Research Nester’s recent market research analysis on “Green Hydrogen Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global green hydrogen market in terms of market segmentation by technology, application, end-user industry, and by region.
Growing Demand for Clean Energy to Promote Global Market Share of Green Hydrogen
The global green hydrogen market is estimated to grow majorly on account of the rising demand for clean energy among people to reduce atmospheric pollution caused by fuels. The hydrogen fuel only releases water as the byproduct which is not harmful to the environment and helps to promote a safe environment. As per the International Energy Agency in 2021, the renewable energy sources’ new capacity was raised to 290 gigawatts (GW) increasing from the previous year’s old capacity records. Also, the rising capacity of electrolyzes across the world is estimated to boost market growth in the coming years.

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Further, the increasing investment in hydrogen energy generation by many manufacturers is propelling the growth of the market over the forecast period. The growth of the market is attributed to the increasing initiatives taken by the whole world to improve the use of hydrogen fuels and reduce the emission of greenhouse gases. Moreover, nearly 131 nations globally committed to reducing 88% of their greenhouse gas emissions to net zero emissions by the end of 2022 April. The rising consumption of hydrogen fuel cells owing to the increasing number of electric vehicle sales across the globe is anticipated to promote lucrative opportunities in the market.
Some of the major growth factors and challenges that are associated with the growth of the global green hydrogen market are:
Growth Drivers:
• Surging investment in hydrogen energy
• Rising global warming around the world with carbon emissions
Challenges:
Lack of storage and the need for high initial investment are some of the major factors anticipated to hamper the global market size of green hydrogen. The manufacturing cost of hydrogen fuel or hydrogen fuel cells is very high which hampers the market growth during the forecast period. Renewable sources are not easily available and it is a highly expensive process to generate energy from these resources as it requires continuous electrolysis of green hydrogen.

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By application, the global green hydrogen market is segmented into power generation, transport, and others. The transport segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The market segment growth is attributed to the rising initiative taken by the government to develop green hydrogen-based transport systems across the world. The Green Hydrogen Fuel Cell Electric Vehicle (FCEV) by Toyota Mirai is the most advanced technology available in India as part of a pioneering project by the Ministry of Road Transport and Highways. Further, the increasing adoption of fuel-cell electric vehicles across the world is propelling the market segment growth. Increasing the use of green hydrogen in many industries as it does not release any harmful gases and protects the climate from global warming is estimated to hike the market segment growth. The atmospheric temperature around the world is estimated to rise by nearly 1.15 degrees Celsius in the eight warmest years increasing from 2015-2022.
By region, the Europe green hydrogen market is to generate the highest revenue by the end of 2035. This growth is anticipated by increasing the manufacturing capacity of electrolyzes and the rising promotion of green hydrogen usage is estimated to propel the market growth in the region. A declaration was signed by 20 CEOs of the related industries on behalf of the Commissioner of the European Commission to increase the capacity of electrolyzers by ten times in their business by the end of 2025 to reach 17.5 GW per annum. The increasing purchase of electric vehicles is estimated to propel the market growth in the region. The European Union is estimated to produce 10 million tons of renewable hydrogen by the end of 2030 as per the goal set in March 2022.

This report also provides the existing competitive scenario of some of the key players of the global green hydrogen market which includes company profiling of Cummins Inc., Linde plc, ITM Power plc, Nel ASA, Air Products and Chemicals Inc., Iwatani Corporation Ltd., Messer SE & Co. KGaA, Adani Group, Air Liquide, Siemens Energy, and others.

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