Green Hydrogen Market Regional Analysis:
Europe Market Insights
The green hydrogen market in Europe is projected to be the largest with a share of about 30% by the end of 2035. The growth of the market can be attributed majorly to the rising manufacturing capacity of electrolyzers. In a Joint Declaration signed by the Commissioner of the European Commission and 20 CEOs from related industries, the business agreed to tenfold its capacity to reach 17.5 GW per year for producing electrolyzers by 2025. By 2030, the EU is expected to be able to produce the 10 million tons of renewable hydrogen that were set as a goal in March 2022. Moreover, the commission also pledged to implement a favorable regulatory environment, easier access to financing, and the promotion of effective supply chains for green hydrogen.
APAC Market Insights
The Asia Pacific green hydrogen market is estimated to be the second largest, registering a share of about 28% by the end of 2035. The growth of the market can be attributed majorly to the increasing efforts to reduce carbon emissions. The 2021 Glasgow climate conference saw the introduction of five emission commitments from the Indian government. By the year 2070, net emissions are likely to be zero. Moreover, to reach a 500 GW non-fossil fuel capacity by 2030. Furthermore, the rising demand for hydrogen fuel cell vehicle is also expected to augment the market growth in the region. China wants 1 million hydrogen fuel cell electric vehicles (EVs) on the road by 2030, along with at least 1,000 hydrogen recharging stations, according to the Ministry of Industry and Information Technology.
North American Market Insights
North America region is anticipated to register substantial growth through 2035. The growth of the market can be attributed majorly to the growing need for clean energy across various sectors which is likely to boost the need for green hydrogen. In response to ongoing economic and environmental concerns, as well as regional demands for clean renewable energy sources, fuels, and other goods, the U.S. economy is growing more flexible and inventive. Moreover, a hydrogen programme plan has been prepared by the U.S. Department of Energy (DOE). In order to advance the production, transportation, storage, and use of hydrogen across various economic sectors. This plan offers a structure that includes the research, development, and demonstration efforts of all the combined offices of energy.
