Global Green Hydrogen Market by Technology (Alkaline Electrolyzer, PEM Electrolyzer) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global green hydrogen market was worth USD 786.9 millions in 2019. It is expected to grow at a compound anual growth rate (CAGR of 14.24%) between 2020 and 2027. The electrolysis of water produces green hydrogen. Electric power is used to make the hydrogen. This electric power comes from renewable energy sources such as solar or wind energy. Favorable government policies that encourage the hydrogen economy, as well as growing environmental concerns about increasing carbon emissions due to fossil fuel use, are expected to drive demand for the hydrogen industry. The market is expected to experience a significant growth over the forecast period.

Germany is home to a higher percentage of green hydrogen installations around the globe than any other country. This is due to its supportive policies and regulations, as well as the funds that are available for research and demonstration projects. In July 2019, 11 demonstration-scale green hydrogen projects were approved by the government.

The country will be the market leader in the future due to its large pipeline of projects. Ampiron and OGE are both transmission and gas system operators and are currently working together to build a 100 MW electrolyzer capacity and a dedicated hydrogen transport pipeline in the north-west region of Germany. This is expected to be online by 2023.

The hydrogen produced by renewable-powered electrolysis can be used in cars or stored for later use in fuel cells that generate electricity. Several major countries such as Germany and Japan are considering hydrogen as a transportation fuel to replace conventional fossil fuels. This would increase market growth over the forecast period.

The high capital cost for the electrolyzer unit is a major obstacle to large-scale deployments of green hydrogen projects. The market growth is likely to be impeded by low-cost hydrogen production using conventional methods, such as steam methane Reforming and coal gazification.

Technology Insights

The alkaline electrolyzer, which is the traditional technology used in green hydrogen projects was the most popular in 2019, accounting for more than half of the total revenue. The alkaline electrode uses a liquid alkaline solution of sodium hydroxide or potassium as its electrolyte. It has a longer operating time than PEM electrolyzers.

Alkaline electrolyzes also cost less than PEM electrolyzers. This will help to increase the segment's growth. Alkaline electrolyzers are more efficient than PEM electrolyzers, and have lower current and power densities. They can operate at temperatures between 100 -105 degrees Celsius.

Over the forecast period, the fastest growth rate is expected for the PEM electrolyzer segment. The PEM electrolyzer's solid-specialty plastic material-based electrolyte has a higher functional flexibility than its alkaline counterpart. These electrolyzers have a lower gas permeability, thicker proton exchange membranes, and a higher proton conductivity which will further boost segment growth.

In order to increase the efficiency of green hydrogen generation, industry players continue to focus on commercializing PEM electrolyzer technology. ITM Power, a U.K. company, announced in January 2020 that it was joining forces with ITM Linde Electrolysis GmbH. These companies will produce green hydrogen on an industrial scale using a PEM electrolyzer with a capacity of over 10 MW.

Regional Insights

Europe dominated the global market in 2019. It accounted for the highest revenue share of more than 57%. This is due to large investments made by European economies. These huge investments are aimed at a transition from a fossil-based energy economy to one that is clean and hydrogen-based. In August 2019, for example, the U.K. government announced that it would invest USD 14.8 billion in a project to produce green hydrogen by 2030 using 4 GW offshore wind.

North America's market is expected to grow at a significant rate during the forecast period. The U.S. and Canada are the leaders in the region due to their implementation of clean energy policies. California holds the largest market share in the U.S. due to its aggressive decarbonization goals, including the elimination of diesel- or gas-powered public buses by 2040.

Air Liquide in Canada is currently building a large-scale PEM Electrolyzer (with a 20 MW power output) that will produce green hydrogen by using hydropower. These developments, along with other projects in Canada, will greatly aid market growth.

Asia Pacific will see the highest CAGR during the forecast period. Japan and Australia are the biggest contributors to regional growth. Toshiba, for example, is building a hydrogen plant with a 10-MW electrolyzer power that will be used to produce hydrogen for transportation applications.

Market Share Insights & Key Companies

The industry's key players are focused on technological innovations and innovation in order to reduce the cost of renewable-powered electriclysis and commercialize green hydrogen production. Companies are also taking strategic initiatives to increase their market share.

Uniper SE and Siemens Gas & Power announced a joint agreement in April 2020 to implement projects that use renewable energy sources for green hydrogen production and use. These strategies will enable green hydrogen to be commercialized as an alternative to fossil fuels. The market for green hydrogen is dominated by the following:

• Linde

• Air Liquide

• Air Products and Chemicals, Inc.

• Engie

• Uniper SE

• Siemens

• Green Hydrogen

• Hydrogenics

• Toshiba Energy Systems & Solutions Corp.

• Nel ASA

Up Market Research published a new report titled “Green Hydrogen Market research report which is segmented by Technology (Alkaline Electrolyzer, PEM Electrolyzer), By Players/Companies Nel ASA, Green Hydrogen, Uniper SE, Siemens, Toshiba Energy Systems & Solutions Corp, Linde, Engie, Air Liquide, Hydrogenics, Air Products and Chemicals Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Green Hydrogen Market Report Segments:

The market is segmented by Technology (Alkaline Electrolyzer, PEM Electrolyzer).

Green Hydrogen Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Green Hydrogen Market

Overview of the regional outlook of the Green Hydrogen Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Green Hydrogen Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Green Hydrogen Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Alkaline Electrolyzer

                2. PEM Electrolyzer

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Green Hydrogen Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
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Reasons to Purchase the Green Hydrogen Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.