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Global Green Hydrogen Market Predicted to be Valued at US$ 4,373 Million by 2026, at a CAGR of 58.0%, Says MarketsandMarkets™ Research

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Global Green Hydrogen Market Predicted to be Valued at US$ 4,373 Million by 2026, at a CAGR of 58.0%, Says MarketsandMarkets™ Research

September 13
23:55 2022
Global Green Hydrogen Market Predicted to be Valued at US$ 4,373 Million by 2026, at a CAGR of 58.0%, Says MarketsandMarkets™ Research
Browse 137 market data Tables and 53 Figures spread through 236 Pages and in-depth TOC on “Green Hydrogen Market
Green Hydrogen Market by Technology (Alkaline and PEM), Renewable source (Wind, Solar),End-use Industry (Mobility, Power, Chemical, Industrial, Grid Injection) and Region(North America, Europe, APAC, MEA, & Latin America)

The green hydrogen market is projected to grow from USD 444 million in 2021 to USD 4,373 million by 2026, at a CAGR of 58.0% during the forecasted period.. Green Hydrogen are increasingly used in the mobility, power, industrial, grid injection, chemical and other end-use industries. The increasing demand of mobility industry drives the demand for Green Hydrogen. Even though, the outbreak of COVID-19 has created some disruptions in the industry and caused some delays in the projects, the investments in the market have not stopped. With the first deadline of the Paris Agreement in less than 10 years, the participating countries are moving aggressively towards an emission free economy. Green Hydrogen economy is amongst the top strategies to achieve this. 

Alkaline electrolyzers dominate the market in terms of value, with a share of 61.7% in 2020. The high growth and market share of alkaline electrolysis technology are attributed to its key advantages over other manufacturing technologies. Alkaline electrolysis utilizes a variety of electrolytes that are widely available and also cheap to produce. Electrolytes used in alkaline electrolysis can be easily replicable or exchangeable and also contain a very minimal corrosive impact on both electrodes. 

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Electrolyzers based on wind energy contribute to nearly 52.7% of all green hydrogen by value in 2020. Wind plants are normally set up onshore or offshore. Offshore plants have standard output year long as compared to onshore plants. The price of wind energy has declined by 44-78% from its peak in 2007-2010. This factor has given a major boost to the acceptance of wind power for green hydrogen production. Europe is the largest market for green hydrogen globally. Currently, less than 2% of Europe’s energy consumption comes from hydrogen. The European Green Deal aims at reducing greenhouse gas emissions and preparing Europe’s industry for a climate-neutral economy.

The mobility industry faces many hurdles in changing to emission free substitutes. Currently battery-operated electric vehicles are gaining traction, but they have the disadvantage in terms of range and power. Fuel Cell Electric Vehicles (FCEV) are an alternative to this. These vehicles use hydrogen to power the vehicle. They have high power to weight ratio and a refilling time of less than 5 mins as compared to 60 mins (average power charge time for 80% capacity) for conventional electric vehicles. These vehicles have already been deployed in many countries for industrial mobility solution (majorly forklifts).

Shipping industry is responsible for nearly 3% of all global emissions. Industry leaders are paving new way by developing engines and ships that would run on hydrogen. Currently, only a few ships use green hydrogen directly, it is usually converted into ammonia or synthetic fuels to be used in the shipping industry. Ammonia is gaining wide acceptance as fuel in the maritime industry. This is due to the fact that it offers ten times energy density than that of lithium-ion battery. It is also compatible with both internal combustion engines and fuel cells. Another advantage of using green ammonia is that it does not require high pressure tanks for storage. Although the energy density of ammonia is nearly half of that of diesel, still to cut down emissions the shipping industry seems excited to make the shift.

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Toshiba (Japan), Siemens (Germany), Air Liquide (France), Linde (Ireland) and Nel (Norway) are some of the major players in the green hydrogen landscape. The companies are collaborating with each other in various projects and investing in development of technologies to increase the efficiency of the process. The green hydrogen manufacturing process suffers energy loss at each stage and major loss comes from manufacturing. The electrolyzers have now developed to provide efficiency of above 80% and for Solid Oxide electrolyzers, the efficiency even reaches 100%, although these electrolyzers are yet to be commercialized.

Toshiba Energy Systems & Solutions Corporation is a subsidiary of Toshiba Corporation. It provides energy-related solutions, including energy transmission and distribution and heavy ion therapy solutions. It has long experience and expertise in a wide range of power generating and transmitting systems and energy management technology, such as renewable energy, energy conversation, and energy matching. The company’s green hydrogen process is CO2-free throughout the entire cycle of the production, storage, and use of hydrogen, contributing to curbing global warming. It is one of the world leaders in the green hydrogen market. It focuses on innovation as well as R&D. The company has been working on developing a next-generation water electrolyzer called SOEC for producing large quantities of high-quality hydrogen

Siemens Energy AG is another energy company in the field of green hydrogen, formed by the spinoff of the former Gas and Power division of Siemens Group and includes a prominent share (67%) of Siemens Gamesa. The Siemens & Gamesa Renewable Energy segment focuses on promoting, designing, developing, manufacturing, and supplying products, installation, and technologically advanced services in the renewable energy sector, focusing on wind power plants. The company aims at integrating renewables in developed industry, energy, and mobility infrastructures with Power-to-X solutions using green hydrogen. Green hydrogen is generated using PEM electrolysis with the help of renewable energy. Currently, the company is developing and implementing the world’s first integrated and commercial large-scale plant to produce climate-neutral e-fuel. The project is in Chile and is known as the Haru Oni project (Highly Innovative fuels (HIF) pilot project).

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This research report categorizes the green hydrogen market based on technology, renewable source, end-use industry, and region.

Based on technology,

  • Alkaline Electrolysis
  • PEM Electrolysis

Based on renewable source,

  • Wind Energy
  • Solar Energy
  • Others (geothermal, hydropower, and hybrid of wind & solar)

Based on end-use industry, 

  • Mobility
  • Chemical
  • Power
  • Grid Injection
  • Industrial
  • Others (CHP+Domestic Heat)

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