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COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.
The Green Hydrogen Market is estimated to be USD 1.01 Billion in 2020 and is projected to grow at a CAGR of 15.7% during the forecast period from 2020 to 2028. In terms of volume, the global green hydrogen market is anticipated to reach 256.7 KT by 2020 and is projected to grow at a CAGR of 13.4% till 2028. Increasing environmental concerns, stringent carbon emission regulations across countries, followed by favorable government policies are anticipated to drive the global green hydrogen market.
Green hydrogen is produced by the electrolysis of water. Water is divided into oxygen and hydrogen by an electrolyser with the aid of an electrical current. Green hydrogen is different from grey hydrogen produced from fossil fuels such as natural gas. Hydrogen is environmental friendly and can be stored and converted back to energy or heat whenever appropriate.
FIGURE 1: GLOBAL GREEN HYDROGEN MARKET
As mentioned already, green hydrogen is produced by the electrolysis of water, for which electricity is used, and this electricity is obtained from renewable energy sources such as wind or solar. As the energy required for its production comes from cheaper renewable sources, this makes it "green" hydrogen.
Green hydrogen is expected to play a significant role in decarbonizing those sectors of the economy that are hard to electrify, such as aviation, long-distance trucking, and heavy-duty manufacturing. The presence of favourable government policies to drive the hydrogen economy, along with rising environmental concerns about carbon emissions from the use of fossil fuels, is expected to drive the demand for green hydrogen.
The demand for green hydrogen is being mainly driven by the proliferation of renewable energy sources in various end-use industries. Furthermore, the rising use of renewable energy has been estimated to result in lower costs for the production of clean energy and thus, have a positive effect on the green hydrogen market.
The opportunity for green hydrogen to be used in a wide range of sectors will eventually enable many companies to benefit from a burgeoning hydrogen fuel economy. Perhaps the most important of these companies are the oil and gas companies, which are increasingly facing the demand for reducing fossil fuel usage. It is expected that an increase in the perception of hydrogen as an energy carrier would fuel the global demand for green hydrogen in the near future.
The demand for green hydrogen has been growing since the last few years, as it helps reduce the carbon footprints. It can also help meet the increasing demand for power around the globe. Green hydrogen is a renewable energy and its adoption is, therefore, expected to increase in the near future.
FIGURE 2: GREEN HYDROGEN MARKET SEGMENTATION
Global Green Hydrogen Market, By Technology
By technology, the global green hydrogen market has been segmented into alkaline electrolyser, polymer electrolyte membrane (PEM), and others. The alkaline electrolyser technology segment of the green hydrogen has captured a market share of 58.6% in 2020 and is anticipated to remain the largest market till 2028. In the alkaline electrolyser, sodium and potassium hydroxide are used as electrolytes. They are commercially and economically viable from decades with superior operating performance.
Global Green Hydrogen Market, By End-user
By end-user, the global green hydrogen market is segmented into automotive, metal & mining, power & energy, and others. The market has been dominated by the automotive segment due to the need for eco-friendly and zero emission vehicles to meet the specific environmental related norms and regulations across regions.
Automakers are looking for alternative fuels to comply the global carbon reduction policies and norms, and to achieve that, some automakers are working on the green hydrogen fuel vehicles. As a part of it, in May 2020, Daimler and Volvo Trucks have unveiled plans to produce hydrogen-based heavy-duty vehicles within the decade.
FIGURE 3: GLOBAL GREEN HYDROGEN MARKET (USD MILLION), PRE-COVID AND POST-COVID MARKET ESTIMATION AND FORECAST, 2020-2028
Global Green Hydrogen Market, By Region
By region, the global green hydrogen market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The European region is anticipated to hold the largest share in the global green hydrogen market in 2020 and is projected to grow at a moderate CAGR during the forecast period. The major European green hydrogen market is concentrated in the Germany, Spain, France, UK, and Netherlands, owning to government initiatives towards clean and environment-friendly energy alternatives.
Besides Europe, North America has captured a prominent market share in the global green hydrogen market, which is mainly attributed to the well-articulated and favourable government policies regarding low emission transportation system in the US and progress in carbon neutralization transportation targets. These are some of the major factors that will contribute to the growth of green hydrogen demand in the coming years.
Some Recent Developments in the Global Green Hydrogen Market:
What does This Report Provide?
This report provides a detailed understanding of the global green hydrogen demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global green hydrogen market. The major market drivers, challenges, restraints, and opportunities for the global green hydrogen market have also been covered in the report.
This report further includes the market shares of the leading companies operating in the green hydrogen market, along with their production capacities and the growth strategies adopted by them. An in-depth pricing analysis, patent analysis, and distribution channel analysis have also been covered in the report. Besides these, how COVID-19 pandemic has affected the global green hydrogen market is also covered in this study, both in terms of qualitative and quantitative analysis.
Market Segmentation:
By Technology:
By End User:
By Region:
North America Green Hydrogen Market
Europe Green Hydrogen Market
Asia Pacific Green Hydrogen Market
Middle East & Africa Green Hydrogen Market
South America Green Hydrogen Market
Major Companies: In this report, the following major companies are studied - Air Products, Iberdrola, Linde, Air Liquide, ENGIE, Siemens AG, Uniper SE, RWE AG, and others.
Objectives of This Report:
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