Green Hydrogen Market size is set to cross USD 119 billion by 2030, according to a new research report by Global Market Insights Inc.
Stringent government policies to reduce carbon footprint across various sectors will boost the adoption of hydrogen produced from cleaner sources. Intensifying levels of greenhouse gas emissions has led to the implementation of significant measures to reduce the dependency on fossil fuels. Eco-friendly alternatives are witnessing steady acceptance across applications such as industrial, transportation, aviation, and mobility. Hydrogen provides benefits such as storability, transportability, and viability. Introduction of various strategies and initiatives by the government bodies along with the global targets to reduce carbon emissions will positively influence the production of green hydrogen.
Shift to solar power generation will support the market development
The green hydrogen market size from solar energy segment is estimated to grow at a rate of 60% till 2030. Solar energy is one of the leading sources of power to produce clean hydrogen. Abundance availability of sunlight along with a focus towards replacing conventional fuel sources with clean energy sources will support the access to solar-driven hydrogen production activities. New solar power projects across developing nations and increasing effort to meet emissions targets for decarbonization will boost the use of solar power to produce hydrogen.
Consistent efforts to bring fuel cell electric vehicles in the global market
There have been consistent efforts from government agencies and private organizations worldwide, to boost investments in the transportation sector. One of the key areas of investments is the reduction of carbon emissions. It has led to the increase in development and adoption of FCEVs across many nations, which will bolster hydrogen consumption. A gradual rise in the deployment of hydrogen in transport applications including rail, shipping, road, aviation, and others will fuel the industry trends.
Advancement in alkaline electrolyzer technology to drive green hydrogen market demand
In 2021, the alkaline segment revenue was over USD 200 million. High flexibility during operation, technical robustness, along with economic viability are some of the key parameters increasing the deployment of alkaline technologies. Shifting focus toward advancement of electrolyzed technologies along with extensive adoption of cleaner fuel alternatives will propel the segment growth.
Favorable government initiatives to drive green hydrogen access across North America
The North America green hydrogen market is anticipated to reach USD 5 billion by 2030. Various government bodies across the region are introducing new development programs to boost the adoption of clean hydrogen. Agencies like the US Department of Energy (DoE) are supporting new research and development activities across the hydrogen industry and are taking steps towards scaling up its commercial adoption.
In June 2022, DoE announced that it will provide USD 8 billion funding to establish four Regional Clean Hydrogen Hubs around the U.S. Introduction of similar plans and platforms including HyDeal North America platform focusing on the advancement of green hydrogen ecosystem will complement the industry scenario across the region.