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August 3, 2022
Global green hydrogen market to
grow by more than 6,000% by 2031, says new study
Sector will expand by 51.6% year-on-year, according to Indian/US
market research firm
The
global green hydrogen market will expand from $2.14bn last year to
$135.73bn by 2031 — a “phenomenal” compound annual growth rate (CAGR)
of 51.6% — according to a new study from Indian/US firm Transparency
Market Research (TMR).
Over the ten-year period, this represents
industry growth of 6,243%.
Similar growth was forecast in April by US analyst Guidehouse Insights,
which forecast that the global manufacturing of electrolysers — the
machines that produce green hydrogen from renewable electricity —
would increase by almost 8,000% between the end of this year and 2031.
“[A] rising number of government
regulations aimed at the production of renewable energy are expected
to cause the global green hydrogen market to grow considerably during
the forecast period,” said TMR which is registered in Pune, India, but
has a “corporate headquarter” in Wilmington, Delaware.
“Policymakers are considering green H2
as an option in a number of industries as a result of the lofty
net-zero objectives set by governments throughout the world,” it said.
The study adds that solar energy will be
the leading source of power for green hydrogen over the forecasted
period, with PEM technology dominating the electrolyser market.
TMR, which has more than 300 employees,
covers a wide range of industries, from energy to healthcare, food and
defence.
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