Green Hydrogen Industry will grow by more than 6,000% by 2031
The green hydrogen sector will expand by 51.6% year-on-year, according to Indian/US market research firm. The global green hydrogen market will expand at USD 89.18 bn by 2030 — a "phenomenal" compound annual growth rate (CAGR) of 54% — according to a new study from Indian/Canadian based firm Precedence Research.
Over the ten-year period, this represents industry growth of 6,243%.
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Similar growth was forecast in April by US analyst Guardhouse Insights, which forecast that the global manufacturing of electrolysis — 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 Precedence Research which is registered in Pune, India, but has a "corporate headquarter" in Canada.
"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 electrolyze market.
Precedence Research, which has more than 300 employees, covers a wide range of industries, from energy to healthcare, food and defense.
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