The latest report by IMARC Group, titled “Green Hydrogen Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global green hydrogen market size reached US$ 682.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 12250.9 Million by 2028, exhibiting a growth rate (CAGR) of 58.5% during 2023-2028
Green hydrogen, often referred to as renewable hydrogen, is a clean energy source produced through the process of electrolysis, wherein electricity generated from renewable sources, such as wind or solar power, is used to split water molecules into hydrogen and oxygen. This method offers a sustainable and eco-friendly alternative to traditional hydrogen production, which relies on fossil fuels. Green hydrogen has gained significant attention and importance in recent years due to its potential to reduce greenhouse gas emissions and mitigate climate change. Its unique attribute lies in its role as an energy carrier, enabling the storage and transportation of renewable energy for various industrial applications
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Green Hydrogen Market Trends and Drivers:
The global green hydrogen market is experiencing robust growth driven by the increasing investment by government authorities in clean energy solutions. Green hydrogen, with its carbon-neutral production process, is emerging as a pivotal component of this transition. Additionally, the growing demand for sustainable energy sources in sectors like transportation, manufacturing, and power generation is propelling the adoption of green hydrogen technologies. Furthermore, partnerships and collaborations between renewable energy producers and industrial players are accelerating the expansion of the market. Companies are recognizing the value of integrating green hydrogen into their operations to reduce carbon footprints and ensure long-term sustainability. Simultaneously, advancements in electrolysis technology are enhancing the efficiency and cost-effectiveness of green hydrogen production, making it increasingly competitive with conventional hydrogen production methods. Moreover, industries are increasingly embracing green hydrogen to achieve energy resilience and reduce dependency on fossil fuels, which are subject to price fluctuations and supply uncertainties.
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Report Segmentation:
The report has segmented the market into the following categories:
Technology Insights:
- Proton Exchange Membrane Electrolyzer
- Alkaline Electrolyzer
- Others
Application Insights:
- Power Generation
- Transport
- Others
Distribution Channel Insights:
- Pipeline
- Cargo
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Air Liquide S.A.
- Air Products and Chemicals Inc.
- Enapter AG
- Green Hydrogen Systems A/S
- Linde plc
- Nel ASA
- Ørsted A/S
- Plug Power Inc.
- Siemens Energy AG
- Uniper SE (Fortum Oyj)
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