Global Green Hydrogen Market to Reach New Heights by 2033: Comprehensive Size and Share Analysis

 Fact.MR has launched a new study report on the green hydrogen industry, global green hydrogen sales in 2022 were $4.5 billion. With a predicted 31.3% growth rate from 2023 to 2033, the market is expected to be valued at US$ 94 billion by the end of the forecast period.

The demand for green hydrogen in the transportation sector has grown considerably from 2018 to 2022 and is anticipated to further grow at a significant pace in the future. The power production sector has been at the vanguard of integrating green hydrogen in recent years.

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Green hydrogen has recently been in great demand because it can reduce carbon emissions. It also helps to fulfil the increasing energy demands. Its use is projected to grow in the coming years because it is a renewable energy source. As more people become aware of hydrogen's potential as an energy source, the global business is expected to rise. An increase in environmental concerns, which highlight the need for green energy generation to reduce emissions, is another element driving the industry's growth. Furthermore, as nuclear electricity and green hydrogen become more widely employed, the green hydrogen business expands.

Competitive Landscape
The key players operating in the market include Linde plc, Air Product Inc., Air Liquide, Cummins Inc., Engie, Nel ASA, Siemens Energy, Toshiba Energy Systems and Solutions Corporation, Uniper SE, and Bloom Energy.
Some of the recent developments in the Green Hydrogen Market are:

  • In January 2023, Linde will increase the production of green hydrogen in California. To expand its hydrogen capacity, Linde will construct, own, and run the first of several proposed five-megawatt PEM (proton exchange membrane) electrolyzers.
  • In May 2022, LSB Industries selected Bloom Energy, a US-based company, was selected by to build a 10 MW Solid Oxide Electrolyzer to produce green hydrogen at a large scale. It will help in the annual production of 13,000 metric tonnes of zero-carbon ammonia. The solid oxide electrolyzer from Bloom Energy, which operates at higher efficiencies than PEM and alkaline electrolyzer technologies, is ideally positioned to produce pure, affordable hydrogen at the size required for a net-zero economy. Compared to current low-temperature electrolyzers on the market, Bloom Energy's high-temperature electrolyzer uses less energy to produce hydrogen.
  • In January 2021, Linde announced that it will Build, Own, and Operate the World's Largest PEM Electrolyzer for Green Hydrogen. Green hydrogen will be produced by the new 24-megawatt electrolyzer and supplied to Linde's industrial clients through its current conduit network. In addition, Linde will supply the area's refuelling sites and other commercial clients with liquefied renewable hydrogen.

Analysis of the Green Hydrogen Market in the United States

The green hydrogen industry in the United States is expected to reach a valuation of $19.9 billion, with an impressive absolute dollar growth of $18.5 billion. This market experienced a fantastic Compound Annual Growth Rate (CAGR) of 37.3% between 2018 and 2022, and it is expected to continue growing at a CAGR of 29.9% from 2023 to 2033.

In May 2022, LSB Industries formed a strategic partnership with Bloom Energy, a famous US-based company, to build a 10MW Solid Oxide Electrolyser. This venture is aimed at large-scale manufacturing of green hydrogen.

A distinguishing feature of Bloom Energy's high-temperature electrolyzer is its ability to harness energy with optimal efficiency, rendering it superior to current low-temperature electrolyzers available in the market. This inherent energy efficiency aligns seamlessly with the imperative of sustainable production, offering a compelling solution for driving the green hydrogen revolution.

In essence, the analysis of the United States' green hydrogen market unveils a landscape characterized by dynamic growth prospects and strategic collaborations. With a steadfast commitment to innovation, efficiency, and sustainability, the sector is poised to redefine energy paradigms and play a pivotal role in shaping a greener and more sustainable future.

More Insights Available:
Fact.MR's new service provides an independent analysis of the Green Hydrogen Market, including historical market data (2018-2022) and projected figures for the period 2023-2033.

The study reveals significant growth in the Green Hydrogen Market, which is classified by Technology (Alkaline Electrolyser and Polymer Electrolyte Membrane Electrolyser), Application (Power Generation and Transportation), Distribution Channel (Cargo and Pipeline), and Region.

Source: https://www.globenewswire.com/news-release/2023/08/17/2727209/0/en/Green-Hydrogen-Market-Poised-for-31-3-CAGR-Surge-Envisioning-US-94-Billion-by-2033-States-Fact-MR.html

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