“Green Hydrogen Market by Technology, Global Opportunity Analysis and Industry Forecast 2021–2028,” according to Allied Market Research:
The worldwide green hydrogen business earned $0.3 billion in 2020, according to the report, and is expected to reach $9.8 billion by 2028, rising at a CAGR of 54.7 percent from 2021 to 2028.
The worldwide green hydrogen market is growing due to an increase in interest about lowering carbon emissions and the proliferation of green hydrogen generating technologies. The high capital cost of hydrogen energy storage, on the other hand, limits market expansion. On the other hand, in the coming years, favorable green hydrogen generating technologies will open up new possibilities.
Due to protracted lockdown in major nations and supply chain interruptions, the green hydrogen industry was affected in the first and second quarters of 2020.
At the same time, the epidemic boosted the renewable energy industry, resulting in a steady growth in energy demand.
The market, however, recovered in the third and fourth quarters, particularly in North America and Europe. With less limitations, the market is projected to recover quickly in other parts of the world.
During the projected period, the alkaline electrolyzer segment is expected to maintain its leadership position.
The alkaline electrolyzer segment accounted for the biggest market share by technology in 2020, accounting for more than half of the worldwide green hydrogen market, and is expected to maintain this position throughout the forecast period. Furthermore, from 2021 to 2028, this segment is predicted to grow at the fastest rate of 54.8 percent. These electrolyzers are less expensive, can be linked directly to an inconsistent power supply, can be used with filtered rainwater, and are easy to use, all of which contribute to the segment’s growth.
During the forecast period, the power generating category is expected to maintain its lead.
By application, the power generation sector accounted for over two-thirds of the worldwide green hydrogen market in 2020, and this trend is likely to continue during the forecast period. Furthermore, from 2021 to 2028, the segment is predicted to grow at the fastest rate of 54.9 percent. Electrolyzers are becoming increasingly popular as a clean energy source for power generation, propelling the segment’s growth.
By 2028, Europe will be the fastest-growing region, followed by North America.
Europe, followed by North America, accounted for the largest market share in 2020, accounting for more than two-fifths of the worldwide green hydrogen market, and is expected to maintain its lead in terms of revenue by 2028. This is because the number of green hydrogen generating facilities in the region is growing. During the forecast period, however, the Asia-Pacific region is expected to have the highest CAGR of 55.0 percent. The greatest contributors to the green hydrogen market are Australia and Japan. Green hydrogen’s expansion in this province is aided by this aspect.
Leading players in the market
Ballard Power Systems is a company that specializes in the production of
Hydrogen Systems that are environmentally friendly
Nikola Motors is a company that produces automobiles.
SGH2 Energy Global LLC is a company based in the United States.
Siemens Gas is a company that produces natural gas.
Power GmbH & Co. KG is a company based in Germany.