Green Hydrogen Market Trends and Growth Forecast 2023 to 2033

23 Feb 2024

Green hydrogen, a breakthrough in renewable energy, is created via electrolysis using sources like wind, solar, or hydropower to split water into hydrogen and oxygen. Unlike grey or blue hydrogen from fossil fuels, it's emission-free, crucial for clean energy. Its applications span transportation, industry, and energy storage, serving as a sustainable solution for storing excess renewable energy. 

Green Hydrogen Market Analysis: Drivers, Challenges and Opportunities 

The global market for green hydrogen is being driven by the intersection of inexpensive variable renewable energy (VRE) electricity, particularly sourced from solar and wind power. Decreasing costs associated with VRE sources are promoting the adoption of green hydrogen technologies, rendering them progressively competitive and financially feasible. 

Nevertheless, significant hurdles persist due to high production costs stemming from electrolysis technology, the infrastructure required for renewable energy, limited economies of scale, and the demands of storage and transportation. Initiatives aimed at tackling these challenges involve advancements in technology, governmental support, partnerships, and the expansion of production capacity. 

Despite these obstacles, the wide-ranging applications of green hydrogen across various sectors present considerable opportunities for market growth, technological progress, economic development, climate change mitigation, and international trade, positioning green hydrogen as a pivotal player in the shift towards a low-carbon energy system.  

BIS Research released the Green Hydrogen Market Report, which covers 2023 to 2033, with a base year of 2022. In 2023, the market size was $828.2 million, and it is projected to reach $141.29 billion by 2033, with an impressive compound annual growth rate (CAGR) of 67.19%. The report comprises 156 pages and includes 73 tables and 13 figures, providing comprehensive insights into the market dynamics, trends, and opportunities driving the growth of the green hydrogen sector. 

Evaluate Free Sample Report: Download Sample Report 

Key Players in the Green Hydrogen Market 

•    Linde plc 

•    Air Liquide 

•    Air Products and Chemicals, Inc. 

•    Engie 

•    Uniper SE 

•    Siemens Energy 

•    Green Hydrogen Systems 

•    Cummins Inc. 

•    Toshiba Energy Systems & Solutions Corporation 

•    Nel ASA 

•    SGH2 Energy Global Corp. 

•    Plug Power Inc. 

•    Aker Horizons 

•    Fusion-Fuel 

•    HY2GEN AG 

Green Hydrogen Market Segments 

Segmentation 1: by Application 

•    Oil and Gas 

•    Industrial Feedstock 

        o    Ammonia 

        o    Methanol 

        o    Steel 

        o    Others 

•    Mobility 

•    Power Generation 

•    Others 

Segmentation 2: by Technology 

•    Proton Exchange Membrane (PEM) Electrolyzer 

•    Alkaline Electrolyzer 

•    Anion Exchange Membrane 

•    Solid Oxide Electrolyzer 

Segmentation 3: by Renewable Energy Source 

•    Wind Energy 

•    Solar Energy 

•    Others 

Segmentation 4: by Region 

•    North America - U.S., Canada, and Mexico 

•    Europe - France, Germany, U.K., Spain, Italy, Russia, and Rest-of-Europe 

•    Asia-Pacific - China, India, Japan, Australia, South Korea, and Rest-of-Asia-Pacific 

•    Rest-of-the-World (ROW) 

Overview: The industrial feedstock application is a crucial aspect of the global green hydrogen market, offering transformative potential for industries aiming for sustainability. Green hydrogen facilitates significant decarbonization in sectors reliant on traditional hydrocarbon feedstocks, such as chemical production and steelmaking. Alkaline electrolyzers are the leading technology among electrolyzer types due to their cost-effectiveness and longer operational lifespan. Solar energy is expected to dominate as the primary renewable energy source for green hydrogen production, driven by declining costs and increased economic feasibility. Europe leads the global market regionally, spurred by aggressive renewable energy initiatives, strong policy frameworks, and substantial investments in green hydrogen infrastructure and technology. 

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Analyst Take on the Green Hydrogen Market 

BIS principal analyst suggests: The global green hydrogen market is experiencing key trends, including a focus on decarbonization, infrastructure development, and declining costs of renewable energy sources. The market report's unique selling proposition (USP) lies in its comprehensive coverage of industry trends, market insights, technological advancements, and competitive landscape. It offers valuable data and analysis to assist businesses in making informed decisions, identifying growth opportunities, and strategizing market entry or expansion plans within this rapidly evolving sector. This report is essential for companies involved in manufacturing and commercializing green hydrogen and for research institutions and regulatory bodies seeking insights into the market dynamics and prospects. 

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