The Green Hydrogen Market Size was valued at USD 444 million in 2021. The mobility industry is developing vehicles that would utilize hydrogen directly in fuel cells or in internal combustion engines. Hydrogen based forklifts have already been developed and are being utilized in a few industries across Europe, APAC and North American regions. The countries are planning to more than double the number of such hydrogen-based vehicles by 2030.
The governments of many developed countries are coming forward in developing infrastructure for green hydrogen. This is majorly happening in Europe followed by Asia. The development of infrastructure will facilitate manufacturers to expand their reach and capacity, which will assist them in lowering the price of green hydrogen. The involvement of the governments of the respective countries is very crucial for developing an ecosystem that accepts green hydrogen as an alternate fuel.
Europe is the largest market in terms of manufacturing and supplying green hydrogen. In terms of volume, it accounts for a share of 58.0% of the global green hydrogen market in 2020, followed by APAC at 27%. Europe has been investing heavily in the green hydrogen projects. The European Hydrogen Backbone project is underway to develop nearly 40,000 km of dedicated hydrogen pipeline. This is boosting the investment in green hydrogen in the region. Major automotive manufacturers in the European region, such as Porsche, Ducati, BMW, and Audi, are focusing on the downsizing concept of car engines and manufacturing lightweight and fuel-efficient engines, which will also drive up the growth of the green hydrogen market. The European Union Automotive Fuel Economy (UNEP) standard has challenged automotive OEMs to decrease carbon emissions by using lightweight materials, which is further driving the market in this region.
Linde (Ireland), Guangdong Synergy Hydrogen Power Technology (China), Siemens (Germany), H&R Olwerke Schindler (Germany), Cummins and Enbridge Gas (Canada), Wind to Gas Energy GmbH & Co. KG (Germany), Toshiba (Japan), and Nel (Norway) are the leading players in the market.
