Green Hydrogen Market Size to Reach USD 2,565.7 Million in 2028 | Constant Advancements in Production Technologies and Favorable Government Policies are Some Key Factors Driving Industry Demand, according to Emergen Research

Green hydrogen is generated using electrolysis process, in which water is separated into hydrogen and oxygen by utilizing electricity generated from renewable resources. Declining cost of both reusable electricity and electrolysis technology would lead to rising demand for green hydrogen, thereby driving green hydrogen market revenue growth. Green hydrogen is generated using electrolysis process, in which water is separated into hydrogen and oxygen by utilizing electricity generated from...

Green hydrogen is generated using electrolysis process, in which water is separated into hydrogen and oxygen by utilizing electricity generated from renewable resources. Declining cost of both reusable electricity and electrolysis technology would lead to rising demand for green hydrogen, thereby driving green hydrogen market revenue growth.

Many industries, including oil & gas, utility, steel, and fertilizers, among others are opting for green hydrogen for harmonizing intermittency of reusable resources. In addition, this type of hydrogen is being used large scale as an energy substitute for decarbonizing industrial, chemical, and transportation sectors. In addition to these industrial uses, advantage of storing green hydrogen in existing gas pipelines to power household appliances would result in a gradual increase in demand for green hydrogen from households. It converts renewable energy into a carrier such as ammonia and can be used in fuel cell to power anything that functions on electricity such as electric vehicles and electronic devices. The multiple and economical uses of green hydrogen is driving market revenue growth.

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Restraints: High Operational Cost

Green hydrogen is incredibly challenging and expensive to store and transport. Since it is highly flammable in nature with a low volumetric density, high investment is required to be put into pipelines and carriers. In addition, lack of skilled workers in another factor restraining expansion and hampering growth of the global green hydrogen market.

Growth Projections

The global green hydrogen market size is expected to reach USD 2,565.7 million in 2028 and register a revenue CAGR of 14.1% during the forecast period, according to the latest report by Emergen. Various benefits of green hydrogen such as availability of low-cost resources, eco-friendly nature, cost-efficiency, and high demand for Green Globe Projects are driving green hydrogen market revenue growth.

COVID-19 Direct Impact

The global COVID-19 pandemic has affected green hydrogen industry. Frequent lockdowns from early-2020 to mid-2021 gave rise to a number of problems such as lower availability of workforce and personnel, logistical difficulties, and disrupted supply chain. Amidst these obstacles, the pandemic resulted in high demand for renewable energy, which was accompanied by major revenue growth in the global green hydrogen market. Global market growth is expected to return to normal and regain traction going ahead.

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Current Trends and Innovations

Renewable hydrogen, as well as Carbon Capture, Utilization, and Storage (CCUS) have a major influence on various trends due to inter-relationship with clean hydrogen production. Biomass gasification among the set of X-to-hydrogen-to-X technologies, provides sustainable method for producing hydrogen, which helps the global green hydrogen market to expand. Other important application of green hydrogen includes Combined Heat and Power (CHP) and green propulsion, which would demonstrate the versatility of hydrogen as an energy carrier. Rising demand for CHP among various industries such as food processing, pharmaceutical, manufacturing, paper production, oil and refinery, hospitals, and utility industries is also driving green hydrogen market revenue growth.

Geographical Outlook

Asia Pacific market is a major market for green hydrogen owing to significantly large revenue contribution from Australia and Japan. Japan had named Tokyo 2020 Olympics as "Hydrogen Olympics" and used it to fuel the Olympic Cauldron during the opening ceremony. This is a strong gesture symbolizing the influence of green hydrogen in Japan. In another instance, Toshiba is constructing its green hydrogen plant with a 10 MW electrolyzer capacity, which will have a significant impact on green hydrogen in Japan's transport industry.

Strategic Initiatives

In September 2021, India invited many U.S. companies to take part in upcoming bids for green hydrogen and electrolyzers. This collaboration will help North America and Asia Pacific to drive green hydrogen market revenue growth.

In March 2020, the New Energy and Industrial Technology Development Organization (NEDO), Toshiba Energy Systems & Solutions Corporation (Toshiba ESS), Tohoku Electric Power Co., Inc., and Iwatani Corporation announced completion of construction of Fukushima Hydrogen Energy Research Field (FH2R). The facility has a production capacity of 10 MW class with reusable forces. It is considered to be the largest class worldwide. It would help to establish low-cost green hydrogen production technology by making maximum utilization of natural resources.

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Some Key Highlights From the Report

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Emergen Research has segmented global green hydrogen market on the basis of technology, renewable resources, application, end-use, and region:

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