Green Hydrogen Market to Surpass USD 385 Billion by 2030 on Account of Rising Environmental Imperatives and Innovations in Electrolysis Technology | By SNS Insider
Based on SNS Insider’s analysis, as the convergence of renewable energy, technological innovation, policy support, and industrial demand accelerates, the green hydrogen market is poised to become a pivotal driver of global energy transition.
Pune, Aug. 11, 2023 (GLOBE NEWSWIRE) — The SNS Insider report indicates that “The Green Hydrogen Market achieved a valuation of $156 billion in 2022 and is projected to exhibit substantial growth, reaching $385 billion by 2030. This expansion is anticipated to occur at a CAGR of 11.98% during the forecast span spanning from 2023 to 2030”.
Market Report Scope
Green hydrogen is a revolutionary and sustainable form of energy that holds the promise of addressing some of the most pressing global challenges we face today. Unlike conventional hydrogen production methods, which heavily rely on fossil fuels and release harmful greenhouse gases into the atmosphere, green hydrogen is produced using renewable sources and emits no carbon dioxide or other pollutants. This unique attribute positions it at the forefront of the clean energy transition and makes it a crucial player in the fight against climate change.
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The global transition towards sustainable energy solutions has ignited a fervent interest in green hydrogen, positioning it as a frontrunner in the race to decarbonize various sectors of the economy. Green hydrogen, produced through electrolysis powered by renewable energy sources, presents an innovative approach to mitigate climate change and reduce reliance on fossil fuels. One of the primary growth drivers for the green hydrogen market is its symbiotic relationship with renewable energy sources. As nations commit to ambitious renewable energy targets, excess renewable energy generated during off-peak hours can be harnessed for electrolysis, thereby enhancing the production of green hydrogen. As the costs of energy sources continue to plummet, the overall cost of generating green hydrogen also decreases, making it more competitive with conventional hydrogen production methods.
Green Hydrogen Market Overview & Scope:
|Market Size in 2022||USD 156 billion|
|Market Size by 2030||USD 385 billion|
|CAGR||CAGR of 11.98% From 2023-2030|
|Key Segments||by Application (Power generations, Transportations, Methanol Production),
by Technology (Alkaline electrolyze, Polymer electrolyte Membrane)
by Distribution channel (Pipeline, cargo)
by End User (Chemical, Power, Medical, automobile)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)|
|20% free customization scope (equivalent to 50 analyst working hours)||If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization.|
|Pricing & Purchase Options||Avail customized purchase options to meet your exact research needs. Explore purchase options.|
Impact of Recession
A recession can indeed present obstacles to the green hydrogen market’s growth, including reduced funding, disrupted supply chains, and diminished consumer demand. However, with strategic policy support, continued research and innovation, and a commitment to sustainability, the green hydrogen sector can weather the storm and emerge as a vital component of a more resilient and environmentally friendly energy landscape.
Impact of Russia-Ukraine War
While the Russia-Ukraine war introduces challenges to the green hydrogen market, it also presents opportunities for adaptation, innovation, and resilience. The market’s response will depend on how governments, industries, and investors navigate the evolving geopolitical landscape while remaining committed to a sustainable and low-carbon energy future.
Key Regional Development
Europe has emerged as a frontrunner in the green hydrogen market, primarily driven by ambitious policy frameworks and robust cross-border collaborations. The European Union’s Green Deal has set the stage for significant investments in green hydrogen infrastructure and research. Asia, with its massive energy demand and rapidly growing economies, sees green hydrogen as a crucial element for achieving energy security and reducing carbon emissions. Countries like Japan and South Korea are strategically investing in research and development, aiming to become key players in the market.
Key Takeaway from Green Hydrogen Market Study
- As the world pivots towards clean energy alternatives, Power Generation emerges as a pivotal player in the green hydrogen narrative. The seamless integration of renewable sources such as wind, solar, and hydropower with electrolysis technologies holds the promise of generating hydrogen fuel with minimal carbon footprint.
- At the heart of the green hydrogen revolution lies Alkaline Electrolysis, an ingenious process that deftly splits water molecules into hydrogen and oxygen using an alkaline solution. This segment commands attention for its inherent scalability, cost-effectiveness, and technological maturity.
Recent Developments Related to Green Hydrogen Market
- In a significant leap towards sustainable energy solutions, Saudi Arabia has unveiled plans to fuel a groundbreaking green hydrogen project utilizing an impressive 2.2 gigawatts (GW) of solar power. This ambitious endeavor underscores the kingdom’s commitment to both renewable energy and reducing its carbon footprint.
- In a groundbreaking move towards sustainable energy solutions, Larsen & Toubro (L&T) has announced a transformative partnership that is set to propel the global green hydrogen initiative forward. Teaming up with a consortium of innovative partners, L&T is committed to investing a staggering $4 billion into a series of trailblazing green hydrogen projects.
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Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Russia- Ukraine War
4.2 Impact of Ongoing Recession
4.2.2 Impact on major economies
18.104.22.168 United Kingdom
22.214.171.124 South Korea
126.96.36.199 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Green hydrogen Market Segmentation, by Application
8.1 Power generations
8.3 Methanol Production
9. Green hydrogen Market Segmentation, by Technology
9.1 Alkaline electrolyze
9.2 Polymer electrolyte Membrane
10. Green hydrogen Market Segmentation, by Distribution Channel
11. Green hydrogen Market Segmentation, by End User
12. Regional Analysis
12.2 North America
12.5 The Middle East & Africa
12.6 Latin America
13. Company Profile
13.1 linde pc
13.1.1 Company Overview
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.3 Nel asa
13.4 bloom energy
13.5 air liquid
13.6 Air Products Inc
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Cases and Best Practices
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