“Green Hydrogen Market” in terms of revenue was estimated to be worth $5.99 billion in 2023 and is poised to reach $81.65 billion by 2031, growing at a CAGR of 38.96% from 2024 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Green Hydrogen market are:
The following are the primary obstacles to the Green Hydrogen market’s expansion:
Future expansion opportunities for the global Green Hydrogen market include:
Market Analysis:
The demand for the green hydrogen is anticipated to be driven by the existence of supportive government policies that encourage the hydrogen economy as well as growing environmental concerns about rising carbon emissions from the use of fossil fuels. It is expected that this tendency will offer the industry a possible growth environment.
List of Prominent Players in the Green Hydrogen Market:
Green Hydrogen Market Scope:
Report Attribute
Specifications
Market size value in 2023
USD 5.9 Bn
Revenue forecast in 2031
USD 81.6 Bn
Growth rate CAGR
CAGR of 38.9% from 2024 to 2031
Quantitative units
Representation of revenue in US$ Bn, Volume in Kilotons and CAGR from 2023 to 2031
Historic Year
2019 to 2023
Forecast Year
2024-2031
Report coverage
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments covered
Technology and Application
Regional scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Recent Developments:
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Green Hydrogen Market Dynamics:
Market Drivers: Growing Government Initiative
Governments are essential in developing laws and policy frameworks that support the green hydrogen market and give it long-term stability and predictability. The demand for green hydrogen is being stimulated by governments’ worldwide attention on enacting carbon price mechanisms, reducing emissions targets, and setting targets for renewable energy. Regulations that encourage the incorporation of green hydrogen into current energy systems—for example, by allowing fuel cell technology or combining it with natural gas in pipelines—also contribute to the market’s expansion. To decarbonize the country by creating clean energy sources, the Indian Union Cabinet approved “The National Green Hydrogen Mission” in January 2022. The goal of the government’s plan is to position the country as a leader in the world of green hydrogen generation. The mission is anticipated to produce at least 5 million metric tons of green hydrogen annually.
Challenges: High Cost of Production
Electrolyzers are the main source of expense in green hydrogen production since they break water molecules. The development of electrolyzer technology is still in its infancy and is not yet at a mature stage. Because of this, the economies of scale have not been fully realized, and the present generation of electrolyzers is expensive. The establishment of a strong green hydrogen market necessitates large infrastructural investments. This entails constructing hydrogen storage and delivery infrastructure, creating electrolysis facilities, and constructing new or retrofitting pipelines. These upfront infrastructural requirements further exacerbate the high production costs. As a result, the cost of production acts as a significant barrier to the market’s growth, impeding its expansion.
Europe Is Expected To Grow With The Highest CAGR During The Forecast Period
The Europe Green Hydrogen Market is likely to register a significant revenue share and develop at a rapid CAGR soon. Hydrogen is used as the main energy source in Europe. By implementing the European Green Deal, Europe hopes to cut greenhouse gas emissions and get its economy ready for a future without fossil fuels. Furthermore, the biggest market share of the green hydrogen market in the European Region belonged to Germany, while the market with the quickest growth was the one in the United Kingdom. Additionally, because of the significant investments made by the European economies, a clean hydrogen-based economy is the goal for the energy transition in the upcoming years. For example, the U.K. government announced in August 2019 an investment proposal worth USD 14.8 billion for a project that by 2030 will employ 4 GW of offshore wind to produce green hydrogen.
Segmentation of Green Hydrogen Market-
By Application-
By Technology-
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
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