The green hydrogen market industry is projected to grow from USD 1.1 Billion in 2023 to USD 30.6 Billion by 2030, at a CAGR of 61.1% during the forecasted period. Green hydrogen is increasingly utilized in various industries like power, grid injection, mobility, and industrial processes. The countries are aggressively moving towards emission-free economies, with the green hydrogen economy being a top strategy. In the mobility sector, Fuel Cell Electric Vehicles (FCEVs) using hydrogen are gaining traction due to their high power-to-weight ratio and quick refilling times compared to conventional electric vehicles. In the shipping industry, green ammonia is emerging as a preferred fuel due to its higher energy density and its compatibility with existing engines and fuel cells.
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Toshiba Energy Systems & Solutions Corporation (Japan), Siemens Energy AG (Germany), Air Liquide S.A. (France), Linde plc (Ireland) and H&R Ölwerke Schindler GmbH (Germany) fall under the winners’ category. These are leading players in the green hydrogen market globally. These players have adopted the strategies of acquisitions, expansions, partnerships, and investments to increase their market shares.
Toshiba Energy Systems & Solutions Corporation – Toshiba Energy Systems & Solutions Corporation is a subsidiary of Toshiba Corporation. The company provides including energy transmission and distribution, energy-related solutions, and heavy ion therapy solutions. It has expertise in a wide range of energy management technology and power generating and transmitting systems, such as energy conversation, renewable energy, and energy matching. The company is one of the world leaders in the green hydrogen market. The company has been working on developing a next-generation water electrolyzer called SOEC for producing large quantities of high-quality hydrogen
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Siemens Energy AG – Siemens Energy AG is another energy company in the field of green hydrogen, formed by the spinoff of the former Gas and Power division of Siemens Group and includes a prominent share (67%) of Siemens Gamesa. The Siemens & Gamesa Renewable Energy segment focuses on developing, promoting, designing, supplying products and manufacturing, installation, and technologically advanced services in the renewable energy sector, focusing on wind power plants. Siemens Energy AG aims at integrating renewables in developed industry, energy, and mobility related to infrastructures with Power-to-X solutions using green hydrogen. Currently, the company is developing and the world’s first commercial and integrated large-scale plant to produce climate-neutral e-fuel. The project is located in Chile and is known as the Haru Oni project (Highly Innovative fuels (HIF) pilot project).
Air Liquide S.A. – Air Liquide S.A. is a French multin ational company that supplies industrial gases and services to various industries, including chemical, medical, and electronic manufacturers. The company has major sites in China, Germany, Japan, the US, and the UAE. It operates through segments that is gas & services, engineering & construction, global markets & technologies, and other activities. Air Liquide S.A. owned the patent for Aqua-Lung until it expired.
H&R Ölwerke Schindler GmbH – H&R Ölwerke Schindler GmbH is in Hamburg, Germany and is part of the H&R GmbH & Co. KGaA. It is a leading manufacturer of mineral oil specialties such as white oils, petroleum jellies, paraffin waxes, lubricants, motor oils, base oils, process oils, cable filling compounds, ozone protection waxes, plasticizers, and cosmetic and pharmaceutical raw materials. H&R Ölwerke Schindler is a world leader in the production of label-free plasticizers for the tire industry. It operates a large mixing and filling plant for marine lubricants. H&R Ölwerke Schindler has the world’s largest dynamic hydrogen electrolysis plant based on PEM technology installed. The centerpiece of the USD 11.4 million (10 million euros) plant is a Siemens-built electrolyzer with 5 MW of electric capacity. The plant produces several hundred tons of hydrogen per year, which is used as a resource in refinery processes. The green hydrogen is used to produce medical-grade white oils.
Recent Developments in Green Hydrogen Market Industry
- In June 2022, Siemens Energy and Air Liquide S.A. had signed a joint venture to manufacture industrial-scale large quantities renewable hydrogen electrolyzers. This collaboration aims to facilitate the development of a sustainable hydrogen economy in Europe. The joint venture will promote the growth of a European ecosystem for hydrogen technology and electrolysis. Projected capacity of three gigatons per year by 2025.
- In May 2022, Air Liquide S.A., Toyota Motor, and CaetarioBus have announced a collaboration to advance integrated hydrogen solutions. They will focus on the deployment of hydrogen-powered vehicle fleets, aiming to accelerate the adoption of hydrogen mobility for both light- and heavy-duty vehicles and infrastructure development.
- In April 2022, WPD and Lhyfe have signed a collaboration to produce renewable green hydrogen on a large scale at the Storgrundet offshore wind farm in the Soderhamn municipality of Sweden.
FAQS in Green Hydrogen Market Industry
- What are the factors influencing the growth of the green hydrogen market?
Global efforts to reduce carbon emissions, technological advancements, government support, and increasing use in fuel cell electric vehicles (FCEVs) and power industries to drive green hydrogen has driven the market.
- Which is the fastest-growing region-level market for green hydrogen?
Europe is the fastest-growing green hydrogen market due to the presence of major green hydrogen manufacturers.
- What are the challenges in the green hydrogen market?
Challenges in the green hydrogen market is high initial investments.
- Which energy based green hydrogen holds the largest market share?
Wind energy based green hydrogen, in terms of value and volume hold the largest share due to lower energy cost.
- Who are the major manufacturers?
Major manufacturers in the green hydrogen market include Siemens Energy AG (Germany), Linde (Ireland), Toshiba Energy Systems & Solutions Corporation (Japan), and Air Liquide (France).
- What are the major end use industry for green hydrogen?
Chemical, power, mobility, grid injection, and industrial are the major end-use industries of market green hydrogen.
- What is the biggest restraint in the green hydrogen market?
The biggest restraint is high cost of green hydrogen.
