NEW YORK – Research Dive has added a new report to its offering titled, “Green Hydrogen Market by Type (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), Application (Power Generation, Transport, and Others), End-use (Food & Beverages, Medical, Chemical, Petrochemical, Glass, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028”.
According to the report, the Global Green Hydrogen Market is anticipated to garner $9,834.3 million in revenue by 2028, growing expeditiously at a CAGR of 54.7% during the forecast period 2021-2028.
Dynamics of the Market
The increasing usage of green hydrogen as a clean energy source in several applications is expected to bolster the growth of the market during the analysis period. Using green hydrogen helps in ramping down or up to compensate the variable renewable energy to provide better flexibility, is the factor predicted to upsurge the growth of the green hydrogen market during the estimated period. Moreover, the growing network of ambitious green hydrogen projects worldwide is the major factor expected to create huge growth opportunities for the growth of the market. However, the lack of dedicated infrastructure and high production costs may impede the growth of the market throughout the forecast period.
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Covid-19 Impact on the Green Hydrogen Market
Due to the rise of the Covid-19 pandemic, the green hydrogen market has had a negative impact as similar as other several industries. Being highly contagious in nature, the deadly coronavirus has caused a tremendous rise in infected cases all across the globe. This has turned the focus of governments of various countries to address the public health crisis. Because of this, the functioning of various major projects of green hydrogen has been delayed that needed government investment and policies. These factors have caused a decline in the growth of the market during the crisis.
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Segments of the Market
The report has been divided the market into segments such as type, application, end-user, and region.
- By type, the alkaline electrolyzer sub-type is predicted to be most lucrative and is expected to generate a revenue of $5,108.7 million during the analysis timeframe. The generation of green hydrogen is from the cathode side and its working functionality is carried by transporting hydroxide ions. This makes the abundant availability of green hydrogen commercially for many years and is the factor expected to augment the growth of the green hydrogen market sub-segment over the forecast period.
- By application, the power generation sub-segment is anticipated to be the most profitable and is predicted to generate a revenue of $7,184.7 million during the analysis period. The rising usage of green hydrogen in hydrogen-powered electricity turbines at the time of peak demand for electricity is the vital factor expected to uplift the growth of the market sub-segment during the forecast period.
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- By end-user, the petrochemical sub-segment is projected to hold the largest market share and is expected to garner a revenue $4,053.3 million over the estimated period. The increasing expansion of green hydrogen fuel stations and the emerging and innovative initiatives taken by the electricity industry to achieve carbon neutrality are the vital factors anticipated to fortify the growth of the green hydrogen market sub-segment over the analysis period.
- By region, the Asia-Pacific region is expected to have extensive growth opportunities and is expected to generate $2,023.9 million in revenue and rise at a noteworthy CAGR of 55.2% during the analysis timeframe. The expansion of major projects of green hydrogen in many countries of this region is the factor expected to amplify the regional growth of the market during the forecast timeframe.
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Top 10 Prominent Key Players of the Green Hydrogen Market Include –
- Air Liquide
- Ballard Power Systems
- Next Hydrogen
- Siemens Energy Global GmbH & Co. KG. AG
- Green Hydrogen Systems
- SGH2 Energy Global
- Enapter
- Plug Power Inc.
- Royal Dutch Shell plc.
- Engie
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These players are working on the development of new business tactics and strategies to attain the leading position in the global industry.
For instance, in December 2020, Plug Power, a leading American company, widely known for the development of hydrogen fuel cell systems, has announced two acquisitions with United Hydrogen, a renowned hydrogen generator company, and with Giner ELX, a well-known electrolyzer company. With these acquisitions, Plug Power aimed to bring new energy infrastructure incorporating green hydrogen and minimize the disruption for upstream energy producers.
Further, the report also presents other important aspects such as product portfolio, the financial performance of the key players, SWOT analysis, and latest strategic developments.
