The Green Hydrogen Market is forecasted to grow at a high rate due to the increased government investments in green hydrogen ecosystems
The Global Green hydrogen market was valued at USD 810.3 Mn in 2020 and is expected to reach USD 2680.4 Mn by 2027, with a growing CAGR of 16.6% during the forecast period.
The global green hydrogen market projection indicates a favourable and astounding pace of growth. The market is witnessing an increase in demand for green technology, as well as government assistance for widespread implementation of zero-emission systems. The global market and investments in the development of processes that helps to reduce production costs and improve infrastructure are anticipated to drive the market growth. For instance, the EU hydrogen strategy includes a plan to construct at least 6 GW of renewable hydrogen electrolyzers in Europe by 2024 and 40 GW by 2030. Such increase in investments are expected to support the green hydrogen market development in the coming years.
Moreover, with the adoption of green hydrogen for maritime shipping is anticipated to foster the green hydrogen market growth. Maritime shipping is already the most energy-efficient mode of freight transport, using 30% less energy than rail and 90% less than heavy-duty vehicles for the same weight and distance. For short-distance boats, electrification by batteries or fuel cells might be critical. Biofuels offer an urgent alternative for decarbonizing the transportation industry. Green hydrogen may play a key role, but it would need significant changes to existing aboard and onshore infrastructure. Green ammonia is also developing as one of the most viable low-carbon fuel options. Leading manufacturers are developing ammonia-fuelled engines, which are expected to be released in 2024.
Global Green Hydrogen Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, Europe dominated the regional market size for green hydrogen market. Due to the availability of supporting laws and regulations for green hydrogen, as well as revenue available for research and demonstration projects, Germany has a comparably greater percentage of green hydrogen installations across the world. The government, for example, sanctioned 11 demonstration-scale green hydrogen projects in the country in July 2019. The European Commission (EC) released the European Green Deal.in late 2019, laying out the key policy measures for achieving net-zero greenhouse gas (GHG) emissions by 2050. The Green Deal's goals should be divided into two phases: phase 1 initiates from now until 2030, and phase 2 shall be measured from 2030 to 2050. Such capacity may create up to 0.8 Mt of clean hydrogen per year, depending on how it is used. By 2030, this figure should have risen to 40 GW.
According to the 2019 Hydrogen Roadmap Europe's optimistic scenario, the hydrogen demand in the EU + UK will reach 665 TWh or 16.9 Mt by that time. Even though refinery demand is progressively reducing, renewable hydrogen demand will continue to rise in phase 2. For the processing of intermediate oil products, refineries presently utilise around 30% of total European hydrogen output . As the Green Deal is implemented, it is predicted that demand for oil products, as well as the related hydrogen co-product, that leads to reduction of oil use. The region is technologically advanced and provides a fully-fledged, well-established place for green hydrogen development.
The Global Green Hydrogen Market Segmentation:
Global Green Hydrogen Market by Technology Outlook (Revenue, USD Million, 2021-2027)
Global Green Hydrogen Market by End Use Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the green hydrogen market are:
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