Green Hydrogen Generation Market Size, Share & Analysis Report By Phase (Single Phase, Three Phase), By Type (Central Inverters, String Inverters) Regional Forecasts, 2023 - 2032

Green Hydrogen Generation Market is estimated to be worth USD 6.65 Billion in 2024 and is projected to grow at a CAGR of 45.44 % between 2024 to 2032. The study has considered the base year as 2023, which estimates the market size of market and the forecast period is 2024 to 2032. The report analyzes and forecasts the market size, in terms of value (USD Billion), for the market. The report segments the market and forecasts it by Technology, by Source, by End User and by region/country.

As the energy consumption and environmental pollution is increasing day by day than the population growth in recent decades which are major challenges for sustainable development. Also the overall economic growth dominantly depends on the fossil fuel consumption substantially contributing to the greenhouse gas emissions and global warming. While considering the current future prospects of population increase with substantial increase in the demand of food and of various commodities leads to a certain conclusion that the demand for the hydrogen in the future will also increase, at least to satisfy the needs of transportation fuels, fertilizers and chemicals.

To solve these major crisis, the increasing energy demand should be alternated with a clean and zero emission energy source that is sustainable, renewable and eco-friendly. According to adopting a clean source like wind and solar energy have more capability than any other renewable energy sources. However, the key challenge for stable and steady energy generated from there inconsistent nature and the dependency on weather phenomena.

After reviewing the data shown below, it can be determined that the Europe region dominates the Green Hydrogen Generation Market for the following reasons.
Europe is dominating the Green Hydrogen Generation Market due to multiple reasons. As in 2022 the hydrogen consumption within the Europe’s overall energy consumption only accounted for a 2% which was primarily utilised to produce plastic and fertilizers. The 96% of the hydrogen generated was from the natural gas which resulted in exponential amounts of CO2 emissions. To mitigate the issue, the EU has taken considerable steps to develop the renewable hydrogen aiming to produce 10 million tonnes within Europe and an additional generation of hydrogen 10 million tonnes of renewable hydrogen to import. As the EU wants to shift their focus towards the renewable hydrogen as an important energy carrier and stop relying on Russia’s fossil fuels imports they came up with a plan REPowerEU by which the goal can be achieved. And also due to significant initiatives implemented for the production of green hydrogen generation is making the European region dominate the market.

Segmentations 

By Technology

Based on Technology, the Green Hydrogen Generation Market is bifurcated into Solid Oxide Electrolyzer (SOEC), Polymer Electrolyte Membrane (PEM) Electrolyzer and Alkaline Electrolyzer– where Alkaline Electrolyzer is dominating and ahead in terms of share. The Alkaline Electrolysers are dominating the technology segment due to being simple, cheap and efficient electrochemical route to produce hydrogen. If it’s put together with renewable electricity generation sources then it has a capacity to provide a large scale, long term energy storage, grid balancing and lastly enhanced energy transport. Advancements in electrode materials, cell design and the membrane performance has significantly increased the cost effectiveness of the tech towards a certain level where the industry for alkaline electrolysers is booming even with the massive 1 megawatt units being operational.

By Source

Based on Source, the Green Hydrogen Generation Market is bifurcated into Solar, Wind, Hydropower and Others– where Wind is dominating and ahead in terms of share.

By End User

Based on End User, the Green Hydrogen Generation Market is bifurcated into Power, Mobility, Industrial, Chemical and Others– where Industrial is dominating and ahead in terms of share.

Key Players

• NEL ASA
• ITM Power
• ENGIE
• SEIMENS Energy
• Air Products Inc.

DRIVERS

Technological Advancements
Digital technology especially artificial intelligence and Internet of things is one of the major market growth drivers for the Green Hydrogen Generation Market. It’s a combination of AI and internet of things technology which allows the optimization & automation of the systems through the enhanced data management and analytics. Technology like the Digital Twins, Monitoring and Controlling, Advanced Analytics are driving the market growth of Green Hydrogen Generation Market.

OPPORTUNITY

Green Hydrogen Generation from Hybrid Renewable Energy Sources
A new perspective has been envisioned in terms of the green hydrogen generation by combining the solar and wind energy together in a hybrid model which has more efficiency in generating the hydrogen. The renewable energy sources such as the wind and solar has key environmental variable such as the wind speed, air density, solar radiation, air temperature, cloud coverage etc. which changes according to time which can directly impact the energy generation by not providing sufficient and suitable environment. Therefore, a single source (either wind or solar) cannot provide a steady energy supply through which the hydrogen generation can takes place. And also due to emerging demands of energy there is significant need of a hybrid wind-solar model energy generation system with an intelligent storage system capable of consistently supplying energy according to respective need which can open more market growth opportunity for Green Hydrogen Generation Market.