Dublin, April 29, 2024 (GLOBE NEWSWIRE) — The global green hydrogen market is expected to experience significant growth in the coming years, with a projected increase from USD 1.1 billion in 2023 to USD 30.6 billion by 2030, at a CAGR of 61.1%. This growth is driven by factors such as the decreasing cost of renewable energy production, advancements in electrolysis technologies, and a growing demand from industries like power and transportation.
The market for green hydrogen is segmented by technology, renewable source, end-use industry, and region. Alkaline electrolysis is a key technology in the market, with its reliability, scalability, and cost-effectiveness making it a popular choice. The mobility industry is expected to see the highest CAGR in the green hydrogen market, driven by the use of hydrogen in various modes of transportation. Europe leads the global green hydrogen market, with countries like Germany, France, and the Netherlands investing in large-scale projects to reduce emissions and drive innovation.
Key players in the green hydrogen market include Nel ASA, Toshiba Energy Systems & Solutions Corporation, Siemens Energy AG, and Air Liquide. These companies are adopting strategies like acquisitions and partnerships to increase their market share and revenue.
The market dynamics of green hydrogen include drivers like low variable electricity costs and technological advancements, as well as challenges such as high initial investments and an under-developed market. Companies are investing in technologies like polymer electrolyte membrane electrolyzers and alkaline electrolyzers to drive the growth of green hydrogen.
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