Yahoo Finance Global Green Hydrogen Market to Register Strong Double-Digit Growth—Projected to Grow at a CAGR of 57.7% by 2027 | BlueWeave
Noida, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Global green hydrogen market is anticipated to grow due to the increasing use of green hydrogen for production of fertilizers and ammonia in chemical industry. Other factors driving the growth of the global green hydrogen market are the development of electrolysis technologies, and strong demand from fuel cell electric vehicles and the power sector…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global green hydrogen market is estimated to be worth USD 445.1 million in 2021 and is further projected to reach USD 6,836.0 million by 2027, at a CAGR of 57.7% during the forecast period (2021-2027). Various government initiatives aimed at reducing carbon emissions and achieving the goal of zero carbon emissions contribute to the growth of the green hydrogen market. Hydrogen derived from green plants is viewed as one of the most promising energy sources, which is why it's being used to meet global needs for increased energy across the globe. In light of the factors listed above, the need for green hydrogen is increasing, causing the green hydrogen market to thrive globally. In October 2021, the Adani Group, a market leader in transport logistics and energy utilities, revealed its plans to become one of the world's largest green hydrogen generators, which might help India become the world's cheapest hydrogen producer. Over the next decade, Adani Group intends to invest more than USD 20 billion in renewable energy generation. Adani Green Energy, the group's renewable energy company, plans to triple its renewable power generation capacity over the next four years after exceeding its first objective of 25 gigatonnes four years ahead of schedule.
Rising Government Strategies for Improving Hydrogen Infrastructure Favoring Market Growth
European Hydrogen Backbone is an initiative by the European Union to improve the dedicated hydrogen transport infrastructure in Europe. The group estimates a hydrogen network of 39,700km by 2040, with even greater growth anticipated after 2040. There are 21 countries in this grid. The European hydrogen backbone initiative has been joined by two European transmission system operators from 11 European countries. The estimated total investment for upgrading infrastructure is approximately USD 45 billion. The hydrogen infrastructure maps available today reflect the perspectives of 23 gas transmission system operators (TSOs) on how infrastructure will evolve to achieve decarburization goals. These strategies have contributed to the rapid growth of the green hydrogen market.
Increasing Investment for Setting Up New Production Plants Propelling the Market Forward
Increased investment in the development of green hydrogen and achieving net-zero net carbon emissions are two primary factors driving the green hydrogen market. For instance, a memorandum of understanding (MoU) has been signed between Mauritania and Chariot's UK oil and gas firm to develop a 10GW hydrogen project to advance the giant Nour wind/solar/H2 project. Chariot plans to use the lands to build 10GW of solar and wind capacity to power electrolyzers that produce green hydrogen. In September 2021, NextEra announced its plans to double down on green hydrogen, with plans to construct a 500-megawatt wind project to power a hydrogen fuel cell company. The Florida-based energy company is also expanding its wind portfolio, with its NextEra Energy Partners limited partnership acquiring a 100-megawatt wind farm in California for USD 280 million. Thus, the rising investment for producing green hydrogen and increasing utilization of green hydrogen from the end-user industry has further propelled the growth of the green hydrogen market.
Solar Energy Segment to Witness the Largest Growth in the Renewable Source Segment
Based on renewable sources, the green hydrogen market is segmented into wind energy, solar energy, and others. Solar energy is estimated to account for the largest share in the global green hydrogen market in 2021. The solar energy sector is growing in importance as solar power is a low-cost energy source for generating green hydrogen. Companies around the globe see solar energy as a lucrative opportunity for the generation of green hydrogen directly from solar panels. Solar power can run electrolyzers to convert water into hydrogen. Therefore, the solar energy industry's growing investment in green hydrogen production has further boosted the growth of the green hydrogen market. For instance, Octopus Energy, a UK renewable energy provider, and RES, a renewable energy firm, have teamed to invest USD 4.1 billion in renewable hydrogen projects around the country by 2030. The two businesses will collaborate to create renewable hydrogen production facilities powered by wind and solar across the UK, which they claim will allow industrial hydrogen consumers to convert to green supply at no extra cost, safeguarding clients from uncertain fossil fuel markets.
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Impact of COVID-19 on Global Green Hydrogen Market
Many enterprises around the world have been affected by the global pandemic caused by COVID-19. Insufficient supplies have affected several supply chains, logistics, raw material suppliers, miners, and others. COVID-19 has significantly affected global energy systems, reducing investments and threatening to impede the spread of clean energy technology. In the short term, it is expected that the small but innovative companies that supply hydrogen and fuel cell technology will face severe liquidity constraints because sales are expected to decline sharply, leading to layoffs or even bankruptcy. In light of COVID-19 and the biggest oil crisis in history, governments around the world have had to rethink their already planned climate change policies and projects.
The pandemic has also had a negative impact on the global green hydrogen market. Several businesses, commercial buildings, industries, and other facilities have been closed due to the nationwide lockdowns imposed by different countries. As a result of little traffic on the roads, the automobile sector, where green hydrogen finds its greatest application, was hindered. Furthermore, a loss of sales in the automobile sector also affected the overall green hydrogen market. However, the post-pandemic growth of the global hydrogen market is flourishing. Nevertheless, the global market for hydrogen is booming post-pandemic. Increasing government initiatives for developing clean, green energy by the year 2050 along with major players in the green hydrogen manufacturing market is expected to drive the market growth in the next few years.
Global Green Hydrogen Market: Regional Insights
Geographically, the green hydrogen market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Europe is estimated to account for the largest share in the green hydrogen market in 2021 and is likely to dominate during the forecast period. The growth of the European green hydrogen market is primarily due to an increase in investments for setting up new manufacturing facilities to produce green hydrogen. In October 2021, Ineos, a UK-based plastic, oil, and gas company announced its plans to speed green hydrogen production across Europe with a USD 2.3 billion investment. Over the next ten years, the company plans to build new electrolysis plants in Norway, Germany, and Belgium to produce zero-carbon green hydrogen. In June 2021, Shell launched Europe's largest PEM (Polymer electrolyte membrane) green hydrogen electrolyzer for producing green hydrogen. The fully operational plant is the first in the world to use this technology in a refinery.
Competitive Landscape
Some of the key players in the green hydrogen market are Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, Nel ASA, Linde, Cummins Inc, H&R Ölwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd., Air Liquide, and Air Products and Chemicals, Inc., and other prominent players. The key players heavily invest in R&D to optimize green hydrogen production since green hydrogen has a high production cost and needs large initial investment. Green hydrogen's increasing applications and extensive research and development create enormous opportunities for the industry's key players.
Recent Developments
In October 2021, GAIL (India) Ltd., a state-owned company, announced its plan to construct India's largest green hydrogen-production facility in order to bolster its natural gas business with carbon-free fuel. The plant will have a capacity of 10MW, the largest announced to date in the country. GAIL plans to sell the hydrogen it will produce to fertilizer manufacturing plants, which, according to government regulations, must use hydrogen as a fuel source.
In October 2021, an American start-up Hy Stor Energy announced its plans to build a USD 3 billion green hydrogen production and storage hub in Mississippi, which will be 10 times larger than any other project under consideration in the United States. During its initial phase, the Mississippi Clean Hydrogen Hub (MCHH) will produce approximately 110,000 tonnes of green hydrogen annually by using solar-powered electrolysis.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global green hydrogen market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the green hydrogen market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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