Market Overview:
Green hydrogen is a sustainable and carbon-neutral fuel produced by using renewable electricity to split water into hydrogen and oxygen. This process, driven by electricity, ensures no carbon emissions during production or utilization. Its versatility makes green hydrogen an appealing choice across various sectors. In transportation, fuel cell vehicles (FCVs) employ hydrogen and oxygen to generate electricity, emitting only water vapor. Moreover, green hydrogen serves as a clean fuel in power generation through gas turbines or as a storage medium for intermittent renewables. Industrial applications include its use as a feedstock in chemical production and a reducing agent in metal refining. Positioned as a pivotal element in the shift to a low-carbon economy, green hydrogen offers a promising and sustainable alternative to traditional fossil fuels.
Top Key Players Covered in The Green Hydrogen Market:
- Air Liquide (France)
- Siemens Energy (Germany)
- Linde (Ireland)
- Nel ASA (Norway)
- Hydrogenics Corporation (Canada)
- McPhy Energy (France)
- Plug Power (USA)
- Ballard Power Systems (Canada), and Other Major Players
Market Dynamics and Factors:
The increasing demand for green hydrogen is primarily fueled by the global transition to a low-carbon economy. As businesses strive to diminish their carbon footprint and attain net-zero emissions, the appeal of green hydrogen as a clean alternative to conventional renewable energy sources grows significantly. Moreover, green hydrogen serves a crucial role in storing energy generated from intermittent sources like wind and solar power. Its ability to be stored and transported makes it a versatile solution for maintaining a stable energy supply, addressing the intermittent nature of renewable energy.
Furthermore, the application of green hydrogen as a feedstock in various industrial processes, including chemical production and metal refining, contributes to its rising demand. Industries are increasingly adopting green hydrogen as a sustainable alternative to fossil fuel-based feedstocks, aligning with their commitment to reducing environmental impact. Government initiatives worldwide, such as subsidies, tax incentives, and regulations to limit greenhouse gas emissions, are also pivotal in propelling the demand for green hydrogen. Collectively, these factors create a strong market push toward the adoption of green hydrogen, establishing it as a key player in the ongoing global energy transition.
On the international front, the trade of green hydrogen offers significant opportunities for countries to leverage their renewable energy resources. By exporting green hydrogen to regions with less favorable conditions for renewable energy generation, countries can not only reduce their dependence on fossil fuels but also foster economic growth and job creation. Additionally, international trade in green hydrogen plays a crucial role in helping countries achieve their emissions reduction targets, contributing to global efforts in combating climate change, and encouraging technological innovation in production and transportation methods.
The Green Hydrogen Market Report Highlight:
- By Source, Hydroelectric Power segment is expected to dominate the market during the forecast period. Its consistent and reliable energy generation, coupled with environmental sustainability, positions hydroelectric power as a key driver in meeting the increasing demand for green hydrogen.
- By End-Use, the Industrial segment held the largest share of the market. Increasingly, industries are embracing green hydrogen as a clean and sustainable feedstock, aligning with their commitment to reducing carbon emissions and transitioning towards environmentally friendly practices.
- By Region, Europe is Expected to Dominate the Market Over the Forecast Period. With a multitude of green hydrogen manufacturers, substantial investments in development, robust infrastructure initiatives, and proactive policies such as the carbon border adjustment mechanism and hydrogen strategy, Europe leads in fostering a hydrogen economy. The European Clean Hydrogen Alliance and Hydrogen Backbone initiative further solidify the region's commitment to advancing green hydrogen technologies and deployment.
Key Industry Development:
- In April 2023, Linde signed an agreement with ExxonMobil for Carbon Dioxide Off-take. ExxonMobil will transport and permanently store up to 2.2 million metric tons of carbon dioxide each year from Linde’s hydrogen production facility, equivalent to the emissions from nearly half a million cars per year.
- In January 2023, Nel signed an agreement with HH2E for a potential 120 MW capacity in Germany. HH2E’s two 60 MW plants will be among the largest green hydrogen production plants in Europe announced to date. Both facilities are in the first phase and can be significantly expanded. The hydrogen will be used for industrial applications, transportation, and heat. In total, HH2E is aiming for 4 GW of electrolyzer capacity in Germany by 2030.
The Green Hydrogen Market Segmentation:
By Source
-
- Solar Power
- Wind Power
- Hydroelectric Power
- Geothermal Power
- Biomass
- Tidal Power
- Wave Power
- Waste-To-Energy
By Application
-
- Transport
- Power
By Distribution Channel
-
- Pipeline
- Cargo
By Feedstock
-
- Chemical
- Products
By End-Use
-
- Medical
- Food & Beverages
- Industrial
- Household
For this report, AKVis Intelligence has segmented the Green Hydrogen Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
-
- The U.S.
- Canada
- Mexico
Eastern Europe
-
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
-
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
-
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
-
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
-
- Brazil
- Argentina
- Rest of SA
T. Kumbhar
Author Information
T. Kumbhar is a Senior Market Research Consultant at IMR, specializing in Agro-Chemicals, Food Tech, Consumer Goods, and more. With four years of experience, he delivers market insights, competitive analysis, and data-driven business strategies.
