The global green hydrogen market size is projected to reach USD 364.1 million by 2027, according to the latest report by Market Research Future (MRFR). It can expand at 13.02% CAGR from 2020 to 2027. MRFR’s report on the green hydrogen market comprises growth drivers, challenges, and trends on the industry for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
The global green hydrogen market is driven by initiatives taken by various governments for undertaking sustainability schemes and shift from fossil fuels. Awareness among corporations and awareness among stakeholders on its benefits can drive its production. Adoption of zero-emission systems and demand for hydrogen among various verticals can bode well for the market.
But high costs of green hydrogen solutions may hamper market growth.
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The COVID-19 pandemic led to a decline of demand of green hydrogen owing to various governments shifting their attention to healthcare infrastructure. Low consumption of power and loss of revenue from large corporations due to remote working can create hurdles for the green hydrogen market.
Alkaline Electrolyzer Technology to Dominate Market Demand
The alkaline electrolyzer technology is expected to command a leading market share owing to using electrolysis for generating hydrogen rapidly. Electrolytes are replaceable and exchangeable and leave a low corrosive impact on electrodes. It can produce pure hydrogen as ion do not diffuse easily.
Transport Application to Lead in Global Market
The transport application is expected to lead in the global green hydrogen market owing to green hydrogen possessing more energy than fossil fuels. Emergence of fuel cell-based electric vehicles (EVs) have proved to be a lucrative opportunity for the market. Green hydrogen is a viable substitute for buses, trains, aircraft, lorries, and mining vehicles. The fuel is compatible with internal combustion engines and fuel cells.
Europe to Lead in Global Green Hydrogen Market
Europe is expected to dominate the global green hydrogen market owing to inclination towards sustainable schemes and establishment of hydrogen plants. Low cost of renewable energy and subsidies provided to customers and corporations can bode well for the market. Recently, the government of Denmark has signed an agreement with H2 Energy Europe for development of green hydrogen on a large scale. Retrofitting of new systems for intake of green hydrogen can drive the demand within the region.
Green Mandates to Propel Market Demand in APAC
APAC is expected to generate green hydrogen on a large scale owing to vehicle scrapping policies and mandates for sustainable energy. India, in particular, has amended its rules for inviting new applications for green hydrogen as well as achieve its goal of 100 GW.
MC PHY Energy (France), ENGIE (France), Air LIQUIDE (France), NEL ASA (Norway), Toshiba Corporation (Japan), Plug Power Inc. (US), LINDE (UK), SIEMENS (Germany), Cummins Inc. (US), Messer Group GMBH (Germany), Air Products Inc. (US), ITM Power (UK), and UNIPER SE (Germany) are key players in the global green hydrogen market. Development of new methods for storing hydrogen will be the primary strategy of key players.
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Siemens Energy will partner with Egyptian Electricity Holding Company (EEHC), a state-run utility provider, to install a electrolyser of 200MW for production of hydrogen and its eventual export.
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