Northbrook, IL 60062 -- (SBWIRE) -- 06/01/2023 -- The report "Green Hydrogen Market by Technology (Alkaline and PEM), Renewable Source (Wind, Solar, Geothermal, Hydropower, and Hybrid of Wind & Solar), End-Use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region - Global Forecast to 2027", is projected to grow from USD 676 million in 2022 to USD 7,314 million by 2027, at a CAGR of 61.0% during the forecasted period. Factors such as lowering cost of producing renewable energy by all sources, development of electrolysis technologies and high demand from FCEVs and power industry are expected to drive the markets growth during the forecast period.

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254 market data Tables
63 Figures
323 Pages

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In terms of value and volume, wind-powered green hydrogen has the largest market share in the global green hydrogen market during the forecasted period
Wind energy led the market for green hydrogen in terms of value in 2021, accounting for 48% of the total. Wind farms are typically built onshore or offshore. In comparison to onshore plants, offshore plants have consistent output all year. Wind energy prices have dropped by 44-78% since their peak in 2007-2010. This factor has significantly increased the acceptance of wind power for green hydrogen production. Offshore and onshore wind farms are currently used to generate power for use in green hydrogen generation.

Green Hydrogen are increasingly used in the mobility, power, industrial, grid injection, chemical and other end-use industries. The increasing demand of mobility industry drives the demand for green hydrogen. The major drivers for the green hydrogen market include low variable electricity costs, technological advancements, Global plans for net-zero emissions by 2050. The initial cost involved with the production of green hydrogen is very high, while the lack of infrastructure to transport and store it poses an additional challenge and this can restrain the market from growing. Some of the opportunities for manufacturers include decreasing costs of electrolyzers which are used in production of hydrogen.

Siemens Energy AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Nel ASA (Norway), Linde plc (Ireland), Cummins Inc. (US), H&R Ölwerke Schindler GmbH (Germany), Wind to Gas Energy GmbH & Co. KG (Germany), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China), Air Liquide S.A. (France), and Air Products and Chemicals, Inc. (US) are some of the key players in the green hydrogen market.

Siemens Energy AG is one of the major key players in the green hydrogen market. Siemens Energy AG is an energy company formed by the spinoff of the former gas & power division of Siemens Group and includes a prominent share (67%) of Siemens Gamesa. The company provides energy technology solutions. It operates through two segments: gas & power and Siemens & Gamesa renewable energy. The gas & power segment offers a wide range of products and services in power transmission and conventional central and distributed power generation alongside industrial applications for the oil & gas industry and industrial process applications. The Siemens & Gamesa renewable energy segment focuses on promotion, designing, manufacturing, and technologically advanced product supply in the renewable energy sector, it also is focusing on wind power plants. The company aims at integrating renewables in developed industry, energy, and mobility infrastructures with Power-to-X solutions using green hydrogen. Green hydrogen is generated using PEM electrolysis with the help of renewable energy. The company is focusing on the development of green hydrogen and important projects such as the DEWA green hydrogen project (Dubai). It has an operational plant in Austria.

Lhyfe, a pure player in hydrogen production, was founded by a team of experts who aimed at connecting nature and energy needs without any prejudice to natural resources. It is a Nantes-based company, created in 2017, for the production of green hydrogen and to reduce emissions of carbon dioxide and associated pollutants. This hydrogen is mainly intended for mobility (transport of goods and people) and the industry to reduce greenhouse gas emissions. Their production absorbs a power of 60 MW and generates 6,000 to 10,000 tons of hydrogen per year. Therefore, the company signed a framework agreement with Norwegian Nel, a world leader in the manufacture of electrolyzers and the benchmark in this industry since 1927. Lhyfe is an independent company acting for the environment.

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Air Products and Chemicals, Inc. is an American international corporation that serves globally with a unique portfolio of products, services, and solutions that include atmospheric gases and specialty gases, equipment, and services. Leonard P. Pool founded the company in 1940. The company operates in technology, energy, healthcare, food, and industrial markets globally, with atmospheric industrial gases (mainly oxygen, nitrogen, argon, hydrogen, and carbon dioxide), process and specialty gases, performance materials, and chemical intermediates. The company produces refinery hydrogen, natural gas liquefaction (LNG) technology and equipment, epoxy additives, gas cabinets, advanced coatings, and adhesives. Air Products also provides liquid hydrogen and liquid oxygen fuel for the space shuttle external tank. The company has had a working relationship with NASA for 50 years and has supplied liquid hydrogen used for every space shuttle launch and the Mercury and Apollo missions.