According to the new report titled “Green Hydrogen Market by Technology (PEM Electrolyzer, Alkaline Electrolyzer), By Renewable Source (Wind, Solar, Geothermal, Hydropower and hybrid of solar and wind )and Application (Transport, Power Generation, Industries and Heating) – Global Analysis to 2022”, the valuation of the Green Hydrogen market was $6.81 Billion in 2022 and is projected to reach $9.43 Billion by 2032, at a CAGR of 38.72% from 2019 to 2032.
The Green Hydrogen Market was valued at $6.81 Billion by 2022 and expected to grow at a CAGR of 38.72% over the forecast period. Green hydrogen refers to hydrogen produced through a process that uses renewable energy sources, such as wind, solar, or hydropower, to split water molecules into hydrogen and oxygen through electrolysis. Electrolysis involves passing an electric current through water, causing it to undergo a chemical reaction that separates hydrogen and oxygen.
Rising public awareness and renewable energy transition dominated the Green Hydrogen market
The demand for green hydrogen in renewable energy transition has been significant and is expected to continue growing. The growing emphasis on transitioning to renewable energy sources to mitigate climate change has led to increased awareness of green hydrogen. As countries aim to reduce their carbon footprint, green hydrogen is seen as a key element in the decarbonization of sectors that are challenging to electrify directly. Many governments around the world are recognizing the importance of green hydrogen in their climate action plans. Several countries have announced policies, incentives, and funding to support the development and deployment of green hydrogen projects. These initiatives contribute to raising awareness among businesses, investors, and the general public.
Alkaline Electrolyzer held the largest share in the Green Hydrogen market
Based on Technology, the Green Hydrogen Market is segmented into PEM Electrolyzer, An alkaline electrolyzer is a type of electrolysis device that uses an alkaline electrolyte solution, typically potassium hydroxide (KOH), to facilitate the process of splitting water into hydrogen and oxygen through electrolysis. Alkaline electrolyzers are well-suited for integration with renewable energy sources, such as wind and solar power. As the share of renewable energy in the global energy mix continues to rise, the demand for electrolyzers capable of utilizing this green energy for hydrogen production increases. Alkaline electrolysis is a mature and well-established technology with a history of successful industrial applications. This reliability and maturity can be appealing to investors and stakeholders in the green hydrogen sector.
Europe headed the Green Hydrogen market in 2022
Europe is emerged as leading market for Green Hydrogen Market in 2022. European countries have set ambitious climate goals to reduce greenhouse gas emissions and transition towards a more sustainable energy system. The European Green Deal, announced by the European Commission, includes initiatives to promote green hydrogen as a key element in achieving a carbon-neutral economy.
European countries are also engaged in international collaborations to import and export green hydrogen. Agreements and partnerships with other regions, such as North Africa and the Middle East, aim to leverage their renewable energy potential for hydrogen production and address Europe’s growing demand.
Key market players operating in the market that are profiled in the report are Air Liquide, Air Products Inc., Bloom Energy, Cummins Inc., Engie, Linde plc., Nel ASA, Siemens Energy, Toshiba Energy Systems & Solutions Corporation, Uniper SE etc.