Top 5 Companies in the Global Green Hydrogen Market: Top Key Factors Driving Hydrogen Investment in the Coming Days

 

Electric power generated from renewable energy sources like wind or solar is used to produce green hydrogen through water electrolysis. Favorable government policies promoting the hydrogen economy, combined with rising environmental worries about growing carbon emissions from using fossil fuels, are anticipated to boost the demand for the hydrogen economy.

 

• The Global Green Hydrogen Market Size was valued at USD 716.43 Million in 2022.
• The market is growing at a CAGR of 55.7% from 2023 to 2032
• The global green hydrogen market is expected to reach USD 59,987.38 Million by 2032
• Asia-Pacific is expected to grow the fastest during the forecast period

 

Global Hydrogen Strategies: India’s Green Hydrogen Mission, the U.S. Clean Hydrogen Roadmap, and the EU’s Repower EU Policy

The Indian government launched the National Green Hydrogen Mission to encourage the growth and use of green hydrogen technology. This initiative seeks to establish India as a key player in the production and utilization of green hydrogen, playing a major role in the country's energy transition and sustainability objectives. Furthermore, The U.S. National Clean Hydrogen Strategy and Roadmap, which was unveiled in June 2022, describes the strategic method the United States will use to promote clean hydrogen technology. The plan seeks to advance the growth, implementation, and monetization of renewable hydrogen as a crucial element of the country's shift towards cleaner energy and climate objectives. Additionally, The Repower EU Hydrogen Policy of the European Union, introduced in March 2022 within the larger Repower EU initiative, aims to speed up the integration of hydrogen into the EU's energy shift and decarbonization strategies. The policy aims to enhance hydrogen production, grow infrastructure, and promote innovation to reach energy security and climate objectives.

 

The report provides a summary of the global top trends and future prospects for the global green hydrogen market based on historical data sets (current trends, industry statistics, and emerging trends shaping the green hydrogen industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global green hydrogen trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions. 

 

Growth Factors and Emerging Trends in the Green Hydrogen Market

 

1. High demand from FCEVs and the power industry.

Hydrogen, once primarily used in fuel cells for electric vehicles, now also plays a role in producing alternative fuels such as ammonia, methanol, and synthetic liquids. These types of energy transportation methods are becoming more important and are ready to fuel future needs. In emerging markets, green hydrogen provides a route to a sustainable future, providing a mostly carbon-free fuel choice for marine transport, hydrogen fuel cells in electric cars, and industrial emergency power. The wide range of uses makes the green hydrogen industry a profitable opportunity with high potential for growth. The market for green hydrogen in fuel cells for vehicles is quickly changing, offering the same convenience as fossil fuels but without harmful emissions.

 

2. Government Incentives Promote Green Hydrogen Initiatives.

Government incentives are essential for promoting green hydrogen initiatives and fueling market expansion. Countries like Germany provide funding for hydrogen initiatives through their National Hydrogen Strategy, as an example. In the same way, the U.S. offers tax incentives for both hydrogen production and investments in fueling infrastructure. These incentives both lower the financial obstacles for businesses and demonstrate the government's dedication to shifting towards a sustainable hydrogen economy, which in turn boosts market growth.

 

Opportunities and Future Prospects in the Green Hydrogen Market

 

Favorable Government Policies Encouraging Electric Vehicles.

Hydrogen fuel cells are utilized as the batteries for electric vehicles to function. Using electric cars helps limit carbon emissions, resulting in reduced air pollution and lessening the dependence on dwindling fossil fuels. Therefore, different governments are providing various policies and incentives to both customers and manufacturers in order to promote the use of electric vehicles. For example, governments around the world are constructing public infrastructure and implementing electric public transportation systems. Furthermore, the increase in electric vehicle popularity results in a higher demand for hydrogen, leading to an increased need for electrolyzers. Therefore, these factors present possible chances for industry growth in the upcoming period.

 

List of Key Companies in the Green Hydrogen Market

• Air Liquide
• Air Products Inc.
• Bloom Energy
• Cummins Inc.
• Engie
• Linde plc.
• Nel ASA
• Siemens Energy
• Toshiba Energy Systems & Solutions Corporation
• Uniper SE
• Others

 

Top 5 Key Players Profile in the Green Hydrogen Market

 

1. AIR LIQUIDE

 

Headquarters: Paris

Air Liquide is a major player in gases, technologies, and services for industry and health worldwide, and is dedicated to promoting environmentally friendly hydrogen solutions. The company is leading the way in the shift towards clean energy by using its knowledge to create, deliver, and use hydrogen in an eco-friendly way. Air Liquide is currently working on the creation and expansion of inventive green hydrogen production techniques, like utilizing renewable energy sources to power water electrolysis. By forming strategic alliances and investing in advanced technologies, Air Liquide seeks to decrease carbon emissions in different industries such as transportation, industry, and energy, establishing itself as a significant contributor to the worldwide transition to a greener and less carbon-intensive economy.

 

2. AIR PRODUCTS

 

Headquarters: Allentown, Pennsylvania

Air Products is a dominant player in the industrial gases industry, placing a strong emphasis on the development of green hydrogen technologies. The company is leading the way in the shift towards a sustainable energy future by making large investments in the advancement and use of green hydrogen technologies. Air Products is using its knowledge in gas production and infrastructure to expand hydrogen production from renewable sources like wind, solar, and hydroelectric power. Their efforts involve implementing extensive projects and collaborations with the goal of decreasing carbon emissions and assisting industries in their decarbonization endeavors. Air Products is dedicated to promoting the development of a clean hydrogen economy and supporting the achievement of international climate targets.

 

3. BLOOM ENERGY

 

Headquarters: San Jose, California

Bloom Energy is well-known in the clean energy industry for its groundbreaking advancements in green hydrogen technology. The company is committed to transforming energy generation through its cutting-edge solid oxide fuel cell technology, which effectively converts green hydrogen into electricity while producing low emissions. Bloom Energy shows dedication to sustainability by scaling up production and deployment of green hydrogen to help transition to a low-carbon economy. Through collaborating with different sectors and utilizing its knowledge of sustainable energy solutions, Bloom Energy is leading the way in promoting the extensive use of green hydrogen, improving energy resilience, and supporting worldwide climate objectives.

 

4. CUMMINS INC.

 

Headquarters: Columbus, Indiana

Cummins Inc. is a leading global company in power solutions, dedicated to driving the development of green hydrogen technology. In line with its strategy to promote a sustainable energy shift, Cummins is putting money into and creating advanced hydrogen fuel cell systems and electrolyzers. These technologies are created to generate, store, and use green hydrogen, which is essential for reducing carbon emissions in different industries such as transportation, manufacturing, and electricity production. Cummins' strong engineering skills and long history in the energy industry make it a significant contributor to the green hydrogen movement, with a focus on decreasing carbon emissions and advocating for cleaner energy options globally.

 

5. ENGIE

 

Headquarters: Paris, La défense

ENGIE is an international company that specializes in energy and services, with a particular emphasis on promoting green hydrogen solutions in line with its dedication to sustainable energy. The company is actively working on expanding green hydrogen projects by utilizing wind and solar energy to produce hydrogen in an environmentally friendly way. ENGIE is implementing various initiatives such as constructing large-scale hydrogen production facilities and forming strategic partnerships to promote the use of green hydrogen in different sectors like transportation, industry, and power generation. By utilizing a forward-thinking strategy and funding advanced technologies, ENGIE is actively shaping the shift towards a cleaner, more environmentally friendly energy environment.

 

Recent Developments

 

• In April 2023, Sinopec unveiled intentions to build a 400km green hydrogen pipeline connecting Inner Mongolia with Beijing, marking a groundbreaking development in China. Having a capacity of 100,000 tonnes per year, its goal is to transport hydrogen generated from renewable sources, marking an important step in reducing carbon emissions. Sustainably sourced green hydrogen emerges as a key alternative to fossil fuels, boosting market momentum.

 

• In May 2022, Air Liquide S.A., Toyota Motor, and CaetanoBus joined forces to work together on creating integrated hydrogen solutions. The collaboration seeks to cover multiple areas, including building infrastructure and creating vehicle fleets. The main objective is to speed up the extensive use of hydrogen-powered transportation for both light and heavy vehicles. This partnership represents a major move toward improving eco-friendly transportation choices and endorsing hydrogen as a renewable energy option.

 

• In November 2020, The Adani Group revealed plans to invest a substantial sum of US$ 70 billion in renewable energy. This significant investment is anticipated to be pivotal in India's shift towards renewable energy. The Adani Group is expected to make important contributions to green hydrogen production by utilizing its position in the renewable energy sector.

 

• In April 2020, Siemens Gas and Power and Uniper SE, two companies from Germany, joined forces to create projects that produce and use green hydrogen from renewable sources. This project is focused on advancing the economic feasibility of green hydrogen, providing a sustainable option to traditional fossil fuels.

 

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