Chicago, Aug. 14, 2024 (GLOBE NEWSWIRE) — Generally Green hydrogen market is expected to grow from USD 1.1 billion in 2023 to USD 30.6 billion by 2030, at a CAGR of 61.1% during the forecast period, according to the latest study by MarketsandMarkets™. The market is driven by several factors, including the falling cost of producing renewable energy from various sources, advances in electrolysis technologies, and the increasing demand from the energy industry and fuel cell electric vehicles. The number of countries committing to achieving net zero emissions is steadily increasing. These commitments represent an important milestone in the advancement of green hydrogen.
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Browse the detailed table of contents on the topic “Green Hydrogen Market”
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List of major players in the green hydrogen market:
- Linde plc (Ireland)
- Guangdong Synergy Hydrogen Power Plant Technology (China)
- Siemens Energy AG (Germany)
- H&R Oil Works Schindler (Germany)
- Cummins and Enbridge Gas (Canada)
- Wind to Gas Energy GmbH & Co. KG (Germany)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Nel ASA (Norway)
Drivers, opportunities and challenges in the field of green hydrogen:
- Driver: High demand from FCEVs and the energy industry
- Restraint: High costs for green hydrogen
- Opportunity: Increasing government investment
- Challenge: High initial investments
Key findings of the study:
- Alkaline electrolysis accounts for the largest share of the green hydrogen market in terms of value.
- Wind energy will represent the largest segment in the global green hydrogen market in terms of value during the forecast period.
- The mobility end-use industry accounted for the largest market share in the global green hydrogen market in terms of value and volume during the forecast period.
- Europe is expected to have the largest share of the green hydrogen market during the forecast period.
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Based on renewable sourcesSolar power segment is the second largest segment by value as it provides low-cost, clean energy, making it an option for hydrogen production. Solar power can be used for electrolysis, which splits water into hydrogen and oxygen to produce green hydrogen. Solar power can be easily scaled up or down as per demand, making it a flexible option for hydrogen production. Moreover, the resource is abundant and has the potential to provide more energy. Key projects and initiatives include Saudi Arabia’s plans to build an $8.4 billion green hydrogen plant by 2026, powered by 4 GW of solar and wind power, and produce up to 600 tonnes of green hydrogen in the form of liquid ammonia per day. India aims to have a green hydrogen production capacity of at least 5 million tonnes per year by 2030 and also plans to add about 125 gigawatts of renewable energy capacity.
Based on technologythe alkaline electrolysis segment has been the fastest growing segment, driven by its cost-effectiveness, efficiency and versatility. This method uses alkaline electrolyzers to split water into hydrogen and oxygen using electricity, often from renewable sources. It is characterized by its high efficiency in converting electricity into hydrogen, making it ideal for large-scale applications. By integrating with renewable energy sources such as solar and wind, alkaline electrolysis enables the production of green hydrogen. The growth of the technology is driven by increasing demand across industries, including transportation and power generation.
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Based on regionAsia Pacific is the second largest green hydrogen market by value, with strong government policies and private sector investment driving the growth of green hydrogen initiatives. Countries such as Australia, India, Japan, New Zealand, China, Korea and Singapore have developed national hydrogen strategies, while companies such as Linde plc, Sembcorp Industries and Sinopec are investing in green hydrogen projects. The region is home to several major green hydrogen projects, including the Australian Renewable Energy Hub, the Asian Renewable Energy Hub in Singapore and the Inner Mongolia Erdos Wind-Solar Green Hydrogen Project in China. Asia Pacific could capture nearly 55% of the global green hydrogen market in 2030, driven by demand in China, India and Indonesia.
Toshiba Energy Systems & Solutions Corporation
Toshiba Energy Systems & Solutions Corporation is a subsidiary of Toshiba Corporation. The company provides power transmission and distribution, energy-related solutions, and heavy ion therapy solutions, among others. It has expertise in a wide range of energy management technologies and power generation and transmission systems, such as energy conversion, renewable energy, and energy adaptation. The company is one of the world’s leading players in the green hydrogen market. The company is working on developing a next-generation water electrolyzer called SOEC to produce large quantities of high-quality hydrogen.
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