by Technology (Alkaline and PEM), Renewable Source (Wind, Solar, Geothermal, Hydropower, and Hybrid of Wind & Solar), End-Use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region - Global Forecast to 2027”, is projected to grow from USD 676 million in 2022 to USD 7,314 million by 2027, at a CAGR of 61.0% during the forecasted period. Factors such as lowering cost of producing renewable energy by all sources, development of electrolysis technologies and high demand from FCEVs and power industry are expected to drive the markets growth during the forecast period.
In terms of value and volume, wind-powered green hydrogen has the largest market share in the global green hydrogen market during the forecasted period
Wind energy led the market for green hydrogen in terms of value in 2021, accounting for 48% of the total. Wind farms are typically built onshore or offshore. In comparison to onshore plants, offshore plants have consistent output all year. Wind energy prices have dropped by 44-78% since their peak in 2007-2010. This factor has significantly increased the acceptance of wind power for green hydrogen production. Offshore and onshore wind farms are currently used to generate power for use in green hydrogen generation.
In terms of value and volume, the mobility end-use industry held the largest market share in the global green hydrogen market during the forecast period.
The mobility end-use industry accounted for the largest share of the green hydrogen market in terms of value. This is due to the fact that hydrogen has three times the energy per unit as fossil fuels. The mobility industry had no other sustainable alternatives to fossil fuels prior to the commercialization of fuel-cell-based engines. However, fuel cell electric vehicles (FCEVs) provide a more sustainable alternative. For the automotive industry, green hydrogen is a viable and practical substitute. Green hydrogen-powered vehicles are ideal for mining vehicles, trains, aircraft, lorries, buses, and even maritime transport. Green ammonia is welcomed by shipping companies as a means of reducing carbon emissions. Unlike green hydrogen, green ammonia can be stored in standard tanks and used in both internal combustion engines and fuel cells.
Asia pacific is the second-largest region in terms of value in the green hydrogen market during the forecast period
Asia pacific is the second largest market for green hydrogen, in terms of value and volume. The growth of the green hydrogen market in Asia pacific can be attributed to the presence of leading green hydrogen manufacturers, such as Toshiba Energy Systems & Solutions Corporation (Japan), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China). Asia pacific has undertaken substantial research with regard to hydrogen production and to understand the revolutionary potential of green hydrogen. Transition toward green energy and commitments by major Asian pacific countries like China, India, Australia toward emission reduction. This, in turn, boosts the demand for green hydrogen in the region.
The major players active in the Green Hydrogen Market as Siemens Energy AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Nel ASA (Norway), Linde plc (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 S.A. (France), and Air Products and Chemicals, Inc. (US), Uniper SE (Germany), Engie SA (France), Orsted AS(Denmark), Lhyfe (France).
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