Technavio has announced its latest market research report titled Global Green Hydrogen Market
NEW YORK, Dec. 12, 2023 /PRNewswire/ — The green hydrogen market size is forecasted to increase by USD 14.74 billion from 2022 to 2027, at a CAGR of 45.51%, according to the recent market study by Technavio. APAC will account for 57% of the market growth during the forecast period. The growth of the regional market is driven by rising investments in industries such as chemical, fertilizer, refinery, glass, semiconductor, metal processing, and food. In addition, the increasing adoption of clean green hydrogen generation technologies across industries will drive the growth of the green hydrogen market in APAC. Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download the Sample Report
Technavio has announced its latest market research report titled Global Green Hydrogen Market
Vendor Analyis
The global green hydrogen market is fragmented and highly competitive, with vendors competing to gain more market shares. The intense competition, rapid advances in technology, and ever-changing market dynamics are the key factors fueling competition among vendors. The competitive environment in the market is expected to intensify further during the forecast period, with the increase in the demand for hydrogen and technological innovations. The high fixed costs and high exit barriers increase competition among vendors. Thus, the threat of rivalry was high in 2022 and is expected to remain the same during the forecast period. Some of the key vendors covered in the report include:
Air Liquide SA – The company offers green hydrogen products such as Electrolyzers and Integrated Power for X plants.
Air Products and Chemicals Inc. – The company offers green hydrogen products such as NEOM Green Hydrogen Complex.
Green Hydrogen Systems – The company offers green hydrogen products such as ummins Hystat 60 10 Electrolyzers.
Indian Oil Corp. Ltd. – The company is involved in the production of green hydrogen solely based on renewable energy.
Cummins Inc.
ERGOSUP
Guangdong Nation Synergy Hydrogen Power Technologies Co Ltd.
Jindal Steel and Power Ltd.
Linde Plc
Loop Energy Inc.
Nel ASA
Plug Power Inc.
Solena Group
Ceres Power Holdings plc
Larsen and Toubro Ltd.
Siemens Energy AG
Why Buy?
Add credibility to strategy
Analyzes competitor’s offerings
Get a holistic view of the market
Grow your profit margin with Technavio – Buy the Report
Key Benefits for Industry Players & Stakeholders –
The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key maket players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Get a holistic overview of the green hydrogen market by industry experts to evaluate and develop growth strategies. Download the Sample
Market Segmentation:
The market is segmented by end-user (chemical, power, industrial, and mobility and others), technology (alkaline electrolyzer and polymer electrolyte membrane (PEM) electrolyzer), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The market growth in the chemical segment will be significant over the forecast period. The chemical industry is the largest end-user of green hydrogen. Green hydrogen is widely used in the manufacturing of chemical compounds such as paints, synthetic fibers, nylon, and polyurethane elastomers and in the plasticization of plastics. Th increasing demand for green feedstock or precursor molecules such as ammonia and methanol is another major factor driving the growth of the segment.
Market Dynamics:
Key Drivers:
Growing adoption of clean fuel
Growing adoption of fuel cell-powered vehicles
Increasing focus on decarbonization
Green hydrogen generates zero emissions. Hence, many organizations are replacing fossil fuels such as coal or natural gas with green hydrogen. Green hydrogen power generation offers several benefits. For instance, the extra energy generated through renewable sources such as wind turbines or solar PVs can be used for green hydrogen production. The produced hydrogen finds various applications across different sectors, including transport, industry, or utility for grid injection. Moreover, renewable power plants are generally located at distant locations from end-users. In such cases, the generated power can be used for electrolysis for the production of green hydrogen, thereby making transportatio commoditized and unconstrained by grid connection, similar to LNG. Such benefits are increasing the use of green energy as a clean fuel, which is driving the growth of the market.
Major Trends:
Increasing initiatives by the governments
Growing focus on using clean hydrogen in refineries
Rising usage of fuel cells in the stationary power sector
Governments worldwide are undertaking various initiatives to reduce carbon emissions by encouraging the adoption of clean energy generation technologies. For instance, the European Union (EU) has defined a hydrogen strategy as part of the Great Deal. In the first phase of the initiative, between 2020 and 2024, the objective is to build at install at least 6 GW of electrolyzers in the EU and produce up to 1 million tons of green hydrogen. In the second phase, between 2024 and 2023, the objective is to install 40 GW of electrolyzers to produce 10 million tons of green hydrogen. Such initiatives adopted by governments across the world will positiely impact the growth of the market during the forecast period.
Key Challenges:
High initial cost
Lack of refueling infrastructure for FCVs
Competition from alternative technologies
Green hydrogen costs nearly 2-3 times the cost of grey hydrogen. The fuel cells used in green hydrogen technology are 1.5-2 times more than fossil fuel alternatives. In addition, the cost of green hydrogen production is about USD 5-USD 6 per kg. This makes it expensive for industries such as steel, fertilizer, and long-range shipping to adopt this fuel. These factors increase the initial cost of setting up the production plant, which hinders the growth of the market.
Gain instant access to 17,000+ market research reports.
Technavio’s SUBSCRIPTION platform
What are the key data covered in this green hydrogen market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the green hydrogen market between 2023 and 2027
Precise estimation of thesize of the green hydrogen market size and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the green hydrogen market across APAC, Europe, North America, Middle East and Africa, and South America
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of green hydrogen market vendors
Related Reports:
The hydrogen generation market is estimated to grow at a CAGR of 5.58% between 2022 and 2027. The size of the market is forecasted to increase by USD 47.84 billion.
The green ammonia market is estimated to grow at a CAGR of 90.05% between 2022 and 2027. The size of the market is forecasted to increase by USD 1,008.31 million.
TOC
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by End-user
market Segmentation by Technology
Customer Landscape
Geograpic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 110
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
