Global Green Hydrogen Market Size To Worth USD 59987.38 Million by 2032 | CAGR of 55.7%Category: Energy & Power
Global Green Hydrogen Market worth $59,987.38 Million by 2032
According to a research report published by Spherical Insights & Consulting, The Global Green Hydrogen Market size is to grow from USD 716.43 Million in 2022 to USD 59,987.38 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 55.7% during the forecast period.
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Browse key industry insights spread across 210 pages with 123 market data tables and figures & charts from the report on "Global Green Hydrogen Market Size, Share, and COVID-19 Impact Analysis, By Technology (Alkaline Electrolysis and PEM Electrolysis), By Renewable Source ( Wind Energy, Solar Energy, and Others), By End-User (Chemical, Power, Grid Injection, Industrial, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032 ” Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/green-hydrogen-market
Green hydrogen is a form of hydrogen produced from renewable energy sources, such as wind, solar, or hydropower, through a process called electrolysis. Electrolysis involves using electricity to split water into hydrogen and oxygen, with no greenhouse gas emissions. Green hydrogen is considered a clean and sustainable energy carrier that can be used in various sectors, including transportation, industrial processes, and energy storage. It has the potential to reduce carbon emissions and contribute to decarbonization efforts, as it can be produced using renewable energy, and when used as a fuel, it only produces water vapor as a by-product, making it an attractive option for a low-carbon future.
The alkaline electrolysis segment is expected to grow at a higher CAGR of 61.2% over the forecast period
The global green hydrogen market is categorized based on the technology of alkaline electrolysis and PEM electrolysis. Alkaline electrolysis is currently considered the fastest-growing segment due to its established technology, lower capital costs, adaptability to intermittent renewable energy sources, and suitability for large-scale hydrogen production. Investments, innovations, and improvements in alkaline electrolysis technology are driving its growth, making it a promising option for hydrogen production. As a result, the alkaline electrolysis segment is expected to exhibit a higher growth rate in the green hydrogen market, contributing significantly to the overall expansion of the industry.
The power industry dominated the market with around 32.5% revenue share in 2022
Based on the end-use, the global green hydrogen market is segmented into chemical, power, grid injection, industrial, and others. The power industry accounted for the largest share in the market due to increasing demand for green hydrogen as a sustainable energy carrier has spurred investments in renewable power sources such as solar, wind, and hydropower, which are used to generate electricity for electrolysis. Additionally, advancements in renewable energy technologies and decreasing costs have made green hydrogen production from renewable power sources more economically viable. Furthermore, supportive government policies, incentives, and ambitious renewable energy targets are driving the growth of the power segment in the green hydrogen market.
The Asia-Pacific segment is expected to grow at a higher CAGR of 63.4% over the forecast period
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The Asia-Pacific region is poised to be the fastest-growing market for green hydrogen due to several key factors. Firstly, the region is witnessing rapid industrialization and urbanization, leading to surging demand for clean energy and sustainable solutions. Secondly, supportive government policies, incentives, and ambitious renewable energy targets in countries like China, Japan, South Korea, and Australia are driving investments in green hydrogen infrastructure and projects. Moreover, Asia-Pacific is rich in renewable energy resources such as solar, wind, and hydropower, providing abundant and accessible sources for green hydrogen production. Additionally, the region's growing focus on decarbonization and reducing greenhouse gas emissions is fueling the demand for green hydrogen. As a result, the Asia-Pacific region is expected to be the fastest-growing market for green hydrogen, with significant growth.
The key players in the global green hydrogen market include Siemens Energy, Nel ASA, ITM Power, Ballard Power Systems, Plug Power, McPhy Energy, Hydrogenics Corporation, Air Products and Chemicals, Inc., Linde PLC, ENGIE, Mitsubishi Power, Enapter, Snam S.P.A., Cummins Inc., and Green Hydrogen Systems.
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