Green Hydrogen are increasingly used in the mobility, power, industrial, grid injection, chemical and other end-use industries. The increasing demand of mobility industry drives the demand for green hydrogen. The major drivers for the green hydrogen market include low variable electricity costs, technological advancements, Global plans for net-zero emissions by 2050. The initial cost involved with the production of green hydrogen is very high, while the lack of infrastructure to transport and store it poses an additional challenge and this can restrain the market from growing. Some of the opportunities for manufacturers include decreasing costs of electrolyzers which are used in production of hydrogen. The biggest challenge faced by green hydrogen manufacturers is the initial investment required to set up a production plant and the transportation costs associated with its postproduction. The development of renewable energy power plants and the setting up of electrolysis technology to provide efficient energy conversion are the biggest challenges. The global green hydrogen market is estimated to be USD 676.2 million in 2022 and is projected to reach USD 7314.8 million by 2027, at a CAGR of 61.0% between 2022 and 2027.
Companies operating in the green hydrogen market have strengthened their position by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2017-2022. For instance, in October 2022, Lhyfe and GAUSSIN signed a MOU to study the possibility of developing a comprehensive renewable mobility solution combining the hydrogen vehicles of GAUSSIN and the green and renewable hydrogen produced by Lhyfe. The partnership also includes a commercial component aimed at identifying potential customers, in France and abroad, likely to be interested in such an all-round renewable mobility solution for logistics, port and airport sites.
The major players active in the market as Siemens Energy AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Nel ASA (Norway), Linde plc (Ireland), Cummins Inc. (US), H&R Ölwerke Schindler GmbH (Germany), Wind to Gas Energy GmbH & Co. KG (Germany), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China), Air Liquide S.A. (France), and Air Products and Chemicals, Inc. (US), Uniper SE (Germany), Engie SA (France), Orsted AS(Denmark), Lhyfe (France).
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