Global Green Hydrogen Market Introduction
Majority of hydrogen is produced by steam reforming of natural gas and coal, which makes up the bulk of the hydrogen market. Green hydrogen is produced by the electrolysis of water. The global green hydrogen market is projected to advance significantly during the forecast period due to increase in number of government policies focused on the development of renewable energy. With ambitious net-zero targets across the world, policymakers are looking toward green H2 as a solution across several sectors. Green hydrogen has the potential to become a great source of renewable energy. The European Commission has recognized this potential in its recent policy plans. The European Green Deal identifies hydrogen as the key to a clean and circular economy. Furthermore, the European Union (EU) has issued a specific hydrogen strategy in 2020, bundling measures to promote a fast and targeted development of production capacities for green hydrogen. Demand for green hydrogen fuel is increasing across the globe. Green hydrogen manufacturers are gaining lucrative benefits due to increase in demand for green hydrogen in the global market.
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Rise in Investment in Green Hydrogen Augmenting Market Growth
The Government of Germany is focused on decarbonizing Europe's biggest economy, in which green hydrogen would play a crucial role. Germany is expected to put 900 million Euros (US$1 Bn) into a funding scheme to support green hydrogen. The H2Global project is designed to boost the global market of green hydrogen by using a double auction. Under the scheme, hydrogen or hydrogen derivatives are bought cheaply on the world market and sold to the highest bidder in the EU. The World Bank Group is working with developing countries to accelerate green hydrogen projects from pilot stage to industrial scale. They are providing technical assistance to short-term policies, regulatory, and fiscal frameworks; integrate risk mitigation and credit enhancement instruments to mobilize private capital, and transfer knowledge to develop local green jobs to support a transition.
The Prime Minister of India, Narendra Modi, announced the National Hydrogen Mission as a step toward environmental security and to make India a global hub for the production and export of green hydrogen. India-based OIL (Oil India Limited) established the country’s first pure green hydrogen plant in Assam. Corporations such as Reliance Group and Adani Group have also announced plans to enter into green hydrogen production. The cost of green hydrogen is higher than blue hydrogen. However, several countries are investing considerably in the adoption of renewable energy sources. This, in turn, is likely to boost the green hydrogen market size across the globe.
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Unique Properties of Polymer Electrolyte Membrane Electrolyzes to Fuel Global Market
In terms of type, the global green hydrogen market has been segregated into polymer electrolyte membrane electrolyzes, alkaline electrolyzes, and solid oxide electrolyzes. The polymer electrolyte membrane electrolyzes segment held a major share of 72.02% of the global market in 2021. It is estimated to dominate the market during the forecast period because polymer electrolyte membrane electrolyzes possess high proton conductivity and low fuel permeability. Polymer electrolyte membrane electrolyzes also offer good thermal stability and better film forming ability, which drives the demand for green hydrogen.
Analysis of Key Players in Global Green Hydrogen Market
The global green hydrogen market is consolidated with a small number of large-scale vendors that control majority of the share. Several organizations are spending a significant amount on a global market study on green hydrogen. Research and development activities also help augment the market significantly. Key players operating in global green hydrogen market are Siemens Energy AG, Reliance Industries Limited, ITM Power PLC, Air Products and Chemicals. Inc, Ballard Power Systems, Linde plc, Air Liquide, SRI Energy, Inc, Nel ASA, Green Hydrogen Systems, Iberdrola, S.A, Plug Power Inc, and SGH2 Energy.
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Key Developments in Global Green Hydrogen Market
- On June 23, 2022, Siemens Energy and Air Liquide formed a joint venture for the production of large-scale renewable hydrogen electrolyzes in Europe. This partnership is likely to enable a sustainable hydrogen economy in Europe and foster a European ecosystem for electrolysis and hydrogen sources. Production is expected to begin in the second half of 2023 and ramp up to an annual production capacity of three gigawatts by 2025. Air Liquide is likely to hold 25.1%, and Siemens Energy would hold 74.9% of the joint venture.
- In November 2020, The Adani Group announced plans to invest US$ 70 Bn in green energy, which is expected to play a major role in India’s transition to green energy. The Adani Group’s hold in the renewable energy sector is projected to empower it enormously in the effort to make green hydrogen.
Each of these players has been profiled in global green hydrogen market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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