Canada, Ottawa, Dec. 30, 2024 (GLOBE NEWSWIRE) — Introspective Market Research is thrilled to announce the release of its newest report, “Green Hydrogen Market.” This comprehensive analysis reveals that the global Green Hydrogen market, valued at USD 3.8 billion in 2023, is on a trajectory of significant growth, projected to reach USD 78.13 billion by 2032. This upward momentum corresponds to a robust CAGR of 39.83% over the forecast period from 2024 to 2032.
Green hydrogen is an eco-friendly energy source created by dividing water with electricity from renewable sources such as wind or solar. This technique greatly lowers greenhouse gas emissions compared to conventional hydrogen production that depends on fossil fuels.
The green hydrogen market is driven by global decarbonization goals aiming to reduce carbon emissions. Technological advancements, such as improvements in PEM, Solid Oxide, and Alkaline Electrolyzers, enhance production efficiency and lower costs. Alkaline electrolyzers, known for longevity and affordability, are key for large-scale hydrogen generation and cost-effective operations.
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Key Industry Insights
Global Decarbonization Goals
The worldwide green hydrogen market is mainly fueled by global efforts to reduce carbon emissions. Nations globally are establishing bold objectives to shift towards sustainable energy alternatives and reduce their ecological impact. Green hydrogen, produced from renewable energy sources, presents a hopeful addition to fossil fuels in various sectors.
Technological Advancements
Improvements in hydrogen production technologies are increasing efficiency and lowering costs. Proton Exchange Membrane (PEM), Solid Oxide, and Alkaline Electrolyzers are enhancing the feasibility of producing green hydrogen. Alkaline electrolyzers are recognized for their longevity and affordability, positioning them as a viable choice for large-scale hydrogen generation, which continues to be a popular technique because of their dependability and reduced operational expenses.
45V and the Inflation Reduction Act (IRA)
The Inflation Reduction Act (IRA) has established the 45V tax credit, an essential encouragement for advancing green hydrogen initiatives in the United States. This tax incentive benefits hydrogen producers according to the “greenness” of their production methods, effectively imposing penalties for carbon emissions. The 45V credit seeks to enhance the economic viability of green hydrogen by providing significant financial incentives for low-carbon hydrogen, contrasting with conventional hydrogen production methods that frequently depend on fossil fuels. Additionally, the IRA contains measures that encourage the growth of renewable energy resources such as solar and wind energy. This is an essential step, as the production of green hydrogen largely depends on renewable electricity.
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Challenges and Barriers:
Regulatory and Policy Uncertainty
A major obstacle to the advancement of green hydrogen is the uncertainty regarding government support. For instance, the U.S. Inflation Reduction Act provides a tax credit (45V) aimed at enhancing green hydrogen production, yet the details regarding the implementation of this credit are still unclear. This uncertainty fosters a hazardous setting for investors and developers. To promote investment and create a stable market for green hydrogen, policymakers need to implement clear and uniform regulations and incentives.
Future Trends and Opportunities:
Decarbonization in the industry
The rise of renewable energy and green hydrogen production are closely linked, with green hydrogen driving the demand for renewable energy systems. By 2050, green hydrogen could represent 5% of global energy consumption, requiring 4,000–16,000 GW of installed capacity. Electrolyzer systems, powered by solar and wind energy, can operate independently, maximizing efficiency and minimizing costs. Surplus renewable electricity can be used for electrolyzers, although limited operating hours may increase costs.
Encourage the growth of renewable energy while enhancing the flexibility of power systems.
The rise of renewable energy and green hydrogen production are interconnected, with green hydrogen driving the need for renewable energy systems. By 2050, green hydrogen could account for 5% of global energy consumption, requiring 4,000–16,000 GW of installed capacity. Electrolyzer systems powered by solar and wind energy can operate independently, optimizing efficiency and reducing costs. Surplus renewable electricity can also power electrolyzers, though limited operating hours may raise costs. Mobile electrolyzers can further enhance efficiency by relocating to regions with surplus power. Additionally, modern electrolyzers, like PEM systems, can improve grid stability and generate additional revenue through ancillary services.
Value Chain Analysis of Green Hydrogen
Production → Transformation → Transportation → End Use
- Production:
- Renewable Energy → Electrolysis → Green Hydrogen
- Transformation:
- Co₂ Capture → Synthetic Fuels (H2 + Co₂) | Green Ammonia (Nh₃)
- Transportation:
- Shipping → Trucks → Pipelines → Storage
- Industry: Steel, Chemicals, Refineries
- Transport: Shipping, Aviation, Cars, Rail, Trucks, Buses
- Heating: Residential & Commercial
- Power Generation: Fuel Cells, Combustion Turbines
Key Manufacturers
Identify the main players and organizations in a particular industry or market that have a strong impact on its dynamics. Recognizing these important individuals is crucial for grasping competitive positioning, market trends, and strategic opportunities.
- Siemens Energy (Germany)
- Nel ASA (Norway)
- Plug Power Inc. (United States)
- ITM Power PLC (United Kingdom)
- McPhy Energy S.A. (France)
- Ballard Power Systems (Canada)
- Cummins Inc. (United States)
- Linde plc (United Kingdom)
- ENGIE SA (France)
- Kawasaki Heavy Industries, Ltd. (Japan)
- Hydrogenics (Canada)
- Air Liquide (France)
- Thyssenkrupp AG (Germany)
- Statoil (Norway)
- Shell plc (Netherlands)
- Enel S.p.A. (Italy)
- Fortescue Future Industries (Australia)
- H2One (Australia)
- Acteon (France)
- WorleyParsons (Australia) and Other Key Players
In November 2024, India and the European Union (EU) finalized an extensive roadmap for green hydrogen cooperation, covering infrastructure development, technology collaboration, and strengthening supply chains.
In August 2024, Victory Clean Energy announced it entered into a binding agreement to acquire the intellectual property and exclusive rights to Proton Power’s Cellulose to Hydrogen Power (CHyP Engine) system for $100 million, payable over five years.
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Key Segments of Market Report
By Technology:
Alkaline electrolyzers represent a proven and dependable technology that has been utilized for many years, making them the most developed alternative for hydrogen generation. They utilize a liquid alkaline solution (commonly potassium hydroxide) as the electrolyte to separate water into hydrogen and oxygen. Alkaline electrolyzers are recognized for their durability, extended lifespan, and strong resistance to untreated feed water, making them ideal for demanding industrial settings.
By End-User:
Green hydrogen is becoming a revolutionary energy source for the transportation industry, providing significant environmental advantages across different transportation modes, such as buses, trucks, airplanes, and ships. It can be used in fuel cells or thermal conversion engines, with fuel cells providing a clean, emission-free solution for short-range aviation, while thermal conversion can be scaled for longer distances. The use of green hydrogen greatly lowers harmful emissions, including nitrogen oxides and greenhouse gases, particularly in heavy-duty vehicles and the shipping sector.
By Region:
Asia-Pacific is emerging as a dominant force in the green hydrogen market, with significant investments and policy support driving its growth. Countries like Japan, India, and Pakistan are leading the charge, with Japan allocating billions of dollars for hydrogen infrastructure and research, including a $10 billion pledge for renewable energy and clean hydrogen initiatives. India is positioning itself as a major hydrogen exporter, backed by a $2 billion incentive program. The Asian Development Bank and the Asian Infrastructure Investment Bank are actively supporting these efforts, alongside private capital investments totaling billions. This region’s strategic investments in green hydrogen are helping to meet growing energy demands while advancing the transition to sustainable, low-carbon energy sources.
| Region | Green hydrogen production in 2023 (kilotons) |
| North America | 19.4 |
| South and Central America | 1.1 |
| Europe | 31.6 |
| Middle East | 0.1 |
| Africa | 1.7 |
| Asia Pacific | 93.6 |
| World Totals | 147.6 |
Source: Global Hydrogen Production by Region
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Comprehensive Offerings:
Market Size and Competitive Landscape (2017–2023): In-depth analysis of market trends, size, and the competitive landscape in recent years.
Pricing Trends and Regional Price Analysis (2017–2023): Review of historical pricing patterns and regional pricing data.
Market Size, Share, and Forecast by Segment (2024–2032): Projections and insights into market growth, share, and segment-specific forecasts.
Market Dynamics: Thorough examination of key growth drivers, challenges, opportunities, and trends, with a focus on regional variations.
Trend Analysis: Assessment of emerging trends that are shaping the market.
Trade Overview: Analysis of trade patterns, including imports and exports, and their influence on market dynamics.
Market Segmentation: Detailed analysis of market segments and sub-segments, including a regional breakdown.
Competitive Landscape: Strategic profiles of key players, along with competitive benchmarking across different regions.
PESTLE Analysis: A comprehensive evaluation of political, economic, social, technological, legal, and environmental factors impacting the market.
Porter’s Five Forces Analysis: Analysis of the competitive forces influencing the market.
Industry Value Chain Analysis: Insights into the value chain to identify key contributors and stages.
Legal and Regulatory Framework by Region: Exploration of the legal and regulatory environment and its impact on business operations.
Strategic Opportunities and SWOT Analysis: Identification of business opportunities, supported by a SWOT analysis.
Conclusion and Strategic Recommendations: Final insights and actionable recommendations for stakeholders.
About Us:
Introspective Market Research (IMR) is a global leader in market research, specializing in big data and advanced analytics to offer strategic insights and consulting. With expertise in predicting future market trends, IMR delivers accurate forecasts based on comprehensive primary and secondary research. Led by CEO Mrs. Swati Kalagate, the company emphasizes a culture of excellence and high-quality data. Through industry connections, in-depth investigations, and expert collaborations, IMR ensures reliable insights that help businesses navigate complex markets and drive sustainable growth. The company’s rigorous methodology empowers stakeholders to stay ahead of trends and make informed business decisions.
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