According to the new report titled “Green Hydrogen Generation Market by Type (Steam Methane Reformin (SMR), Partial Oxidation (POX), Coal Gasification, Electrolysis) and Application (Power Plants, Steel Plant, Electronics and Photovoltaics, Industrial Gases, Energy Storage, Others) – Global Analysis to 2022”, the valuation of the Green Hydrogen Generation market was $1.1 Billion in 2017 and reachrd $2.82 Billion by 2022, at a CAGR of 4.3% from 2018 to 2022.
The Green Hydrogen Generation Market was valued at 2.82 Billion in 2022 and expected to grow at CAGR of 4.3% over forecast period. The Green Hydrogen Generation market is being propelled by a dynamic convergence of influential factors, emphasizing its critical role in advancing investments in low-emission fuels.
Surging investments in low-emission fuels dominated the Green Hydrogen Generation market
The trend towards reducing carbon emissions in industries that have difficulties with direct electrification such as heavy industry and long-distance transport. Hydrogen is a particularly clean transportation fuel, producing less CO2 compared to other fossils fuels, there has been an increase in hydrogen production driven by tight environmental regulations and strict engine manufacturers specifications.
Steam Methane Reformin (SMR) held the largest share in the Green Hydrogen Generation market
Based on Type, the Green Hydrogen Generation Market is segmented into Steam Methane Reformin (SMR), Partial Oxidation (POX), Coal Gasification, Electrolysis segment accounted for largest share in 2022. SMR is a common method for producing hydrogen, which is used in various industries, including petrochemicals, refining, ammonia production, and more. The increasing demand for hydrogen as a clean energy carrier and in industrial processes can drive the demand for SMR.
North America headed the Green Hydrogen Generation market in 2017
North America is emerged as leading market for Green Hydrogen Generation Market in 2022. The need for energy savings, dependable system performance, and seamless integration with existing infrastructure aligns with the advantages of investments plans, making them useful in implementation of clean energy policies for businesses.
Asia Pacific is expected to grow at the highest CAGR over the forecast period, with Australia and Japan being the largest contributors to the regional growth. For instance, Toshiba in Japan is constructing a green hydrogen plant with a 10 MW electrolyze capacity which would be utilized to provide hydrogen for transportation applications.
Key market players operating in the market that are profiled in the report are Teledyne Energy Systems, Hydrogenics (Cummins), Nel Hydrogen, Suzhou Jingli, Beijing Zhongdian Fengye Technology, McPhy Energy S.A., Siemens, TianJin Mainland, Areva H2gen, H2B2, Shandong Saksay Hydrogen Energy etc