H1 2023: In February 2023, China Petroleum & Chemical Corporation (Sinopec) launched of green hydrogen project in Inner Mongolia region of China. The project aims to directly produce 30 thousand tonnes of green hydrogen and 240 thousand tonnes of green oxygen per year, employing the carbon reduction initiatives of the nearby ZTHC Energy intensive coal processing pilot project in Erdos. The project will make use of the abundant solar and wind energy resources in the Erdos region. In June 2023, Hydrogen Oman (Hydrom) announced an agreement worth USD 20 billion investment for green Hydrogen projects. Three memoranda of understanding were signed with the Amnah consortium, the Green Energy Oman alliance, and BP Oman. With a total capacity of more than 12 GW of renewable energy, the plants are expected to annually produce 500 thousand tonnes of green hydrogen per annum. In June 2023, Aker Horizons ASA, a prominent producer of green energy, announced that Innovation Norway has awarded grants and loans totaling up to NOK 135 million for its green hydrogen production facility at Rjukan located in Eastern Norway. The project will produce approximately 3000 tonnes per annum of green hydrogen by the help of 20 MW electrolyzers. By the end of 2023, Aker Horizons intends to make a final investment decision for Rjukan, with a planned commercial operating date of 2025.
H1 2022: During H1 2022, major players in the global Green Hydrogen market were Sinopec, Ningxia Baofeng Energy Group, Iberdrola, and Air Liquide. Although, Sinopec secured the position of the top producer of Green Hydrogen in H1 2022. In January 2022, Hyosung Group announced about a huge investment of USD 825 million in Green Hydrogen located in South Korea. The goal of the company is to produce 200 thousand tonnes of green hydrogen by using water-electrolysis method and energy for conducting the process using wind power, making the project totally renewable. The project includes building a 10-megawatt water electrolysis and using that for producing green hydrogen. The group aims towards sustainable development on a long run. Based on region, Asia Pacific held the position of the largest consumer of Green Hydrogen during H1 2022, followed by North America and Europe. The major drivers behind the huge sum of demand for green hydrogen in Asian nations was for its usage in numerous downstream industries like the energy sector. Europe also held notable demand of green hydrogen owing to the demand by the transportation and the energy sector.
H2 2022: In July 2022, Air Liquide Australia Solutions announced about setting up a new green hydrogen production plant called Altona Renewable Hydrogen Plant in the city of Melbourne, Victoria, Australia. This plant has a budget of USD 3.95 million and will have a production capacity of 0.13 thousand tonnes of green hydrogen, once in operation. The plant will be fully renewable in nature and use water-electrolysis method to produce green hydrogen. In December 2022, India cleared its incentive off worth USD 2 billion towards green hydrogen industry. This is a great offer to cut emissions and ended up a major send out of Indian players within the field. This incentive program was made to motivate green hydrogen producers, reduce the price of electrolyzers and cut down the production costs of green hydrogen. It would do this in portion by expanding the scale of the industry, by helping the green hydrogen producers and aiming towards sustainable development. Based on region, Asia Pacific continued to hold the position of the largest consumer of Green Hydrogen during H2 2022. The main reason behind the demand for green hydrogen across Asian countries was due to its growth in usage in many downstream industries such as the energy sector. There was also great demand in Europe due to demand in the transport and energy sectors.
The global Green Hydrogen market has surged and reached roughly 20 thousand tonnes in 2022 and is expected to grow at a remarkable CAGR of 132% during the forecast period until 2032. Recently, Toyota Corporation, Australia started operating a new project named Toyota Ecopark Hydrogen Demonstration Project under which a sector of Toyota Australia’s decommissioned car manufacturing plant in Altona was modified into a renewable energy center for Green Hydrogen. The project had a budget of approximately USD 4.9 million and began operating in January 2023. This center is utilized to produce renewable Hydrogen for both stationary energy and transportation energy usage.
Hydrogen is a gas utilized as an energy source that can also be employed as a raw material in the industrial sector. It is a primary element and is present naturally in nature. Traditional methods of extraction of Hydrogen are used to emit significant volumes of carbon dioxide. Green Hydrogen is synthesized by a clean method without any carbon dioxide emissions. The Water Electrolysis process, which separates water molecules into their Hydrogen and oxygen components, is used to produce green Hydrogen. Green Hydrogen is employed majorly for energy storage and power wind plants. In the future, its demand is anticipated to rise due to the reason that it is a renewable energy source. Although Energy Storage, Feedstock, and Transportation are the significant applications of Green Hydrogen, Energy Storage is the dominant application.
The leading reason for the expansion of green hydrogen is the synthesis of green ammonia. Green ammonia. Green ammonia can function as a zero-carbon emission fuel, fertilizer, industrial power generation, and transportation. One of the leading reasons contributing to the Green Hydrogen global market is its employment as a source of clean and renewable energy. The demand for green hydrogen has increased significantly in recent years due to its capacity to reduce carbon emissions. It also aids in meeting the growing demands of the world. Its use is anticipated to increase because it is a long-term energy source as a replacement for fossil fuels. The government has launched a variety of programmes to cut carbon emissions and reach the target of zero emissions, which is expected to grow the market for green hydrogen in the future years. The overall Green Hydrogen market is anticipated to experience massive growth and reach about 125000 thousand tonnes in the forecast period.
Based on demand, Asia Pacific holds the major share of the Green Hydrogen market all across the globe. Asia Pacific held a market share of roughly 50% of global Green Hydrogen in 2022. In the future, Asia Pacific will most likely experience high development in both energy demand and renewable energy, and it might be a significant market for green hydrogen. However, Europe stands as the second largest consumer of Green Hydrogen. Green Hydrogen is a sustainable and major source of energy in Europe to power windmills and electric vehicles along with stringent government policies which favor green hydrogen usage.
Based on the end-user industry, the Green Hydrogen market is segmented into various influential industries which are Green Ammonia, Transportation Fuel, Power & Heating, Refining, and Chemical Feedstock. Among these, Green Ammonia is the leading segment and held a market share of 40% in 2022. Moreover, Transportation Fuel is another impressive application of Green Hydrogen.
Significant companies for Global Green Hydrogen are Sinopec, Ningxia Baofeng Energy Group, Shell Plc, Jilin Chemical, Ohmium, Air Liquide, Acme Group, GAIL (India) Limited, Indian Oil Corporation Ltd, Toshiba Energy Systems and Solutions, SK Inc & Monolith, Hyosung Group, Linde Plc, Cleantech Group (Svevind Energy Group), N.V Nederlandse Gasunie, and others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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The objective of the Study:
• To assess the demand-supply scenario of Green Hydrogen, which covers the production, demand, and supply of Green Hydrogen around the globe.
• To analyze and forecast the market size of Green Hydrogen.
• To classify and forecast the Global Green Hydrogen market based on end-use and regional distribution.
• To examine global competitive developments such as new capacity expansions, mergers & acquisitions, etc., of the Green Hydrogen market.
To extract data for the Global Green Hydrogen market, primary research surveys were conducted with Green Hydrogen manufacturers, suppliers, distributors, wholesalers, and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for the Global Green Hydrogen market over the coming years.
ChemAnalyst calculated Green Hydrogen demand around the globe by analyzing the historical data and demand forecast, which was carried out considering raw material to produce Green Hydrogen. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources, such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Green Hydrogen manufacturers and other stakeholders
• Organizations, forums and alliances related to Green Hydrogen distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Green Hydrogen manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Green Hydrogen market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
20 thousand tonnes
Market size Volume by 2032
125000 thousand tonnes
Growth Rate
CAGR of 132% from 2023 to 2032
Base year for estimation
2022
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Capacity by Process, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand-Supply Gap, Manufacturing Process, Policy and Regulatory Landscape,
Segments covered
By End-Use: (Green Ammonia, Transportation Fuel, Power & Heating, Refining, and Chemical Feedstock)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
I am satisfied with overall performance of ChemAnalyst. Weekly updates before the final report were especially helpful and reassuring. Additional requests on the interim and/or final reports were handled in a swift and professional manner
Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
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What is the expected global market size of Green Hydrogen in terms of volume for 2032?
Ans:
The global market size of Green Hydrogen is expected to reach approximately 125000 thousand tonnes by 2032 with an impressive CAGR of 132%.
Q2.
What are the major end-use industries of Green Hydrogen?
Ans:
Green Hydrogen is used in a wide range of end use industries such as Green Ammonia, Transportation Fuel, Power & Heating, Refining, and Chemical Feedstock.
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