Green Hydrogen Market Explodes, Surging to $84 Billion by 2029 from $6 Billion in 2023 - Arizton

According to Arizton's latest research report, the green hydrogen market is growing at a CAGR of 53.53% during 2022-2029. Rising investments in green hydrogen projects, technological advancements & increasing R&D activities, and the emergence of anion exchange membrane are significant trends in the green hydrogen market.

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Green hydrogen is increasingly recognized as a leading sustainable energy source owing to rapid technological advancements and the declining cost of renewable electricity; some experts, however, are expressing skepticism about its future. Presently, most of the hydrogen derived is from natural gas, which results in gray or blue hydrogen; this type, though cost-effective, fails to align with the carbon neutrality goals. The feasibility of green hydrogen production is currently contingent on the development of demand and the global market growth, both of which remain relatively limited. The total hydrogen production in 2021 was 94 million tons, of which a mere 1 million tons was produced through technologies with low environmental impact. The widespread adoption of green hydrogen can stimulate competitive value chains and create new investment opportunities for nations trying to position themselves in this burgeoning industry.

Despite being in its early stages, the global market for green hydrogen holds significant potential in the energy transition scenario. Green hydrogen, produced via electrolysis and fuel cells using zero-carbon renewable energy, is unique in its ability to be generated at any scale and in diverse locations worldwide. This characteristic feature makes it an attractive option for sustainable hydrogen solutions, especially in developing countries. The green hydrogen market has been gaining significant attention and undergoing dynamic changes. There is a rising global focus on decarbonization and the transition to a low-carbon economy. Governments, industries, and investors recognize green hydrogen's potential as a key player in achieving carbon neutrality goals. Several countries have announced ambitious plans and investments to scale up green hydrogen production, infrastructure, and utilization.

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Recent Partnerships & Developments

Iberdrola: In December 2023, Iberdrola committed to doubling its Innovation, Development, and Research (R&D&I) investment to $4.37 by 2030 and has secured recognition as the world's top private utility in R&D for two consecutive years. The company's strategic emphasis on innovation spans renewable energy, smart grids, digital transformation, green hydrogen, and custom solutions; it also aims to accelerate its decarbonization initiatives. The key projects include offshore wind energy, pumped hydro technology, and green hydrogen development. The company continues to launch competitive products and services, leveraging big data and Artificial Intelligence (AI) for customer-driven energy solutions.

ITM Power: In September 2023, ITM and FRIEM collaborated to develop a standardized Power Supply Unit (PSU) design, which has been optimized for ITM's 2MW Plug & Play electrolysis container. This collaboration aims to enhance PSU performance through closer integration with ITM's electrolyzer technology, promoting overall system reliability and cost reduction. ITM specializes in Proton Exchange Membrane (PEM) electrolysis, while FRIEM, with 70 years of experience, excels in electric energy conversion systems. The partnership underscores ITM's commitment to advancing PEM electrolysis technology, focusing on improving system performance and cost-effectiveness. FRIEM views this collaboration to strengthen its position in the global green hydrogen market.

The Global Green Hydrogen Market Surges with Unprecedented Investments, Accelerating Transition to Clean Energy and Fostering Sustainable Growth

Over the past year, the green hydrogen market has experienced a significant investment surge, marking a significant trend toward sustainable and clean energy solutions. Governments, industries, and investors increasingly acknowledge the importance of adopting cleaner energy alternatives to reduce carbon emissions. For instance, in 2023, the Board of Directors of the World Bank approved a loan of $150 million to boost investments in green hydrogen projects in Chile. This financial support aims to expedite Chile's progress in green growth, energy transition, and the dedication to achieving carbon neutrality by 2050. This marks the World Bank's first loan designed to promote green hydrogen and contribute to the country's initiatives in mitigating climate change. As a result, substantial financial commitments are being made to support green hydrogen technologies' development and scaling up.

Moreover, the demand for green hydrogen is escalating in sectors such as heavy industries and long-haul transportation, where achieving decarbonization through electrification is challenging. Green hydrogen, a versatile energy carrier, can be utilized in industries that are difficult to electrify directly, expanding its potential market applications and driving further investments. As of November 2022, nearly 50 green hydrogen projects in the Middle East and North Africa (MENA) region were in the planning stages, requiring an estimated investment of at least $155 billion. These projects are primarily focused on the integrated ammonia production facilities running on green hydrogen, with investments allocated to renewable energy plants ($102 billion), electrolyzer plants ($23 billion), air separation units ($14 billion), and civil works ($16 billion). The Cop27 UN climate summit in Egypt fueled momentum, leading to the preliminary agreements for over 23 GW of wind projects and numerous green hydrogen deals.

Key Company Profiles

Nel
ITM Power
ENGIE
Siemens Energy
Air Products and Chemicals
McPhy Energy
Loop Energy
Messer
Elcogen
LONGi
John Cockerill
Plug Power
Cummins
Genvia
Air Liquide
Linde
Bloom Energy
Uniper
FuelCell Energy
Toshiba Energy Systems & Solutions Corporation
FUSION-FUEL
thyssenkrupp AG
Enapter
Ørsted
HydrogenPro
Topsoe
Sunfire
H2 Green
NTPC REL
Green Hydrogen Systems
Lhyfe
Iberdrola
Enel Green Power
Beijing SinoHy Energy
GUOFUHEE
Sungrow Power Supply
Shandong AUYAN New Energy Technology
Purification Equipment Research Institute of CSIC
Kohodo Hydrogen Energy
Ohmium
Market Segmentation

Technology

Alkaline Electrolyser
Proton Exchange Membrane Electrolyzer
Others
Source

Wind Energy
Solar Energy
Others
End Users

Refining
Ammonia
Others
Geography

Europe
Germany
Spain
France
Portugal
Italy
APAC
China
India
Japan
Australia
South Korea
North America
The US
Canada
Middle East & Africa
Egypt
Morocco
South Africa
Saudi Arabia
The UAE
Latin America
Chile
Brazil
Mexico
Argentina
Key Questions Answered in the Report:

How big is the green hydrogen market?

What is the growth rate of the global green hydrogen market?

Which region dominates the global green hydrogen market share?

What are the significant trends in the green hydrogen market?

Who are the key players in the global green hydrogen market?

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This release was published on openPR.