Green Hydrogen Market worth $30.6 billion by 2030 | Key players Siemens Energy AG (Germany), H&R Olwerke Schindler (Germany), Cummins and Enbridge Gas (Canada), Nel ASA (Norway).

According to recent market research the "Green Hydrogen Market by Technology (Alkaline and PEM), Renewable source (Wind, Solar), End-use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region (North America, Europe, APAC, MEA, & Latin America) - Global Forecast to 2030", is projected to grow from USD 1.1 billion in 2023 to USD 30.6 billion by 2030, at a CAGR of 61.1% during the forecasted period. High demand from the mobility segment, power industry, electrolysis technologies development, and the low cost for producing renewable energy is expected to drive the green hydrogen market.

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Alkaline electrolysis technology in green hydrogen is accounted for the largest segment in terms of value. This dominance is attributed to several key advantages of alkaline electrolysis technology. One major advantage is the variety of electrolytes used, which are cost-effective to produce. These electrolytes are replaceable or exchangeable, contributing to the electrolyser long life. It tends to produce highly pure green hydrogen, as hydrogen ions do not diffuse easily into the electrolyte solution. This purity is a crucial factor in growing demand of alkaline electrolyser in green hydrogen across various industries.

Wind energy is accounted for the largest segment, in terms of value in the global green hydrogen market during the forecast period. In 2023, wind energy contributed to nearly 49% among the other renewable sources in green hydrogen by value. Wind power plants are typically established either onshore or offshore, with offshore plants offering more consistent output throughout the year compared to onshore ones. The acceptance of wind power for green hydrogen production has received a major boost. Both offshore and onshore wind farms are currently being utilized for power generation to use in green hydrogen production, indicating a growing trend towards renewable energy integration in the hydrogen sector.

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Europe is the largest market for green hydrogen globally. The European Union's commitment to carbon neutrality by 2050 has spurred significant investments in renewable energy and hydrogen infrastructure. Countries like Germany, France, and the Netherlands have unveiled ambitious hydrogen strategies to lead in production and consumption. With government support, a industrial base, and rising demand for clean energy, Europe is poised to shape the future of the green hydrogen market. The European Green Deal aims to reduce greenhouse gas emissions and transition industries to a climate-neutral economy. The EU hydrogen strategy, introduced in November 2022, targets increasing hydrogen's share to 13%-20% by 2050. European automotive giants like BMW, Audi, Ducati, and Porsche are driving innovation in lightweight, fuel-efficient engines, further boosting the green hydrogen market.

Linde plc (Ireland), Guangdong Synergy Hydrogen Power Technology (China), Siemens Energy AG (Germany), H&R Olwerke Schindler (Germany), Cummins and Enbridge Gas (Canada), Wind to Gas Energy GmbH & Co. KG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), and Nel ASA (Norway) are the leading players in the market. There is significant competition in the green hydrogen market to develop new process technology, lower the manufacturing cost, expand, and increase the use of green hydrogen in the end-use industries. Owing to such opportunities in the industry, companies are aiming to enhance their market shares by adopting various strategies.

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Toshiba Energy Systems & Solutions Corporation is a subsidiary of Toshiba Corporation. The company provides including energy transmission and distribution, energy-related solutions, and heavy ion therapy solutions. It has expertise in a wide range of energy management technology and power generating and transmitting systems, such as energy conversation, renewable energy, and energy matching. The company is one of the world leaders in the green hydrogen market. The company has been working on developing a next-generation water electrolyzer called SOEC for producing large quantities of high-quality hydrogen

Siemens Energy AG is another energy company in the field of green hydrogen, formed by the spinoff of the former Gas and Power division of Siemens Group and includes a prominent share (67%) of Siemens Gamesa. The Siemens & Gamesa Renewable Energy segment focuses on developing, promoting, designing, supplying products and manufacturing, installation, and technologically advanced services in the renewable energy sector, focusing on wind power plants. Siemens Energy AG aims at integrating renewables in developed industry, energy, and mobility related to infrastructures with Power-to-X solutions using green hydrogen. Currently, the company is developing and the world's first commercial and integrated large-scale plant to produce climate-neutral e-fuel. The project is in Chile and is known as the Haru Oni project (Highly Innovative fuels (HIF) pilot project).

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