North America Green Hydrogen Market to have steady growth by 2027
Green Hydrogen Market Major Players
Players leading the global green hydrogen market include Solena Group (US), H2X (Australia), Green Hydrogen Systems (Denmark), Engie (France), FuelcellWorks (US), Siemens Gas and Power GmbH & Co. KG (Germany), Fuelcell Energy (US), Hydrogenics (Canada), Plug Power (US), Nikola Motors (US), Ergosup (France), Ballard Power Systems (Canada), Loop Energy (Canada), and Syzygy Plasmonics (US), among others.
The green hydrogen market is growing rapidly, mainly due to increasing government initiatives to promote alternative energy resources. Besides, rising pressure to control skyrocketing carbon footprints and minimize the dependency on fossil fuel boosts the growth of the market.
In today’s constantly escalating changing landscape where traditional power resources are failing to meet the energy demands, the focus is rapidly shifting towards alternative energy resources. Moreover, major policy reforms to increase green energy production and large-scale green hydrogen projects substantiate the market share.
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Also, many industry players are fostering their efforts to develop a breakthrough electrolyzer technology that can replace rare earth materials with affordable earth-abundant materials. Such initiatives are expected to impact the market growth in the years to come positively.
In this regard, Market Research Future (MRFR) states that the global green hydrogen market is projected to grow at approximately 13.2% CAGR during the review period (2020 to 2026). Growing needs for energy conservation and reduced petroleum fuel consumption influence the growth of the green hydrogen market.
Augmenting demand for clean energy sources and advances in hydrogen technologies accelerate the market demand further. Green hydrogen data center solutions are trending in the industry currently. Rising shifts in heavy power-consuming workloads to green hydrogen production centers.
Global Green Hydrogen Market - Segments
The report is segmented into technology, application, end-use industry, and region. The technology segment is sub-segmented into alkaline electrolyzer, proton exchange membrane electrolyzer, and solid oxide electrolyzer. Of these, alkaline electrolyzer is the largest segment. The application segment is bifurcated into power generation, transport, heating, and others.
The end-use industry segment is sub-segmented into medical, food & beverages, chemical, electronics, petrochemicals, glass, mining, and others. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Green Hydrogen Market - Geographical Analysis
Europe dominates the global green hydrogen market with the presence of a large number of production plants. The region accentuates renewable energy generation and has abundant hydrogen sources. Besides, large-scale green hydrogen exports impact market growth positively. Also, the increasing clean hydrogen production, alongside the burgeoning electrolyzer manufacturing industry, boosts the region’s green hydrogen market size.
North Americaseizes the second-highest share in the global green hydrogen market. Vast consumption and demand for energy that is continually increasing with the growing population and rapid industrialization drive green hydrogen market growth. Moreover, the increasing renewable energy resource deployment in residential & commercial areas led by the well-developed economy and high consumer purchasing power & regulatory change boosts market size.
The green hydrogen market in the Asia Pacific region is brisk. Factors such as growing government initiatives to control rising carbon footprints and minimizing the dependency on fossil fuel energy sources boost the regional market growth. Additionally, growing production capacities and green hydrogen manufacturers in the region influence the regional market growth. Encouraging renewable usages to meet electricity needs efficiently increase the demand for green hydrogen in the region.
Green Hydrogen Market – Competitive Landscape
Highly competitive, the global green hydrogen market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology launch. They make substantial investments in developing a well-equipped production plant and expanding their global footprints.
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Industry/ Innovation/ Related News:
March 15, 2021 ---- Fusion Fuel Green PLC (Ireland), a green hydrogen technology company, announced signing an MoU with Grupo Zoilo Ríos to develop the first green hydrogen production capacity in Spain jointly. The partnership also represents the first Hydrogen Purchase Agreement (HPA) signed with a gas station operator. The green hydrogen production volume is expected to escalate to up 120 tons per annum over time.
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