Green Hydrogen Market Set to Surge with Impressive 39.8% CAGR, Forecast to Reach $36.5 Billion by 2030

Green Hydrogen Market Size 2024 | Share by Top Companies, Trends, In-Depth Analysis and Growth Forecast 2030

WASHINGTON, D.C, DISTRICT OF COLUMBIA, UNITED STATES, February 12, 2024 /EINPresswire.com/ -- Green Hydrogen is a form of hydrogen that is produced by splitting water molecules into hydrogen and oxygen using electricity from renewable sources such as wind and solar. Green Hydrogen is considered a clean and sustainable energy carrier that can help decarbonize various sectors of the economy, such as transportation, industry, power generation, and heating. Green Hydrogen has the potential to reduce greenhouse gas emissions, enhance energy security, and create new jobs and markets.

The Global Green Hydrogen Market size¹ was valued at USD 3.5 Billion in 2022, and is expected to expand at a compound annual growth rate (CAGR) of 39.8% from 2023 to 2030, reaching USD 36.5 Billion by 2030, according to a report by Vantage Market Research. The major driving factors for the growth of the market are the increasing demand for Green Hydrogen in the hard-to-decarbonize sectors, such as steel, chemicals, aviation, and shipping, the rising consumer preference for clean and renewable energy² sources, the favorable government policies and initiatives to support the development and deployment of Green Hydrogen, and the technological innovations and advancements in the electrolysis and fuel cell industries.

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Market Dynamics

The Green Hydrogen Market rides a wave of converging factors. Stringent emission regulations and ambitious net-zero targets push industries towards cleaner alternatives. Simultaneously, the cost of renewable energy, particularly solar and wind, continues to plummet, making Green Hydrogen production increasingly cost-competitive. Advancements in electrolyzer technology enhance efficiency and lower capital costs, further unlocking the market's potential. Collaborations between governments, industries, and research institutions accelerate innovation and infrastructure development, creating a conducive environment for market expansion.

Drivers: The main drivers of the Green Hydrogen Market are the increasing demand for clean and low-carbon energy sources, the decreasing cost and increasing availability of renewable electricity and electrolysis technologies, the development and deployment of hydrogen infrastructure, and the supportive policies and regulations.

Restraints: The main restraints of the Green Hydrogen Market are the high capital and operational costs of Green Hydrogen production and infrastructure, the lack of standardized and harmonized regulations and standards for Green Hydrogen, the technical and safety challenges of hydrogen storage and transportation, and the competition from other low-carbon energy sources and technologies.

Opportunities: The main opportunities of the Green Hydrogen Market are the potential for Green Hydrogen to decarbonize hard-to-abate sectors, such as steelmaking, chemicals, aviation, and shipping, the possibility for Green Hydrogen to enable sector coupling and energy system integration, the scope for Green Hydrogen to create new value chains and markets, and the prospect for Green Hydrogen to enhance energy security and resilience.

Challenges: The main challenges of the Green Hydrogen Market are the need for large-scale and long-term investments and financing for Green Hydrogen projects and infrastructure, the requirement for coordinated and collaborative actions and initiatives among various stakeholders and regions, the uncertainty and variability of renewable electricity supply and demand, and the public awareness and acceptance of Green Hydrogen.

Top Players in The Global Green Hydrogen Market Report Scope:

* Linde PLC (Ireland)
* Air Products Inc. (U.S.)
* Air Liquide (France)
* Cummins Inc. (U.S.)
* Engie SA (France)
* Nel ASA (Norway)
* Siemens Energy (Germany)
* Toshiba Energy Systems & Solutions Corporation (Japan)
* Uniper SE (Germany)
* Bloom Energy (U.S.)

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Top Trends

The emergence of Green Hydrogen hubs and clusters that aim to produce, store, distribute, and use Green Hydrogen in a specific geographic area or sector, leveraging the existing or planned renewable energy and hydrogen infrastructure and resources. Examples of such hubs and clusters include the HyDeal Ambition in Europe, the Asian Renewable Energy Hub in Australia, the H2 Chile initiative in Chile, and the Hydrogen Energy Supply Chain project in Japan and Australia.

The development of Green Hydrogen trade and export markets that seek to connect the regions and countries with abundant and low-cost renewable energy and Green Hydrogen production potential with the regions and countries with high demand and willingness to pay for Green Hydrogen. Examples of such trade and export markets include the Australia-Europe Hydrogen Partnership, the Germany-Morocco Hydrogen Pact, the Saudi Arabia-UK Hydrogen Partnership, and the UAE-Japan Hydrogen Alliance.

The innovation and advancement of Green Hydrogen technologies and solutions that aim to improve the efficiency, performance, reliability, and affordability of Green Hydrogen production, storage, transportation, and end-use. Examples of such technologies and solutions include the high-temperature solid oxide electrolysis cells, the liquid organic hydrogen carriers, the hydrogen fuel cells, and the hydrogen combustion turbines.

The formation of Green Hydrogen alliances and coalitions that aim to promote and accelerate the development and growth of the Green Hydrogen Market and industry, by facilitating the collaboration and coordination among various stakeholders and regions, and by providing the vision and roadmap for the Green Hydrogen transition. Examples of such alliances and coalitions include the European Clean Hydrogen Alliance, the Hydrogen Council, the Green Hydrogen Coalition, and the Green Hydrogen Catapult.

Top Report Findings

* The main drivers of the Green Hydrogen Market are the increasing demand for clean and low-carbon energy sources, the decreasing cost and increasing availability of renewable electricity and electrolysis technologies, the development and deployment of hydrogen infrastructure, and the supportive policies and regulations.

* The main restraints of the Green Hydrogen Market are the high capital and operational costs of Green Hydrogen production and infrastructure, the lack of standardized and harmonized regulations and standards for Green Hydrogen, the technical and safety challenges of hydrogen storage and transportation, and the competition from other low-carbon energy sources and technologies.

* The main opportunities of the Green Hydrogen Market are the potential for Green Hydrogen to decarbonize hard-to-abate sectors, the possibility for Green Hydrogen to enable sector coupling and energy system integration, the scope for Green Hydrogen to create new value chains and markets, and the prospect for Green Hydrogen to enhance energy security and resilience.

* The main challenges of the Green Hydrogen Market are the need for large-scale and long-term investments and financing for Green Hydrogen projects and infrastructure, the requirement for coordinated and collaborative actions and initiatives among various stakeholders and regions, the uncertainty and variability of renewable electricity supply and demand, and the public awareness and acceptance of Green Hydrogen.

* The top trends of the Green Hydrogen Market are the emergence of Green Hydrogen hubs and clusters, the development of Green Hydrogen trade and export markets, the innovation and advancement of Green Hydrogen technologies and solutions, and the formation of Green Hydrogen alliances and coalitions.

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Challenges

The high capital and operational costs of Green Hydrogen production and infrastructure, which make Green Hydrogen less competitive than other low-carbon energy sources and technologies, and require significant and sustained investments and financing from both public and private sectors.

The lack of standardized and harmonized regulations and standards for Green Hydrogen, which create barriers and uncertainties for the development and growth of the Green Hydrogen Market and industry, and require the alignment and coordination of policies and frameworks across different sectors and regions.

The technical and safety challenges of hydrogen storage and transportation, which limit the scalability and flexibility of Green Hydrogen, and require the development and deployment of safe and efficient solutions for hydrogen compression, liquefaction, conversion, and distribution.

The competition from other low-carbon energy sources and technologies, which offer alternative and cheaper options for decarbonizing various sectors of the economy, and require the differentiation and integration of Green Hydrogen with other energy solutions.
The public awareness and acceptance of Green Hydrogen, which affect the demand and adoption of Green Hydrogen, and require the education and engagement of the public and the stakeholders on the benefits and risks of Green Hydrogen.

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Opportunities

The potential for Green Hydrogen to decarbonize hard-to-abate sectors, such as steelmaking, chemicals, aviation, and shipping, which account for a large share of global greenhouse gas emissions, and require the use of Green Hydrogen as a feedstock, fuel, or carrier to achieve net-zero targets. The possibility for Green Hydrogen to enable sector coupling and energy system integration, which can improve the efficiency and reliability of the energy system, and provide flexibility and resilience to cope with the variability and intermittency of renewable electricity.

The scope for Green Hydrogen to create new value chains and markets, which can generate new revenue streams and business models for the Green Hydrogen producers, suppliers, and users, and create new jobs and economic growth for the regions and countries involved in the Green Hydrogen Market and industry. The prospect for Green Hydrogen to enhance energy security and resilience, which can reduce the dependence and vulnerability of the energy system on fossil fuels and external suppliers, and provide backup and emergency power in case of disruptions or disasters.

The Key Questions that are answered in this Report are:

What is Green Hydrogen and how is it produced?
What are the drivers, restraints, opportunities, and challenges of the Green Hydrogen Market?
What are the current and future trends of the Green Hydrogen Market?
What are the market size and growth projections of the Green Hydrogen Market?
What are the regional and sectoral analysis of the Green Hydrogen Market?
What are the key technologies and solutions for Green Hydrogen production, storage, transportation, and end-use?
What are the key policies and regulations for Green Hydrogen development and deployment?
What are the key stakeholders and initiatives for Green Hydrogen collaboration and coordination?

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Regional Analysis

The Green Hydrogen Market holds immense potential to revolutionize the global energy landscape. By addressing the challenges and harnessing the opportunities, Green Hydrogen can pave the way towards a cleaner, more sustainable future. As technology advancements continue, costs decrease, and infrastructure expands, Green Hydrogen is poised to play a pivotal role in decarbonizing economies and achieving net-zero emissions goals.

Europe is one of the leading regions in the Green Hydrogen Market and industry, with a high level of ambition and commitment to achieve net-zero emissions by 2050, and a strong support from the policies and regulations, such as the European Green Deal, the EU Hydrogen Strategy, and the European Clean Hydrogen Alliance. Europe has a large and growing renewable energy and Green Hydrogen production potential and capacity, especially from wind and solar power, and aims to install at least 40 GW of renewable hydrogen electrolysers by 2030.

Europe also has a high demand and consumption of Green Hydrogen, mainly in the industrial, transport, and power sectors, and plans to develop a hydrogen backbone of pipelines and terminals to connect the production and consumption centers. Europe has several Green Hydrogen projects and initiatives, such as the HyDeal Ambition, the Germany-Morocco Hydrogen Pact, the North Sea Wind Power Hub, and the H2Ports, that demonstrate the feasibility and benefits of Green Hydrogen. Europe also has a strong and diverse stakeholder base, including governments, industries, research institutions, and civil society, that collaborate and coordinate on the Green Hydrogen transition. Europe is expected to remain a key player and market for Green Hydrogen in the coming years, and to play a leading role in the global Green Hydrogen trade and export.

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Vantage Market Research
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¹ https://www.vantagemarketresearch.com/industry-report/green-hydrogen-market-0943
² https://www.vantagemarketresearch.com/industry-report/renewable-energy-market-1886