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Green Hydrogen Market Trends

Report ID: GMI5349
Published Date: Sep 2024
Report Format: PDF

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Green Hydrogen Market Trends

The introduction of carbon pricing schemes and carbon markets is providing a financial incentive for industries to adopt green hydrogen. Continuous advancements in electrolyzer technologies, particularly proton exchange membrane (PEM) and Alkaline Electrolyzers, are increasing their efficiency and reducing costs, making green hydrogen production more viable, positively influencing the market dynamics.

Furthermore, Regions such as Europe and the U.S. are investing in localized manufacturing of electrolyzers to reduce dependency on imports and build domestic green hydrogen industries, strengthening the business landscape. In addition, green hydrogen is being adopted in industries that are difficult to electrify, such as steel, cement, chemicals, and ammonia production, influencing the business statistics.

Authors: Ankit Gupta, Sristhi Agrawal

Frequently Asked Questions (FAQ) :

In 2023, the global green hydrogen market was valued at USD 7.7 billion and is projected to grow at a CAGR of 41.6% from 2024 to 2032, driven by government plans and investments in the hydrogen economy.

By 2032, the PEM technology segment is expected to surpass USD 66.5 billion, attributed to its compatibility with renewable energy sources such as wind and solar power.

The wind segment is anticipated to witness more than 50% CAGR through 2032, propelled by its integration with electrolyzer technology, which is crucial for producing green hydrogen and decarbonizing hard-to-abate sectors.

European green hydrogen market is projected to exceed USD 135.4 billion by 2032, on account of the region's strong commitment to decarbonization and its goal of achieving net-zero emissions by 2050.

ACME, Air Products, Air Liquide, CWP Global, Cummins, Engie, Getech Group, GH2, Hiringa Energy Limited, Iberdrola, Lhyfe, Linde, Plug Power, Siemens Energy, Toshiba Energy Systems & Solutions Corporation are some of the major key players operating in the market.