Green Hydrogen Generator Market Size [2023-2028] Worth USD 325.1 Million | Exhibiting a CAGR of 5.6%
Fortune Business Insights
7 min read
Fortune Business Insights
Green Hydrogen Generator Market to Exhibit a CAGR of 5.6% by 2028; Acquisition of Areva H2Gen by GTT to Amplify Growth.
Pune, India, June 20, 2023 (GLOBE NEWSWIRE) -- The global green hydrogen generator market size was valued at USD 200.9 million in the year 2020 and is forecast to grow from USD 222.4 million in 2021 to USD 325.1 million by the end of the year 2028, and the market is estimated to exhibit a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period 2023-2030.
Key Development:
GTT announced the acquisition of Areva H2Gen. Areva H2Gen is involved in the conception and assembly of electrolyzers for the manufacturing of green hydrogen.
Green Hydrogen Generator Market Size, Share & COVID-19 Impact Analysis, By Type (Traditional Alkaline Electrolysis, PEM Electrolysis, and Solid Oxide Electrolysis), By Application (Power Plants, Steel Plant, Electronics and Photovoltaics, Industrial Gases and Others) and Regional
Growth Drivers
Introduction of Innovative Methods for Green Hydrogen production to Stimulate Market
Power Plants to Hold the Largest Share
Market Drivers & Restraints:
Introduction of Innovative Methods for Green Hydrogen production to Stimulate Market
Hydrogen is currently generated using various methods, including water electrolysis, steam methane reforming, partial oil oxidation, and coal gasification. Water electrolysis is the most common method for producing green hydrogen. Hydrogen and oxygen are generated by water electrolysis using renewable energy sources such as solar power and wind. Hence, prominent companies are investing in advanced technologies to produce green hydrogen extensively, in turn, boosting the green hydrogen generator market growth. For instance, Air Products and ThyssenKrupp AG signed a Cooperation Agreement (SCA) for the extensive supply of green hydrogen. Through this contract, ThyssenKrupp AG will deliver its technology, equipment, and technical services for Air Product’s water electrolysis plants.
COVID-19 Impact:
Investment in Water Electrolysis Projects by Major Companies to Negate Sluggish Growth
COVID-19 resulted in the global health emergency and affected numerous industries and businesses. The pandemic may have postponed several industrial projects leading to a major disruption in the supply chains. Accordingly, the market for green hydrogen generator has been slightly affected by this pandemic. However, the burgeoning demand for renewable sources is anticipated to attract significant investments that will bode well for the market in the years to come. For instance, in June 2020, ThyssenKrupp AG and De Nora expanded their manufacturing capacities for water electrolysis plants and can now produce electrolysis cells with a total power consumption of one gigawatt.
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Segmentation Analysis:
Power Plants to Hold the Largest Share
Based on type, the market is categorized into traditional alkaline electrolysis, PEM electrolysis, and solid oxide electrolysis.
Based on application, the global green hydrogen generator industry is categorized into power plants, industrial gases, electronics & photovoltaics, steel plants, and others. The power plant segment is expected to account for a significant share during the forecast period owing to the utilization of green hydrogen for the production of ammonia, methanol, and steel at power plants
Based on geography, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Regional Insights:
The growing demand for clean fuel from countries such as China, India, Japan, and South Korea will spur opportunities for the Asia Pacific market.
The increasing production and sales of electric cars will push growth in Europe.
The favorable government initiatives for producing green hydrogen in the US will boost North America’s green hydrogen generator market share.
Rising focus on a carbon-free environment will aid expansion in the Middle East and Africa.
De Nora is a leader and supplier of alkaline water electrolysis systems for the manufacture of green hydrogen. The organization is a pioneer in the alkaline and proton exchange membrane (PEM) water electrolysis group, having installed over 3,000 efficient and cost-effective systems worldwide. The company is focused on partnerships, collaborations, and agreements to strengthen its position in the green hydrogen generator industry. For instance, on April 13, 2018, De Nora and The Belgian company AGFA signed a technological contract. Under this agreement, De Nora will integrate AGFA’s diaphragm separators with its electrodes for a novel package. The designed electrodes will be used as a bespoke solution for hydrogen and oxygen production through alkaline water electrolysis.
A List of Key Manufacturers Operating in the Global Market:
Nel (Proton On-Site) (Norway)
Asahi Kasei (Japan)
Hydrogenics (US)
Areva H2gen (France)
Shandong Saikesaisi Hydrogen Energy Co., Ltd. (China)
About Us: Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
