WASHINGTON, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The Global Green Hydrogen Market size is expected to reach USD 8,702 million by 2028, exhibiting a CAGR of 48.19% during the forecast period. This is accredited to the technological advancements to scale up the production combined with decreasing variable renewable energy (VRE) electricity costs. Moreover, broader use of hydrogen in several industries is likely to create immense opportunities for green hydrogen producers, states Vantage Market Research, in a report, titled “Green Hydrogen Market by Technology (Proton Exchange Membrane Electrolyser, Alkaline Electrolyser, Solid oxide Electrolyser) by Application (Power Generation, Transport, Others) by End-use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, Others) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the green hydrogen. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
Download Free Sample PDF Report (including COVID-19 Impact Analysis, full TOC, Tables and Figures) @ https://www.vantagemarketresearch.com/industry-report/green-hydrogen-market-0943/request-sample
The report on Green Hydrogen Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
A Transition towards Clean Energy and Decarbonization to Stimulate Green Hydrogen Demand
As of 2020, 70% of the world’s clean energy investments are funded by governments through policies such as subsidies or taxes or direct government finance. Clean hydrogen is among the key elements stimulating the process of decarbonizing especially through long-distance transport by adopting hydrogen-derived fuels. Hence, ambitious targets and plans announced by several governments towards carbon neutrality and decarbonization are likely to attract heavy investments and to promote the consumption the clean hydrogen. For instance, the European Union (EU) is aiming to become climate neutral by 2050 and pursues an economy with net-zero through European Green Deal projects. China has also announced ambitious goals towards carbon reduction as part of the Paris Agreement. In addition to that, around 40 governments across the world have either adopted or planning to implement a price on carbon through cap-and-trade programs and direct taxes on fossil fuels.
Low variable renewable energy (VRE) electricity costs, Likely to Support Green Hydrogen Movement
The cost of electricity is the primary cost driver for green hydrogen production and clean electricity produced from onshore wind plants and solar power projects have witnessed a significant decrease since the last decade. For instance, the average contracted price of solar energy was 250 USD/MWh in 2010 as compared to 56 USD/MWh in 2018. Similarly, the prices for onshore wind energy declined during the same period to 48 USD/MWh in 2018 from 75 USD/MWh in 2010. Additionally, in 2019 and 2020 prices of clean energy further reduced reaching new record-low prices observed to date. Decreasing cost of the clean electricity is expected to make green hydrogen production even more economically attractive.
Get Detailed COVID-19 Impact Analysis On The Green Hydrogen Market - https://www.vantagemarketresearch.com/industry-report/green-hydrogen-market-0943/customization-request
Advancements in Technologies combined with broader Application of Hydrogen to Support the Growth of the Market
Many of the technologies and components from the hydrogen value chain that have been installed in the small-scale production are near to ready for commercialization. As per the Hydrogen Council, the capital cost of electrolysis has fallen by 60% since 2010 and this is accredited to the adoption of technological developments across the supply chain. Moreover, the cost of fuel cells has too declined by 70% since 2006 stated by the U.S. DOE. However, some of the technologies have not yet been demonstrated at a large scale and are likely to create attractive pathways as production costs decrease.
Europe is Likely to Dominate the Global Green Hydrogen Market
Europe Green Hydrogen Market is likely to dominate the global market during the forecast period. This is accredited to a large number of green hydrogen projects and aggressive but favourable government policies to further stimulate regional market growth during the upcoming years. Moreover, heavy investments in the research and development in the Hydrogen industry are anticipated to fuel the growth of the Green Hydrogen Market in Europe. For instance, European Union has partnered with Hydrogen Europe Research, an international non–profit association comprised of 91 universities and Research & Technology Organisations from 26 countries. The partnership is expected to create a favourable business environment for the green hydrogen movement in the region.
The Asia Pacific and North America are likely to witness substantial growth in the green hydrogen market during the forecast period. This is accredited to the rising green energy initiatives in countries like the U.S., China, Japan, and India.
Browse Full Research Report: https://www.vantagemarketresearch.com/industry-report/green-hydrogen-market-0943
List Of Prominent Players in the Green Hydrogen Market:
Air Products and Chemicals, Inc.
Pennsylvania, United States
Toshiba Energy Systems & Solutions Corporation
Recent Developments in the Industry:
1. April 2020: Siemens AG and Uniper SE signed a cooperation agreement to work on the projects related to the decarbonization of power generation. This partnership would also include the assessment of Uniper's existing gas storage facilities and gas turbines for the use of hydrogen.
2. August 2021: Linde plc announced the plan to build a green hydrogen plant in Austria. The company has signed an long-term agreement with semiconductor manufacturer Infineon Technologies for onsite product and storage of green hydrogen.
This market titled “Green Hydrogen Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
Market Forecast For 2028
USD 8,702 million
Expected CAGR Growth
CAGR 48.19% From 2021 - 2028
2016 - 2019
2021 - 2028
Technology: - Alkaline Electrolyser, Proton Exchange Membrane Electrolyser, and Solid Oxide Electrolyser
Quantitative Data - Units
Revenue in USD Million/Billion and CAGR from 2021 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered
10 companies with scope for including additional 15 companies upon request
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Do You Have Any Query Or Specific Requirement? Ask to Our Industry Expert@ https://www.vantagemarketresearch.com/industry-report/green-hydrogen-market-0943/inquiry-before-buying
Table of Content –
Chapter No. 1: Introduction
Objectives of the Study
USP & Key Offerings
Vantage Market Research Report Guidance/Walk-through
Chapter No. 2: Premium Insights
Top Investment Pockets
Market Attractiveness Analysis, By Technology
Market Attractiveness Analysis, By Application
Market Attractiveness Analysis, By End-use Industry
Market Attractiveness Analysis, By Europe
Insights from Primary Respondents
Chapter No. 3: Key Market Dynamics
Porter’s Five Forces Analysis
Our Trending Reports (Book Now with 10% Discount):
Renewable Power Market by Product (Solar Energy, Wind Energy, Hydro Energy, Biomass Energy, Ocean Energy, Geothermal Energy,) by Application (Residential, Commercial, Industrial, Other,) by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028 https://www.vantagemarketresearch.com/industry-report/renewable-power-market-0792
Cogeneration Plants Market by Type (MicroCHP, Combined heat and power district heating, Industrial CHP, Trigeneration) by Application (Non-renewable energy, Renewable energy) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028 https://www.vantagemarketresearch.com/industry-report/cogeneration-plants-market-0238
In-Vehicle Ethernet System Market by Ethernet Type (One Pair Ethernet –OPEN, Energy Efficient Ethernet, Power Over Ethernet-PoW, Gigabit Ethernet –GIG-E) by Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028 https://www.vantagemarketresearch.com/industry-report/in-vehicle-ethernet-system-market-0773
Software Defined Wide Area Network Market by Type (Virtual appliance, Physical appliance, Hybrid, Other) by Application (Oil and Gas, Healthcare, Government, Manufacturing, Others) by End User (It & Telecom, BFSI, Manufacturing, Retail, Transportations & Logistics, Energy & Utilities, Mobile & Entertainment, Government & Defense, Healthcare & Life Science) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028 https://www.vantagemarketresearch.com/industry-report/software-defined-wide-area-network-market-0322
We, at (VMR) Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Latest Vantage Market Research Press Releases @ https://www.vantagemarketresearch.com/insight/press-releases
Latest Vantage Market Research Blog @ https://www.vantagemarketresearch.com/insight/blogs