Green Hydrogen Market

Green Hydrogen Market by Technology (Alkaline and PEM), Renewable source (Wind, Solar),End-use Industry (Mobility, Power, Chemical, Industrial, Grid Injection) and Region(North America, Europe, APAC, MEA, & Latin America) - Global Forecast to 2026

Report Code: CH 7958 Nov, 2022, by marketsandmarkets.com

[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

Green Hydrogen Market

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Impact of COVID-19 on global green hydrogen market

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.

Driver for global green hydrogen market

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.

Restraint for global green hydrogen market

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.

Opportunity for global green hydrogen market

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.

Challenge for global green hydrogen market

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.

Green Hydrogen Market by Region

Key Market Players

The key players in the global green hydrogen market are:

  • Siemens Energy AG (Germany)
  • Linde (Ireland)
  • Toshiba Energy Systems & Solutions Corporation (Japan)
  • Air Liquide (France)
  • Nel ASA (Norway)
  • Air Products and Chemicals, Inc. (USA)
  • H&R Olwerke Schindler GmbH (Germany)
  • Wind to Gas Energy GmbH & Co. KG (Germany)
  • Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd. (China)
  • Cummins Inc. (USA)

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. 

Green Hydrogen Market Report Scope

Report Metric

Details

Market Size Value in 2021

USD 444 million

Revenue Forecast in 2026

USD 4,373 million

CAGR

58%

Years considered for the study 2016–2026
Base year 2020
Forecast period 2021–2026
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.

By Technology

Based on technology, the green hydrogen market has been segmented as follows:

  • Alkaline Electrolysis
  • PEM Electrolysis

By Renewable source

Based on renewable source, the green hydrogen market has been segmented as follows:

  • Wind Energy
  • Solar Energy
  • Others (geothermal, hydropower, and hybrid of wind & solar)

By End-use Industry

Based on end-use industry, the green hydrogen market has been segmented as follows:

  • Mobility
  • Chemical
  • Power
  • Grid Injection
  • Industrial
  • Others (CHP+Domestic Heat)

By Region

Based on region, the green hydrogen market has been segmented as follows:

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East & Africa (MEA)
  • Latin America

Recent Developments

  • In October 2020, Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. Launched a new fuel cell stack with upgradation on its existing portfolio. In addition, the multi-dimensional integrated design of the stack, the ultra-thin flexible graphite plate technology, and ultra-thin CCM technology are adopted.
  • In May 2019, Nel ASA launched the M Series containerized Proton PEM electrolyzer. The containerized version of the M Series was delivered in standard 1 and 2 MW (200 and 400 Nm3/hr) configurations. Scaling up from the 1 MW platform to the 2 MW platform and allowing multiple units to be integrated easily in the field was a key consideration during the development. With this new product, the company wanted to meet the demands of the market.

Frequently Asked Questions (FAQ):

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Table of Content

1 Introduction 
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology
    2.1 Market Share Estimation
           2.1.1 Secondary Data
                    2.1.1.1 Key Data from Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data from Primary Sources
                    2.1.2.2 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 
    5.1 Introduction
    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
           5.3.1 Drivers
           5.3.2 Restraints
           5.3.3 Opportunities
            5.4.4 Challenges
    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 
    7.1 Wind
    7.2 Solar
    7.3 Other Renewable Sources

8 Green Hydrogen Market, By End-Use Industry 
    8.1 Mobility
    8.2 Chemical
    8.3 Power
    8.4 Grid Injection
    8.5 Industrial
    8.6 Others

9 Green Hydrogen Market, By Region
    9.1 Introduction
    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
                    9.2.4.1 Canada
                               9.2.2.1.1 Green Hydrogen Market Size in Canada, By End-Use Industry
                    9.2.4.2 US
                               9.2.2.2.1 Green Hydrogen Market Size in U.S., By End-Use Industry
    9.3 Europe
           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
                    9.3.4.1 Germany
                               9.3.2.1.1 Green Hydrogen Market Size in Germany, By End-Use Industry
                    9.3.4.2 Austria
                               9.3.4.2.1 Green Hydrogen Market Size in Austria, By End-Use Industry
                    9.3.4.3 Denmark
                               9.3.2.3.1 Green Hydrogen Market Size in Denmark, By End-Use Industry
                    9.3.4.4 UK
                               9.3.2.4.1 Green Hydrogen Market Size in UK, By End-Use Industry
                    9.3.4.5 France
                               9.3.2.5.1 Green Hydrogen Market Size in France, By End-Use Industry
                    9.3.4.6 Rest of Europe
                               9.3.2.6.1 Green Hydrogen Market Size in Rest of Europe, By End-Use Industry
    9.4 Asia-Pacific
           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
                    9.4.4.1 China
                               9.4.2.1.1 Green Hydrogen Market Size in China, By End-Use Industry
                    9.4.4.2 Japan
                               9.4.4.2.1 Green Hydrogen Market Size in Japan, By End-Use Industry
                    9.4.4.3 Australia
                               9.4.4.3.1 Green Hydrogen Market Size in Australia, By End-Use Industry
                    9.4.4.4 Rest of Asia Pacific
                               9.4.4.4.1 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
                    9.5.4.1 Brazil
                               9.5.4.1.1 Green Hydrogen Market Size in Brazil, By End-Use Industry
                    9.5.4.2 Mexico
                               9.5.2.2.1 Green Hydrogen Market Size in Mexico, By End-Use Industry
                    9.5.4.3 Argentina
                               9.5.2.3.1 Green Hydrogen Market Size in Argentina, By End-Use Industry
                    9.5.4.3 Rest of Latin America
                               9.5.2.3.1 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
                    9.6.4.1 UAE
                               9.5.2.1.1 Green Hydrogen Market Size in UAE, By End-Use Industry
                    9.5.4.2 Saudi Arabia
                               9.5.2.2.1 Green Hydrogen Market Size in Saudi Arabia, By End-Use Industry
                    9.5.4.3 Rest of Middle East & Africa
                               9.5.4.3.1 Green Hydrogen Market Size in Rest of Middle East & Africa, By End-Use Industry

10 Competitive Landscape 
     10.1 Introduction
     10.2 Market Share Analysis
     10.3 Market Ranking
     10.4 Market Evaluation Framework
             10.4.1 Product Launches and Developments
             10.4.2 Expansions
             10.4.3 Contracts and Agreements
             10.4.4 Mergers & Acquisitions
     10.5 Revenue Analysis of Top Market Players
     10.6 Company Evaluation Matrix
             10.6.1 Star
             10.6.2 Emerging Leaders
             10.6.3 Pervasive
             10.6.4 Participants
             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.
     11.3 Engie
     11.4 Uniper SE
     11.5 Siemens Energy AG
     11.6 LHYFE
     11.7 Toshiba Energy Systems & Solutions Corporation
     11.8 NEL ASA
     11.9 Orsted A/S
     11.10 Linde
     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. 

12 Appendix

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.

Secondary Research

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.

Primary Research

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:

Green Hydrogen Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

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:

  • The key players in the industry and markets were identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

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.

Report Objectives

  • To define, describe, and forecast the market size of green hydrogen, in terms of value and volume
  • To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
  • To provide detailed information about the technological advancements influencing the growth of the market
  • To analyze the market segmentation and forecast the market size based on technology, renewable source and end-use industry
  • To define, describe, and forecast the market based on five regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America
  • To strategically analyze micro-markets with respect to individual growth trends, prospects, and their contribution to the overall market
  • To analyze the opportunities in the market for stakeholders and provide a competitive landscape for the market leaders
  • To analyze recent developments such as investment & expansion, new product development, and partnership in the market
  • To strategically profile the key players and comprehensively analyze their market share and core competencies

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs.

The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of Rest of Europe green hydrogen market
  • Further breakdown of Rest of APAC green hydrogen market
  • Further breakdown of Rest of Latin America green hydrogen market
  • Further breakdown of Rest of MEA green hydrogen market  

Company Information

  • Detailed analysis and profiling of additional market players (up to ten)
Report Code
CH 7958
Published ON
Nov, 2022
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