Global Green Hydrogen Market Is Projected To Grow and Reach Above USD 1,423.2 Million by 2026
Green hydrogen is the process of generating electricity from the separation of the electrolysis of water with the electricity that is often derived from low-carbon power sources. The average price of green hydrogen often varies from a higher tip point to a lower tip point. The primary driving factors for the significant rise of the global green hydrogen market can be contributed to the rising number of favorable government policies coupled with an increasing number of projects linking green hydrogen as the primary source to name a few.
Additionally, the integration of green hydrogen into transportation solutions coupled with the ability of green hydrogen to be stored and used at a later time will increase the footprint of the global green hydrogen market towards a larger consumer base. Moreover, lowering costs of producing renewable energy sources coupled with rising demand for FCEVs and the power sector coupled with increasing ecosystems associated with green hydrogen will boost the growth of the global green hydrogen market during the advent of the forecast period.
As per a recently issued market research report by Facts & Factors, the global green hydrogen market was about USD 755 Million in 2020, with sales value projected to hit around USD 1,4,23.2 Million by the end of 2026 and expected to register an excellent 13.8% CAGR during 2021 to 2026.
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Top Market Players
The key market participants for the global green hydrogen market are Green Hydrogen, Hydrogenics, Toshiba Energy Systems & Solutions Corp, Nel ASA, Cummincs, Inc., Guangdong Nation-Synergy Hydrogen Power Technology Co. Ltd, Air Liquide, and Air Products and Chemicals, Inc., among others.
On the basis of technology, the global green hydrogen market is categorized into an alkaline electrolyzer, proton exchange membrane, and solid oxide electrolyzer. The segment pertaining to the alkaline electrolytes is expected to witness the largest market share during the advent of the forecast period owing to conventional usage when compared to its counterparts coupled with lower operational costs to name a few.
On the basis of source, the global green hydrogen market is fragmented into wind energy, solar energy, and others. The wind energy segment is expected to occupy the largest market share during the advent of the forecast period owing to easier availability of the latter power sources when compared to its counterparts coupled with easy availability to name a few.
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Global Green Hydrogen Market: Report Scope
|Market Size in 2020||USD 755 Million|
|Projected Market Size in 2026||USD 1,423.2 Million|
|CAGR Growth Rate||13.8% CAGR|
|Key Market Players||Linde, Air Liquide, Air Products and Chemicals, Inc., Uniper SE, Siemens, Green Hydrogen, Hydrogenics, and Others|
|Key Segments||Technology, Source, Applications, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Europe to Flourish During the Advent of the Forecast Period
Europe is expected to witness the largest market share during the advent of the forecast period owing to the rising number of favorable government policies coupled with increasing investment opportunities to name a few. Additionally, the region is infamous for procuring stronger energy transition laws coupled with the rising number of large-scale PEM electrolyzers will increase the footprint of the green hydrogen market in the region during the advent of the forecast period. Moreover, de-carbonization of sites coupled with phasing out of gas and diesel-powered solutions will further increase the consumer base for the green hydrogen market in the region to name a few.
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