CHICAGO, March 12, 2024 /PRNewswire/ -- The report "Green Hydrogen Market by Technology (Alkaline and PEM), Renewable source (Wind, Solar), End-use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region (North America, Europe, APAC, MEA, & Latin America) - Global Forecast to 2030", is projected to grow from USD 1.1 billion in 2023 to USD 30.6 billion by 2030, at a CAGR of 61.1% during the forecasted period. High demand from the mobility segment, power industry, electrolysis technologies development, and the low cost for producing renewable energy is expected to drive the green hydrogen market.
Browse in-depth TOC on "Green Hydrogen Market"
329 - Tables
52 - Figures
308 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=92444177
Alkaline electrolysis is accounted for the largest segment of the green hydrogen market in terms of value.
Alkaline electrolysis technology in green hydrogen is accounted for the largest segment in terms of value. This dominance is attributed to several key advantages of alkaline electrolysis technology. One major advantage is the variety of electrolytes used, which are cost-effective to produce. These electrolytes are replaceable or exchangeable, contributing to the electrolyzer long life. It tends to produce highly pure green hydrogen, as hydrogen ions do not diffuse easily into the electrolyte solution. This purity is a crucial factor in growing demand of alkaline electrolyzer in green hydrogen across various industries.
The wind energy is accounted for the largest segment, in terms of value in the global green hydrogen market during the forecasted period in terms of value
Wind energy is accounted for the largest segment, in terms of value in the global green hydrogen market during the forecast period. In 2023, wind energy contributed to nearly 49% among the other renewable sources in green hydrogen by value. Wind power plants are typically established either onshore or offshore, with offshore plants offering more consistent output throughout the year compared to onshore ones. The acceptance of wind power for green hydrogen production has received a major boost. Both offshore and onshore wind farms are currently being utilized for power generation to use in green hydrogen production, indicating a growing trend towards renewable energy integration in the hydrogen sector.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=92444177
The mobility end-use industry accounted for the largest market share in the global green hydrogen market during the forecast period in terms of value and volume.
The mobility sector emerged as the dominant segment in the green hydrogen market, representing approx. 58% in terms of value in 2022. Before the advent of fuel-cell-based engines, the mobility industry lacked sustainable alternatives to fossil fuels. However, fuel cell electric vehicles now present a viable and eco-friendly alternative. Green hydrogen has emerged as a practical substitute for traditional automotive fuels. Vehicles powered by green hydrogen are well-suited for a variety of applications, including trains, mining vehicles, lorries, aircraft, maritime vessels, and buses. In maritime shipping companies to reduce carbon emissions are increasingly embracing green ammonia. Unlike green hydrogen, green ammonia can be stored in conventional tanks and utilized in both fuel cells and internal combustion engines.
Europe is expected to account for the largest share in the green hydrogen market during the forecast period.
Europe is the largest market for green hydrogen globally. The European Union's commitment to carbon neutrality by 2050 has spurred significant investments in renewable energy and hydrogen infrastructure. Countries like Germany, France, and the Netherlands have unveiled ambitious hydrogen strategies to lead in production and consumption. With government support, a industrial base, and rising demand for clean energy, Europe is poised to shape the future of the green hydrogen market. The European Green Deal aims to reduce greenhouse gas emissions and transition industries to a climate-neutral economy. The EU hydrogen strategy, introduced in November 2022, targets increasing hydrogen's share to 13%-20% by 2050. European automotive giants like BMW, Audi, Ducati, and Porsche are driving innovation in lightweight, fuel-efficient engines, further boosting the green hydrogen market.
Linde plc (Ireland), Guangdong Synergy Hydrogen Power Technology (China), Siemens Energy AG (Germany), H&R Olwerke Schindler (Germany), Cummins and Enbridge Gas (Canada), Wind to Gas Energy GmbH & Co. KG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), and Nel ASA (Norway) are the leading players in the market. There is significant competition in the green hydrogen market to develop new process technology, lower the manufacturing cost, expand, and increase the use of green hydrogen in the end-use industries. Owing to such opportunities in the industry, companies are aiming to enhance their market shares by adopting various strategies.
Browse Adjacent Market: Green Bio Chemicals Market Research Reports & Consulting
Related Reports:
Biodegradable Plastics Market - Global Forecast to 2028
Bioplastics & Biopolymers Market - Global Forecast to 2027
About MarketsandMarkets
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/green-hydrogen-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/green-hydrogen.asp
Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/green-hydrogen-market-worth-30-6-billion-by-2030--exclusive-report-by-marketsandmarkets-302086354.html
