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Green Hydrogen Market to Reach $9.8 Bn, Globally, by 2028 at 54.7% CAGR: Allied Market Research

PORTLAND, Ore., July 13, 2021 -- Allied Market Research published a report, titled, "Green Hydrogen Market by Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), Application (Power Generation, Transport, and Others), and End-Use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Electronics, Glass, and Others): Global Opportunity Analysis and Industry Forecast 2021–2028." According to the report, the global green hydrogen industry generated $0.3 billion in 2020, and is projected to garner $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028.

Prime determinants of growth

Surge in concern for reducing carbon emissions and expansion of green hydrogen production technologies propel the growth of the global green hydrogen market. However, high capital cost of hydrogen energy storage restrains the market growth. Contrarily, favorable green hydrogen production technologies offers new opportunities in the next few years.

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Covid-19 Scenario

  • The green hydrogen market was hampered during the first and second quarter of 2020, owing to prolonged lockdown in major countries and supply chain disruptions.
  • At the same time, the pandemic ensured a strong rise in renewable energy market, resulting in constant increase in energy demand.
  • However, the market recovered in the third and fourth quarter, majorly in North America and Europe regions. And with relaxed restrictions the market is expected to recoup rapidly in other regions.

The alkaline electrolyzer segment to maintain its leadership status during the forecast period

By technology, the alkaline electrolyzer segment accounted for the highest market share in 2020, holding more than half of the global green hydrogen market in 2020, and is estimated to maintain its leadership status during the forecast period. In addition, this segment is expected to register the largest CAGR of 54.8% from 2021 to 2028. These electrolyzers are cheaper and can be connected directly to intermittent power supply, used with filtered rainwater, and are user-friendly, which drives the growth of the segment.

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The power generation segment to maintain its lead position during the forecast period

By application, the power generation segment held the highest share in 2020, accounting for nearly two-thirds of the global green hydrogen market, and is expected to maintain its lead position during the forecast period. Moreover, the segment is also expected to witness the largest CAGR of 54.9% from 2021 to 2028. Electrolyzers are getting highly demanded for power generation as a clean energy source, which in turn, propels the growth of the segment.

Europe, followed by North America, to grow at a significant pace by 2028-

By region, Europe, followed by North America, contributed to the highest market share in 2020, holding more than two-fifths of the global green hydrogen market, and is projected to continue its dominant share in terms of revenue by 2028. This is due to the increasing number of green hydrogen production plants across the region. However, the Asia-Pacific region is projected to witness the highest CAGR of 55.0% during the forecast period. Australia and Japan are the largest contributors to the green hydrogen market. This factor supports the growth of green hydrogen in this province.            

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Leading market players

  • Ballard Power Systems
  • Enapter
  • Engie
  • Green Hydrogen Systems
  • Hydrogenics
  • Nikola Motors
  • Plug Power
  • SGH2 Energy Global LLC
  • Shell
  • Siemens Gas
  • Power GmbH & Co. KG.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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