Green Hydrogen Market, by Key Country
- 11.4.5.1 Australia: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.4.5.1.1 Australia: Green Hydrogen Market, By End-Use Industry
- 11.4.5.1.2 Australia: Green Hydrogen Market, By Renewable Source
- 11.4.5.1.3 Australia: Green Hydrogen Market, By Technology
- 11.4.5.2 China: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.4.5.2.1 China: Green Hydrogen Market, By End-Use Industry
- 11.4.5.2.2 China: Green Hydrogen Market, By Renewable Source
- 11.4.5.2.3 China: Green Hydrogen Market, By Technology
- 11.4.5.3 India: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.4.5.3.1 India: Green Hydrogen Market, By End-Use Industry
- 11.4.5.3.2 India: Green Hydrogen Market, By Renewable Source
- 11.4.5.3.3 India: Green Hydrogen Market, By Technology
- 11.4.5.4 Japan: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.4.5.4.1 Japan: Green Hydrogen Market, By End-Use Industry
- 11.4.5.4.2 Japan: Green Hydrogen Market, By Renewable Source
- 11.4.5.4.3 Japan: Green Hydrogen Market, By Technology
- 11.4.5.5 South Korea: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.4.5.5.1 South Korea: Green Hydrogen Market, By End-Use Industry
- 11.4.5.5.2 South Korea: Green Hydrogen Market, By Renewable Source
- 11.4.5.5.3 South Korea: Green Hydrogen Market, By Technology
- 11.4.5.6 Rest of APAC: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.4.5.6.1 Rest of APAC: Green Hydrogen Market, By End-Use Industry
- 11.4.5.6.2 Rest of APAC: Green Hydrogen Market, By Renewable Source
- 11.4.5.6.3 Rest of APAC: Green Hydrogen Market, By Technology
- 11.5 Middle East & Africa: Green Hydrogen Market
- 11.5.1 Middle East & Africa: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 11.5.2 Middle East & Africa: Green Hydrogen Market, by End-Use Industry
- 11.5.3 Middle East & Africa: Green Hydrogen Market, by Renewable Source
- 11.5.4 Middle East & Africa: Green Hydrogen Market, by Technology
- 11.5.5 Middle East & Africa: Green Hydrogen Market, by Key Country
- 11.5.5.1 South Africa: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.5.5.1.1 South Africa: Green Hydrogen Market, By End-Use Industry
- 11.5.5.1.2 South Africa: Green Hydrogen Market, By Renewable Source
- 11.5.5.1.3 South Africa: Green Hydrogen Market, By Technology
- 11.5.5.2 Saudi Arabia: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.5.5.2.1 Saudi Arabia: Green Hydrogen Market, By End-Use Industry
- 11.5.5.2.2 Saudi Arabia: Green Hydrogen Market, By Renewable Source
- 11.5.5.2.3 Saudi Arabia: Green Hydrogen Market, By Technology
- 11.5.5.3 UAE: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.5.5.3.1 UAE: Green Hydrogen Market, By End-Use Industry
- 11.5.5.3.2 UAE: Green Hydrogen Market, By Renewable Source
- 11.5.5.3.3 UAE: Green Hydrogen Market, By Technology
- 11.5.5.4 Rest of MEA: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.5.5.4.1 Rest of MEA: Green Hydrogen Market, By End-Use Industry
- 11.5.5.4.2 Rest of MEA: Green Hydrogen Market, By Renewable Source
- 11.5.5.4.3 Rest of MEA: Green Hydrogen Market, By Technology
- 11.6 South America: Green Hydrogen Market
- 11.6.1 South America: Green Hydrogen Market Revenue and Forecast to 2030 (US$ Million)
- 11.6.2 South America: Green Hydrogen Market, by End-Use Industry
- 11.6.3 South America: Green Hydrogen Market, by Renewable Source
- 11.6.4 South America: Green Hydrogen Market, by Technology
- 11.6.5 South America: Green Hydrogen Market, by Key Country
- 11.6.5.1 Brazil: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.6.5.1.1 Brazil: Green Hydrogen Market, By End-Use Industry
- 11.6.5.1.2 Brazil: Green Hydrogen Market, By Renewable Source
- 11.6.5.1.3 Brazil: Green Hydrogen Market, By Technology
- 11.6.5.2 Argentina: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.6.5.2.1 Argentina: Green Hydrogen Market, By End-Use Industry
- 11.6.5.2.2 Argentina: Green Hydrogen Market, By Renewable Source
- 11.6.5.2.3 Argentina: Green Hydrogen Market, By Technology
- 11.6.5.3 Rest of SAM: Green Hydrogen Market Revenue and Forecasts to 2030 (US$ Million)
- 11.6.5.3.1 Rest of SAM: Green Hydrogen Market, By End-Use Industry
- 11.6.5.3.2 Rest of SAM: Green Hydrogen Market, By Renewable Source
- 11.6.5.3.3 Rest of SAM: Green Hydrogen Market, By Technology
12. Pre & Post Covid-19 Impact
- 12.1 Pre & Post Covid-19 Impact
13. Competitive Landscape
- 13.1 Heat Map Analysis By Key Players
- 13.2 Company Positioning & Concentration
14. Industry Landscape
- 14.1 Overview
- 14.2 Market Initiative
15. Company Profiles
- 15.1 L'Air Liquide SA
- 15.1.1 Key Facts
- 15.1.2 Business Description
- 15.1.3 Products and Services
- 15.1.4 Financial Overview
- 15.1.5 SWOT Analysis
- 15.1.6 Key Developments
- 15.2 Siemens Energy AG
- 15.2.1 Key Facts
- 15.2.2 Business Description
- 15.2.3 Products and Services
- 15.2.4 Financial Overview
- 15.2.5 SWOT Analysis
- 15.2.6 Key Developments
- 15.3 Cummins Inc
- 15.3.1 Key Facts
- 15.3.2 Business Description
- 15.3.3 Products and Services
- 15.3.4 Financial Overview
- 15.3.5 SWOT Analysis
- 15.3.6 Key Developments
- 15.4 Linde Plc
- 15.4.1 Key Facts
- 15.4.2 Business Description
- 15.4.3 Products and Services
- 15.4.4 Financial Overview
- 15.4.5 SWOT Analysis
- 15.4.6 Key Developments
- 15.5 Nel ASA
- 15.5.1 Key Facts
- 15.5.2 Business Description
- 15.5.3 Products and Services
- 15.5.4 Financial Overview
- 15.5.5 SWOT Analysis
- 15.5.6 Key Developments
- 15.6 Orsted AS
- 15.6.1 Key Facts
- 15.6.2 Business Description
- 15.6.3 Products and Services
- 15.6.4 Financial Overview
- 15.6.5 SWOT Analysis
- 15.6.6 Key Developments
- 15.7 Toshiba Energy Systems & Solutions Corp
- 15.7.1 Key Facts
- 15.7.2 Business Description
- 15.7.3 Products and Services
- 15.7.4 Financial Overview
- 15.7.5 SWOT Analysis
- 15.7.6 Key Developments
- 15.8 Uniper SE
- 15.8.1 Key Facts
- 15.8.2 Business Description
- 15.8.3 Products and Services
- 15.8.4 Financial Overview
- 15.8.5 SWOT Analysis
- 15.8.6 Key Developments
- 15.9 Engie SA
- 15.9.1 Key Facts
- 15.9.2 Business Description
- 15.9.3 Products and Services
- 15.9.4 Financial Overview
- 15.9.5 SWOT Analysis
- 15.9.6 Key Developments
- 15.10 Air Products & Chemicals Inc
- 15.10.1 Key Facts
- 15.10.2 Business Description
- 15.10.3 Products and Services
- 15.10.4 Financial Overview
- 15.10.5 SWOT Analysis
- 15.10.6 Key Developments
16. Appendix