Green Hydrogen Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Green Hydrogen market value is accounted USD 899.2 million in 2021 and estimated to grow at significant CAGR of 13.9% over the forecast period (2022-2028), to reach USD 2,605.5 million by 2028. Based on technology the market has been segmented into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. Green hydrogen is hydrogen produced using renewable energy sources or low-carbon energy sources. Green hydrogen emits far fewer greenhouse gases than grey hydrogen, which is produced by steam reforming natural gas and accounts for the vast majority of the hydrogen market. The demand for green gases by 2050 will be enormous, according to Precision Business Insights. As a result, power-to-hydrogen is an important technology for ensuring green hydrogen supplies. Furthermore, because the transportation and storage capacity are insufficient to manage the electrical surplus, the increasing rate of renewable energy generation is causing new operational and managerial challenges on the power grid. Sector coupling, or the ability to bring the electrical and gas sectors closer together, is a feasible solution to this problem. Fuel expenditures are the most expensive component of production, accounting for 45% to 75% percent of total costs. Low gas prices in the Middle East, Russia, and North America result in some of the most cost-effective hydrogen generation. Gas importers such as Japan, Korea, China, and India face rising gas import prices, which drives up hydrogen production costs. A variety of technical and economic factors influence the cost of producing hydrogen from natural gas, with gas pricing and capital expenditures being the two most critical. The key to long-term acceptance is lowering the prices of green hydrogen production, and the indicators are encouraging. Green hydrogen costs between USD 3.5 and USD 9.0 per kilo in areas of the Middle East, Africa, Russia, the United States, and Australia, and between 3.3 and USD 8.8 in Europe.