Green Hydrogen Market Estimated to Reach $7,314 million by 2027 Globally, at a CAGR of 61.0%, says MarketsandMarkets™

Chicago, May 17, 2023 (GLOBE NEWSWIRE) — The green hydrogen market is projected to grow from USD 676 million in 2022 to USD 7,314 million by 2027, at a CAGR of 61.0%, as per the recent study by MarketsandMarkets™. 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..   

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Browse in-depth TOC on “Green Hydrogen Market”

254 – Market Data Tables
63 – Figures
323 – Pages

List of Key Players in Green Hydrogen Market:

1. Siemens Energy AG (Germany)
2. Toshiba Energy Systems & Solutions Corporation (Japan)
3. Nel ASA (Norway)
4. Linde plc (Ireland)
5. Cummins Inc. (US)
6. H&R Ölwerke Schindler GmbH (Germany)
7. Wind to Gas Energy GmbH & Co. KG (Germany)

Drivers, Restraints, and Opportunities in Green Hydrogen Market:

1. Drivers: Low variable electricity costs
2. Restraints: Sustainability management and High initial cost
3. Opportunity: Decreasing costs of electrolyzers

Key Findings of the Study:

1. In terms of value and volume, wind-powered green hydrogen has the largest market share in the global green hydrogen market during the forecasted period.
2. In terms of value and volume, the mobility end-use industry held the largest market share in the global green hydrogen market during the forecast period.
3. Asia pacific is the second-largest region in terms of value in the green hydrogen market during the forecast period,

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Wind energy led the market for green hydrogen in terms of value in 2021, accounting for 48% of the total. Wind farms are typically built onshore or offshore. In comparison to onshore plants, offshore plants have consistent output all year. Wind energy prices have dropped by 44-78% since their peak in 2007-2010. This factor has significantly increased the acceptance of wind power for green hydrogen production. Offshore and onshore wind farms are currently used to generate power for use in green hydrogen generation.

The mobility end-use industry accounted for the largest share of the green hydrogen market in terms of value. This is due to the fact that hydrogen has three times the energy per unit as fossil fuels. The mobility industry had no other sustainable alternatives to fossil fuels prior to the commercialization of fuel-cell-based engines. However, fuel cell electric vehicles (FCEVs) provide a more sustainable alternative. For the automotive industry, green hydrogen is a viable and practical substitute. Green hydrogen-powered vehicles are ideal for mining vehicles, trains, aircraft, lorries, buses, and even maritime transport. Green ammonia is welcomed by shipping companies as a means of reducing carbon emissions. Unlike green hydrogen, green ammonia can be stored in standard tanks and used in both internal combustion engines and fuel cells.

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Europe is the leading green hydrogen market. The growing demand from mobility, power, chemical and industrial sectors is driving the market in the region. The European region has the presence of green hydrogen manufacturers and an advanced mobility and power sector which is boosting the growth of the green hydrogen market.

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