The green hydrogen and blue chemicals market is valued at USD 92.3 million in 2021 and is expanded to grow at a significant CAGR of 7.9% over 2022-2028. Factors such as the decreasing cost of creating renewable energy from all sources, developing electrolysis technologies, and strong demand from FCEVs and the power industry are driving the market. Green hydrogen-powered vehicles are ideal for mining equipment, railroads, planes, trucks, buses, and maritime transport. It is the most efficient way for advanced countries to meet their zero-carbon commitments. Green hydrogen is gaining popularity due to its zero-emission manufacturing process, which may be used to replace traditional hydrogen such as grey, blue, and brown. Because green hydrogen reduces the cost of creating renewable energy, it is being used by various end-users, including mobility, chemical, electricity, grid injection, and others. The global green hydrogen market is developing all over the world as a result of the factors above. Focusing on alliances/partnerships/joint ventures/collaborations growing number of FCEVs & HRSs creates opportunities for the marketers. Consumables segment is expected to gain the major market share 96.6% (value) & 94.9% (volume) in 2022 with a value of USD 82.8 million & 38.6 (thousand tons) in 2022. Whereas the mobility segment is anticipated to show the fastest growth rate, from 222.8% in 2023 to 348.4% by 226 (value growth) and from 229.8% in 2023 to 356.9% by 2026 (volume growth)
Recent Market Developments:
In October 2021, Lhyfe, a French green hydrogen startup, announced that it has secured USD 58 million in a Series A investment round headed by SWEN Capital Partners and Banque des Territoires, with participation from its original investors.
In October 2021, ABB and PERIC, China’s top hydrogen electrolyzers manufacturer, signed a Memorandum of Understanding (MoU) to expedite green hydrogen’s more extensive use as an energy source.