Green Hydrogen Market share is expected to reach USD 10.22 billion in valuation, representing a compound annual growth rate of a CAGR of 57.41%.
Green Hydrogen Market Overview:
MRFR’s report on the green hydrogen market focuses on installation of solar panels and its potential due to rise of renewable energy projects during the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
The global green hydrogen market is driven by decarbonization initiatives undertaken by governments to lower emission levels and forecast of high energy consumption owing to expanding population and boom in manufacturing. Green hydrogen is a light fuel developed through electrolysis and prevent carbon emission levels by extracting energy through sustainable methods.
are key players in the global green hydrogen market. Mergers and acquisitions are prime strategies pursued by players to gain the edge in the competition.
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Favorable government policies and influx of funds into research and development of production of green hydrogen at economical rates can drive market growth. For instance, Germany has approved nearly 11 green hydrogen projects in 2019. But huge storage and transportation costs of green hydrogen can impede market growth.
Mauritania’s Ministry of Petroleum, Mines and Energy has signed a memorandum of understanding (MoU) with Chariot Ltd., an African firm, for developing a 10 GW hydrogen project.
Green Hydrogen Market Regional Analysis
Europe to Dominate Global Market Growth
Europe is set to dominate the global green hydrogen market owing to investments by European governments and efforts to curtail emission levels caused by robust manufacturing practices. Investments in renewable energy projects and development of sustainable infrastructure can boost market growth. Low costs of renewable energy generation and inclination of customers towards the new energy source can be beneficial to the market.
COVID-19 Impact Analysis
The COVID-19 pandemic has negatively affected the green hydrogen market owing to delays in construction and installation of units and facilities. Huge demand for power due to remote working and movement restriction orders passed by governments can bode well for the market. Renewable energy targets pursued by countries to lower emission levels and reduce reliance on fossil fuels can propel market growth during the assessment period.
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Green Hydrogen Market Segmentation Analysis
Onshore Segment to Lead in Market Share
The onshore segment is set to take the lead in the green hydrogen market owing to production of green hydrogen by use of solar energy and wind energy parks. Dipping prices of components and surging prices of electricity can drive segment growth.
Proton Exchange Membrane Electrolyzer to Dominate Market Demand
The PEM technology is expected to dominate market demand over the forecast period due to specialty plastic offering higher flexibility compared to alkaline technology. Low gas permeability and thickness of PEM electrolyzers can drive the segment growth in the market.
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY 14
1.1 MARKET ATTRACTIVENESS ANALYSIS 15
1.1.1 GLOBAL GREEN HYDROGEN MARKET, BY TECHNOLOGY 16
1.1.2 GLOBAL GREEN HYDROGEN MARKET, BY APPLICATION 17
1.1.3 GLOBAL GREEN HYDROGEN MARKET, BY LOCATION 18
1.1.4 GLOBAL GREEN HYDROGEN MARKET, BY REGION 19
2 MARKET INTRODUCTION 20
2.1 DEFINITION 20
2.2 SCOPE OF THE STUDY 20
2.3 RESEARCH OBJECTIVE 20
2.4 MARKET STRUCTURE 20
2.5 KEY BUYING CRITERIA 21
3 RESEARCH METHODOLOGY 22
3.1 RESEARCH PROCESS 22
3.2 PRIMARY RESEARCH 23
3.3 SECONDARY RESEARCH 24
3.4 MARKET SIZE ESTIMATION 25
3.5 FORECAST MODEL 26
3.6 LIST OF ASSUMPTIONS & LIMITATIONS 27
4 MARKET INSIGHTS 28
5 MARKET DYNAMICS 30
5.1 INTRODUCTION 30
5.2 DRIVERS 31
5.2.1 LOW VARIABLE RENEWABLE ENERGY (VRE) ELECTRICITY COSTS 31
5.2.2 FLEXIBLE POWER SYSTEM 31
5.2.3 WIDE APPLICATION OF HYDROGEN 31
5.2.4 DRIVERS IMPACT ANALYSIS 32
5.3 RESTRAINTS 32
5.3.1 HIGH PRODUCTION COSTS 32
5.3.2 LIMITED DEDICATED INFRASTRUCTURE 33
5.3.3 ENERGY LOSS DURING PRODUCTION AND USAGE OF GREEN HYDROGEN 33
5.3.4 GROWING IMPORTANCE OF SUSTAINABILITY 33
5.3.5 RESTRAINTS IMPACT ANALYSIS 34
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