
Meticulous Research®, a prominent global market research firm, has recently published an insightful report titled, “Green Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy Source (Wind, Hydropower), Application (Fueling, Feedstock), End User (Transportation, Chemical Production, Power Generation), and Geography - Global Forecast to 2030.”
This report forecasts that the green hydrogen market will grow to $12.8 billion by 2030, exhibiting a remarkable CAGR of 40.9% during the forecast period. Key drivers of this growth include the increasing demand for green hydrogen in fuel cell electric vehicles (FCEVs), a surge in green hydrogen utilization in chemical production, and robust government initiatives aimed at achieving net-zero emissions. However, high production costs present a significant barrier to market expansion.
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On the flip side, growing investments in electrolysis technology and the rising preference for green hydrogen due to its zero-carbon footprint are expected to open new avenues for growth. Yet, the challenges posed by complex and costly storage and transportation methods remain a major concern for industry players. Notably, recent trends indicate a growing reliance on water and electricity for green hydrogen production.
Market Segmentation Overview
The green hydrogen market is meticulously segmented by various factors, including the generation process, energy source, application, end user, and geographic location. This segmentation allows for a comprehensive analysis of competitors and market dynamics at regional and country levels.
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Regional Insights
Geographically, the green hydrogen market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is anticipated to lead the market in 2024, fueled by the increasing adoption of clean energy solutions and government initiatives to promote green hydrogen production. However, the Asia-Pacific region is set to exhibit the highest growth rate, thanks to strategic partnerships and investments in the clean hydrogen economy.
Key Market Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the green hydrogen market in the last three to four years. The key players profiled in the green hydrogen market report are FuelCell Energy, Inc. (U.S.), Bloom Energy Corporation (U.S.), Plug Power Inc. (U.S.), Air Products and Chemicals, Inc. (U.S.), China Petrochemical Corporation. (China), L’AIR LIQUIDE S.A. (France), Linde plc (Ireland), Green Hydrogen Systems A/S (Denmark), McPhy Energy (France), ITM Power PLC (U.K.), Nel ASA (Norway), Ballard Power Systems Inc. (Canada), ENGIE SA (France), Repsol S.A. (Spain), and Iberdrola, S.A. (Spain).
These companies are actively investing in research and development to advance green hydrogen technologies and expand their market presence.
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