The global green hydrogen market is anticipated to reach USD 10244.98 Million by 2030, at a CAGR of 33.14% from 2021 to 2030. Growing demand for clean energy sources and declining costs of renewable energy sources such as solar and wind are expected to drive the growth of the green hydrogen market. A green hydrogen is a renewable form of energy generated from solar, wind, and other sources of renewable energy. It is used as a clean energy source for power generation and transportation. The increasing demand for green hydrogen from the transportation, energy, and chemical sectors is expected to drive the market in the forecast period.
The increasing environmental concerns and government initiatives to reduce carbon emissions are likely to drive the green hydrogen market in the forecast period. The governments of several countries have implemented stringent regulations regarding carbon emissions and are offering incentives to promote the adoption of green hydrogen. This has increased the demand for green hydrogen, which is expected to drive the market in the forecast period.
The rising investments in the renewable energy sector are expected to drive the green hydrogen market in the forecast period. Increasing investments in renewable energy projects, such as solar and wind, are expected to increase the production of green hydrogen, which is expected to drive the market in the forecast period.
Restraints of the Green hydrogen Market
- High Production Costs: Currently, green hydrogen production costs are high compared to other energy sources and production methods. This is due to the need for expensive renewable energy sources, such as solar power and wind energy, to produce hydrogen.
- Limited Infrastructure: Another restraint to the growth of the green hydrogen market is the lack of adequate infrastructure to support the production, distribution, and storage of gas. This includes the need for new pipelines and storage facilities, as well as the development of new technologies.
- Regulatory Issues: The development of green hydrogen also faces several regulatory issues, such as the need for permits and licenses from local governments, as well as the potential for policy changes. These issues could potentially lead to delays in the adoption of green hydrogen.
The market is segmented based on type, application, and region.
By type, the green hydrogen market is segmented into electrolysis, biomass gasification, and others. The electrolysis segment is expected to dominate the green hydrogen market in the forecast period.
By application, the green hydrogen market is segmented into energy, transportation, chemicals, and others. The energy segment is expected to dominate the green hydrogen market in the forecast period.
By region, the green hydrogen market is segmented into Europe, North America, Asia-Pacific, South America, and the Middle East & Africa. North America is expected to dominate the green hydrogen market in the forecast period.
Key Players
The key players in the green hydrogen market are Air Liquide (France), Air Products and Chemicals, Inc. (US), Siemens AG (Germany), ITM Power PLC (UK), Engie (France), Linde plc (Ireland), Arup Group Ltd (UK), Hydrogenics (Canada), Hydrosphere (UK), and Hydrogenics (UK).
