The green hydrogen market size is estimated to grow by USD 14,745.04 million from 2022 to 2027 at a CAGR of 45.51% according to Technavio. The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors, including ACWA Power International, Air Liquide SA, Air Products and Chemicals Inc., Ballard Power Systems Inc., Cummins Inc., ERGOSUP, Green Hydrogen Systems, Guangdong Nation Synergy Hydrogen Power Technologies Co Ltd., Indian Oil Corp. Ltd., Jindal Steel and Power Ltd., Linde Plc, Loop Energy Inc., Nel ASA, Nikola Corp., Plug Power Inc., Solena Group, Bloom Energy Corp., Ceres Power Holdings plc, Larsen and Toubro Ltd., and Siemens Energy AG.
Green Hydrogen Market Insights –
- Vendors: 15+, Including ACWA Power International, Air Liquide SA, Air Products and Chemicals Inc., Ballard Power Systems Inc., Cummins Inc., ERGOSUP, Green Hydrogen Systems, Guangdong Nation Synergy Hydrogen Power Technologies Co Ltd., Indian Oil Corp. Ltd., Jindal Steel and Power Ltd., Linde Plc, Loop Energy Inc., Nel ASA, Nikola Corp., Plug Power Inc., Solena Group, Bloom Energy Corp., Ceres Power Holdings plc, Larsen and Toubro Ltd., and Siemens Energy AG, among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: End-user (Chemical, Power, Industrial, and Mobility and others), Technology (Alkaline electrolyzer and Polymer electrolyte membrane (PEM) electrolyzer), and Geography (APAC, Europe, North America, Middle East and Africa, and South America)
Green hydrogen market – Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –
- Key purchase criteria
- Adoption rates
- Adoption lifecycle
- Drivers of price sensitivity
Key Green Hydrogen Market Driver- The growing adoption of clean fuel is the major factor driving the market growth. The formation of green hydrogen involves an electrochemical reaction that efficiently separates oxygen and hydrogen. This process is highly reliable and boasts high output efficiency. The production of green hydrogen is considered clean and environmentally friendly because it relies on renewable energy sources like solar and wind power for the electrolysis process. The zero-emission nature of green hydrogen makes it a favorable alternative to fossil fuels such as coal and natural gas, leading to its increased adoption and driving market growth. Generally, renewable power plants are located at distant locations from the end-users. In such cases, if the generated power is used for electrolysis to produce green hydrogen, the transportation would have been commoditized and unconstrained by grid connection, which is similar to LNG. Therefore, due to the growing demand for green hydrogen, the rising shift toward integrating hydrogen electrolysers with renewables is expected to continue to drive market growth during the forecast period.
Significant Green Hydrogen Market Trends- The increasing support given by the European governments is an emerging trend shaping market growth.
The green hydrogen market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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