The global green hydrogen market was valued at US$2,018 million in 2022 and is projected to grow 47% by 2033.
1. Green hydrogen market
The increasing demand for clean and renewable energy sources, along with government incentives and policies aimed at reducing greenhouse gas emissions, are driving the growth of the green hydrogen market. Market research Visiongain published a new report assessing the development of green hydrogen over the coming decade. Green hydrogen, also known as renewable hydrogen, is produced through the electrolysis of water using renewable energy sources such as solar and wind power. This process results in zero emissions, making it a clean and sustainable energy source.
2. Global forecast
The comprehensive analytical work includes profiles of green hydrogen and forecasts market segment by technology, including alkaline electrolyzer, polymer electrolyte membrane (PEM) electrolyzer, solid oxide electrolyzer, and other technologies. The report also takes into account market segments by renewable source, including solar, wind, geothermal, hydropower, and hybrid of wind and solar. Finally, Visiongain looked at the different market segments by application, considering green hydrogen use in mobility, industrial uses, chemical production, grid injection, power generation and other applications.
3. Alternative tech
Visiongain’s 302-page report also considers that the development of other technologies will have significant impact on the scope and functions of green hydrogen use. For example, the final roles and scales of green hydrogen in the decarbonization of the energy system will be influenced by developments in battery technology — higher energy density at lower costs — the role of nuclear power in the energy system, and many other new innovative technologies, including large scale storage and flexible re-usage of RES electricity surpluses. It is clear, however, that this driving factor has a significant impact and unpredictability.
As part of the market analysis, Visiongain suggests that the creation of a new specialized hydrogen infrastructure and totally new value chains will be necessary to carry out the necessary large-scale redesign of the energy system. For that purpose, politics and governments at different levels “must consistently and optimally align policy and decision-making at the EU level, national country level, and local level within the EU countries.”
“Discussions with stakeholders & policymakers confirm willingness to invest in alternative fuels infrastructure. Deployment of hydrogen in 🇪🇺 is a reliable business case. What we need now is a swift agreement on AFIR with high ambition!”— EU Transport (@Transport_EU) January 31, 2023
– DG Hololei @H2Europe event pic.twitter.com/qZbPAg14p9
Moreover, the partnership between public and private entities dealing with the production, transportation and storage of green hydrogen is also encouraged in the report: “[The infrastructure] will need to be implemented with the best possible alignment with private firms while assuring widespread community support.” However, Visiongain acknowledges that reaching such complete consistency and ideal alignment for the implementation governance will be a difficult task.