Green Hydrogen Market Set to Soar, Predicted to Reach US$25.4 Billion by 2030 In response to the growing urgency of addressing climate change and reducing carbon footprints, the global green hydrogen market is poised for a phenomenal expansion, with experts predicting a staggering Compound Annual Growth Rate (CAGR) of 17.8% between 2023 and 2030. By the end of this forecasted period, the market's estimated value is projected to surpass the US$25.4 billion mark. Read More: https://www.fairfieldmarketresearch.com/report/green-hydrogen-market Market Analysis in Brief With increasing awareness of the environmental impact of traditional energy sources, countries and governing bodies worldwide are implementing stricter regulations to reduce carbon emissions. This is laying a strong foundation for the establishment and growth of the global hydrogen economy, particularly the green hydrogen industry. Currently, more than 90% of hydrogen production globally comes from grey hydrogen, which is not environmentally friendly. However, the shift towards green hydrogen, produced using sustainable resources like solar and wind, is gaining momentum despite economic challenges stemming from disparities in renewable energy costs and supply. Key Report Findings •
The green hydrogen market is expected to surpass US$25 billion by the end of the forecast period.
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Grey hydrogen currently dominates the global hydrogen industry, constituting over 90% of production.
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Increasing commercial viability of green hydrogen production due to declining renewable energy costs, reduced electrolyser costs, and technological advancements.
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In 2022, the refining segment accounted for over 61% of the market share, while alkaline electrolysis contributed over 52%.
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Solar PV technology held over 53% market share in 2022.
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Asia Pacific leads with over one-third of the market value, followed by Europe.
Market Drivers Growing Awareness About Green Hydrogen The understanding of hydrogen as a clean energy carrier is on the rise, driven by its efficiency in electricity generation and its minimal environmental impact. Hydrogen-based fuel cells can achieve