| The report “Green Hydrogen Market by Technology (Alkaline and PEM), Renewable Source (Wind, Solar, Geothermal, Hydropower, and Hybrid of Wind & Solar), End-Use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region – Global Forecast to 2027″, is projected to grow from USD 676 million in 2022 to USD 7,314 million by 2027, at a CAGR of 61.0% during the forecasted period. Factors such as lowering cost of producing renewable energy by all sources, development of electrolysis technologies and high demand from FCEVs and power industry are expected to drive the markets growth during the forecast period.
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Some of the prominent key players are:
· Siemens Energy AG (Germany), · Toshiba Energy Systems & Solutions Corporation (Japan) · Nel ASA (Norway) · Linde plc (Ireland) · Cummins Inc. (US) · H&R Ölwerke Schindler GmbH (Germany) · Wind to Gas Energy GmbH & Co. KG (Germany) · Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China)
Opportunity: Decreasing costs of electrolyzers
The cost of electrolyzers dropped to nearly half its value five years ago. This fall is expected to continue in the current decade. Another factor affecting the final cost is reducing the cost of renewable energy sources. The major reason for this fall in cost is the investments put in research and development of the technology to make it more efficient. The recent development of solid oxide electrolyzers that can give 100% efficiency at a high-temperature range shows the potential of the technology. High demand in mobility industry for green hydrogen High demand in the mobility industry for green hydrogen due to its practical applications. The only emission from a fuel cell vehicle using hydrogen is water steam. Hydrogen is thus a clean fuel for cars without emissions of pollutants and greenhouse gases that contribute to climate change. Hydrogen charging stations are quite similar to the traditional filling stations. As hydrogen vehicles don’t need to be plugged in to charge unlike battery powered electric cars the process of refuelling is quick. The prospects for the hydrogen economy are good. It could play a major role in the energy transition since it has a high energy efficiency, emits no pollutants locally and can contribute to massively reducing greenhouse gas emissions.
Asia pacific is the second-largest region in terms of value in the green hydrogen market during the forecast period.
Asia pacific is the second largest market for green hydrogen, in terms of value and volume. The growth of the green hydrogen market in Asia pacific can be attributed to the presence of leading green hydrogen manufacturers, such as Toshiba Energy Systems & Solutions Corporation (Japan), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China). Asia pacific has undertaken substantial research with regard to hydrogen production and to understand the revolutionary potential of green hydrogen. Transition toward green energy and commitments by major Asian pacific countries like China, India, Australia toward emission reduction. This, in turn, boosts the demand for green hydrogen in the region. |
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