Asia Pacific Green Hydrogen Market Analysis

Asia Pacific Green Hydrogen Market Analysis

Based on technology, the solid oxide segment is anticipated to cross more than USD 1.1 billion by 2032. Key features including its ability to operate at high temperatures, high efficiency, integration with industries that generate large amounts of heat including refineries and waste-to-energy plants and ongoing adoption in pilot projects will positively impact the technology adoption. SOEC technology is being explored for decentralized green hydrogen production systems, particularly with high renewable energy potential or where the use of waste heat is feasible will drive the business scenario. Moreover, Significant research and development investments are being made to reduce the capital and operational costs of SOEC systems, will foster the industry growth.
 

Based on source, the solar segment is likely to register more than CAGR 25.5% through 2032, driven by advancements in solar technology, falling costs, and the global push towards decarbonization. Many large-scale solar photovoltaic (PV) plants are being coupled with electrolyzers to produce green hydrogen. The cost of solar PV has dropped significantly in recent years, making it more economical to produce green hydrogen. Increasing adoption of solar power at industrial sites and renewable energy hubs, where solar PV systems are paired with water electrolyzers will significantly fuel the industry statistics.
 

China green hydrogen market is set to cross over USD 20 billion by 2032, driven by national policies aimed at achieving carbon neutrality by 2060. China has set ambitious goals to achieve peak carbon emissions by 2030 and carbon neutrality by 2060. Green hydrogen is viewed as a critical component of this strategy, particularly in hard-to-decarbonize sectors like heavy industry, transportation, and energy storage. Ongoing investment in large-scale green hydrogen projects along with conducting pilot projects to use green hydrogen in steel production, replacing coal-based processes. Further, the country is heavily promoting the use of green hydrogen in its transportation sector, particularly for heavy-duty vehicles, driving the business momentum.