According to Precedence Research, the global green hydrogen market size is estimated to reach around US$ 89.18 billion by 2030 with a registered CAGR of 54% from 2021 to 2030.

Key Highlights:

- The global green hydrogen market size will hit at USD 2.79 in 2022

- In 2019, around 70 million tons of hydrogen was produced

- Annual production of hydrogen consumes 6% of global natural gas and 2% of the global coal

- Electrolysis accounts for around 2% of the global hydrogen production

- Natural gas without CCUs (carbon capture, utilization, and storage) is currently the most economical option for producing hydrogen that costs US$1 per Kg hydrogen in Middle East

- By 2050, the demand for the hydrogen could vary from 150 to 500 million metric tons every year

Europe Captured Largest Market

Europe dominated the global green hydrogen market owing to the strict government regulations pertaining to the adoption of clean energy and sustainable fuel sources. The increasing concerns over global warming and growing corporate and government initiatives to promote the adoption of clean and green energy at various industries has significantly fueled the growth of the green hydrogen market. Moreover, hydrogen is one of the primary sources of energy in European countries and the existence of European Green Deal aims at decreasing the greenhouse gas emissions in Europe to promote environment protection and fight against the climate change issues. Moreover, the rising adoption of the hydrogen powered vehicles and hydrogen aircrafts is a major factor that has propelled the growth of the green hydrogen market in Europe. The surging investments in the hydrogen production technology is resulting in the declining costs of the green hydrogen, which will provide impetus to the market growth in the forthcoming future.

What are the key trends in the Global Green Hydrogen Market?

There are various technologies such as partial oxidation of oil, water electrolysis, steam methane reforming, and coal gasification that are used for the production of hydrogen across the globe. Maximum produced hydrogen are extensively used in the manufacturing of fertilizers and in petroleum refineries. Around 90% of the hydrogen comes from fossil fuel reforming owing to its cost effectiveness. The rising adoption of the water electrolysis technology is expected to boost the green hydrogen market growth in the upcoming years as it produces hydrogen from renewable energy sources like solar and wind energy. The rising applications of green hydrogen in various industries as fuel cell is driving the growth of the market significantly across the globe.

Ask here for more details@ https://www.precedenceresearch.com/customization/1451

What are the key challenges in the Global Green Hydrogen Market?

The lack of well-established infrastructure may act as a major challenge for the global green hydrogen market. The rising popularity of the alternative fuel vehicles across the globe is expected to drive the sales of the alternative fuel vehicles. Hydrogen is considered to be the 100% eco-friendly solution for the transportation. However, the lack of proper infrastructure for refilling the hydrogen fuel may restrain the growth of the market. Furthermore, a high capital investment is required for the hydrogen energy storage. Hydrogen energy can be stored as compressed gas in the high pressure tanks, in liquid form at -253 degree Centigrade, and in chemical form. The storage of hydrogen energy is a costly affair, which may hinder the market growth. Therefore, the high capital investments and lack of proper infrastructure are the major challenges for the green hydrogen market.

Asia Pacific Forecast the Strongest Growth Rate during the Forecast Year (2022-2030)

China is the most prominent player in the global green hydrogen market that captures around one-third of the global market. China produces around 20 million tons of hydrogen per year. Chinese government is heavily investing in development of the green hydrogen infrastructure. China is witnessing increased pollution levels and climate change owing to the rapid industrialization in the past decade. China is one of the largest producers and consumers of the alternative fuel vehicles, which has significantly contributed to the growth of the green hydrogen market. Furthermore, the nations like Japan, South Korea, and India are expected to witness a significant growth rate in the foreseeable future owing to the rising government initiatives to achieve carbon free economy goals.

Top Green Hydrogen Manufacturers in 2020

NEL ASA, ITM Power, ENGIE, SEIMENS, Air Products Inc., Messer Group GMBH, Plug Power Inc., Cummins Inc., Air LIQUIDE, and LINDE are some of the key players in the global green hydrogen market.