[236 Pages Report] The global green hydrogen market size is expected to reach USD 4,373 million by 2026, at a CAGR of 58.0% from 2021 to 2026. The market is driven by factors like the lowering cost of producing renewable energy by all sources, development of electrolysis technologies and high demand from FCEVs and power industry. The mobility industry accounted for a share of 52.3% in terms of value in the green hydrogen market in 2021 and is projected to reach USD 2,535.1 million by 2026 at a CAGR of 61.3%. The power sector is projected to witness the second-highest CAGR of 60.0%, growing from USD 61.4 million in 2021 to USD 633.5 million by 2026
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COVID-19 had a stagnating effect on the green hydrogen market. Projects under development continued to gather investments. Many European and Asian countries have continued to announce new projects and feasibility studies with different technologies. The major impact of COVID-19 in the green hydrogen market was that it delayed the projects as the supplies for raw materials got disrupted due to lockdowns. The market for green hydrogen has finally reached the pre-commercialization level and is ready to play a vital role in decarbonizing the planet.
Increasing use of green hydrogen in the mobility industry
As the world is moving towards net zero emission goals, it is getting ready to change the way it moves. The mobility industry is developing vehicles that would utilize hydrogen directly in fuel cells or in internal combustion engines. Hydrogen based forklifts have already been developed and are being utilized in a few industries across Europe, APAC and North American regions. The countries are planning to more than double the number of such hydrogen based vehicles by 2030.
High initial cost in establishing green hydrogen plant is a major market restraint
The initial cost involved with the production of green hydrogen is very high, while the lack of infrastructure to transport and store it poses an additional challenge. The fixed cost required to set up the production plant is only half the challenge while transportation of green hydrogen pose additional economical and safety challenges. On average green hydrogen costs nearly 2–3 times more than grey hydrogen. Application technology adds to the costs. Fuel cells cost nearly 1.5 to 2 times more than their fossil fuel counterparts. Even as synthetic fuel, the cost is nearly 5–7 times more than fossil jet fuel.
Increasing investments by the government in establishing green hydrogen ecosystems
The governments of many developed countries are coming forward in developing infrastructure for green hydrogen. This is majorly happening in Europe followed by Asia. The development of infrastructure will facilitate manufacturers to expand their reach and capacity, which will assist them in lowering the price of green hydrogen. The involvement of the governments of the respective countries is very crucial for developing an ecosystem that accepts green hydrogen as an alternate fuel.
Lack of transportation infrastructure
In the present scenario, hydrogen is produced at locations where it is to be used. The lack of need for transportation has hence left the hydrogen market unexplored. Less than 8,000 km of pipeline has been installed worldwide, with 2,600 km in the US alone. With its European Hydrogen Backbone (EHB) initiative, Europe plans to install 39,700 km of hydrogen pipeline by 2040. Nearly 69% of this will be repurposed natural gas lines, and the rest will be newly established. Even after these, the infrastructure seems very small compared to more than 3 million km of natural gas line in operation today.
Europe is the largest market in terms of manufacturing and supplying green hydrogen. In terms of volume, it accounts for a share of 58.0% of the global green hydrogen market in 2020, followed by APAC at 27%.
Europe has been investing heavily in the green hydrogen projects. The European Hydrogen Backbone project is underway to develop nearly 40,000 km of dedicated hydrogen pipeline. This is boosting the investment in green hydrogen in the region. Major automotive manufacturers in the European region, such as Porsche, Ducati, BMW, and Audi, are focusing on the downsizing concept of car engines and manufacturing lightweight and fuel-efficient engines, which will also drive up the growth of the green hydrogen market. The European Union Automotive Fuel Economy (UNEP) standard has challenged automotive OEMs to decrease carbon emissions by using lightweight materials, which is further driving the market in this region.
The key players in the global green hydrogen market are:
These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the green hydrogen industry. The study includes an in-depth competitive analysis of these key players in the green hydrogen market, with their company profiles, recent developments, and key market strategies.
Market Size Value in 2021
USD 444 million
Revenue Forecast in 2026
USD 4,373 million
|Years considered for the study||2016–2026|
|Units considered||Value (USD Million), Volume (Kiloton)|
|Segments||Technology, Renewable Source, End-use Industry and Region|
|Regions||North America, Europe, APAC, Middle East & Africa, and Latin America|
|Companies||Siemens Energy AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Nel ASA (Norway), Linde (Ireland), Cummins Inc. (US), H&R Ölwerke Schindler GmbH (Germany), Wind to Gas Energy GmbH & Co. KG (Germany), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China), Air Liquide (France), and Air Products and Chemicals, Inc. (US).|
This research report categorizes the green hydrogen market based on technology, renewable source, end-use industry, and region.
How big is the Green Hydrogen Market?
Green Hydrogen Market worth $4,373 million by 2026.
What is the growth rate of Green Hydrogen Market?
Green Hydrogen Market grows at a CAGR of 58.0% during the forecast period.
What are the factors influencing the growth of the green hydrogen market?
High demand from mobility due to superior performance with low zero carbon emission of green hydrogen has driven the market.
Which is the fastest-growing region-level market for green hydrogen?
Europe is the fastest-growing green hydrogen market due to the presence of major green hydrogen manufacturers.
What are the factors contributing to the final price of green hydrogen?
Energy costs plays a vital role in the costs along with manufacturing technology.
What are the challenges in the green hydrogen market?
High initial costs and underdeveloped market are the major challenges.
Which energy based green hydrogen holds the largest market share?
Wind energy based green hydrogen, in terms of value and volume hold the largest share due to lower energy cost.
How is the green hydrogen market aligned?
The market is relatively new and growing at a very fast pace. It is a potential market and many manufactures are planning business strategies to expand their business or reduce their carbon footprint.
Who are the major manufacturers?
Siemens Energy AG (Germany), Linde (Ireland), Toshiba Energy Systems & Solutions Corporation (Japan), Air Liquide (France) and Nel ASA (Norway)
What are the major end use industry for green hydrogen?
The major end-use industry of green hydrogen includes mobility, chemical, power, industrial, grid injection.
What is the biggest restraint in the green hydrogen market?
High initial investment is the biggest restraint. .
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Table of Content
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered
2 Research Methodology
2.1 Market Share Estimation
2.1.1 Secondary Data
188.8.131.52 Key Data from Secondary Sources
2.1.2 Primary Data
184.108.40.206 Key Data from Primary Sources
220.127.116.11 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Green Hydrogen Market, 2022–2027
4.2 Green Hydrogen Market, By Technology
4.3 Green Hydrogen Market, By Renewable Source
4.3 Green Hydrogen Market, By End-Use Industry
4.4 Green Hydrogen Market, By Country
5 Market Overview
5.2 Market Segmentation
5.2.1 Green Hydrogen Market, By Technology
5.2.2 Green Hydrogen Market, By Renewable Source
5.2.3 Green Hydrogen Market, By End-Use Industry
5.3 Market Dynamics
5.4 Porter's Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Buyers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitutes
5.4.5 Degree of Competition
5.5 Key Stakeholders & Buying Criteria
5.5.1 Key Stakeholders in Buying Process
5.5.2 Buying Criteria
5.6 Supply Chain Analysis
5.7 Ecosystem: Green Hydrogen Market
5.8 Value Chain Analysis
5.9 Technology Analysis
5.9.1 Emerging Technologies
5.10 Pricing Analysis
5.10.1 Average Selling Price of Key Players
5.11 Key Markets for Import/Export
5.12 Patent Analysis
5.13 Key Conferences & Events in 2023-2024
5.14 Tariff and Regulatory landscape
5.13.1 Regulatory Bodies, Government Agencies, and Other Organizations
5.13.2 Regulations in Green Hydrogen Market
5.15 Case Study Analysis
5.16 Trends and Disruptions Impacting Customers
6 Green Hydrogen Market, By Technology
6.1 Alkaline Electrolysis
6.2 PEM Electrolysis
7 Green Hydrogen Market, By Renewable Source
7.3 Other Renewable Sources
8 Green Hydrogen Market, By End-Use Industry
8.4 Grid Injection
9 Green Hydrogen Market, By Region
9.2 North America
9.2.1 Green Hydrogen Market Size in North America, By Technology
9.2.2 Green Hydrogen Market Size in North America, By Renewable Source
9.2.3 Green Hydrogen Market Size in North America, By End-Use Industry
9.2.4 Green Hydrogen Market Size in North America, By Country
18.104.22.168.1 Green Hydrogen Market Size in Canada, By End-Use Industry
22.214.171.124.1 Green Hydrogen Market Size in U.S., By End-Use Industry
9.3.1 Green Hydrogen Market Size in Europe, By Technology
9.3.2 Green Hydrogen Market Size in Europe, By Renewable Source
9.3.3 Green Hydrogen Market Size in Europe, By End-Use Industry
9.3.4 Green Hydrogen Market Size in Europe, By Country
126.96.36.199.1 Green Hydrogen Market Size in Germany, By End-Use Industry
188.8.131.52.1 Green Hydrogen Market Size in Austria, By End-Use Industry
184.108.40.206.1 Green Hydrogen Market Size in Denmark, By End-Use Industry
220.127.116.11.1 Green Hydrogen Market Size in UK, By End-Use Industry
18.104.22.168.1 Green Hydrogen Market Size in France, By End-Use Industry
22.214.171.124 Rest of Europe
126.96.36.199.1 Green Hydrogen Market Size in Rest of Europe, By End-Use Industry
9.4.1 Green Hydrogen Market Size in Asia Pacific, By Technology
9.4.2 Green Hydrogen Market Size in Asia Pacific, By Renewable Source
9.4.3 Green Hydrogen Market Size in Asia-Pacific, By End-Use Industry
9.4.4 Green Hydrogen Market Size in Asia-Pacific, By Country
188.8.131.52.1 Green Hydrogen Market Size in China, By End-Use Industry
184.108.40.206.1 Green Hydrogen Market Size in Japan, By End-Use Industry
220.127.116.11.1 Green Hydrogen Market Size in Australia, By End-Use Industry
18.104.22.168 Rest of Asia Pacific
22.214.171.124.1 Green Hydrogen Market Size in Rest of Asia Pacific, By End-Use Industry
9.5 Latin America
9.5.1 Green Hydrogen Market Size in Latin America, By Technology
9.5.2 Green Hydrogen Market Size in Latin America, By Renewable Source
9.5.3 Green Hydrogen Market Size in Latin America, By End-Use Industry
9.5.4 Green Hydrogen Market Size in Latin America, By Country
126.96.36.199.1 Green Hydrogen Market Size in Brazil, By End-Use Industry
188.8.131.52.1 Green Hydrogen Market Size in Mexico, By End-Use Industry
184.108.40.206.1 Green Hydrogen Market Size in Argentina, By End-Use Industry
220.127.116.11 Rest of Latin America
18.104.22.168.1 Green Hydrogen Market Size in Rest of Latin America, By End-Use Industry
9.6 Middle East & Africa
9.6.1 Green Hydrogen Market Size in Latin America, By Technology
9.6.2 Green Hydrogen Market Size in Latin America, By Renewable Source
9.6.3 Green Hydrogen Market Size in Middle East & Africa, By End-Use Industry
9.6.4 Green Hydrogen Market Size in Middle East & Africa, By Country
22.214.171.124.1 Green Hydrogen Market Size in UAE, By End-Use Industry
126.96.36.199 Saudi Arabia
188.8.131.52.1 Green Hydrogen Market Size in Saudi Arabia, By End-Use Industry
184.108.40.206 Rest of Middle East & Africa
220.127.116.11.1 Green Hydrogen Market Size in Rest of Middle East & Africa, By End-Use Industry
10 Competitive Landscape
10.2 Market Share Analysis
10.3 Market Ranking
10.4 Market Evaluation Framework
10.4.1 Product Launches and Developments
10.4.3 Contracts and Agreements
10.4.4 Mergers & Acquisitions
10.5 Revenue Analysis of Top Market Players
10.6 Company Evaluation Matrix
10.6.2 Emerging Leaders
10.6.5 Competitive Benchmarking of Key Startups/SMEs
10.7 Small and Medium-Sized Enterprises (SMEs) evaluation matrix
10.7.1 Progressive Companies
10.7.2 Responsive Companies
10.7.3 Dynamic Companies
10.7.4 Starting Blocks
11 Company Profiles
* (Business Overview, Products Mix, Recent Developments, SWOT Analysis, MnM view)
11.1 Air Liquide
11.2 Air Products and Chemicals, Inc.
11.4 Uniper SE
11.5 Siemens Energy AG
11.7 Toshiba Energy Systems & Solutions Corporation
11.8 NEL ASA
11.9 Orsted A/S
11.11 ummins Inc.
11.12 H&R Ölwerke Schindler GmbH
11.13 Wind to Gas Energy GmbH & Co. KG
11.14 Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd.
11.15 Other Companies
*Details Might Not Be Captured in Case of Unlisted Companies.
Note: This is the tentative list, we will provide you the company profiles of major companies in this market.
The study involved two major activities in estimating the current market size for green hydrogen market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of market segments and subsegments.
In the secondary research process, various secondary sources such as Hoovers, Factiva, Bloomberg BusinessWeek, and Dun & Bradstreet were referred to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; gold standard & silver standard websites; regulatory bodies; trade directories; and databases.
The green hydrogen market comprises several stakeholders such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the development of various industries such as mobility, power, chemical, industrial, grid injection and others. The supply side is characterized by advancements in technology and diverse applications. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Following is the breakdown of primary respondents:
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Both the top-down and bottom-up approaches were used to estimate and validate the total green hydrogen market size. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size included the following:
After arriving at the overall market size using the market size estimation process as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in, mobility, power, chemical, industrial, grid injection and other end-use industries.
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