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.