Green Hydrogen Market is Anticipated to Rise at a CAGR of 51.23 % During the Forecast Period (2024-30)

The Global Green Hydrogen Market Size is projected to grow at a CAGR of around 51.23 % during the forecast period, i.e., 2024-30, states MarkNtel Advisors in their recently published research report. The major cause behind the tremendous rise in the demand for green hydrogen in the past years is the escalating consciousness regarding environmental sustainability, strict guidelines stimulating eco-friendly practices, and a mounting inclination towards renewable & bio-based products.

Moreover, the report also states that the increasing apprehensions over the rising carbon emissions have propelled countries globally to cultivate cleaner and more influential energy sources accomplishing critical routine tasks along with carrying out major industrial operations, such as in the concrete & steel industry, shipping, long-distance trucking, etc. All these factors are likely to boost the Global Green Hydrogen Market significantly in the forecast period.

Global Green Hydrogen Market Segmentation Analysis

By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer, and Others)
By Energy Source (Solar, Wind, and Other Renewable Sources)
By End Users (Power Generation and Energy Storage, Automotive and Transportation, and Industrial Feedstock (Refineries & Petrochemicals, Steel & Cement Manufacturing, and Others (Food & Beverage, etc.))
By Region (North America, South America, Europe, Asia Pacific, and Middle East and Africa)

Green Hydrogen Market is Driven by the Rising Support from the Government for the Production of Green Hydrogen

Green Hydrogen plays a crucial part in reducing the reliance on energy imports, protecting the environment, and satiating the mounting energy requirements globally. Concerning this, governments are developing hydrogen tactics and taking required initiatives by offering their assistance and support to drive economies towards green hydrogen in refineries, fertilizers, and gas networks worldwide.

Furthermore, the Asia-Pacific countries including Japan, Singapore, Korea, and China endorse global supply chains and progress pertinent technologies that have attracted the attention of scientists, investors, and governmental bodies regarding the utilization of green hydrogen at large.

Automotive Segment is likely to Provide a Significant Opportunity for the Global Green Hydrogen Market to Flourish

Green hydrogen can become an appropriate substitute for fossil fuels, and can also become an alternative to lithium-ion battery-based systems for mobility applications in the long run in the automotive sector. Moreover, the emergence of electric vehicles (EVs) demands enormous financial backing in constructing charging infrastructure plus challenges about its range. Furthermore, the reduction in the prices associated with green hydrogen will lead to the deployment of green hydrogen by automakers, including trucks, heavy vehicles, forklifts, cars, etc. These vehicles can be then powered with negligible carbon emissions and can produce electricity on the go. The inclination of several prominent companies such as General Motors (GM), Hyundai, Honda, and Toyota to incorporate green hydrogen in Electric Vehicles (EV) is further likely to propel the market growth.

Key Players Dominating the Global Green Hydrogen Market

The major key players in the Global Green Hydrogen Market holding a substantial market share are Electrolyzer Technology Providers (Cummins, MHI, Stiesdal A/S, Siemens, Thyssenkrupp, Other Potential Players), Renewable Power Generation Solution Providers (Acme Group, General Electric, Enel Green Power, Azure Power, AMEA Power, Statkraft), Green Hydrogen Manufacturing Company (Air Liquide, Linde, Air Products, GAIL Limited, Shell Plc, TotalEnergies, Adani Group, Other Potential Players).

Blog