Green Hydrogen market is projected to grow at a CAGR of 46.5% by 2034: Visiongain

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Visiongain has published a new report entitled Green Hydrogen Market Report 2024-2034: Forecasts by Component (Hardware, Software (Digital)), by Value Chain (Production, Storage, Transport), by Renewable Source (Wind Energy, Solar Energy, Geothermal, Hydropower), by Production Method (Alkaline Electrolysis, Proton Exchange Membrane (PEM) Electrolysis, Solid Oxide Electrolysis, Steam Methane Reforming (SMR), Biomass Gasification), by Application (Refining, Steel Production, Glass Industry, Electronics Industry, Food Processing, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global green hydrogen market was valued at US$2.3 billion in 2023 and is projected to grow at a CAGR of 46.5% during the forecast period 2024-2034.

Green Hydrogen Offers a Decarbonization Solution Driving the Market Growth

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Green hydrogen has positioned itself as a frontrunner in driving decarbonization efforts globally, offering a sustainable and low-carbon solution amid the heightened focus on combating climate change. Its distinct production method, involving electrolysis using renewable energy sources like solar or wind power, distinguishes it from conventional methods, aligning with the urgent need for worldwide decarbonization.

The market growth of green hydrogen is propelled not only by environmental consciousness but also by its pivotal role in addressing carbon-intensive industries. Sectors with significant carbon footprints, such as steel and chemical manufacturing, actively seek cleaner alternatives, and green hydrogen emerges as a viable solution. Its adaptability to sectors requiring high-temperature heat contributes to sustained market growth. In transportation, particularly heavy-duty transport and aviation, the potential of hydrogen-based fuels derived from green hydrogen amplifies demand, solidifying its role in the global transition toward sustainability.

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How has COVID-19 had a significant negative impact on the Green Hydrogen Market?

The COVID-19 pandemic has undoubtedly left its mark on various industries, and the green hydrogen market is no exception. The global disruptions in supply chains, workforce limitations, and economic uncertainties have posed challenges for the green hydrogen sector. However, the impact has been multifaceted, influencing both positive and negative aspects of the market.

On the positive side, the pandemic has accelerated the focus on sustainability and the transition to cleaner energy sources. Governments and industries worldwide have shown increased interest in resilient and environmentally friendly solutions. As a result, investments in renewable energy, including green hydrogen projects, have gained momentum. The emphasis on building back economies with a green recovery has become a driving force for advancing sustainable technologies.

For instance, despite the challenges posed by the pandemic, key players in the green hydrogen sector, such as [mention specific companies], have continued to make strategic investments. Governments have also recognized the potential of green hydrogen in economic recovery plans. The European Union’s Green Deal and the U.S. commitment to clean energy initiatives are notable examples of policy-driven support for green hydrogen projects.

How will this Report Benefit you?

Visiongain’s 417-page report provides 126 tables and 197 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global green hydrogen market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Green Hydrogen. Get financial analysis of the overall market and different segments including component, value chain, renewable source, production method, application and capture higher market share. We believe that there are strong opportunities in this fast-growing green hydrogen market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Emergence of Green Hydrogen Ecosystems: A Holistic Approach to Sustainable Hydrogen Solutions

The evolution of comprehensive green hydrogen ecosystems stands out as a pivotal driver propelling market growth. These integrated systems, encompassing production, storage, transportation, and diverse end-use applications, play a crucial role in enhancing the scalability and viability of green hydrogen. A noteworthy exemplification of this paradigm shift is the H2South Australia project. This ambitious initiative revolves around the establishment of a robust green hydrogen ecosystem, wherein multiple stakeholders collaborate seamlessly to construct a sustainable hydrogen value chain. This holistic approach underscores the transformative potential of cohesive green hydrogen ecosystems in shaping the future of sustainable energy solutions.

Rising Global Demand for Hydrogen in Industries: Catalyst for Green Hydrogen Integration

The burgeoning global demand for hydrogen across diverse industries emerges as a cornerstone driver for the green hydrogen market. Sectors such as steel production, chemicals, and transportation are fervently seeking clean and sustainable alternatives, steering the trajectory towards widespread adoption of green hydrogen. In this context, Germany’s steel industry serves as a compelling illustration. Focused on reducing carbon emissions in steel manufacturing processes, the industry is strategically transitioning towards green hydrogen, aligning with the overarching goal of achieving cleaner and more sustainable industrial practices.

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Where are the Market Opportunities?

Development of Hydrogen Infrastructure: Catalyst for Green Hydrogen Ubiquity

The strategic development of a robust hydrogen infrastructure emerges as a linchpin for the widespread adoption and integration of green hydrogen into global energy systems. Governments and private entities worldwide are making substantial investments in creating an extensive hydrogen ecosystem, encompassing pipelines, storage facilities, and distribution networks. An exemplar of this commitment is evident in Japan’s visionary initiative to establish a “hydrogen society.” This ambitious undertaking involves multifaceted infrastructure development, including the establishment of hydrogen refuelling stations and the creation of an efficient transportation network. The emphasis on infrastructure development underscores its pivotal role in shaping the trajectory of green hydrogen as a cornerstone of sustainable energy solutions.

International Collaboration and Partnerships: Driving Forces for Global Green Hydrogen Advancement

International collaboration and strategic partnerships stand as accelerators for the exponential growth of the green hydrogen market on a global scale. Countries across the world are increasingly recognizing the power of collaborative efforts, pooling expertise, resources, and investments into large-scale green hydrogen projects. A testament to this collaborative spirit is the European Clean Hydrogen Alliance, a dynamic consortium that unites both public and private stakeholders. This alliance operates with the shared objective of advancing the production and utilization of green hydrogen throughout the European continent. The collaborative synergy exemplified by such alliances underscores the collective determination to propel green hydrogen to the forefront of the global energy transition.

Competitive Landscape
The major players operating in the green hydrogen market are Air Liquide, Air Products and Chemicals, Inc, Cummins Inc, Engie SA, Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd., H&R Ölwerke Schindler GmbH, Lhyfe, Linde plc, Nel ASA, Ørsted A/S, Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, Uniper SE, Wind to Gas Energy GmbH & Co. KG. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

  • 17 Sept 2023, Siemens Energy and Air Liquide signed a memorandum of understanding (MoU) to collaborate on the development of green hydrogen projects. The MoU will focus on the development of joint projects, the exchange of knowledge and expertise, and the promotion of green hydrogen as a sustainable energy solution.
  • 18 Sept 2023, Cummins Inc has entered into Collaboration with Maire Tecnimont to build India’s largest PEM electrolyser for GAIL, boosting green hydrogen ambitions in the country.

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About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

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