Green hydrogen is hydrogen produced using renewable energy sources such as solar, wind, or hydro power through a process called electrolysis. It is considered a promising technology for reducing greenhouse gas emissions and transitioning to a cleaner energy system. The green hydrogen market is rapidly evolving and new technologies are being developed to improve efficiency, reduce costs, and increase scalability.
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There are several technologies currently being used in the green hydrogen market, including:
Proton Exchange Membrane (PEM) electrolysis: This is the most commonly used technology for producing green hydrogen. It uses a membrane to separate the anode and cathode and produces high purity hydrogen gas.
Alkaline electrolysis: This technology is more mature and widely used than PEM electrolysis. It operates at a lower cost but produces lower purity hydrogen gas.
Solid Oxide Electrolysis (SOEC): This technology uses a solid oxide material as an electrolyte, which allows for high-temperature operation and the use of waste heat.
Photoelectrochemical (PEC) hydrogen production: This technology uses solar energy to split water into hydrogen and oxygen. It is still in the early stages of development but has the potential to be a low-cost and efficient method for producing green hydrogen.
Biological hydrogen production: This technology uses microorganisms to produce hydrogen from organic matter such as wastewater, agricultural waste, or algae.
Green Hydrogen Market Overview:
Green Hydrogen Market share is expected to reach USD 10.55 billion in valuation, representing a compound annual growth rate of a CAGR of 57.41%.
COVID-19 Impact Analysis
The COVID-19 pandemic has negatively affected the green hydrogen market owing to delays in construction and installation of units and facilities. Huge demand for power due to remote working and movement restriction orders passed by governments can bode well for the market. Renewable energy targets pursued by countries to lower emission levels and reduce reliance on fossil fuels can propel market growth during the assessment period.
Segmentation Analysis
Onshore Segment to Lead in Market Share
The onshore segment is set to take the lead in the green hydrogen market owing to production of green hydrogen by use of solar energy and wind energy parks. Dipping prices of components and surging prices of electricity can drive segment growth.
Proton Exchange Membrane Electrolyzer to Dominate Market Demand
The PEM technology is expected to dominate market demand over the forecast period due to specialty plastic offering higher flexibility compared to alkaline technology. Low gas permeability and thickness of PEM electrolyzers can drive the segment growth in the market.
