Green Hydrogen Market – Growth, Latest Trend & Forecast
global sales of green hydrogen reached US$ 4.5 billion in 2022. The market is projected to grow by 31.3% from 2023 to 2033, reaching a valuation of US$ 94 billion by the end of the forecast period.
Ketki Bhavsar
A recently published analysis of the green hydrogen market (グリーン水素市場) shows that global sales of green hydrogen reached US$ 4.5 billion in 2022. The market is projected to grow by 31.3% from 2023 to 2033, reaching a valuation of US$ 94 billion by the end of the forecast period.
Market Dynamics:
Green hydrogen, produced through renewable energy-powered electrolysis, has emerged as a cornerstone of the global transition to sustainable energy. The market dynamics are driven by a convergence of factors, including increasing environmental concerns, government initiatives to reduce carbon emissions, and the declining cost of renewable energy sources. As a result, the green hydrogen market is experiencing rapid growth, with a surge in investments, technological advancements, and partnerships across the value chain.
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Market Future Outlook:
The future outlook for the green hydrogen market is highly promising, with experts predicting exponential growth in the coming years. The market is expected to witness a substantial increase in demand from various sectors, including transportation, industry, and power generation. As governments around the world commit to carbon neutrality goals, the demand for green hydrogen is expected to skyrocket, creating lucrative opportunities for market players.
Market Insights:
The green hydrogen market (녹색수소 시장) is witnessing significant innovation and evolution, driven by advancements in electrolysis technology, renewable energy integration, and hydrogen storage solutions. Key market trends include the development of large-scale green hydrogen production facilities, the establishment of hydrogen hubs and clusters, and the integration of hydrogen into existing infrastructure. Moreover, partnerships and collaborations between governments, industry players, and research institutions are fostering the growth of the market and driving technological advancements.
Key Players:
- Linde plc
- Air Product Inc.
- Air Liquide
- Cummins Inc.
- Engie
- Nel ASA
- Siemens Energy
- Toshiba Energy Systems and Solutions Corporation
- Uniper SE
- Bloom Energy
Competitive Landscape:
In January 2023, Linde announced plans to boost green hydrogen production in California by constructing, owning, and operating the first of several proposed five-megawatt PEM (proton exchange membrane) electrolyzers. This expansion will increase hydrogen capacity and is expected to reduce up to 75,000 metric tonnes of carbon dioxide equivalent emissions annually. The new electrolyzer, part of Linde's broader green hydrogen initiatives in the United States, is set to commence operations in the second half of 2024.
In January 2021, Linde revealed its intention to build, own, and operate the world's largest PEM electrolyzer for green hydrogen production. This 24-megawatt electrolyzer, slated for completion in the second half of 2022, will supply green hydrogen to Linde's industrial clients and refueling stations, among other commercial users. The electrolyzer, utilizing high-efficiency PEM technology, is expected to power around 600 fuel cell vehicles, covering 40 million miles and reducing up to 40,000 tonnes of carbon dioxide emissions annually. The facility will be constructed by ITM Linde Electrolysis GmbH, a joint venture between Linde and ITM Power.
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Green Hydrogen Market (marché de l'hydrogène vert) Segmentation
- By Technology :
- Alkaline Electrolyzer
- Polymer Electrolyte Membrane Electrolyzer
- By Application :
- Power Generation
- Transportation
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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