The Green Hydrogen Market is being driven by Growing adoption of clean fuel
The Green Hydrogen Market is expected to grow at a CAGR of 66.83% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 46249.8 million. The refining sector represents a significant consumer base for green hydrogen. According to the US Energy Information Administration (US EIA), this sector utilizes hydrogen for various purposes, including the conversion of crude oil into refined fuels and the removal of impurities like sulfur from these fuels. The global demand for distillate fuel oil and stricter regulations governing sulfur content are driving the expansion of the green hydrogen market in the refining industry. Notably, initiatives such as the REFHYNE project, which commenced in January 2018 and concluded in December 2022, have been instrumental in promoting the adoption of clean hydrogen in refineries.
Get more information on Green Hydrogen Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
181 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 66.83% |
|
Market growth 2024-2028 |
USD 46249.8 million |
|
Market structure |
market_structure.ucfirst |
|
YoY growth 2023-2024(%) |
50.43 |
|
Key countries |
China, Germany, US, Japan, and France |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The Green Hydrogen Market is gaining momentum as the world shifts towards renewable energy sources, such as wind and solar, for hydrogen production. The hydrogen economy is poised for growth as low-carbon sources become increasingly important for meeting energy needs. Companies like Air Liquide are leading the charge with renewable liquid hydrogen production using alkaline and PEM electrolyzers. Supportive policies and the adoption of fuel cells in place of internal combustion engines are driving demand for hydrogen-powered aircraft and vehicles. The International Energy Agency emphasizes the role of green hydrogen in reducing carbon emissions and transitioning away from fossil fuels. Environmental concerns and the search for alternative energy sources continue to fuel the market's growth. Natural gas-hydrogen fuel mixtures are also being explored for power generation, while hydrogen fuel cells offer clean energy solutions for various applications. However, challenges such as the high cost of production and environmental issues associated with hydrogen production and transportation remain.
The green hydrogen market encompasses businesses involved in the production of green hydrogen through electrolysis technologies, utilizing renewable energy sources. This low-carbon hydrogen is subsequently employed in hydrogen fuel cells to generate electricity, contributing to the hydrogen economy. The adoption of green hydrogen is escalating due to its environmental benefits, leading to the development of hydrogen infrastructure, including electrolyzer technology, hydrogen pipelines, and hydrogen storage solutions. The clean hydrogen technologies sector is experiencing significant growth, driven by increasing investments in green hydrogen projects. The global green hydrogen market is expected to expand substantially due to these factors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
