Green hydrogen generator market worth $325.1 million by 2028 |Industry expected to grow at 5.6% CAGR
The global “green hydrogen generator market” size is expected to reach USD 325.1 million by 2028, exhibiting a CAGR of 5.6% between 2021 and 2028. The surging demand for fuel cell-based electric vehicles and buses will propel healthy growth of the market, states Fortune Business Insights, in a report, titled “Green Hydrogen Generator Market, 2021-2028.” The market size stood at USD 200.9 million in 2020.
Key Industry 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.
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.
Supply Chain Restrictions to Impede Market Development
This market is expected to be negatively affected during the COVID-19 pandemic because of severe supply chain restrictions. The sudden spike in COVID patients led to the adoption of stringent lockdown norms, thereby negatively affecting the market’s development. The restrictions on transport, declining automotive sales, and the lack of raw materials led to severe disruptions in the supply chain. Further, manufacturing restraints negatively affected manufacturers’ revenue generation. These factors may propel market development during the pandemic.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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.
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 to Account for an Enormous Market Share
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)
Shandong Saikesaisi Hydrogen Energy Co., Ltd.
Teledyne Energy Systems
Yangzhou Chungdean Hydrogen Equipment Co., Ltd
718th Research Institute of CSIC
H-Tec Systems GmbH
Green Hydrogen Generator Market Segmentation:
Alkaline Water Electrolysis
Solid Oxide Electrolysis
Electronics and Photovoltaics
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Green Hydrogen Generator Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Green Hydrogen Generator Market Analysis (USD Million) (MW), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1.Traditional Alkaline Electrolysis
6.2.3.Solid Oxide Electrolysis
6.3. Market Analysis, Insights and Forecast – By Application
6.3.3.Electronics & Photovoltaics
6.4. Market Analysis, Insights and Forecast – By Region
6.4.1. North America
6.4.3. Asia Pacific
6.4.4. Latin America
6.4.5. Middle East & Africa
Source: EIN Newswire