Green Hydrogen Market

DECLARACIÓN LEGAL
La información que se contiene en el servicio está o licenciada por
proveedores de información de tercera parte o es propiedad intelectual
de EMIS. La información - incluido este documento que está a su
disposición está protegido por leyes de derechos de autor, derechos de
bases de datos, marcas y /o patentes que se poseen por la parte
relevante. Excepto con una permisión previa en el acuerdo (si hay alguno)
entre el suscriptor y EMIS, o de lo contrario aprobado expresamente por
escrito por EMIS, cualquier reproducción, publicación, redistribución,
venta, emisión o circulación de la información a cualquier tercera parte
está estrictamente prohibido.
Ningún derecho se concede al suscriptor excepto el uso limitado de
derechos. Al suscriptor no se le permite guardar en forma electrónica
cualquier carpeta compartida tampoco puede archivar la información que
se pude utilizar como solicitud de investigación ni se puede mover,
ocultar o alterar ninguno de los avisos de los derechos de autor que se
contienen en el servicio o en este documento.

Green Hydrogen
Market– A Global
and Regional
Analysis
httpspixabay.comillustrationsenergy-solar-energy-solar-6212536
GLOBAL GREEN HYDROGEN MARKET PROJECT
Focus on Application, Technology

Analysis and Forecast: 2021-2031
July 2021
All rights reserved at BIS Research Inc.

EMISPDF co-univalle03 from 45.5.164.17 on 2023-04-10 16:05:47 BST. DownloadPDF.
Downloaded by co-univalle03 from 45.5.164.17 at 2023-04-10 16:05:47 BST. EMIS. Unauthorized Distribution Prohibited.
BIS Research is a leading market intelligence and technology research company. BIS Research publishes in-
depth market intelligence reports focusing on the market estimations, technology analysis, emerging high-
growth applications, deeply segmented granular country-level market data and other important market
parameters useful in the strategic decision making for senior management. BIS Research provides multi-client
reports, company profiles, databases, and custom research services.
Copyright © 2021 BIS Research Inc.
All Rights Reserved. This document contains highly confidential information and is the sole property of BIS
Research. Disclosing, copying, circulating, quoting, or otherwise reproducing any or all contents of this
document is strictly prohibited. Access to this information is provided exclusively for the benefit of the people
or organization concerned. It may not be accessed by or offered whether for sale or otherwise to any third
party.

Table of Content
1 Markets ..................................................................................... 28
1.1 Industry Outlook .............................................................................................. 29
1.1.1 Trends: Current and Future ........................................................................ 29
1.2 Industry Attractiveness ................................................................................... 29
1.2.1 Threat of New Entrants (High) .................................................................... 30
1.2.2 Bargaining Power of Buyers (Moderate) ................................................... 31
1.2.2.1 Bargaining Power of Suppliers (Moderate) ........................................................ 31
1.2.2.2 Threat of Substitutes (Low)................................................................................ 32
1.2.2.3 Intensity of Competitive Rivalry (Moderate) ....................................................... 32
1.2.3 Patent Analysis ............................................................................................ 33

1.2.3.1 Patent Analysis (by Status) ................................................................................ 34
1.2.3.2 Patent Analysis (by Organization) ..................................................................... 35
1.3 Market Dynamics ............................................................................................. 36

1.3.1 Market Driver ............................................................................................... 36
1.3.1.1 Increasing Awareness Regarding Green Hydrogen .......................................... 37
1.3.1.2 Low Variable Renewable Energy (VRE) Electricity Cost ................................... 37
1.3.2 Market Restraint .......................................................................................... 37

1.3.2.1 High Cost of Production ..................................................................................... 38
1.3.2.2 Limited Dedicated Transport Infrastructure ....................................................... 38

1.3.3 Market Opportunity ..................................................................................... 38
1.3.3.1 Scaling Up of Technologies ............................................................................... 39
1.3.3.2 Government Initiatives for Zero Emission Systems ........................................... 39
1.3.4 Business and Corporate Strategies ........................................................... 39

1.3.4.1 Key Market Development and Strategies .......................................................... 39
1.3.4.2 Product Launches and Developments ............................................................... 41
1.3.4.3 Partnerships, Collaborations, and Contracts ..................................................... 42
1.3.4.4 Business Expansions......................................................................................... 46
1.3.4.5 Mergers, Acquisitions, and Joint Ventures ........................................................ 47

1.3.4.6 Other Key Developments................................................................................... 48
2 Application ................................................................................ 51
2.1 Global Green Hydrogen Market (by Application) .......................................... 52
2.2 Demand Analysis of Global Green Hydrogen Market (by Application) ....... 52
2.2.1 Oil and Gas .................................................................................................. 53
2.2.1.1 Hydrocracking .................................................................................................... 53
2.2.1.2 Hydroisomerization ............................................................................................ 53
2.2.1.3 Hydrodealkylation .............................................................................................. 54
2.2.1.4 Hydrodesulfurization .......................................................................................... 54
2.2.2 Petrochemical .............................................................................................. 54

2.2.3 Electric Vehicles .......................................................................................... 55
2.2.4 Power Generation ........................................................................................ 55
2.2.5 Others ........................................................................................................... 56
3 Technology ................................................................................ 57
3.1 Global Green Hydrogen Market (by Technology) ......................................... 58
3.2 Demand Analysis of Global Green Hydrogen Market (by Technology) ...... 58
3.2.1 Proton Exchange Membrane (PEM) Electrolyzer ...................................... 59
3.2.2 Alkaline Electrolyzer ................................................................................... 60
3.2.3 Anion Exchange Membrane ....................................................................... 60
3.2.4 Solid Oxide Electrolyzer ............................................................................. 61
4 Region ....................................................................................... 62
4.1 North America .................................................................................................. 64
4.1.1 Market ........................................................................................................... 64
4.1.1.1 Key Manufacturers and Suppliers in North America .......................................... 64
4.1.1.2 Business Drivers ................................................................................................ 64
4.1.1.3 Business Challenges ......................................................................................... 64
4.1.2 Applications ................................................................................................. 65

4.1.2.1 North America Green Hydrogen Market (by Application) .................................. 65
4.1.3 Technology .................................................................................................. 65

4.1.3.1 North America Green Hydrogen Market (by Technology) ................................. 65

4.1.4 North America (by Country) ....................................................................... 66
4.1.4.1 U.S. .................................................................................................................... 66
4.1.4.1.1 Market ...................................................................................................................... 66
4.1.4.1.1.1 Buyer Attributes ................................................................................................ 66
4.1.4.1.1.2 Key Manufacturers and Suppliers in the U.S.................................................... 66
4.1.4.1.1.3 Business Challenges ........................................................................................ 67
4.1.4.1.1.4 Business Drivers ............................................................................................... 67
4.1.5 Applications ................................................................................................. 67

4.1.5.1 U.S. Green Hydrogen Market (by Application) .................................................. 67
4.1.5.2 Canada .............................................................................................................. 68
4.1.5.2.1 Market ...................................................................................................................... 68
4.1.5.2.1.2 Key Manufacturers and Suppliers in Canada ................................................... 68
4.1.6 Applications ................................................................................................. 69

4.1.6.1 Canada Green Hydrogen Market (by Application) ............................................. 69
4.1.6.2 Mexico ............................................................................................................... 69
4.1.6.2.1 Market ...................................................................................................................... 70

4.1.6.2.1.2 Key Manufacturers and Suppliers in Mexico .................................................... 70
4.1.7 Applications ................................................................................................. 70

4.1.7.1 Mexico Green Hydrogen Market (by Application) .............................................. 70
4.2 Europe .............................................................................................................. 73

4.2.1 Market ........................................................................................................... 73
4.2.1.1 Key Manufacturers and Suppliers in Europe ..................................................... 73

4.2.2 Applications ................................................................................................. 74
4.2.2.1 Europe Green Hydrogen Market (by Application) .............................................. 74
4.2.3 Technology .................................................................................................. 74

4.2.3.1 Europe Green Hydrogen Market (by Technology) ............................................. 74
4.2.4 Europe (by Country) .................................................................................... 75

4.2.4.1 Germany ............................................................................................................ 75
4.2.4.1.1 Market ...................................................................................................................... 75
4.2.4.1.2 Key Manufacturers and Suppliers in Germany ........................................................ 75
4.2.4.1.3 Business Challenges ............................................................................................... 76
4.2.4.1.4 Business Drivers ...................................................................................................... 76
4.2.5 Applications ................................................................................................. 76

4.2.5.1 Germany Green Hydrogen Market (by Application) ........................................... 76
4.2.5.2 France................................................................................................................ 77
4.2.5.2.1 Market ...................................................................................................................... 77
4.2.5.2.1.2 Key Manufacturers and Suppliers in France .................................................... 77
4.2.6 Applications ................................................................................................. 78

4.2.6.1 France Green Hydrogen Market (by Application) .............................................. 78
4.2.6.2 Spain.................................................................................................................. 78
4.2.6.2.1 Market ...................................................................................................................... 79
4.2.6.2.1.2 Key Manufacturers and Suppliers in Spain ...................................................... 79
4.2.7 Applications ................................................................................................. 79

4.2.7.1 Spain Green Hydrogen Market (by Application) ................................................ 79
4.2.7.2 Italy .................................................................................................................... 80

4.2.7.2.1 Market ...................................................................................................................... 80
4.2.7.2.1.2 Key Manufacturers and Suppliers in Italy ......................................................... 80
4.2.8 Applications ................................................................................................. 81

4.2.8.1 Italy Green Hydrogen Market (by Application) ................................................... 81
4.2.8.2 Russia ................................................................................................................ 82
4.2.8.2.1 Market ...................................................................................................................... 82
4.2.8.2.1.2 Key Manufacturers and Suppliers in Russia..................................................... 82
4.2.9 Applications ................................................................................................. 83

4.2.9.1 Russia Green Hydrogen Market (by Application) .............................................. 83
4.2.9.2 Rest-of-Europe .................................................................................................. 83
4.2.10 Applications ................................................................................................. 84

4.2.10.1 Rest-of-Europe Green Hydrogen Market (by Application) ................................. 84
4.3 U.K. ................................................................................................................... 86

4.3.1 Market ........................................................................................................... 86

4.3.1.1 Buyer Attributes ................................................................................................. 86
4.3.1.2 Key Manufacturers and Suppliers in the U.K. .................................................... 86
4.3.2 Applications ................................................................................................. 87

4.3.2.1 U.K. Green Hydrogen Market (by Application) .................................................. 87
4.3.3 Technology .................................................................................................. 87

4.3.3.1 U.K. Green Hydrogen Market (by Technology) ................................................. 87
4.4 China ................................................................................................................. 90

4.4.1 Market ........................................................................................................... 90
7

4.4.1.2 Key Manufacturers and Suppliers in China ....................................................... 90
4.4.2 Applications ................................................................................................. 91

4.4.2.1 China Green Hydrogen Market (by Application) ................................................ 91
4.4.3 Technology .................................................................................................. 92

4.4.3.1 China Green Hydrogen Market (by Technology) ............................................... 92
4.5 Asia-Pacific ...................................................................................................... 94

4.5.1 Market ........................................................................................................... 94
4.5.1.1 Key Manufacturers and Suppliers in Asia-Pacific .............................................. 94
4.5.2 Applications ................................................................................................. 95

4.5.2.1 Asia-Pacific Green Hydrogen Market (by Application) ....................................... 95
4.5.3 Technology .................................................................................................. 95

4.5.3.1 Asia-Pacific Green Hydrogen Market (by Technology) ...................................... 95
4.5.4 Asia-Pacific (by Country) ............................................................................ 96

4.5.4.1 Japan ................................................................................................................. 96
4.5.5 Market ........................................................................................................... 96

4.5.5.2 Key Manufacturers and Suppliers in Japan ....................................................... 96
4.5.6 Applications ................................................................................................. 97

4.5.6.1 Japan Green Hydrogen Market (by Application) ................................................ 97
4.5.6.2 South Korea ....................................................................................................... 98
4.5.7 Market ........................................................................................................... 98

4.5.7.2 Key Manufacturers and Suppliers in South Korea ............................................. 98

4.5.8 Applications ................................................................................................. 99

4.5.8.1 South Korea Green Hydrogen Market (by Application) ..................................... 99
4.5.8.2 Thailand ............................................................................................................. 99
4.5.9 Market ......................................................................................................... 100

4.5.9.1 Buyer Attributes ............................................................................................... 100
4.5.9.2 Key Manufacturers and Suppliers in Thailand ................................................. 100
4.5.9.3 Business Challenges ....................................................................................... 100
4.5.9.4 Business Drivers .............................................................................................. 100
4.5.10 Applications ............................................................................................... 100

4.5.10.1 Thailand Green Hydrogen Market (by Application) .......................................... 100
4.5.10.2 India ................................................................................................................. 101
4.5.11 Market ......................................................................................................... 101

4.5.11.2 Key Manufacturers and Suppliers in India ....................................................... 101
4.5.12 Applications ............................................................................................... 102

4.5.12.1 India Green Hydrogen Market (by Application) ................................................ 102

4.5.12.2 Rest-of-Asia-Pacific ......................................................................................... 103
4.5.13 Applications ............................................................................................... 103

4.5.13.1 Rest-of-Asia-Pacific Green Hydrogen Market (by Application) ........................ 103
4.6 Rest-of-the-World .......................................................................................... 105

4.6.1 Market ......................................................................................................... 105
4.6.1.1 Key Manufacturers and Suppliers in Rest-of-the-World .................................. 105
4.6.2 Applications ............................................................................................... 105

4.6.2.1 Rest-of-the-World Green Hydrogen Market (by Application) ........................... 105

4.6.3 Technology ................................................................................................ 106
4.6.3.1 Rest-of-the-World Green Hydrogen Market (by Technology) .......................... 106
4.6.3.2 South America ................................................................................................. 107
4.6.4 Market ......................................................................................................... 107

4.6.4.2 Key Manufacturers and Suppliers in South America ....................................... 107
4.6.5 Applications ............................................................................................... 108

4.6.5.1 South America Green Hydrogen Market (by Application) ................................ 108
4.6.5.2 Middle East and Africa (MEA) .......................................................................... 108
4.6.6 Market ......................................................................................................... 109

4.6.6.2 Key Manufacturers and Suppliers in the Middle East and Africa ..................... 109
4.6.7 Applications ............................................................................................... 110

4.6.7.1 Middle East and Africa Green Hydrogen Market (by Application) ................... 110
5 Markets - Competitive Benchmarking & Company Profiles ....... 111

5.1 Competitive Benchmarking .......................................................................... 112
5.2 Company Profiles .......................................................................................... 114
5.2.1 Linde ........................................................................................................... 114
5.2.1.1 Company Overview ......................................................................................... 114
5.2.1.2 Product Portfolio .............................................................................................. 114
5.2.1.3 Corporate Strategies........................................................................................ 115
5.2.1.4 Production Sites and R&D Analysis ................................................................. 115
5.2.1.5 Strength of the Company in Green Hydrogen Market ..................................... 116
5.2.1.6 Weakness of the Company in Green Hydrogen Market .................................. 116
5.2.2 Air Liquide .................................................................................................. 117

10

5.2.3 Air Products Inc. ........................................................................................ 120

5.2.4 ENGIE ......................................................................................................... 123

5.2.5 Uniper SE ................................................................................................... 126

5.2.6 Siemens Energy ........................................................................................ 128

11

5.2.7 Green Hydrogen ........................................................................................ 131

5.2.8 Cummins Inc. ............................................................................................. 133

5.2.9 Toshiba Energy Systems & Solutions Corporation................................ 135


5.2.10 Nel ASA ...................................................................................................... 137

5.2.11 SGH2 Energy Global, LLC ........................................................................ 140

12

5.2.12 PLUG POWER INC. .................................................................................... 142

5.2.13 Loop Energy Inc. ....................................................................................... 145

5.2.14 Ergosup ...................................................................................................... 147


5.2.15 Ballard Power Systems ............................................................................. 148

5.2.15.4 R&D Analysis ................................................................................................... 149
13

6 Research Methodology ................................................................ 150
14

List of Figures
Figure 1: Global Green Hydrogen Market Snapshot, 2021-2031
Figure 2: Global Green Hydrogen Market (by Technology)
Figure 3: Global Green Hydrogen Market (by Region), 2021 and 2030
Figure 4: Global Green Hydrogen Market: Coverage
Figure 5: Porter’s Five Forces Analysis
Figure 6: Year-Wise Patents Filed for Global Green Hydrogen Market, January 2018-July 2021
Figure 7: Patent Analysis (by Status), January 2018-July 2021
Figure 8: Patent Analysis (by Organization), January 2018-July 2021
Figure 9: Market Dynamics: Global Green Hydrogen Market
Figure 10: Total Developments of Green Hydrogen
Figure 11: Global Green Hydrogen Market (by Application)
Figure 12: Global Green Hydrogen Market (by Technology)
Figure 13: Competitive Benchmarking Matrix
Figure 14: R&D Expenditure of Linde, 2018-2020
Figure 15: R&D Expenditure of Air Liquide, 2019-2020
Figure 16: R&D Expenditure of Air Products Inc., 2018-2020
Figure 17: R&D Expenditure of ENGIE, 2019-2020
Figure 18: R&D Expenditure of Siemens Energy, 2019-2020
Figure 19: R&D Expenditure of Cummins Inc., 2018-2020
Figure 20: R&D Expenditure of Nel ASA, 2019-2020

Figure 21: R&D Expenditure of PLUG POWER INC., 2018-2020
Figure 22: R&D Expenditure of Ballard Power Systems, 2019-2020
Figure 23: Research Methodology
Figure 24: Top-Down and Bottom-Up Approach
15

List of Tables
Table 1: Global Green Hydrogen Market (by Application)
Table 2: Key Factor in Determining “Threat of New Entrants” in Green Hydrogen Market
Table 3: Key Factor in Determining “Bargaining Power of Buyers” in Green Hydrogen Market
Table 4: Key Factor in Determining “Bargaining Power of Suppliers” in Green Hydrogen Market
Table 5: Key Factor in Determining “Threat of Substitutes” in Green Hydrogen Market
Table 6: Key Factor in Determining “Intensity of Competitive Rivalry” in Green Hydrogen Market
Table 7: Impact Analysis of Drivers
Table 8: Impact Analysis of Restraints
Table 9: Impact Analysis of Opportunities
Table 10: Product Launches (2018-2021)
Table 11: Partnerships, Collaborations, and Contracts (2018-2021)
Table 12: Key Business Expansion Activities (2018-2021)
Table 13: Key Business Mergers, Acquisitions, and Joint Ventures Activities (2018-2021)
Table 14: Other Key Developments (2018-2021)
Table 15: Global Green Hydrogen Market (by Application), $Million, 2020-2031
Table 16: Global Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 17: Global Green Hydrogen Market (by Technology), $Million, 2020-2031
Table 18: Global Green Hydrogen Market (by Technology), Million Ton, 2020-2031
Table 19: North America Green Hydrogen Market (by Application), $Million, 2020-2031
Table 20: North America Green Hydrogen Market (by Application), Million Ton, 2020-2031

Table 21: North America Green Hydrogen Market (by Technology), $Million, 2020-2031
Table 22: North America Green Hydrogen Market (by Technology), Million Ton, 2020-2031
Table 23: U.S. Green Hydrogen Market (by Application), $Million, 2020-2031
Table 24: U.S. Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 25: Canada Green Hydrogen Market (by Application), $Million, 2020-2031
Table 26: Canada Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 27: Mexico Green Hydrogen Market (by Application), $Million, 2020-2031
Table 28: Mexico Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 29: Europe Green Hydrogen Market (by Application), $Million, 2020-2031
Table 30: Europe Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 31: Europe Green Hydrogen Market (by Technology), $Million, 2020-2031
16

Table 32: Europe Green Hydrogen Market (by Technology), Million Ton, 2020-2031
Table 33: Germany Green Hydrogen Market (by Application), $Million, 2020-2031
Table 34: Germany Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 35: France Green Hydrogen Market (by Application), $Million, 2020-2031
Table 36: France Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 37: Spain Green Hydrogen Market (by Application), $Million, 2020-2031
Table 38: Spain Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 39: Italy Green Hydrogen Market (by Application), $Million, 2020-2031
Table 40: Italy Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 41: Russia Green Hydrogen Market (by Application), $Million, 2020-2031
Table 42: Russia Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 43: Rest-of-Europe Green Hydrogen Market (by Application), $Million, 2020-2031
Table 44: Rest-of-Europe Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 45: U.K. Green Hydrogen Market (by Application), $Million, 2020-2031
Table 46: U.K. Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 47: U.K. Green Hydrogen Market (by Technology), $Million, 2020-2031
Table 48: U.K. Green Hydrogen Market (by Technology), Million Ton, 2020-2031
Table 49: China Green Hydrogen Market (by Application), $Million, 2020-2031
Table 50: China Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 51: China Green Hydrogen Market (by Technology), $Million, 2020-2031
Table 52: China Green Hydrogen Market (by Technology), Million Ton, 2020-2031
Table 53: Asia-Pacific Green Hydrogen Market (by Application), $Million, 2020-2031

Table 54: Asia-Pacific Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 55: Asia-Pacific Green Hydrogen Market (by Technology), $Million, 2020-2031
Table 56: Asia-Pacific Green Hydrogen Market (by Technology), Million Ton, 2020-2031
Table 57: Japan Green Hydrogen Market (by Application), $Million, 2020-2031
Table 58: Japan Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 59: South Korea Green Hydrogen Market (by Application), $Million, 2020-2031
Table 60: South Korea Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 61: Thailand Green Hydrogen Market (by Application), $Million, 2020-2031
Table 62: Thailand Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 63: India Green Hydrogen Market (by Application), $Million, 2020-2031
Table 64: India Green Hydrogen Market (by Application), Million Ton, 2020-2031
17

Table 65: Rest-of-Asia-Pacific Green Hydrogen Market (by Application), $Million, 2020-2031
Table 66: Rest-of-Asia-Pacific Global Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 67: Rest-of-the-World Green Hydrogen Market (by Application), $Million, 2020-2031
Table 68: Rest-of-the-World Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 69: Rest-of-the-World Green Hydrogen Market (by Technology), $Million, 2020-2031
Table 70: Rest-of-the-World Green Hydrogen Market (by Technology), Million Ton, 2020-2031
Table 71: South America Green Hydrogen Market (by Application), $Million, 2020-2031
Table 72: South America Green Hydrogen Market (by Application), Million Ton, 2020-2031
Table 73: Middle East and Africa Green Hydrogen Market (by Application), $Million, 2020-2031
Table 74: Middle East and Africa Green Hydrogen Market (by Application), Million Ton, 2020-2031
18

List of Acronyms
Acronyms Descriptions
VRE Variable Renewable Energy
IEA International Energy Agency
LCOE Levelized Cost of Electricity
ATF Aviation Turbine Fuel
KSA Kingdom of Saudi Arabia
SPORE Sustainable Power for Offgrid Regions
MOU Memorandum of Understanding
DEWA Dubai Electricity and Water Authority
PV Photo Voltaic
PEM Proton Exchange Membrane
HDS Hydrodesulfurization
FCEV Fuel Cell Electric Vehicle
PFSA Perfluoro Sulfonic Acid
AEM Anion Exchange Membrane
SOFC Solid Oxide Fuel Cell
CO Carbon Monoxide
SMBs Small and Medium Businesses GLOBAL GREEN HYDROGEN MARKET PROJECT
JV Joint Venture
APAC Asia-Pacific
CAGR Compound Annual Growth Rate
CEO Chief Executive Officer
EMEA Europe, Middle East, and Africa
FY Financial Year
MEA Middle East and Africa
19

R&D Research and Development
RoE Rest-of-Europe
RoW Rest-of-the-World
U.K. United Kingdom
U.S. United States
US$ United States Dollar
20

Executive Summary
Green hydrogen is an energy carrier that can be used in many different applications, such as oil and gas,
petrochemicals, electric vehicles, and power generation. However, its actual use is still very limited. In 2019,
about 120 million tons of hydrogen was produced globally, of which two-thirds were pure hydrogen and one-
third was mixed with other gases. Hydrogen production is mainly used for crude oil refining and the synthesis
of ammonia and methanol, which account for nearly 75 percent of the total demand for pure hydrogen and
mixed hydrogen. At present, hydrogen production mainly relies on natural gas and coal, which together
account for 99 percent of production. Electrolysis produces approximately 1 percent of global hydrogen as a
by-product of chlorine production. At present, renewable energy does not produce a large amount of hydrogen,
and the green hydrogen is limited to demonstration projects.
Despite its potential, hydrogen production today is a fossil fuel-intensive process, and significant scaling up is
needed to decarbonize existing production. The most common methods to extract hydrogen are through the
reforming of natural gas, a process that accounts for around 6 percent of global natural gas demand, and
gasification, for which about 2 percent of total coal production is allocated, most of which is done in China.
Together, these processes are estimated to account for between 96 and 99 percent of global hydrogen
production. Thus, hydrogen generation from electricity and water through electrolysis is currently estimated to
provide as little as 1 percent of the global hydrogen supply. This situation, however, is set to change as green
hydrogen costs fall further.
While the global market for green hydrogen remains nascent, it could play a more prominent role in the energy
transition. The modular nature of electrolysis and fuel cells combined with the widespread availability of zero
carbon renewable energy resources makes green hydrogen a particularly interesting option for bringing

sustainable hydrogen solutions to developing countries. Green hydrogen is the only known clean energy
molecule that can be produced at any scale and in almost any location on earth, a characteristic that is not
comparable to other synthetic green fuels. Accordingly, green hydrogen could offer almost any community,
company, or country the potential to generate their own fuels, with the flexibility for multiple end-uses, including
applications oil and gas, petrochemical, electric vehicles, and power generation.
21

Fi gure 1 : G lob al Gree n Hy dr oge n Ma rke t S na ps ho t , 2 021 -2031
4,455.76
CAGR: 5.13%
($MILLION)
2,570.51 2,702.15
2020 2021 2031
Source: Expert Interviews and BIS Research Analysis
The global green hydrogen market was valued at $2,570.5 million in 2020 and is projected to reach $4,455.8
million by 2031, registering a compound annual growth rate (CAGR) of 5.13% between 2021 and 2031 in
terms of value.
Proton Exchange Membrane Electrolyzer Technology to Dominate the Global Green

Hydrogen Market
Fi gure 2 : G lob al Gree n Hy dr oge n Ma rke t ( by Te c hnol og y)
Market Growth, 2021-2031 Global Green Hydrogen Market, by

Technology
4,455.8
Proton Exchange
14.87% Membrane Electrolyzer

($MILLION)
2,702.1
1,753.7 6.38% 41.66% Alkaline Electrolyzer
Anion Exchange
Membrane
2021 2031 Growth Solid Oxide Electrolyzer

Between 37.09%
2021-2031
In terms of value, the global green hydrogen industry was dominated by the proton exchange membrane
electrolyzer, which was valued at $1071 million in 2020 and is projected to reach $1848.2 million by 2031,
22

registering a CAGR of 5.09% during the forecast period 2021-2031. The dominance of proton exchange
membrane electrolyzer is attributed to its wide use in the oil and gas and electric vehicles industry. Presently,
petrochemical and power generation industries are also adopting green hydrogen produced by proton
exchange membrane electrolyzer technology as the product manufactured by the technology is of excellent
quality.
Oil and Gas and Petrochemical Industries to be the Largest End Users in the Global
Green Hydrogen Market
Ta ble 1 : G lob al Gree n Hy dr oge n Ma rke t ( by A ppl ica tio n )
Green Hydrogen Market Size, by

Application
Application, $Million
1,500 1,425.7
871.3
1,000
Oil and Gas 500
0
2021 2031
1,500 1,021.3
1,000 629.8
Petrochemical 500
0
2021 2031
1,000 950
569
Electric 500
Vehicles
0
2021 2031

1,000 739.3
440.3
Power 500
Generation
0
2021 2031
400 319.5
191.4
200
Others
0
2021 2031
Note: Others includes Food and Beverage, Steel, and Heating Industries
23

The major end users of green hydrogen in the oil and gas industry include different refining processes such
as hydrocracking, hydroisomerization, hydrodealkylation, and hydrodesulphurization. The essential driver
behind the adoption of green hydrogen in the oil and gas industry is reducing sulfur dioxide emissions and
removal of sulfur to prevent catalyst poisoning.
The oil and gas industry were the largest end user for the green hydrogen market in 2020 in terms of value.
In 2020, the market value of the segment was $829.5 million, which is expected to reach $1425.7 million by
2031 at a CAGR of 5.05% during the forecast period 2021-2031. The demand for green hydrogen in the oil
and gas end user industry was mainly attributed to the growing need to reducing sulfur dioxide emissions and
removal of sulfur.
In terms of value, the petrochemical sector is projected to be the second largest end user. The growing use
of green hydrogen in the production of ammonia that can power household cleaning and fertilize plants.
Moreover, it could become an important zero-emission energy carrier for moving clean energy around the
world economically. In 2021, the market size of the segment was $629.8 million, which is expected to reach
$1021.2 million by 2031 at a CAGR of 4.95% during the forecast period 2021-2031.
Fi gure 3 : G lob al Gree n Hy dr oge n Ma rke t ( by Re gio n) , 202 1 a nd 2 030
Europe
North America Total Market:
Total Market: 2021: $838.9 Million
2021: $621.1 Million 2031: $1378.1 Million
2031: $1005 Million
U.K.
Total Market:
2021: $83.1 Million
China

2031: $133 Million Total Market:
2021: $207.1 Million
2031: $366.3 Million
Global Green Hydrogen Market:
2021: $2702.1 Million
2031: $4455.7 Million
Asia Pacific and Japan
Total Market:
Rest-of-the-World 2021: $352.1 Million
Total Market: 2031: $599.2 Million
2021: $599.7 Million
2031: $974 Million
24

The demand for green hydrogen varies according to various geographical regions. The green hydrogen market
holds a prominent share in various countries of North America, Asia-Pacific and Japan, Europe, U.K., China,
and Rest-of-the-World.
Industrial advancements, extensive investments for dedicated R&D facilities, and development of different
application products that require green hydrogen are some of the major drivers that are currently propelling
the growth of the market in the region. Additionally, due to the wide-scale production of green hydrogen as
well as technological advancements pertaining to the technology, the global market for green hydrogen is
expected to grow at a steady rate.
The increasing demand for green hydrogen in various end-user industries, such as oil and gas, petrochemical,
electric vehicles, and power generation, has led to a wide acceptance of green hydrogen in their production
over the time. This has led to a significant rise in the demand for green hydrogen in the region. Additionally,
concerted efforts by both the government and the end-user have played a pivotal role in making this region
the frontrunner in the field of green hydrogen.
Key Strategies and Developments by Leading Companies

Companies active in the green hydrogen market have adopted multiple business and corporate strategies
over the past years to maintain/improve their market positioning. While the industry has witnessed a mix of
several strategies adopted by companies to evolve their technologies as well as strengthen their market
presence, product-centric developments through patents and product developments have been the key
features in the market.
25

Scope of the Study
Over the last decade, significant revolutions have been witnessed in the chemical industry. From the
introduction of green hydrogen, technology, and process, the green hydrogen industry has always steered
ahead in terms of technological innovations. Researchers and green hydrogen industry players have been
experimenting with different technologies for years and looking out for the cost reduction of green hydrogen
that can be highly advantageous in overcoming the challenges faced by end users.
This report covers an in-depth analysis of the green hydrogen market. It covers the analysis of different types
of technologies associated with green hydrogen. The report also includes a thorough qualitative and
quantitative analysis of various application areas. Additionally, the research also covers regional and country-
wise analysis for different technologies and applications in the green hydrogen market. The regions included
are North America, Europe, the U.K., Middle East and Africa (MEA), China, South America, and Asia-Pacific
and Japan (APJ). The research is based on extensive primary interviews (industry leaders and market players)
and secondary research (a host of paid and unpaid databases), along with various analytical tools that have
been used to build the forecast and predictive models.
Fi gure 4 : G lob al Gree n Hy dr oge n Ma rke t : Cove rage
by Application by Technology by Region
• Oil and Gas • Proton Exchange • North America

• Petrochemical Membrane Electrolyzer • South America
• Electric Vehicles • Alkaline Electrolyzer • Europe
• Power Generation • Anion Exchange Membrane • U.K.
• Others • Solid Oxide Electrolyzer • Middle East and Africa
• China

• Asia-Pacific and Japan
• Rest-of-the-World
Key Questions Answered in This Report:

▪ What are the key drivers and challenges in the global green hydrogen market?
▪ How does the supply chain function in the global green hydrogen market?
▪ Which technology is expected to witness the maximum demand growth in the global green hydrogen
market during the period 2021-2031?
▪ Which are the key application areas for which green hydrogen may experience high demand during
the forecast period 2021-2031?
▪ Which are the key suppliers of green hydrogen in different countries and regions?
▪ How is the industry expected to evolve during the forecast period 2021-2031?
26

▪ What are the key offerings of the prominent manufacturers in the global green hydrogen market?
▪ Which regions and countries are leading in terms of consumption of green hydrogen, and which of
them are expected to witness high demand growth from 2021 to 2031?
▪ What are the key consumer attributes in various countries in the global green hydrogen market?
▪ Which are the major patents filed in the green hydrogen space?
▪ What are the key developmental strategies implemented by the key players to sustain the competitive
market?
▪ What is the competitive strength of the key players in the green hydrogen market based on their recent
developments, product offerings, and regional presence?
▪ Who are the key players (along with their detailed analysis and profiles, including their company
snapshots, key products and services, and strength and weakness analysis) in the market?
This report covers various segmentations, including market breakdown by technology, application, and region.
It highlights the key driving and restraining forces for the market as well as the opportunities in different
applications for green hydrogen producers. In the extensive primary research process undertaken for this
study, the respondents included industry experts and key executives from prominent companies and
organizations across the green hydrogen supply chain. The major players have been identified based on
product offerings of the green hydrogen market, their geographical presence, and company developments
related to the market. The market has been further explained and analyzed based on region.
The trends of the global green hydrogen market vary with different regions. The key regions covered in the
report are North America, Europe, the Middle East and Africa, South America, the U.K., China, and Asia-
Pacific and Japan. The report also provides a country-based analysis in every region (for all the leading
countries), including the U.S., Japan, Mexico, Canada, and Germany. Each regional analysis details various
drivers, challenges, key players, and applications in that region.
27

1 Markets
1. Market
▪ Major Trends
▪ Porter’s Analysis
▪ Patent Analysis
▪ Business Dynamics
▪ Business Strategies
▪ Corporate Strategies
Section Summary
Understanding the impact of developments and initiatives

made by governments as well as corporate stakeholders
that influence the business environment for both the
market participants as well as the customers GLOBAL GREEN HYDROGEN MARKET PROJECT
Examination of competitors’ strategies and their recent

developments to effectively assess market movements at
each level of the supply chain
28

1.1 Industry Outlook
1.1.1 Trends: Current and Future

The development of national and international "net zero" objectives has been one of the most noteworthy
characteristics of climate policy in recent years. Europe, the U. K., China, South Korea, Japan, Canada, South
Africa, and the U.S. have all adopted these objectives.
While these are long-term goals, the impacts are far-reaching, far more so than, for example, an 80 percent
decarbonization objective. Under an 80 percent carbon reduction target, a slew of carbon-intensive
businesses may believe they are among the 20 percent that do not need to alter structurally. Once a net zero
objective is set, there is nowhere to run and no way out.
This leads to green hydrogen, a technology that is expected to be crucial in tackling these more difficult-to-
reduce carbon emissions. Renewables and batteries can help to decarbonize power generation and the
automobile industry. Heating may also be decarbonized in some areas by using heat pumps driven by
renewable energy.
These developments alone necessitate a considerable increase in renewable energy capacity. However, for
heavy transport and shipping, industrial operations such as steel manufacturing, long-term energy storage for
the grid, and various kinds of heating, green hydrogen appears to be the technical solution.
Hydrogen is only considered green when it is produced by the electrolysis of water, with the power generated
using renewable energy. Today's hydrogen is generally created by coal gasification or natural gas, neither of

which is environment friendly. Increasing green hydrogen production is, therefore, expected to have a
multiplier impact on present renewables predictions, which are usually focused on direct electrification and
decarbonization rather than ‘indirect' electrification and decarbonization via hydrogen.
1.2 Industry Attractiveness
Porter’s Five Forces concept is used to understand the level of competitiveness within a market and for
business strategy development. This method is used to evaluate a market scenario and assists the
organization or an entity in determining whether new goods, services, or companies can be successful.
Porter’s Five Forces analysis has been described in the following figure, keeping in mind the current situation
of the green hydrogen market:
29

F igu re 5: P or ter ’s Five F orces A nalysis
BARGAINING POWER OF BUYERS

THREAT OF NEW ENTRANTS (HIGH)
(MODERATE)
INTENSITY OF
COMPETITIVE RIVALRY
(MODERATE)
BARGAINING POWER OF SUPPLIERS

THREAT OF SUBSTITUTES (LOW)
(MODERATE)
1.2.1 Threat of New Entrants (High)

The market for green hydrogen is still developing and is expected to grow rapidly in the coming years, mainly
due to the increasing demand from oil and gas, petrochemical, electric vehicle, and power generation
industries. However, as there are significant barriers to enter the market, the threat from the new entrants to
the existing market players is expected to be high. The following section presents major factors affecting the
entry of new players in the green hydrogen market; thus, the threat of new entrants in the green hydrogen
market is high.
Ta ble 2 : Key F ac tor i n De termi ni ng “Threa t of Ne w E ntra nts” i n Gree n Hy dr oge n

Mar ke t

Threat of
Analyzing Factor Description
New Entrants
New entrants require low initial capital expenditure to enter

into the green hydrogen market. The new entrants need to
Capital Requirements High
heavily focus on R&D of green hydrogen to maximize the
efficiency for a specific end-use industry.
The impact of government regulatory policies is high to

Government Policy improve the fuel efficiency of vehicles to reduce carbon High
emission.
The brand identity is low to moderate, owing to the presence

of multiple big and small manufacturers with proprietary
Brand Identity technologies for most of the end users such as oil and gas, Moderate
petrochemical, electric vehicles, and power generation
industries.
30

The new entrants in the green hydrogen market require to
Supply and
establish a strong network with suppliers, distributors, and end Moderate
Distribution Network
users to compete with the existing players in the market.
As there are multiple competitors in the market, the

manufacturers do not have the cost advantage, which further
Economies of Scale Low
creates a barrier for a new entrant to enter the green
hydrogen market.
1.2.2 Bargaining Power of Buyers (Moderate)

The bargaining power of buyers refers to the pressure that the users from the end-use industry can exert on
the green hydrogen producers. The following section represents the major factors affecting the bargaining
power of buyers in the green hydrogen market; thus, bargaining power of buyers in the green hydrogen market
is moderate.
Ta ble 3 : Key F ac tor i n De termi ni ng “ Ba rg ai ni ng P ower of Buyers ” i n Gree n

Hy dro ge n Mar ke t
Bargaining
Power of Buyers
Supplier Concentration
The supplier concentration is less as compared to the
Relative to Buyer’s Moderate
buyer concentration.
Concentration
Users from the end-use industries tend to enter into

Supply Contract long-term contracts with established players in the High
green hydrogen market at a fixed price.
As the green hydrogen provided by all the producers

Buyer’s Switching Cost has almost the same purity, buyers in the market can Moderate
switch from one green hydrogen supplier to another.
As there are many producers for green hydrogen, a GLOBAL GREEN HYDROGEN MARKET PROJECT
Product Differentiation particular producer does not have much capability to Low
influence the cost of green hydrogen.
1.2.2.1 Bargaining Power of Suppliers (Moderate)
Bargaining power of suppliers means the pressure a supplier puts on a company by charging high prices,
adjusting the quality of the product, or controlling the availability and delivery timelines. The overall bargaining
power of suppliers in the green hydrogen market is moderate.
31

Ta ble 4 : Key F ac tor i n De termi ni ng “ Ba rg ai ni ng P ower of S upp lier s ” i n G reen
Bargaining Power
of Suppliers
Buyer’s Concentration
Suppliers of green hydrogen are abundant for the
Relative to Supplier’s Low
current production scale of manufacturers.
Concentration
The producers in the green hydrogen market tend to

enter into long-term supply contracts with the suppliers
Supply Contracts at a fixed price, due to which a supplier has to provide Moderate
the product at the same price, even if there is a
fluctuation in the prices of green hydrogen in the market.
The brand identity of the suppliers is moderate in the

Brand Identity Moderate
market.
The purity provided by the suppliers for green hydrogen

has moderate product differentiation, due to which the
Product Differentiation
end user can easily switch from one supplier to another Moderate
and Switching Cost
without having any effect on the quality of the green
hydrogen.
1.2.2.2 Threat of Substitutes (Low)
Threat of substitutes refers to the level of risk that a product faces from replacement by its substitutes. The
following section represents the major factors affecting the threat of substitutes in the green hydrogen market.
Ta ble 5 : Key F ac tor i n De termi ni ng “Threa t of S ubs ti tutes ” in Gree n Hy dr oge n

Mar ke t
Threat of

Substitutes
The impact of alternative for green hydrogen is low because

Substitution Cost there is no other substitute available in the market that has Low
less polluting properties.
Availability of In the case of green hydrogen, there are no direct substitutes

Low
Substitutes available in the market.
1.2.2.3 Intensity of Competitive Rivalry (Moderate)
Intensity of competitive rivalry refers to the extent to which the producers in the green hydrogen market can
put pressure on one another to gain competitive advantage within global as well as regional markets. The
32

following section represents the major factors describing the intensity of competitive rivalry in the green
hydrogen market; thus, the intensity of competition in the green hydrogen market is moderate.
Ta ble 6 : Key F ac tor i n De termi ni ng “ I ntensi ty of Com pet iti ve Riv alry ” i n Gree n
Intensity of
Competitive Rivalry
The green hydrogen market is highly fragmented and

includes different large, mid-sized, and small players. The
major players in the market include Linde, Air Liquide,
Market Scenario Engie, Uniper SE, Siemens Energy, and Plug power Inc. Moderate
These producers have their producing facilities globally,
along with an established distribution network, which gives
them the advantage over the other players in the market.
The market for green hydrogen is highly cost-competitive as

the players in the market tend to focus on catering to a
Cost Competitive Low-Moderate
particular application, thereby establishing their footprints in
the market.
The major players in the market are focused on mergers

and acquisitions and business expansions to expand their
Footprints Moderate-High
portfolios and enhance their production capacities to
strengthen their presence in the market.
1.2.3 Patent Analysis

The green hydrogen industry has been evolving significantly due to the changing requirements from the end-
user industry, leading to changes in the manufacturing processes and innovation in the engineering
application. The world has increasingly paid attention to the development and diffusion of alternative energy

sources in order to reduce dependency on fossil fuels. Therefore, green hydrogen is being utilized by end-
user companies as a strategy. The entire market has been impacted, thereby increasing the opportunity for
green hydrogen producers.
Moreover, approximately 2484 patents related to green hydrogen were filed globally between January 2018
and July 2021. These patents are segmented by year, status, and company.
33

Fi gure 6 : Year -Wise P ate nts Fi le d fo r G lob al Gree n Hy dr o ge n Mar ke t , J anuar y
2 018 -J uly 2 021
1,200 1111
1,000 923
Number of Patents
800
600
400 280
170
200
0
2018 2019 2020 2021
Source: BIS Research Analysis
Note: The complete list of patents from January 2018 to July 2021 has been provided in the Annexure
The preceding figure portrays the number of patents filed in 2018, 2019, 2020, and 2021 for green hydrogen.
The number of patents filed increased from 2018 to 2019, which indicates the increase in focus among
companies on green hydrogen and its importance in industries.
1.2.3.1 Patent Analysis (by Status)

Fi gure 7 : P ate nt A nal ysis (b y S ta tus) , Januar y 2 01 8 -J uly 2021
1,200

1,000 953
764
800
600
400 261
158 159 157
200
19 13
0
2018 2019 2020 2021
Filed Grant
Note: The complete list of patents filed and granted from January 2018 to July 2021 has been provided in the Annexure.
34

The status of patents has been analyzed based on patents filed and granted. Out of 2484 patents scanned
from January 2018 to July 2021, 493 had the granted status as of July 2021 and 1991 were given the status
of being filed. Over 80 percent of the patents were in the filed category, which signifies those patents have not
been regularly passed for green hydrogen.
1.2.3.2 Patent Analysis (by Organization)

Fi gure 8 : P ate nt A nal ysis (b y O rg a niz atio n) , Ja nuar y 2 01 8 -J ul y 20 21
Total Patents- 2484

1.9% 1.9% 1.4%
1.4%
6.7%
1.3%
4.2%
Pioneer Hi-Bred International, Inc.
Toyo Ink SC Holdings Co., Ltd.
Ricoh Company, Ltd.
King Fahd University Of Petroleum And Minerals
Sumitomo Chemical Co Ltd
Mitsubishi Chemical Holdings Corp
81.2%
Eastman Chemical Company
Others
Note: The complete list of companies that have filed patents from January 2018 to April 2021 has been provided in the Annexure.
The preceding figure shows the prominent companies that are actively working on green hydrogen. Pioneer GLOBAL GREEN HYDROGEN MARKET PROJECT
Hi-Bred International, Inc., Toyo Ink SC Holdings Co., Ltd., Ricoh Company, Ltd., and King Fahd University of
Petroleum and Minerals have the maximum number of patents with 6.7%, 4.2%, and 1.9% of total patents,
during 2018-2021 respectively.
35

1.3 Market Dynamics
The global green hydrogen market is projected to expand rapidly during the coming years attributed to the
increasing concerns about carbon emissions, and the need to decarbonize the transport and power sectors
has forced countries to reduce their dependency on fossil fuel-based systems and increase deployment of
renewable energy sources. Moreover, technological advancements in emerging economies have propelled
the market growth for green hydrogen.
Before entering the green hydrogen market, the companies need to understand the considerations that
eventually go a long way toward ensuring the fulfillment of a company's efforts to establish itself as a strong
player in the market. This section of the report presents an in-depth analysis of the direction toward which the
industry is moving and the impact of the various factors on the market. This segment of the report illustrates
the factors such as market drivers, market restraints, market opportunities, listings, and analyzing several
factors that are positively and negatively affecting the market.
Fi gure 9 : Mar ke t D ynami cs : Glo bal Green Hy dr ogen Ma rke t
Driver Restraint Opportunity
• Increasing Awareness • High Cost of Production • Scaling Up of Technologies

Regarding Green Hydrogen • Limited Dedicated • Government Initiatives for
• Low Variable Renewable Transport Infrastructure Zero Emission Systems
Energy (VRE) Electricity
Cost
1.3.1 Market Driver

The demand for the green hydrogen market is influenced by a few factors, wherein the economy plays an
important role in influencing the size and growth of its market.
Ta ble 7 : Im pac t A nal ysis of Dri ver s
Driver Impact (2021-31)
Increasing Awareness Regarding Green Hydrogen High
Low Variable Renewable Energy (VRE) Electricity Cost Medium
36

1.3.1.1 Increasing Awareness Regarding Green Hydrogen
There is a lack of understanding about how green hydrogen is created, its advantages, and its definition.
Green hydrogen is also feared and treated as a necessary evil. It should be remembered that social barriers
that arise when implementing modern technologies, including the development of hydrogen energy, are the
hardest to overcome. Social resistance may cause a given investment to be suspended, delayed, or, worse,
not realized at all. This type of barrier is the most difficult to overcome. Therefore, general environmental
education and ecological awareness in this field are important. However, to identify the kind of social or
ecological actions that are needed, the people’s knowledge level and attitudes relating to the topic under study
should be determined. Numerous interesting studies have been conducted on green hydrogen energy
technology and its use. However, most often, these studies are conducted from a technical or economic
perspective, and few studies exist from a social perspective. Nonetheless, the social perspective is important
to ascertain people’s attitudes to this type of energy and break the resistance of ordinary people to these
solutions.
1.3.1.2 Low Variable Renewable Energy (VRE) Electricity Cost
The cost of green hydrogen is determined mostly by the cost of energy. The cost at which electricity is procured
from solar PV (photovoltaics) (stand-alone and hybrid) and onshore wind plants has decreased substantially.
According to the International Energy Agency (IEA), the levelized cost of electricity (LCOE) for new solar
hybrid resources entering service in 2026 is expected to be about USD 42.18/MWh. Similarly, according to
IRENA, the average price of onshore wind will decline by 45 percent from 2019 levels by 2030, while offshore
wind will decline by 50 percent. In Saudi Arabia, onshore wind set a new low price of USD 21.3/MWh, while
rates in Brazil fluctuated between USD 20.5/MWh and USD 21.5/MWh in year 2020. Therefore, the production
of green hydrogen is increasingly becoming economical, owing to the continuously decreasing cost of solar
photovoltaic and wind electricity generation, which, in turn, is expected to drive the growth of the global green
hydrogen market during the forecast period.
1.3.2 Market Restraint

Ta ble 8 : Im pac t A nal ysis of Res trai nt s
Restraint Impact (2021-31)
High Cost of Production High
Limited Dedicated Transport Infrastructure Medium
37

1.3.2.1 High Cost of Production
One of the primary factors limiting market expansion is the high cost of production. Green hydrogen generated
with electricity obtained from an average variable renewable energy (VRE) plant is approximately 2-3 times
more expensive than grey hydrogen. Furthermore, the implementation of green hydrogen technologies for a
variety of end users such as oil and gas, petrochemical, electric vehicles, and power generation might result
in high prices. For example, vehicles equipped with green fuel cells and hydrogen tanks can cost at least 1.5
to 2 times more than typical fossil fuel counterparts.
Similarly, during 2018-2020, synthetic fuels for aviation became eight times costlier than fossil aviation turbine
fuel (ATF). However, the changing price of fossil fuels and problems associated with their production would
increase the adoption of sustainable fuels, such as green hydrogen, in the aviation industry. Thus, the high
production costs are expected to restrict the growth of the global green hydrogen market during the forecast
period.
1.3.2.2 Limited Dedicated Transport Infrastructure
With minimal specialized transport infrastructure, hydrogen has been created close to where it is delivered
and utilized. According to a report published by the Hydrogen Analysis Resource Center, 2016, there are
approximately 5,000 kilometers (kms) of hydrogen transmission pipelines laid around the world compared to
more than 3 million kms of the pipeline for natural gas. Similarly, as of December 2020, in terms of fuel cell
hours, there are 553 hydrogen refueling stations present worldwide compared to more than 200,000 gasoline
and diesel refueling stations across the U.S. and the European Union. Although natural gas infrastructure may
be reused or upgraded for hydrogen, it is not available in all places. Moreover, synthetic fuels produced from
green hydrogen may be able to use existing infrastructure, though it might need to be expanded. As a result,
the inadequate dedicated infrastructure and retail stations are projected to hamper the global green hydrogen

market's growth to some level over the forecast period.
1.3.3 Market Opportunity

Ta ble 9 : Im pac t A nal ysis of Op p or tuni t ies
Opportunity Impact (2021-31)
Scaling Up of Technologies Medium
Government Initiatives for Zero Emission Systems Medium
38

1.3.3.1 Scaling Up of Technologies
Several components of the hydrogen value chain have already been employed on a small scale and need
minimal effort to commercialize. Since 2010, the capital cost of electrolysis has decreased by 60 percent,
resulting in a decline in hydrogen cost from a range of USD 10–15/kg to as low as USD 4–6/kg between 2010
and 2020. Many methods are being tried to further reduce prices and stimulate the wider adoption of hydrogen.
Furthermore, the cost of fuel cells for automobiles has dropped by almost 70 percent since 2006. The cost
reduction is mostly due to the decrease of hydrogen storage cost by approximately 40 percent and fuel cell
system cost by approximately 46 percent. Certain technologies, such as ammonia-fueled ships, are not scaling
up. Thus, scaling up green hydrogen technologies is expected to generate opportune and appealing
development scenarios for manufacturers and new entrants operating in the global green hydrogen market,
primarily due to a decrease in production cost.
1.3.3.2 Government Initiatives for Zero Emission Systems
By mid-2020, seven countries across the globe had already adopted net-zero (greenhouse gases) GHG
emission targets in legislation, and 15 other countries had proposed similar legislation or policy documents.
More than 120 countries, in all, announced net-zero emission targets for 2020. China is the largest GHG
emitter among these countries and has just pledged to reduce its net carbon emissions to zero within 40 years.
However, these net-zero commitments must still be translated into practical actions, which will necessitate
reducing emissions in the “hard-to-abate” sectors where green hydrogen will play an important role, thereby
providing growth opportunities for players in the global green hydrogen market during the forecast period.
Thus, the government initiatives widen the scope for green hydrogen systems, thereby creating a growth
opportunity for the players operating in the global green hydrogen market during the forecast period.
1.3.4 Business and Corporate Strategies GLOBAL GREEN HYDROGEN MARKET PROJECT
The competitive landscape chapter offers an analysis of key market trends and strategies implemented by
leading players in the market. The key market trends and tactics adopted by market leaders include mergers
and acquisitions, corporate expansions, partnerships, collaborations and joint ventures, product releases, and
others.
1.3.4.1 Key Market Development and Strategies
The global demand for green hydrogen is attributed to major companies providing solutions for the oil and
gas, petrochemical, electric vehicles, and power generation sectors. This diverse range of business entrants
offers possibilities for other players ready to carry the high risks inherent in the industry. This chapter details
39

the latest strategies and technological developments adopted by the key market players in the green hydrogen
market.
To lead the industry as well as to participate in a phase of market expansion, an organization would want to
work in partnership with leading market players to acquire relatively weak firms to add new products and
services to the market and enrich existing products. This chapter details the latest strategies and
developments adopted by the key market players in the global green hydrogen market. The key players
actively taking part in the green hydrogen market are Linde, Air Liquide, Air Products Inc., Engie, Uniper SE,
Siemens Energy, Green Hydrogen, Cummins Inc., Toshiba Energy Systems & Solutions Corporation, Nel
ASA, SGH2 Energy Global LLC, PLUG POWER INC., Loop Energy Inc., Ergosup, Ballard Power Systems.
Some of the key strategies adopted by the key market players are listed in the following figure.
Fi gure 10 : To tal Develo pme nt s of Gree n Hy dr oge n
Total Number Of Developments: 61
10%
28% Business Expansions
21% Product Launches and Developments

Partnerships, Collaborations, and Contracts
Mergers, Acquisitions, and Joint Ventures
10%
Others
31%

The preceding figure shows the percentage of strategies adopted by the market players. The majority of the
companies preferred partnership, collaboration, and contract as a key strategy to further increase their
competitiveness in the market between 2018 and 2021. The companies also adopted mergers, acquisitions,
and joint ventures strategy to strengthen their market position, consequently maximizing the revenue.
Moreover, participating in international platforms for getting recognition at the global level for their products
and services was also a major strategic move made by key companies during the last three years.
The following segments provide an overview of the key strategies and developments in the green hydrogen
market from January 2018 to June 2021 to emphasize the potential that exists in the market for this growing
industry.
40

1.3.4.2 Product Launches and Developments
New product launches and developments specific to end users have been widely embraced as the preferred
strategy for players to have a good presence in the green hydrogen market. In addition, industry players are
opting for this strategy to satisfy the increasing demand for green hydrogen in various end users. This strategy
accounted for 21% of the total development share during 2018-2021.
The following table illustrates the new product launch and developments during the time period 2018-2021:
Ta ble 1 0 : P ro d uc t Launc hes ( 201 8 -20 21)
Company Date Description
Linde announced that it would build its own one of the world’s largest
proton exchange membrane (PEM) electrolyzer plants at the Leuna
Linde January-2021 Chemical Complex in Germany. The plant would have a 24-megawatt
electrolyzer that would produce and supply green hydrogen to Linde's
industrial customers through the company's existing pipeline network.
Air Liquide and the Port of Rotterdam Authority signed an agreement

Air Liquide July-2020 to launch 1,000 hydrogen-powered zero-emission trucks on the roads
connecting the Netherlands, Belgium, and Western Germany.
The company announced to launch its multi-billion-dollar net-zero

Air Products hydrogen energy complex in Edmonton, Canada to operate the most
June-2021
Inc. competitive and lowest-carbon-intensity hydrogen network in the
world.
Siemens Energy launched an innovation center for advanced energy

Siemens technologies in Shenzhen; this innovation center would focus on the
January-2021
Energy R&D of core technologies and development of innovation-based clean
energy business.
Green Hydrogen Systems launched its new modern production facility

Green near Kolding, in Denmark. This facility consists of manufacturing, R&D,
March-2021
Hydrogen and office facility measures 4,500 square meters along with a capacity
of 150 MW.
Cummins Inc. signed an agreement with one of the government

leaders and partner Iberdrola, S.A. to launch its gigawatt electrolyzer
Cummins Inc. May-2021
plant for the production of green hydrogen in Castilla-La Mancha,
Spain.
Toshiba Energy Systems & Solutions Corporation announced that

Toshiba
Toshiba ESS’s 100-kW pure hydrogen fuel cell system, “H2Rex” has
Energy
been installed in a building connected to the hydrogen energy system
Systems & May-2021
“Hydro Q-BiC” by Shimizu Corporation. The system has been installed
Solutions
in a replacement building operated by Shimizu and its Hokuriku branch
Corporation
in Kanazawa City, with Toshiba ESS supplying electricity using
41

“H2Rex” and contributing to the operation of the first hydrogen energy
building in the Hokuriku.
Toshiba Energy Systems & Solutions Corporation opened their first

Toshiba “H2One Multi Station,” which fills fuel cell vehicles with green hydrogen
Energy and supplies to green power at Tsuruga City in Japan. H2One Multi
November-
Systems & Station consists of “H2One ST Unit” and “H2One” developed by
2020
Solutions Toshiba ESS. This H2OneTM Multi Station is the first system in Japan
Corporation to supply both hydrogen fuel to fuel cell vehicles and electric power by
using the hydrogen produced with renewable energy within the station.
Nel ASA launched MC250 and MC500 containerized large-scale PEM

electrolyzers. The containerized MC250 and MC500 would be
delivered as standard 1.25 and 2.5 MW (246 and 492 Nm3/h)
Nel ASA January-2021 configurations, respectively. The new products are integrating its newly
developed 1.25 MW PEM cell-stack, allowing for higher capacities per
unit and lower cost. The platform allows multiple units to be integrated
easily in the field.
Nel ASA launched one of the world’s largest electrolyzer plants, which
is fully automated and able to deliver the most efficient electrolyzers at
Nel ASA August-2018
a game-changing cost. The total capacity of the facility is 360
MW/year.
SGH2 Energy Global LLC launched its one of the biggest green
SGH2 Energy hydrogen production units; this plant process 42,000 tons of recycled
June-2020
Global LLC waste annually, producing up to 11,000 kilograms of green hydrogen
per day and 3.8 million kilograms per year.
Ergosup launches its first fully integrated HyRiS Lab Product station
Ergosup June-2019 (Hydrogen Refuelling Station) at the chemistry department of Lyon
University of Technology (IUT).
Ballard Power Systems announced that it would provide next-

generation FCmove-HD fuel cell modules to power freight trucks in
Ballard Power Canadian Hydrogen Project. In this project, company would provide a
May-2019
Systems total of six FCmove-HD fuel cell modules, each generating 70 kilowatts

(kW) of power, with three modules to be installed in each truck. These
modules would utilize Ballard’s LCS technology.
1.3.4.3 Partnerships, Collaborations, and Contracts
Partnerships, collaborations, and contract strategies have been implemented and are one of the widely
favored strategies of the players in the green hydrogen market. Market players are opting for this approach to
retain their positions and extend their market activities as well as across various regions. This strategy
accounted for 31% of the total developments during 2018-2021.
The following table illustrates the partnerships, collaborations, and contracts share of the key players in the
global green hydrogen market during the period 2018-2021:
42

Ta ble 1 1 : P ar t ners hip s , C olla bo ra tio ns , and C ont rac ts (20 18 -2 021)
Company Company 2 Date Description
Linde and Beijing Green Hydrogen

Technology Development Co., Ltd. signed a
memorandum of understanding (MoU). The
Beijing Green
businesses are collaborating on a number of
Hydrogen
green hydrogen initiatives, including
Linde Technology July-2019
hydrogen technology research and
Development Co.,
development and the deployment of green
Ltd.
hydrogen transportation solutions for China's
inaugural hosting of the Winter Olympics in
2022.
Air Liquide Japan and Itochu Corporation

(Itochu) signed a memorandum of
understanding to collaborate on the
Air Liquide Japan Itochu Corporation February-2021 development of hydrogen mobility markets
both for passenger vehicles and for the new
fleets of commercial vehicles (trucks, buses)
in Japan.
The company signed an agreement with

Baker Hughes to collaborate on global
hydrogen projects to develop next-generation
Air Products Inc. Baker Hughes June-2021
hydrogen compression to lower the cost of
production and accelerate the adoption of
hydrogen as a zero-carbon fuel.
Air Products, ACWA Power, and NEOM

signed an agreement for a $5 billion
production facility in NEOM powered by
renewable energy for the production and
export of green hydrogen to global markets.
ACWA Power and
Air Products Inc. June-2020 This project would be equally owned by the
NEOM
three partners and be sited in NEOM, a new
model for sustainable living located in the
northwest corner of the Kingdom of Saudi
Arabia (K.S.A.) and would produce green
ammonia for export to global markets.
Air Products and thyssenkrupp AG signed an

exclusive strategic cooperation agreement
for world-scale electrolysis plants to generate
green hydrogen. In this collaboration,
Air Products Inc. thyssenkrupp AG July-2020 thyssenkrupp AG would deliver its
technology and supply specific engineering,
equipment, and technical services for water
electrolysis plants to be built, owned, and
operated by Air Products.
43

Total and Engie signed a cooperation
agreement to develop France's largest site
for the production of green hydrogen from
Engie Total January-2021
100% renewable electricity at Châteauneuf-
les-Martigues in the Provence-Alpes-Côte
d'Azur South region.
ENGIE collaborated with Nanyang

Nanyang Technological University’s Energy Research
Technological Institute and Schneider Electric, under which,
University’s November- the company would inaugurate a SPORE
Engie
Energy Research 2020 (Sustainable Power for Offgrid Regions)
Institute and platform to test renewable technologies in
Schneider Electric Singapore, thereby accelerating its strategy
toward a carbon-neutral economy.
ENGIE and ArianeGroup signed an

September- agreement in the field of renewable liquid
Engie ArianeGroup
2020 hydrogen to speed up the decarbonization of
heavy-duty and long-distance transportation.
ENGIE, Durance Luberon Verdon

Luberon, Verdon Agglomération (DLVA) and Air Liquide
Urban Area November- signed an agreement to develop the
Engie
(DLVA) and Air 2019 “HyGreen Provence” project, with the aim to
Liquide produce, store, and distribute green
hydrogen.
Uniper SE and EWE signed a cooperation

agreement to set up a hydrogen hub in
Huntorf, Lower Saxony. It states that they
planned to generate hydrogen using
Uniper SE EWE April-2021
renewable energy (wind power) in Huntorf,
store it there, and create transport facilities to
make it available to industry and the mobility

sector.
Uniper SE and Port of Rotterdam Authority

Port of Rotterdam September- collaborated to build a hydrogen plant on the
Uniper SE
Authority 2020 site of Uniper, with a capacity of 100MW, and
to expand this capacity to 500MW.
Siemens Energy and Mubadala Investment

Company signed a memorandum of
Mubadala understanding (MoU) to form a strategic
Siemens Energy Investment January-2021 collaboration to accelerate investment and
Company development of innovative technologies,
equipment manufacturing, and green
hydrogen and synthetic fuel production.
44

Siemens Energy collaborated with Dubai
Dubai Electricity Electricity and Water Authority (DEWA) and
Siemens Energy and Water May-2021 Expo 2020 Dubai to launch its first industry-
Authority (DEWA) scale-solar-driven green hydrogen facility in
the Middle East and North Africa.
Nel ASA collaborated with Ovako, Volvo,

Hitachi ABB Power Grids Sweden, and H2
Ovako, Volvo, Green Steel to build a fossil-free hydrogen
Hitachi ABB facility in Hofors, Sweden. The conversion to
Nel ASA Power Grids June-2021 green hydrogen in the production process
Sweden, and H2 would reduce CO2-emissions from the facility
Green Steel by 50% from current levels, with possibilities
for future development of hydrogen
infrastructure for transportation.
Nel ASA collaborated with one of the leading

solar company First Solar, Inc., to develop
Nel ASA First Solar, Inc. May-2021
integrated photo voltaic (PV) hydrogen power
plants.
Nel ASA signed a memorandum of

understanding (MoU) with Iberdrola for the
November-
Nel ASA Iberdrola development of a green hydrogen production
2020
plant with a capacity of more than 200 MW in
Spain.
Plug Power Inc. and Renault Group signed a

memorandum of understanding (MoU)
Plug Power Inc. Renault Group June-2021
named HYVIA for the decarbonization of
mobility in Europe.
Loop Energy signed an agreement with

Aliant Battery for the development of
hydrogen electric solutions for commercial
vehicle and stationary power applications.

This agreement marks a key step for Loop in
advancing hydrogen-based electric solutions
Loop Energy Inc. Aliant Battery May-2021
for commercial vehicles, and it allows Loop
to meaningfully engage with Aliant's
extensive list of OEM customers that
manufacture commercial vehicles and
transportation fleets as well as industrial and
heavy-duty materials handling equipment.
Ballard Power Systems signed a non-binding

Ballard Power Chart Industries, memorandum of understanding (MoU) with
February-2021
Systems Inc. Chart Industries, Inc. for heavy-duty mobility
onboard hydrogen solutions.
45

1.3.4.4 Business Expansions
This strategy has also been highly adopted by the players in this market. Driven by the rapid demand for green
hydrogen, many companies are actively involved in the research and development activities to develop end
user-specific products, which had led to an increase in the competition during 2018-2021. The global green
hydrogen market held 10% of the key development in the form of business expansion from 2018 to 2021.
Ta ble 1 2 : Key B usi ness Ex pa nsio n A cti vit ies ( 201 8 -2 021)
Linde announced that it would start producing green hydrogen

at its existing plant in Ontario, California, which would provide
Linde November-2020 green hydrogen to fuel up to 1,600 vehicles a day and help to
avoid up to 50,000 MT carbon dioxide equivalent (CO2e) per
year in that region.
ENGIE inaugurated its new green gas and energy transition

technology research center in Stains. The research center
comprises 200 researchers representing 11 different
Engie September-2020 nationalities. Among them, 50 researchers have doctorate
degrees and around 20 are undertaking PhDs as high-level
specialists in green gases, new energy uses, and technologies
of the future.
Uniper SE planned to establish a German national hub for

Uniper SE April-2021 green hydrogen in Wilhelmshaven; Currently, the company is
working on a corresponding feasibility study.
Siemens Energy and Beijing Green Hydrogen Technology

Development Co., Ltd., a subsidiary of China Power, jointly
Siemens Energy August-2020
launched its first megawatt green hydrogen production project
in Yanqing District, China.

Plug Power Inc. announced to build a green hydrogen
production plant in Camden County, Georgia, with a production
Plug Power Inc. June-2021
capacity of 15 tons per day of liquid green hydrogen. The
company would be investing $84 million in this facility.
Plug Power Inc. announced to build a green hydrogen

Plug Power Inc. February-2021 production facility with a production capacity of 45 metric tons
of green liquid hydrogen daily in western New York.
46

1.3.4.5 Mergers, Acquisitions, and Joint Ventures
Mergers, acquisitions, and joint ventures constitute only 10% of the total development share., The companies
are opting for mergers and acquisitions with the end users in the foreign markets to get a regional foothold in
a small timeframe owing to the need for expansion in new geographies.
The following table presents the key mergers, acquisitions, and joint ventures for the global green hydrogen
market in the time frame of 2018-2021:
Ta ble 1 3 : Key B usi ness Mer gers , Ac q uisit io ns , and J oi nt Ventures Ac tivi ties ( 201 8-
2 021)
Company Company 2 Date Description
Air Liquide and Siemens Energy signed a

Memorandum of Understanding with the
objective to combine their expertise in proton
exchange membrane (PEM) electrolysis
technology. In this collaboration both
companies intend to focus their activities on
Air Liquide Siemens Energy February-2021 key areas such as co-creation of large
industrial-scale hydrogen projects in
collaboration with customers, laying the ground
for mass manufacturing of electrolyzers in
Europe, especially in Germany and France,
and R&D activities to co-develop next-
generation electrolyzer technologies.
The company completed the acquisition of the

China Shenhua remaining 50 percent equity stake in its
Air Products
Coal to Liquid and April-2021 gasification technology joint venture (JV) with
Inc.
Chemical Co. Ltd. China Shenhua Coal to Liquid and Chemical
Co. Ltd., a subsidiary of China Energy Group.
The company became a member of the GLOBAL GREEN HYDROGEN MARKET PROJECT
European Commission's European Clean
Hydrogen Alliance (ECH2A). This alliance
would aid the region's transition to a more
Air Products European Clean September-
sustainable and competitive economy, as well
Inc. Hydrogen Alliance 2020
as strengthen its worldwide leadership in
hydrogen, laying the groundwork for a viable
and competitive EU industrial hydrogen
network.
The company announced the acquisition of five

operating hydrogen plants for $530 million from
Air Products
PBF Energy April-2020 PBF Energy and has commenced the long-
Inc.
term supply of hydrogen from those plants to
PBF refineries.
47

Plug Power Inc. and Brookfield Renewable
Corporation formed an institutional partnership
to develop a green hydrogen manufacturing
Brookfield
plant using 100 percent renewable energy from
Plug Power Inc. Renewable March-2021
Brookfield Renewable's Holtwood hydroelectric
Corporation
project. The facility would be built in South-
Central Pennsylvania, along the Susquehanna
River.
Plug Power Inc. signed a memorandum of

understanding (MoU) to launch a 50-50 joint-
Plug Power Inc. ACCIONA S.A. February-2021
venture with ACCIONA S.A. to establish a
green hydrogen facility for IBERIA.
1.3.4.6 Other Key Developments
Other developments in the green hydrogen industry include numerous participations in global and national
competitions. This aids the companies in creating awareness about their presence, their products and
services, and creates goodwill for them, which is further expected to increase their consumer base. The market
leaders are opting for this strategy to maintain their positions and expand their presence in different regions.
These strategies collectively accounted for approximately 28% share of the total number of the key
developments witnessed by the market during 2018-2021.
The following table presents the key activities in the global green hydrogen market for the time period 2018-
2021:
Ta ble 1 4 : Other Key Deve lo pme nts (2 018-2 021)
Linde got a supply order from Norled, where it would provide a

full-service solution to the MF Hydra ferry in Norway. The
hydrogen would be supplied from Linde's new 24MW
Linde March-2021
electrolyzer at the Leuna Chemical Complex in Germany, which
would use proton exchange membrane (PEM) technology to
produce green hydrogen.
Air Liquide completed the construction of the world's largest 20

MW proton exchange membrane (PEM) electrolyzer. The
machine is powered by renewable energy and is presently
producing up to 8.2 tonnes of low-carbon hydrogen per day in
Air Liquide January-2021
Bécancour, Québec. With this large-scale investment, the
Group reaffirmed its long-term commitment to the hydrogen
energy markets and its goal of becoming a key player in the
supply of low-carbon hydrogen.
48

Air Liquide announced to install the first high-pressure
hydrogen refueling station in Europe, with a capacity of [700
Air Liquide July-2020 bar, 1,000 kg/day], which would enable up to 20 refuelings per
day of long-haul trucks with low-carbon hydrogen for up to 800
kms of autonomy.
ENGIE, a leader in the zero-carbon transition, successfully

Engie March-2020 refueled a hydrogen passenger train in a pilot test in the
Northern Netherlands.
Uniper, Siemens Energy, Toyota Tsusho, and Associated

British Ports submitted a combined proposal for matched
financing to the Clean Maritime Fund to pursue their concept
for a low carbon hydrogen supply to the Port of Immingham.
Uniper SE June-2021
The study done by these four companies shows that the
availability of low carbon fuels in ports, such as green
hydrogen, can provide a viable opportunity to decarbonize ‘hard
to reach sectors’ such as maritime and cargo handling.
Uniper SE and Siemens Gas and Power signed a cooperation

agreement for the development of projects on the
Uniper SE April-2020
decarbonization of power generation and promoting sector
coupling.
Uniper SE and its consortium partners, VNG Gasspeicher

GmbH (VGS), ONTRAS Gastransport GmbH, DBI Freiberg,
Uniper SE July-2019 and Terrawatt Planungsgesellschaft mbH planned to build a
large facility to produce and store green hydrogen in Saxony-
Anhalt.
Siemens Energy and Messer Group signed an agreement to

work on green hydrogen projects in the 5–50-Megawatt (MW)
Siemens Energy April-2021
range for industrial and mobility applications. The project would
have a total electrolyzer capacity of 70 MW.
Green Hydrogen, Eurowind Energy, and Lhyfe signed a master

supply agreement for up to 24 MW of electrolysis capacity. The
three parties agreed to offer each other mutual exclusivity
through this agreement. Green hydrogen produced at
Green Hydrogen May-2021
GreenLab Skive on a massive scale would be converted into
green methanol for use in the transportation industry and would
also be utilized directly as a green, zero-emission fuel for heavy
transport.
Green Hydrogen announced its H2RES project, which would

have a capacity of 2 MW. The project would investigate how to
best combine an efficient electrolyzer with the fluctuating power
supply from offshore wind, using orsted’s two 3.6 MW offshore
Green Hydrogen May-2021
wind turbines at Avedøre Holme. This facility would produce up
to around 1,000 kgs of renewable hydrogen a day, which would
be used to fuel zero-emission road transport in the Greater
Copenhagen area and in Zealand.
49

Green Hydrogen signed a partnership agreement with Lhyfe on
the first delivery to its pilot plant in Bouin, France. The
Green Hydrogen December-2020
agreement would cover the supply of electrolyzers to be used
in Lhyfe facilities throughout Europe.
Cummins Inc. supplied a 20-megawatt PEM electrolyzer

system to generate green hydrogen at the Air Liquide’s
Cummins Inc. January-2021 hydrogen production facility in Bécancour, Quebec. The
Cummins PEM Electrolyzer can produce over 3,000 tons of
hydrogen annually using clean hydropower.
Cummins Inc. supplied a 5-megawatt PEM electrolyzer to

enable renewable energy for the Douglas County Public Utility
District (Douglas County PUD) in Washington state. This
Cummins Inc. August-2020
electrolyzer is dedicated to producing hydrogen from renewable
energy and would be the largest, as well as first of its kind in
use by a public utility, in the U. S.
Toshiba Energy Systems & Solutions Corporation announced

Toshiba Energy that they would start the demonstration of a hydrogen supply
Systems & Solutions March-2021 chain model utilizing “H2One Multi Station”, which could fill fuel
Corporation cell vehicles and supply electricity with green hydrogen in Fukui
Prefecture Japan.
Nel ASA received a purchase order for 2 MW fully

Nel ASA May-2021
containerized MC400 electrolyzes from H2 Energy.
Nel ASA received a purchase order from HTEC for one

Nel ASA April-2021 H2Station hydrogen fueling station that would be used to fuel
light-duty fuel cell electric vehicles in Quebec, Canada.
Loop Energy delivered its first shipment of eFlow fuel cell

modules to ECUBES and signed a supply agreement with
Loop Energy Inc. March-2021
ECUBES to supply more than 50 units of hydrogen fuel cell
modules over the next two years.
50

2 Application
2. Application
▪ Global Green Hydrogen Market (by Application)
Section Summary
Understanding the impact of key influencing factors for each application area
in detail to help design the right business strategy
Analysis of recent market developments to transform the future business

strategies
51

2.1 Global Green Hydrogen Market (by Application)
This section of the report deals with different application areas and end-user segments where green hydrogen
is primarily used. The global green hydrogen market is expected to expand rapidly as a result of its improved
functionality and distinct properties, which are required in applications such as oil and gas, petrochemical,
electric vehicles, and power generation. Electric vehicles industry is an emerging application area for green
hydrogen. Additionally, the impact of green hydrogen on several industry verticals has been discussed in this
chapter.
Fi gure 11 : G lob al Gree n Hy dr oge n Ma rke t ( by A ppl ica tio n)
Oil and Gas

Global Green Hydrogen Market
Petrochemical
(by Application)
Electric Vehicles
Power Generation
Others
Source: Expert Interviews, and BIS Analysis
2.2 Demand Analysis of Global Green Hydrogen Market (by

Application)
Ta ble 1 5 : G lob al Gree n Hy dr oge n Ma rke t ( by A ppl i ca tio n) , $Milli o n, 20 20 -2 031
Application 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Oil & Gas 829.5 871.3 915.2 961.4 1009.9 1060.9 1114.4 1170.7 1229.8 1291.9 1357.1 1425.7 5.05%
Petrochemical 600.2 629.8 661.0 693.7 728.0 764.0 801.8 841.5 883.2 927.0 973.0 1021.3 4.95%
Electric Vehicles 540.9 569.3 599.2 630.6 663.8 698.6 735.3 774.0 814.7 857.5 902.5 950.0 5.25%
Power Generation 418.1 440.3 463.7 488.3 514.3 541.7 570.5 600.8 632.8 666.5 701.9 739.3 5.32%
Others 181.9 191.4 201.5 212.1 223.2 234.9 247.3 260.3 274.0 288.4 303.5 319.5 5.26%
Total 2570.5 2702.1 2840.6 2986.1 3139.2 3300.1 3469.3 3647.3 3834.4 4031.2 4238.1 4455.8 5.13%
52

Ta ble 1 6 : G lob al Gree n Hy dr oge n Ma rke t ( by A ppl ica tio n) , Millio n To n, 20 20 -2 031
Oil & Gas 0.39 0.41 0.43 0.46 0.48 0.51 0.54 0.57 0.60 0.64 0.67 0.71 5.69%
Petrochemical 0.27 0.29 0.30 0.32 0.34 0.36 0.38 0.40 0.42 0.45 0.47 0.50 5.57%
Others 0.08 0.08 0.09 0.09 0.10 0.11 0.11 0.12 0.12 0.13 0.14 0.15 5.75%
Total 1.18 1.25 1.32 1.40 1.48 1.56 1.65 1.75 1.85 1.95 2.06 2.18 5.73%
2.2.1 Oil and Gas

Green hydrogen is one of the gases with an increase in demand from the petroleum refining industry due to
its function in different refining processes such as hydrocracking, hydroisomerization, hydrodealkylation, and
hydrodesulfurization, which is a catalytically chemical process whereby hydrocarbon compounds rich in sulfur
are hydrogenated to produce hydrogen sulfide to be treated into a Claus process as means of reducing sulfur
dioxide emissions and removal of sulfur to prevent catalyst poisoning.
2.2.1.1 Hydrocracking
Hydrocracking is a refining process that involves passing heavy oil over a catalyst under high-temperature
and high-pressure green hydrogen conditions, cracking the heavy oil to remove impurities, and converting it
to valuable light petroleum products. The hydrocracking process, along with FCC and thermal cracking, has
been widely utilized in recent years, particularly as a heavy oil upgrading technique that transforms heavy oil

components into middle distillate, for which demand has increased.
2.2.1.2 Hydroisomerization
Hydroisomerization processes increase the octane of light gasoline. Dried, hydrotreated feed is combined with
a tiny quantity of organic chloride and recycled green hydrogen in a typical unit, which is then heated to
reaction temperature. The usage of one or two reactors is determined by the process objectives. The feed
runs first to a saturation reactor, which eliminates olefins and benzene in two-reactor systems. After saturation,
the input is passed through an isomerization reactor, which converts normal paraffins to isoparaffins. Green
hydrogen is separated from the other reaction products in the reactor effluent, which flows to a product
separator. Green hydrogen that has been recovered can either be delivered to a recycling compressor to be
returned to the reactors, or it can be processed and fed to the fuel gas system. Light gases and any leftover
53

dissolved green hydrogen are removed from the separator liquids by a stabilizer column. The stabilized liquid
is either stored or blended into gasoline. N-pentane and n-hexane can be returned to the isomerization unit
for enhanced conversion if delivered to a fractionator.
2.2.1.3 Hydrodealkylation
Hydrodealkylation is a chemical process in which an aromatic hydrocarbon, such as toluene, is reacted in the
presence of green hydrogen gas to create a simpler aromatic hydrocarbon devoid of functional groups. As an
example, consider the conversion of trimethylbenzene to xylene. This chemical reaction generally takes place
at high temperatures, high pressures, or in the presence of a catalyst.
2.2.1.4 Hydrodesulfurization
Hydrodesulfurization (HDS) is a process for lowering the sulfur content of petroleum and similar products by
using catalysts under high-temperature and high-pressure green hydrogen conditions, with the sulfur
compounds being converted to hydrogen sulfide. It is a catalytic chemical process that's extensively used to
remove sulfur compounds from refined petroleum products, including gasoline or petrol, jet fuel, diesel fuel,
and fuel oils. One reason for eliminating sulfur is to minimize the sulfur dioxide emissions caused using such
fuels in automobiles, airplanes, train locomotives, ships, oil-burning power plants, home and industrial
furnaces, and other kinds of fuel combustion.
2.2.2 Petrochemical
Green hydrogen is used to produce ammonia in the petrochemical sector, which can power household
cleaning and fertilize plants. Moreover, it could become an important zero-emission energy carrier for moving
clean energy around the world economically. The conventional manufacturing of ammonia (NH3) is a dirty

process. But without ammonia, one would not be able to produce food for nearly 60 percent of the world’s
population. Ammonia is made from nitrogen and green hydrogen. Nitrogen molecules are separated from the
air that is breathed, and hydrogen is generally generated by using renewable solar and wind energy from
water instead of steam reformed natural gas. The petrochemical industry is one of the largest consumers and
producers of green hydrogen. Beyond its preferred use as a chemical raw material, hydrogen is also used to
replace some of the natural gas used as fuel in furnaces with green hydrogen mixtures since these mixtures
release less CO2 when combusted.
54

2.2.3 Electric Vehicles
One of the most promising areas for green hydrogen is the electric vehicle market. A hydrogen vehicle is an
alternative fuel vehicle that uses hydrogen as its primary fuel. Hydrogen vehicles include space rockets,
automobiles, and other means of transportation. Hydrogen's chemical energy is transferred to mechanical
energy by combining hydrogen with oxygen in a fuel cell to power electric motors, or by burning hydrogen in
an internal combustion engine, which is less common. The hydrogen fuel cell electric vehicle (FCEV) creates
no carbon emissions from its exhaust since it operates on compressed hydrogen from a fueling station. It can
be filled as rapidly as a fossil-fuel counterpart and has a driving range that is comparable to gasoline. An
electric motor is powered by electricity in fuel cell electric vehicles (FCEVs). Unlike other electric cars, FCEVs
generate energy using a green hydrogen-fueled fuel cell rather than relying only on a battery. The size of the
electric motors that get electric power from the suitably sized fuel cell and battery combination is used by the
car maker to determine the vehicle's power throughout the design phase. Although manufacturers could build
an FCEV with plug-in charging capability, most FCEVs today use the battery for recapturing braking energy
and smoothing out the power provided by the fuel cell, with the option to idle or turn off the fuel cell during low
power demands. The size of the hydrogen fuel tank determines the quantity of energy stored onboard.
Furthermore, the demand for green hydrogen by the electric vehicle sector is expected to increase throughout
the projected period as a result of strict environmental laws to decrease carbon emissions and the growth of
electric cars.
2.2.4 Power Generation

The world is currently moving toward green energy, and green hydrogen is one of the power industry's
replacements. Green hydrogen has the potential to reduce the carbon footprint of current coal-fired power
facilities. A proposed design for a new ubiquitous source of electricity is a green hydrogen power station. It is,
in essence, a facility that generates electrical energy from green hydrogen. Because of the high cost of
acquiring green hydrogen, the total cost of green hydrogen-based power will be higher than existing nuclear
and petroleum-based electricity. The green hydrogen power plant is made up of thousands of hydrogen fuel GLOBAL GREEN HYDROGEN MARKET PROJECT
cells that are fed by enormous tanks of liquid hydrogen. Fuel cells, like batteries, are solid devices with an
electrolyte fluid and two terminals. The reactants, in this case, hydrogen and oxygen flow into the cells. They
combine with the electrolyte to create an electrical charge as well as water as a byproduct. The water comes
from a different port, while the energy is taken from the terminals and stored in massive multi-ton batteries.
The electricity is stored in the batteries until it is required, at which point it is sent via the local power grid, just
like any other form of power plants.
55

2.2.5 Others
The others application segment in the global green hydrogen market includes food and beverage, heating,
and steel industry applications. The adoption of green hydrogen is expected to improve efficiency and
minimize pollution. The applications of green hydrogen could be extended to different diverse sectors, and it
could be used in many ways and forms owing to its characteristics. Additionally, more specific uses of green
hydrogen would unfold over time as the product starts getting fully commercialized.
56

3 Technology
3. Technology
▪ Global Green Hydrogen Market (by Technology and Specification)
Section Summary
Leveraging commercial understating of each product category through

market potential and key growth factors
Analysis of the demand forecast of products in scope across their specific

application areas
Examination of the future adoption scenarios for different product

technologies of the leading innovation areas in the green hydrogen industry
57

3.1 Global Green Hydrogen Market (by Technology)
This chapter explains the technologies that are involved in the production of green hydrogen, along
with their in-depth analysis and forecast details. Technology plays a vital role in the production of
green hydrogen. Different technological advancements have led to the increased production of
green hydrogen. The most widely used technology to produce green hydrogen is the proton
exchange membrane (PEM) electrolyzer. The following section focuses on the increasing traction
of different technology types and their uses in the green hydrogen market.
Fi gure 12 : G lob al Gree n Hy dr oge n Ma rke t ( by Te c hnol og y)
Proton Exchange
Global Green Hydrogen Market (by
Membrane Electrolyzer
Technology)
Alkaline Electrolyzer
Anion Exchange
Membrane
Solid Oxide Electrolyzer
3.2 Demand Analysis of Global Green Hydrogen Market (by

Technology)
Ta ble 1 7 : G lob al Gree n Hy dr oge n Ma rke t ( by Te c hnol og y) , $Mill io n, 2 020 -203 1 GLOBAL GREEN HYDROGEN MARKET PROJECT
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
Membrane 1071.0 1125.4 1182.6 1242.7 1305.8 1372.2 1442.0 1515.3 1592.4 1673.5 1758.7 1848.2 5.09%
Electrolyzer
Alkaline
953.3 1003.5 1056.3 1111.9 1170.5 1232.1 1297.0 1365.4 1437.4 1513.1 1592.9 1676.9 5.27%
Electrolyzer
Anion Exchange
164.1 172.2 180.7 189.6 199.0 208.9 219.2 230.1 241.5 253.4 266.0 279.2 4.95%
Membrane
Solid Oxide
382.1 401.1 421.0 441.9 463.9 486.9 511.1 536.5 563.2 591.2 620.6 651.5 4.97%
Electrolyzer
Total 2570.5 2702.1 2840.6 2986.1 3139.2 3300.1 3469.3 3647.3 3834.4 4031.2 4238.1 4455.8 5.13%
58

Ta ble 1 8 : G lob al Gree n Hy dr oge n Ma rke t ( by Te c hnol og y) , Milli on To n , 20 20 -2 031
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange 0.49 0.52 0.55 0.58 0.61 0.65 0.68 0.72 0.76 0.81 0.85 0.90 5.69%
Alkaline Electrolyzer 0.43 0.46 0.49 0.51 0.54 0.58 0.61 0.65 0.68 0.72 0.77 0.81 5.86%
Anion Exchange 0.08 0.09 0.09 0.10 0.10 0.11 0.12 0.12 0.13 0.14 0.14 0.15 5.56%
Membrane
Solid Oxide 0.18 0.19 0.20 0.21 0.22 0.23 0.24 0.26 0.27 0.29 0.30 0.32 5.57%
Electrolyzer
Total 1.18 1.25 1.32 1.40 1.48 1.56 1.65 1.75 1.85 1.95 2.06 2.18 5.73%
3.2.1 Proton Exchange Membrane (PEM) Electrolyzer

In PEM water electrolysis, water is electrochemically split into hydrogen and oxygen at their
respective electrodes such as hydrogen at the cathode and oxygen at the anode. PEM water
electrolysis is accrued by pumping of water to the anode, where it is spilt into oxygen (O2), protons
(H+), and electrons (e−). These protons are traveled via a proton conducting membrane to the
cathode side. The electrons exit from the anode through the external power circuit, which provides
the driving force (cell voltage) for the reaction. At the cathode side, the protons and electrons
recombine to produce hydrogen. Proton exchange membrane electrolyzer uses a thin (0.2 mm)
perfluoro sulfonic acid (PFSA) membrane and electrodes with advanced architecture that allows
achieving higher efficiencies (i.e., less resistance). The perfluoro sulfonic acid (PFSA) membrane is
also chemically and mechanically robust, allowing for large pressure differentials. As a result, the
PEM cells can function at pressures of up to 70 bar with the oxygen side at atmospheric pressure.
The acidic environment created by the PFSA membrane, along with high voltages and oxygen
evolution in the anode, provides a severe oxidative environment that necessitates the use of

materials that can survive these circumstances. Titanium-based materials, noble metal catalysts,
and protective coatings are required not only for long-term cell component stability but also for
excellent electron conductivity and cell efficiency. PEM is one of the most compact and simple
system designs, but they are susceptible to water contaminants such as iron, copper, chromium,
and salt, and they can be calcined. Today, electrode areas are rapidly reaching 2000 square
centimeters (cm2). This technology is mainly used in petrochemical applications as well as energy
storage.
59

3.2.2 Alkaline Electrolyzer
When a direct current is supplied to water in an alkaline electrolyzer, oxygen and hydrogen are
separated from it. During this process, two water molecules dissociate, releasing hydrogen at the
cathode. At the anode, oxygen is released, and a water molecule is produced simultaneously. When
a water molecule dissociates, another water molecule travels to the anode as a consequence.
Caustic water solution and 25%–30% potassium hydroxide (KOH) is used in alkaline electrolyzers.
The catalysts are sodium hydroxide (NaOH) and sodium chloride (NaCl). The liquid electrolyte
carries ions between the electrodes and is not lost in the chemical reaction; instead, it is provided
on a regular basis to compensate for system losses. This type of electrolyzer has a simple stack
and system architecture that makes it very simple to produce. This electrolyzer's electrode area is
now around 3 square meters (m2). It uses a high-concentration KOH as an electrolyte (usually 57
moles of solute per liter of solution), ZrO2-based diaphragms, and nickel-coated stainless-steel
electrodes. The hydroxyl ion OH- is the ionic charge carrier, with KOH and water penetrating through
the diaphragm's porous structure to supply functionality for the electrochemical process. This
permits the generated gases (hydrogen and oxygen–H2 and O2) in the electrolyte to mix, restricting
the lower power working range and the capacity to function at greater pressure levels. Thicker
diaphragms are employed to prevent this; however, this increases resistance and reduces efficiency.
Some manufacturers put spacers between the electrodes and the diaphragms to further prevent gas
intermixing.
3.2.3 Anion Exchange Membrane

Anion exchange membrane (AEM) have been an active area of research for over a decade. Because
it transports ions from one side of the membrane to the other while allowing the ion to maintain its
ionic state, AEM may be utilized in fuel cells, redox flow batteries, electrolyzers, and even water
desalination membrane. In electrochemical cells like fuel cells and batteries, the electrolyte layer is
referred to as the "heart." AEM is a more attractive electrolyte layer than PEM membrane because GLOBAL GREEN HYDROGEN MARKET PROJECT
of their low cost and ease of production. Only a few companies have commercialized and used this
cutting-edge technology. The potential of AEM is based on the combination of a less hostile
environment from alkaline electrolyzers with the simplicity and efficiency of a PEM electrolyzer. It
allows for non-noble catalysts, titanium-free components, and differential pressure functioning,
similar to PEM. The AEM membrane, on the other hand, has chemical and mechanical stability
problems, leading to unpredictably short lifetime profiles. Furthermore, due to poor AEM
conductivity, insufficient electrode designs, and slow catalytic kinetics, performance has not yet met
expectations. Adjusting membrane conductivity properties or adding a supporting electrolyte (e.g.,
KOH or sodium bicarbonate) are two common ways to increase performance (NaHCO3). However,
because the OH- ion is three times slower (has a poorer conductivity) than H+ protons in PEM, such
adjustment may result in lesser durability.
60

3.2.4 Solid Oxide Electrolyzer
A solid oxide electrolyzer is essentially a reversal of the equivalent fuel cell (solid oxide fuel cell
(SOFC)). As a result of the high temperatures (700-1000 °C) at which these cells operate, their
efficiency is high. The two-electrolysis products hydrogen, and oxygen, are generated on either side
of the cell. In addition, a solid oxide electrolyzer is utilized to create hydrogen from wind turbine
surplus electricity. When electricity is needed, the hydrogen is stored and converted into electricity
using a fuel cell. This is how power is stored when output exceeds demand. A solid oxide electrolyzer
may also electrolyze carbon monoxide (CO). When water and electricity are electrolyzed together
(co-electrolysis), hydrogen and carbon monoxide are produced. Moreover, solid oxide electrolyzers
today are only deployed at the kW-scale.
61

4 Region
4. Region
▪ North America
▪ Europe
▪ U.K.
▪ Rest-of-the-World
▪ China
▪ Asia-Pacific and Japan
Section Summary
Detailed coverage of markets, applications, and products across six key

regions of the world
Detailed information available for key countries within each region, such as

the U.S., Canada, Mexico, the U.K., India, China, Japan, and South Korea
Tracking of key manufacturers in each region and country to evaluate various

market drivers and challenges
Effective assessment of buyer attributes in each country for product

positioning and strategic planning
62

North America
U.S., Canada, and Mexico
63

4.1 North America
North America comprises regional markets of the U.S., Canada, and Mexico. In North America, the U.S. is the
largest market with the fastest growth rate in the green hydrogen market. The U.S. has always been at the
forefront of the world map when it comes to technological advancements. Even the companies which are not
U.S-based have a significant presence in the U.S., either because of their manufacturing facilities or R&D
bases. Since the U.S. is one of the most industrialized nations globally, display technology finds tremendous
application potential in all the verticals, especially manufacturing and enterprise sectors, in this region. This
provides ample opportunity for the growth of green hydrogen in the country.
4.1.1 Market
4.1.1.1 Key Manufacturers and Suppliers in North America
▪ Air Products Inc.
▪ Cummins Inc.
▪ SGH2 Energy Global LLC
4.1.1.2 Business Drivers
The region consists of some leading producers of green hydrogen, such as Air Products Inc. and Cummins
Inc., which further help in raising awareness related to the use of green hydrogen in the region. North America
also boasts of the highest number of R&D facilities compared to other geographies due to heavy focus on
emerging and innovative technologies to promote sustainability of the products.
4.1.1.3 Business Challenges

Green hydrogen is used in industrial sectors such as oil & gas, petrochemical, electrical vehicles (EVs), and
power generation. But the high cost of clean power and green hydrogen in the North American market act as
a challenge for the growth of the market in the forecast period.
64

4.1.2 Applications
4.1.2.1 North America Green Hydrogen Market (by Application)
Ta ble 1 9 : N or th Ameri c a Gree n Hyd roge n Ma rke t (by A pp lica tio n) , $Millio n, 202 0 -
2 031
Oil & Gas 199.3 209.1 219.3 230.1 241.4 253.2 265.6 278.6 292.2 306.5 321.5 337.3 4.90%
Petrochemical 127.8 133.6 139.7 146.1 152.8 159.8 167.2 174.8 182.8 191.2 199.9 209.1 4.58%
Others 51.6 54.1 56.7 59.5 62.4 65.4 68.6 72.0 75.5 79.1 83.0 87.0 4.87%
Total 592.0 621.1 651.8 683.9 717.6 753.0 790.1 829.0 869.9 912.8 957.8 1005.0 4.93%
Ta ble 2 0 : N or th Ameri ca Gree n Hyd roge n Ma rke t (by A pp lica tio n) , Million To n,
2 020 -2031
Oil & Gas 0.09 0.09 0.10 0.10 0.11 0.11 0.12 0.13 0.13 0.14 0.15 0.16 5.55%
Petrochemical 0.06 0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.08 0.09 0.09 0.10 5.24%
Others 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 5.44%
Total 0.26 0.27 0.29 0.30 0.32 0.34 0.36 0.38 0.40 0.42 0.44 0.47 5.57%

4.1.3 Technology
4.1.3.1 North America Green Hydrogen Market (by Technology)
Ta ble 2 1 : N or th Ameri ca Gree n Hyd roge n Ma rke t (by Tec hnolo gy) , $Millio n, 202 0 -
2 031
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
Membrane Electrolyzer 325.1 340.7 357.0 374.1 392.0 410.7 430.4 451.0 472.6 495.2 518.9 543.7 4.78%
Anion ExchangeMembrane 5.9 6.2 6.5 6.9 7.2 7.6 7.9 8.3 8.7 9.2 9.6 10.1 4.98%
Solid Oxide Electrolyzer 53.3 55.9 58.6 61.4 64.4 67.6 70.9 74.4 78.0 81.8 85.8 90.0 4.88%
Total 592.0 621.1 651.8 683.9 717.6 753.0 790.1 829.0 869.9 912.8 957.8 1005.0 4.93%
65

Ta ble 2 2 : N or th Ameri ca Gree n Hyd roge n Ma rke t (by Tec hnolo gy) , Millio n Ton,
2 020 -2031
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
0.14 0.15 0.16 0.17 0.18 0.18 0.19 0.21 0.22 0.23 0.24 0.25 5.42%
Anion Exchange
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.62%
Membrane
Solid OxideElectrolyzer 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 5.52%
Total 0.26 0.27 0.29 0.30 0.32 0.34 0.36 0.38 0.40 0.42 0.44 0.47 5.57%
4.1.4 North America (by Country)

4.1.4.1 U.S.
The technological advancement in the U.S. has led to the growth of the green hydrogen market significantly.
The U.S. held 75% of the market share in the North American region in 2019. In this country, private companies
and government agencies are working together to popularize green hydrogen energy. The consumption of
green hydrogen in the U.S. was 437 million ton in 2020 and it is expected to grow at a CAGR of 5.50% to
reach 736.7 million ton by 2031. Big companies are acquiring small players to increase their market share in
the U.S. green hydrogen market. For instance, PLUG POWER INC. acquired United hydrogen group Inc. and
Giner ELX in order to have a leading position in the market. The United Hydrogen Group Inc. was the largest
privately held green hydrogen producer in North America. The company has the capability to produce about
6 ton of green hydrogen each day. Thus, the acquisition of United Hydrogen Group Inc. will help PLUG
POWER INC.'s capability to produce green hydrogen in the highly competitive environment.

4.1.4.1.1 Market
4.1.4.1.1.1 Buyer Attributes
The oil & gas and petrochemical application segment is expected to grow at the fastest rate in the U.S. green
hydrogen market. Additionally, major players in the market are looking forward to investing a substantial
amount in R&D to meet the ever-increasing demand for green hydrogen in the country, which in turn is
expected to boost the growth of the market.
4.1.4.1.1.2 Key Manufacturers and Suppliers in the U.S.

▪ PLUG POWER INC.
▪ Cummins Inc.
66

4.1.4.1.1.3 Business Challenges
Lack of infrastructure and large investment is a major challenge for the growth of the market in the country. In
2020, the U.S. still lagged behind China, Japan, and various other European countries’ infrastructure and
research investment for green hydrogen. For instance, Asia and European countries invested $2 billion per
year in 2020 while the U.S. Department of Energy funded approximately $100 million per year to $280 million
per year.
4.1.4.1.1.4 Business Drivers
The U.S is the second-largest producer of oil & gas and petrochemicals. The oil & gas and petrochemical is
the dominating segment and is expected to grow at the fastest rate in the U.S. Rising degree of proliferation
of oil & gas and petrochemicals among consumers has increased the consumption of green hydrogen, which
will act as a driver for the market.
4.1.5 Applications
4.1.5.1 U.S. Green Hydrogen Market (by Application)
Ta ble 2 3 : U.S . G ree n Hyd roge n Ma rke t (by A pp lica tio n) , $Millio n, 202 0 -20 31
Oil & Gas 144.2 151.1 158.4 166.1 174.1 182.5 191.3 200.5 210.2 220.3 230.9 242.0 4.82%
Petrochemical 95.8 100.2 104.7 109.4 114.3 119.5 124.9 130.5 136.4 142.6 149.0 155.8 4.51%
Others 39.3 41.2 43.2 45.2 47.4 49.7 52.1 54.6 57.2 59.9 62.8 65.8 4.80%
Total 437.0 458.2 480.5 503.9 528.4 554.1 581.0 609.2 638.9 669.9 702.5 736.7 4.86%

Ta ble 2 4 : U.S . G ree n Hyd roge n Ma rke t (by A pp lica tio n) , Million To n, 2020 -203 1
Oil & Gas 0.06 0.07 0.07 0.08 0.08 0.08 0.09 0.09 0.10 0.10 0.11 0.12 5.48%
Petrochemical 0.04 0.04 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.07 5.18%
Others 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.03 5.38%
Total 0.19 0.20 0.22 0.23 0.24 0.25 0.27 0.28 0.30 0.31 0.33 0.35 5.50%
67

4.1.5.2 Canada
Canada is one of the leading countries in the green hydrogen market in the North American region. The
country has a well-established infrastructure for the growth of electric vehicle manufacturers and oil & gas
producers. It has a lower business tax burden, which facilitates the R&D of electric vehicles. The consumption
of green hydrogen in Canada was 106.7 million ton in 2020, and it is expected to grow at a CAGR of 5.65%
to reach 182.6 million ton by 2031.
4.1.5.2.1 Market
The manufacturers of electric vehicles and producers of ammonia, petroleum, and gases have already
adopted green hydrogen in their operations. Green hydrogen can also be used with fuel cells to power anything
that uses electricity, such as electric vehicles and electronic devices. And unlike batteries, green hydrogen
fuel cells do not need to be recharged and won’t run down, so long as they have green hydrogen fuel.
4.1.5.2.1.2 Key Manufacturers and Suppliers in Canada

▪ Loop Energy Inc.
▪ Nel ASA
▪ Ballard Power Systems
Green hydrogen producers in the country are quite less in number. Also, the use of green hydrogen in Canada
is quite less as compared to other regions such as Europe.

The establishment of automotive R&D centers in the country further drives the electric vehicle industry in
Canada and creates an opportunity for the adoption of green hydrogen since green hydrogen is seen as a fuel
option for electric vehicles, which will work as a driver for this country.
68

4.1.6 Applications
4.1.6.1 Canada Green Hydrogen Market (by Application)
Ta ble 2 5 : Ca na da Gree n Hy dr og en Mar ket ( by A ppl ic at io n) , $Milli o n, 202 0 -20 31
Oil & Gas 37.3 39.2 41.1 43.2 45.3 47.6 49.9 52.4 55.0 57.7 60.6 63.6 4.96%
Petrochemical 22.3 23.4 24.5 25.6 26.8 28.0 29.3 30.7 32.1 33.6 35.2 36.8 4.65%
Others 7.5 7.8 8.2 8.6 9.0 9.5 10.0 10.5 11.0 11.5 12.1 12.7 4.94%
Total 106.7 112.0 117.6 123.5 129.7 136.2 143.0 150.2 157.7 165.6 173.9 182.6 5.01%
Ta ble 2 6 : Ca na da Gree n Hy dr og en Mar ket ( by A ppl ic at io n) , Milli o n To n, 2 020 -2031
Oil & Gas 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 5.62%
Petrochemical 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 5.32%
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 5.52%
Total 0.04 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.08 0.08 5.65%
4.1.6.2 Mexico

The manufacturing market in Mexico is growing by leaps and bounds and is now witnessing an increasing
shift toward innovative and sustainable production processes. This shift is contributing to the growth of the
green hydrogen market in the country. The consumption of green hydrogen has widely grown in the country
due to the development in the oil & gas, and electric vehicle industry. The better trade policies, when compared
with the U.S., coupled with cheap labor costs, have further led to the growth of end-user industries in the
country, which has eventually opened scope for the usage of green hydrogen. The petrochemical industry has
further shown sustainable momentum in the adoption of green hydrogen to produce ammonia. The
consumption of green hydrogen in Mexico was 48.3 million ton in 2020, and it is expected to grow at a CAGR
of 6% to reach 85.8 million ton by 2031.
69

4.1.6.2.1 Market
In 2019, Tesla started rolling out its cars in Mexico, which helped develop the electric vehicle industry in the
region. With electric vehicles being promoted in the nation, green hydrogen is expected to be implemented in
vehicle batteries by automotive manufacturers.
4.1.6.2.1.2 Key Manufacturers and Suppliers in Mexico

▪ Cummins Inc.
▪ PLUG POWER INC.
The country has just revived from an economic slowdown, and the green hydrogen facility requires a large
infrastructure and huge investment. This might affect the pace of growth in the green hydrogen market in the
country.
The increasing popularity of electric vehicles in the country is expected to drive the adoption of green hydrogen
as the secondary fuel of electric vehicles. Green hydrogen fuel cells don’t need to be recharged and won’t run
down as long as they have green hydrogen fuel, so it could be one of the drivers for the growth of the market
in the country.
4.1.7 Applications
4.1.7.1 Mexico Green Hydrogen Market (by Application) GLOBAL GREEN HYDROGEN MARKET PROJECT
Ta ble 2 7 : Mexi co Gree n Hy dr og en Mar ket ( by A ppl ic at io n) , $Milli o n, 202 0 -20 31
Oil & Gas 17.9 18.8 19.8 20.9 22.0 23.2 24.4 25.7 27.1 28.5 30.0 31.6 5.33%
Petrochemical 9.6 10.1 10.6 11.2 11.7 12.3 12.9 13.6 14.2 15.0 15.7 16.5 5.02%
Others 4.8 5.1 5.4 5.6 5.9 6.3 6.6 6.9 7.3 7.7 8.1 8.5 5.30%
Total 48.3 50.9 53.6 56.5 59.5 62.7 66.1 69.6 73.3 77.3 81.4 85.8 5.36%
70

Ta ble 2 8 : Mexi co Gree n Hy dr og en Mar ket ( by A ppl ic at io n) , Milli o n To n,
2 020 -2031
Oil & Gas 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.99%
Petrochemical 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.69%
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.89%
Total 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 6.00%
71

Europe
Germany, Spain, France, Italy, Russia, and Rest-
of-Europe
72

4.2 Europe
Europe comprises regional markets of Germany, Spain, France, Italy, Russia, and Rest-of-Europe. The
Europe green hydrogen market is expected to witness robust growth as the region is on the cusp of a
technological transformation. Various governments in Europe are strongly pushing for a change in their energy
ecosystems with the adoption of advanced and effective technologies, which is expected to propel the growth
of green hydrogen in the region. Europe is currently the second-largest revenue-generating region in the green
hydrogen market. Developed economies such as Germany and Russia are identified as leading markets for
green hydrogen. Russia is one of the highest revenue-generating countries in Europe and is expected to be
the fastest-growing country in the green hydrogen market during the forecast period.
4.2.1 Market
4.2.1.1 Key Manufacturers and Suppliers in Europe
▪ Linde
▪ Uniper SE
▪ Siemens Energy
▪ Green Hydrogen
One of the major factors for the growth and establishment of the green hydrogen market in this region is the
introduction of stringent regulations mandated by the government with a major focus on enhancing the overall
product quality. Furthermore, the rapid evolution of the Europe electric vehicle industry is providing
opportunities for the adoption of green hydrogen.

The European oil & gas and petrochemical industry has been facing an economic slowdown, leading to the
slow adoption of green hydrogen in the industry. This has led to a slow-paced development of the green
hydrogen market, which will act as a major challenge for the region.
73

4.2.2 Applications
4.2.2.1 Europe Green Hydrogen Market (by Application)
Ta ble 2 9 : Euro pe G ree n Hy dr og en Mar ket ( by A ppl ic at io n) , $Milli o n, 202 0 -20 31
Oil & Gas 221.8 232.6 243.9 255.8 268.3 281.3 295.0 309.4 324.5 340.3 356.8 374.2 4.87%
Petrochemical 192.8 202.2 212.1 222.4 233.3 244.6 256.5 269.1 282.2 295.9 310.4 325.5 4.88%
Others 74.3 78.5 82.9 87.6 92.6 97.8 103.4 109.2 115.4 122.0 128.9 136.2 5.67%
Total 798.3 838.9 881.6 926.4 973.5 1023.0 1075.1 1129.8 1187.3 1247.8 1311.3 1378.1 5.09%
Ta ble 3 0 : Euro pe G ree n Hy dr og en Mar ket ( by A ppl ic at io n) , Milli o n To n, 2 020 -2031
Oil & Gas 0.08 0.08 0.09 0.09 0.10 0.10 0.11 0.11 0.12 0.13 0.13 0.14 5.43%
Petrochemical 0.07 0.07 0.08 0.08 0.09 0.09 0.09 0.10 0.11 0.11 0.12 0.12 5.41%
Others 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 6.12%
Total 0.29 0.31 0.33 0.35 0.37 0.39 0.41 0.43 0.46 0.48 0.51 0.54 5.61%
4.2.3 Technology

4.2.3.1 Europe Green Hydrogen Market (by Technology)
Ta ble 3 1 : Euro pe G ree n Hy dr og en Mar ket ( by Te c hnol og y) , $Milli o n, 202 0 -20 31
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
293.9 308.7 324.2 340.4 357.5 375.4 394.2 414.0 434.8 456.6 479.6 503.6 5.02%
Anion Exchange Membrane 41.8 43.7 45.7 47.7 49.9 52.1 54.5 56.9 59.5 62.2 65.0 68.0 4.52%
Total 798.3 838.9 881.6 926.4 973.5 1023.0 1075.1 1129.8 1187.3 1247.8 1311.3 1378.1 5.09%
74

Ta ble 3 2 : Euro pe G ree n Hy dr og en Mar ket ( by Te c hnol og y) , Mill io n To n, 2 020 -2031
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
0.11 0.11 0.12 0.13 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.20 5.54%
Total 0.29 0.31 0.33 0.35 0.37 0.39 0.41 0.43 0.46 0.48 0.51 0.54 5.61%
4.2.4 Europe (by Country)

4.2.4.1 Germany
Germany has been a significant leader in Europe in terms of innovation and R&D in the field of green hydrogen.
The country is a hub of green hydrogen industry with the establishment of key companies such as Linde and
Uniper SE. Germany has been quite successful in driving the innovation in electric vehicles at an industrial
level. Moreover, the rise of several new successful start-ups has provided new opportunities to the market in
this region. Collaborations and acquisitions between green hydrogen producers and electric vehicle
manufacturers have proven to boost the consumption of green hydrogen in Germany. The consumption of
green hydrogen in Germany was 181.1 million ton in 2020, and it is expected to grow at a CAGR of 5.80% to
reach 316.3 million ton by 2031.
4.2.4.1.1 Market
Leading industries in the country are working on the newest technologies such as anion exchange membrane,
solid oxide electrolyzer and are highly interested in the implementation of green hydrogen in their operations. GLOBAL GREEN HYDROGEN MARKET PROJECT
The electric vehicle industry in the nation is working toward efficiency and improvements in the operation and
is thus utilizing green hydrogen as a fuel.
4.2.4.1.2 Key Manufacturers and Suppliers in Germany

▪ Linde
▪ Uniper SE
▪ Siemens Energy
75

4.2.4.1.3 Business Challenges
The oil & gas and petrochemical application segment is expected to be one of the largest application segments
in Germany’s green hydrogen market during the forecast period, but the adoption of green hydrogen in the
industries is taking place at a slow pace. Also, the oil & gas industry has not fully adopted green hydrogen in
its operations because of the economic slowdown.
4.2.4.1.4 Business Drivers
The increased application-specific R&D activities in the electric vehicle industry in Germany are leading to the
establishment of several start-ups and smaller revenue-generating automobile companies in the region. The
country is witnessing an increase in sales turnover and production of electric vehicles, which is continuously
prompting the vendors to use green energy such as green hydrogen to enhance the development process,
thereby leading to the growth of the green hydrogen market in Germany.
4.2.5 Applications
4.2.5.1 Germany Green Hydrogen Market (by Application)
Ta ble 3 3 : Ge rma ny G reen Hy dr oge n M ark et (b y App lic ati o n) , $Mil lio n, 20 20 -2 031
Oil & Gas 54.2 56.9 59.7 62.7 65.8 69.0 72.5 76.0 79.8 83.8 87.9 92.3 4.96%
Petrochemical 45.2 47.4 49.8 52.3 54.9 57.6 60.5 63.5 66.6 69.9 73.4 77.1 4.98%
Others 9.1 9.6 10.2 10.8 11.4 12.1 12.8 13.6 14.4 15.2 16.1 17.0 5.86%
Total 181.1 190.5 200.4 210.8 221.8 233.3 245.5 258.2 271.7 285.8 300.7 316.3 5.20%

Ta ble 3 4 : Ge rma ny G reen Hy dr oge n M ark et (b y App lic ati o n) , Milli o n Ton, 2 020 -203 1
Oil & Gas 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.03 5.59%
Petrochemical 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 5.59%
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 6.39%
Total 0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.09 0.09 0.10 0.10 0.11 5.80%
76

4.2.5.2 France
The pace of adoption of green hydrogen in France is slow compared to other countries in Europe, such as
Germany and Russia. However, the country caters to the huge demand arising in the automotive and power
generation and other end-user industries where the applications of green hydrogen play a crucial role, thereby
providing an opportunity for future developments in the green hydrogen industry in the country. France has
been witnessing a significant rate of industrial innovation, which, in turn, is contributing to the overall adoption
of green hydrogen in the country. The inclusion of green hydrogen by leading end-user companies such as
ENGIE, Ergosup, and Air Liquide promoting the usage of green hydrogen is expected to considerably drive
the growth of green hydrogen in France. ENGIE, Ergosup, and Air Liquide are the key companies
headquartered in France that provide green hydrogen. The consumption of green hydrogen in France was
73.4 million ton in 2020, and it is expected to grow at a CAGR of 5.30% to reach 121.8 million ton by 2031.
4.2.5.2.1 Market
France is considered an epicenter of research and development for green hydrogen in Europe. Companies
are working on using green hydrogen for power generation and in electric vehicle industries. The country has
a strong focus on the development and advancement of the automotive sector and power generation sector.
France-based companies are collaborating with leading green hydrogen leaders from other nations to
strengthen and expand their production capabilities and capacities.
4.2.5.2.1.2 Key Manufacturers and Suppliers in France

▪ ENGIE
▪ Ergosup
▪ Air Liquide
The country has faced an economic downfall in the last eight years. The slowdown has affected the country's
electric vehicle industry growth, which might affect the green hydrogen market in the country.
The automotive sector and power generation are primarily responsible for increasing pollution. In order to
reduce pollution, the government is moving toward green energy, and this can bring forward many business
opportunities for investors in the areas of green energy. This can act as a driver for the green hydrogen market
in the country.
77

4.2.6 Applications
4.2.6.1 France Green Hydrogen Market (by Application)
Ta ble 3 5 : Fr a nce Gree n Hy dr og en Mar ket ( by A ppl ic at io n) , $Milli o n, 202 0 -20 31
Oil & Gas 16.1 16.8 17.5 18.3 19.1 19.9 20.8 21.7 22.6 23.6 24.7 25.7 4.37%
Petrochemical 13.9 14.5 15.1 15.8 16.5 17.2 18.0 18.8 19.6 20.5 21.4 22.3 4.39%
Others 8.8 9.3 9.8 10.3 10.9 11.4 12.0 12.7 13.3 14.0 14.8 15.6 5.27%
Total 73.4 76.8 80.4 84.2 88.2 92.4 96.7 101.3 106.1 111.1 116.3 121.8 4.72%
Ta ble 3 6 : Fr a nce Gree n Hy dr og en Mar ket ( by A ppl ic at io n) , Milli o n To n, 2 020 -2031
Oil & Gas 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.00%
Petrochemical 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.00%
Others 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.80%
Total 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.06 0.06 0.06 5.30%
4.2.6.2 Spain

Like other European countries, Spain has also adopted green hydrogen in various end-use sectors such as
oil & gas, petrochemical, electric vehicles, and power generation in order to fight environmental pollution and
move toward sustainable development. Players operating in Spain are banking upon aggressive marketing
and innovations strategy to cater to a wide range of consumers operating in the region. The improved socio-
economic conditions and the modernization of consumption patterns in Spain are also anticipated to propel
the demand for green hydrogen in the country. The consumption of green hydrogen in Spain was 48.9 million
ton in 2020, and it is expected to grow at a CAGR of 5.50% to reach 82.8 million ton by 2031.
78

4.2.6.2.1 Market
The presence of key coating and paint companies such as Nel ASA and Cummins Inc. offers more scope for
research and development on green hydrogen, which can help the market to grow at an exponential rate.
Increasing demand for a clean and better living environment has increased the consumption of green
hydrogen in electric vehicles, power generation, and oil & gas industry in the country.
4.2.6.2.1.2 Key Manufacturers and Suppliers in Spain

▪ Nel ASA
▪ Cummins Inc.
The country's power generating, and petrochemical industries have been slowly incorporating green hydrogen
into their operations, so market's overall growth would be slowed by the sluggish adoption of renewable energy
in the power generating and petrochemical industries.
Changing consumer preferences toward electric vehicles has boosted the demand for the consumption of
green hydrogen in the country. The electric vehicle application segment is expected to grow at the fastest rate
in Spain’s green hydrogen market.

4.2.7 Applications
4.2.7.1 Spain Green Hydrogen Market (by Application)
Ta ble 3 7 : S pai n Gree n Hy dr oge n Ma rke t ( by A ppl ica tio n) , $Milli o n, 20 20 -2 031
Oil & Gas 11.2 11.7 12.3 12.8 13.4 14.0 14.7 15.3 16.0 16.8 17.5 18.3 4.58%
Petrochemical 10.2 10.7 11.2 11.7 12.2 12.8 13.4 14.0 14.7 15.3 16.0 16.8 4.60%
Others 5.4 5.7 6.0 6.3 6.7 7.1 7.4 7.9 8.3 8.7 9.2 9.7 5.48%
Total 48.9 51.3 53.8 56.4 59.2 62.1 65.2 68.4 71.7 75.2 78.9 82.8 4.91%
79

Ta ble 3 8 : S pai n Gree n Hy dr oge n Ma rke t ( by A ppl ica tio n) , Millio n To n, 20 20 -2 031
Oil & Gas 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.21%
Petrochemical 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.21%
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.01%
Total 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 5.50%
4.2.7.2 Italy
Italy’s green hydrogen market growth is stimulated by increasing demand from electric vehicles, oil & gas,
petrochemical, and power generation industries. The market is still at a nascent stage and lacks the
widespread presence of key players in the region. Italy represents a very attractive market for the development
of green hydrogen. Its extensive existing renewable energy assets and country-wide gas transport network
allows the dissemination of power to gas (P2G) technology based on the storage of surplus electricity
produced by solar, wind or hydraulic power plants in the form of methane or green hydrogen. The consumption
of green hydrogen in Italy was 83 million ton in 2020, and it is expected to grow at a CAGR of 5.40% to reach
139.3 million ton by 2031.
4.2.7.2.1 Market
The power generation application segment is expected to grow at the fastest rate in Italy’s green hydrogen

market. The production of hydrogen from renewable sources and its subsequent use is an obvious way to
reduce overall CO2 emissions, which will likely pave the way for Italy to become a leader in the sector. As
Europe’s fourth most industrialized country, Italy needs to capitalize on the opportunities offered by green
hydrogen to transition to an integrated, flexible, and energy-efficient national system.
4.2.7.2.1.2 Key Manufacturers and Suppliers in Italy

▪ Cummins Inc.
▪ Green Hydrogen
80

The electric vehicle industry in the country has been adopting green hydrogen in its batteries at a slow pace.
The overall development of the market will slow down with the slow adoption in the electric vehicle industry.
There has been a surge in government spending for green energy in the country, which has further increased
the consumption of green hydrogen in the country. The power generation application segment dominated
Italy’s green hydrogen market in 2020.
4.2.8 Applications
4.2.8.1 Italy Green Hydrogen Market (by Application)
Ta ble 3 9 : Italy Green Hy dr ogen Ma rke t (b y Ap pli cat io n) , $Millio n, 202 0 -2 031
Oil & Gas 16.5 17.3 18.1 18.9 19.7 20.6 21.5 22.5 23.5 24.5 25.6 26.7 4.46%
Petrochemical 14.9 15.6 16.3 17.0 17.8 18.5 19.4 20.2 21.2 22.1 23.1 24.1 4.48%
Others 8.3 8.8 9.3 9.8 10.3 10.8 11.4 12.0 12.7 13.4 14.1 14.8 5.36%
Total 83.0 87.0 91.2 95.6 100.2 105.0 110.1 115.4 120.9 126.8 132.9 139.3 4.82%
Ta ble 4 0 : Italy Green Hy dr ogen Ma rke t (b y Ap pli cat io n) , Mi llio n Ton, 202 0 -20 31

Oil & Gas 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.09%
Petrochemical 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.09%
Others 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.89%
Total 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.07 5.40%
81

4.2.8.2 Russia
Russia has been identified as a major contributor to the green hydrogen market, and it held 38% of the market
share in the Europe region in 2019 because of its high consumption in applications such as oil & gas,
petrochemical, electric vehicle, and power generation. Russia represents a very attractive market for the
development of green hydrogen, given its extensive existing renewable energy assets. Players operating in
Russia are banking upon aggressive marketing and innovations strategy to cater to a wide range of consumers
operating in the region. The improved socio-economic conditions and the modernization of consumption
patterns in Russia are also anticipated to propel the demand for green hydrogen in the country. The
consumption of green hydrogen in Russia was 303.8 million ton in 2020, and it is expected to grow at a CAGR
of 6% to reach 541.9 million ton by 2031.
4.2.8.2.1 Market
In Russia, many research and development organizations and semiconductor companies are working on the
development and commercialization of green hydrogen. Russia is a pallet of advanced research institutions
and fabrication labs working on green hydrogen and its mass production techniques to excel in upcoming
trends of green hydrogen. These requirements also create enormous opportunities for the consumption of
green hydrogen in the Russia market.
4.2.8.2.1.2 Key Manufacturers and Suppliers in Russia

▪ Green Hydrogen

The electric vehicle application segment is expected to be one of the largest application segments in Russia’s
green hydrogen market, but the adoption of green hydrogen in the industries is taking place at a slow pace.
Russia is one of the largest producers of oil & gas and petrochemical in the European region. The oil & gas
and petrochemical is the dominating segment and is expected to grow at the fastest rate in Russia. The rising
degree of proliferation of oil & gas and petrochemical among consumers has increased the consumption of
green hydrogen. This will act as a driver for the growth of the market in the country.
82

4.2.9 Applications
4.2.9.1 Russia Green Hydrogen Market (by Application)
Ta ble 4 1 : R ussia Gree n Hy dr oge n Ma rke t ( by A ppl ica tio n) , $Milli o n, 20 20 -2 031
Oil & Gas 100.0 105.2 110.6 116.3 122.3 128.6 135.2 142.2 149.5 157.2 165.3 173.9 5.15%
Petrochemical 84.9 89.3 93.9 98.8 103.9 109.3 114.9 120.9 127.1 133.7 140.6 147.9 5.17%
Others 30.6 32.4 34.4 36.5 38.7 41.0 43.5 46.2 49.0 51.9 55.1 58.4 6.06%
Total 303.8 320.2 337.5 355.8 375.0 395.2 416.6 439.1 462.8 487.8 514.1 541.9 5.40%
Ta ble 4 2 : R ussia Gree n Hy dr oge n Ma rke t ( by A ppl ica tio n) , Millio n To n, 20 20 -2 031
Oil & Gas 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 5.79%
Petrochemical 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.05 5.79%
Others 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 6.59%
Total 0.09 0.09 0.10 0.11 0.11 0.12 0.13 0.13 0.14 0.15 0.16 0.17 6.00%
4.2.9.2 Rest-of-Europe

This section includes countries such as Switzerland, Poland, Belgium, Denmark, Sweden, and Greece. The
Rest-of- Europe green hydrogen market is still in its niche stages; however, it is expected to further develop
during the forecast period due to growing demand from various industries such as oil & gas, petrochemical,
electric vehicle, and power generation. This will directly have a positive impact on the green hydrogen market.
The consumption of green hydrogen in the Rest-of-Europe was 108.2 million ton in 2020, and it is expected
to grow at a CAGR of 5.10% to reach 176 million ton by 2031.
83

4.2.10 Applications
4.2.10.1 Rest-of-Europe Green Hydrogen Market (by Application)
Ta ble 4 3 : Res t -of -E ur ope Green Hy dr ogen Ma rke t (b y Ap pli cat io n) , $Millio n, 202 0 -
2 031
Oil & Gas 23.7 24.7 25.8 26.8 28.0 29.1 30.4 31.6 33.0 34.3 35.8 37.3 4.18%
Petrochemical 23.7 24.7 25.8 26.9 28.0 29.2 30.4 31.7 33.0 34.4 35.8 37.4 4.20%
Others 12.0 12.6 13.2 13.9 14.6 15.3 16.1 16.9 17.8 18.7 19.7 20.7 5.08%
Total 108.2 113.1 118.2 123.6 129.2 135.0 141.1 147.5 154.1 161.1 168.4 176.0 4.52%
Ta ble 4 4 : Res t -of -E ur ope Green Hy dr ogen Ma rke t (b y Ap pli cat io n) , Mi llio n Ton,
2 020 -2031
Oil & Gas 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.02 4.81%
Petrochemical 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.02 4.81%
Others 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.61%
Total 0.05 0.05 0.06 0.06 0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.09 5.10%
84

U.K.
85

4.3 U.K.
The U.K. is one of the few countries in the world that is focusing on the climate change issues present in the
world and taking steps in solving these issues. The U.K. government responded to the climate change issue
via its Climate Change Act 2008, which targets is to reduce greenhouse gas emissions at least 80% by 2050.
The association bodies are encouraging the industries for the adoption of green energy. Consumers are
adopting electric vehicles in the country, which will act as a driver for the green hydrogen market in the country.
The country aims to sell only electric cars or low emission cars by 2040. The demand for green hydrogen in
the U.K. is driven by industries such as oil & gas, petrochemical, electric vehicle, and power generation. The
consumption of green hydrogen in the U.K. was 79.3 million ton in 2020, and it is expected to grow at a CAGR
of 5.40% to reach 133 million ton by 2031.
4.3.1 Market
4.3.1.1 Buyer Attributes
The government is actively working toward improving the present climate conditions and also planning to work
on electric vehicles in the coming years. The country has a bright future for the green hydrogen market in the
future.
4.3.1.2 Key Manufacturers and Suppliers in the U.K.

▪ Linde
▪ Siemens Energy
The oil & gas and petrochemical industry in the U.K. has not yet fully adopted green hydrogen in their GLOBAL GREEN HYDROGEN MARKET PROJECT
production. This might create a challenge for the green hydrogen market in the nation.
The U.K. is determined toward being a green economy, and therefore it promotes the growth of both electric
vehicles and thus green hydrogen. The focus on promoting sustainability while remaining competitive in the
global market is expected to propel the growth in demand for green hydrogen in the country.
86

4.3.2 Applications
4.3.2.1 U.K. Green Hydrogen Market (by Application)
Ta ble 4 5 : U . K . Green Hy dr ogen Ma rke t (b y Ap pli cat io n) , $Millio n, 202 0 -2 031
Oil & Gas 18.2 19.0 19.8 20.7 21.7 22.6 23.6 24.7 25.8 27.0 28.2 29.4 4.48%
Petrochemical 15.0 15.7 16.4 17.1 17.9 18.7 19.6 20.4 21.4 22.3 23.3 24.4 4.50%
Others 9.6 10.1 10.6 11.2 11.8 12.4 13.1 13.8 14.5 15.3 16.2 17.0 5.38%
Total 79.3 83.1 87.1 91.3 95.7 100.3 105.2 110.2 115.5 121.1 126.9 133.0 4.82%
Ta ble 4 6 : U . K . Green Hy dr ogen Ma rke t (b y Ap pli cat io n) , Mi llio n Ton, 202 0 -20 31
Oil & Gas 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.11%
Petrochemical 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.11%
Others 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.91%
Total 0.03 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.06 0.06 5.40%
4.3.3 Technology

4.3.3.1 U.K. Green Hydrogen Market (by Technology)
Ta ble 4 7 : U . K . Green Hy dr ogen Ma rke t (b y Tec hnolo gy ), $Milli on, 20 20 -2 031
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange 33.5 35.2 36.9 38.8 40.7 42.8 45.0 47.2 49.6 52.1 54.7 57.5 5.04%
Total 79.3 83.1 87.1 91.3 95.7 100.3 105.2 110.2 115.5 121.1 126.9 133.0 4.82%
87

Ta ble 4 8 : U . K . Green Hy dr ogen Ma rke t (b y Tec hnolo gy ), Millio n Ton, 202 0 -20 31
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 5.63%
Total 0.03 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.06 0.06 5.40%
88

China
89

4.4 China
China is one of the most prominent countries in terms of the growth of the green hydrogen industry. The
country proves to be an important hub for both the production and consumption of green hydrogen. China has
been promoting energy-saving technologies and has regulated various policies in favor of green hydrogen. It
has the largest number of facilities that produce green hydrogen and export them to various end users across
the globe. In China, the demand for green hydrogen arises majorly from the oil & gas, petrochemical, and
electric vehicle industries. Of late, China has largely been focusing on product quality and development, which
has made the adoption of green hydrogen a necessity in the country. The consumption of green hydrogen in
China was 195.6 million ton in 2020, and it is expected to grow at a CAGR of 6.50% to reach 366.3 million ton
by 2031.
4.4.1 Market
The country is one of the leading markets for green hydrogen in the world. There are some leading
manufacturers for the green hydrogen market operating in the nation with export throughout the world. The
Chinese Government has developed strict standards for the major industries in the nation regarding carbon
and waste emissions.
4.4.1.2 Key Manufacturers and Suppliers in China

▪ Linde
▪ Siemens Energy

Due to the ongoing political and trade battle between China and the U.S., the overall market share of China
is at risk and might affect the overall dominance of the country. The key challenges for the growth of green
hydrogen in the country are unstable social conditions and price sensitivity. Moreover, the Chinese green
hydrogen market is dominated by few leading companies, which is hindering the growth of other companies
in the space. This is a challenge for the developing companies in the green hydrogen producers in the country.
90

China has already initiated steps for the growth of the green hydrogen industry, leveraging the growth of the
green hydrogen market because the country has a major focus on expanding its application market, such as
oil & gas, petrochemical, and the electric vehicles industry. Moreover, the increasing production of electric
vehicles in the country due to rising export has increased the consumption of green hydrogen in the country.
4.4.2 Applications
4.4.2.1 China Green Hydrogen Market (by Application)
Ta ble 4 9 : China G ree n Hy dr oge n Ma rke t ( by A ppl ica tio n) , $Milli o n, 20 20 -2 031
Oil & Gas 58.7 62.2 65.9 69.8 73.9 78.3 82.9 87.8 93.0 98.5 104.3 110.5 5.91%
Petrochemical 48.9 51.7 54.8 58.0 61.3 64.9 68.7 72.7 77.0 81.5 86.2 91.2 5.83%
Others 5.8 6.2 6.5 6.9 7.2 7.6 8.1 8.5 9.0 9.5 10.0 10.5 5.50%
Total 195.6 207.1 219.3 232.1 245.8 260.2 275.4 291.6 308.7 326.8 346.0 366.3 5.87%
Ta ble 5 0 : China G ree n Hy dr oge n Ma rke t ( by A ppl ica tio n) , Millio n To n, 20 20 -2 031
Oil & Gas 0.04 0.04 0.05 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.08 0.08 6.64%
Petrochemical 0.03 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.06 0.06 0.06 0.07 6.54%

Others 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 6.14%
Total 0.14 0.14 0.15 0.16 0.17 0.19 0.20 0.21 0.22 0.24 0.25 0.27 6.50%
91

4.4.3 Technology
4.4.3.1 China Green Hydrogen Market (by Technology)
Ta ble 5 1 : China G ree n Hy dr oge n Ma rke t ( by Te c hnol og y) , $Mill io n, 2 020 -203 1
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
62.5 66.2 70.0 74.0 78.3 82.8 87.6 92.6 98.0 103.6 109.6 115.9 5.77%
Total 195.6 207.1 219.3 232.1 245.8 260.2 275.4 291.6 308.7 326.8 346.0 366.3 5.87%
Ta ble 5 2 : China G ree n Hy dr oge n Ma rke t ( by Te c hnol og y) , Milli on To n, 20 20 -2 031
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
0.04 0.05 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.08 0.08 0.09 6.40%
Total 0.14 0.14 0.15 0.16 0.17 0.19 0.20 0.21 0.22 0.24 0.25 0.27 6.50%
92

Asia-Pacific
Japan, India, South Korea, Thailand, and Rest-of-
Asia-Pacific
93

4.5 Asia-Pacific
The Asia-Pacific region is a strong emerging market for green hydrogen and is considerably expanding owing
to the high growth rate in countries such as Japan, India, and South Korea. Asia-Pacific currently experiences
the highest demand for electric vehicles, which makes it an automotive hub from the consumer perspective.
Rising urbanization and steady population growth are the major factors playing an important role in shaping
the electric vehicle market. The region consists of multiple small and medium businesses (SMBs), which are
transitioning to make innovative changes to achieve optimal efficiency and enhance their product quality. This
potential growth is supported by a large industrial base, effective government policies, and financial support
in research and development by the governments of countries such as Japan, China, and South Korea.
4.5.1 Market
4.5.1.1 Key Manufacturers and Suppliers in Asia-Pacific
▪ Linde
▪ Siemens Energy
▪ Cummins Inc.
▪ Toshiba Energy Systems & Solutions Corporation
The region is experiencing the highest growth rates in various technologies. The favorable economic
conditions, low cost of production, and several environmental regulations are vouching for the high growth of
various end-use segments.

The region lacks in research and development due to the lack of skilled labor and proper investments. This is
a huge challenge faced by the green hydrogen market in the Asia-Pacific region.
94

4.5.2 Applications
4.5.2.1 Asia-Pacific Green Hydrogen Market (by Application)
Ta ble 5 3 : Asia -P acific Gree n Hy dr oge n Ma rke t ( by A p plic at ion) , $Million, 2 020 -203 1
Oil & Gas 107.8 113.7 119.9 126.5 133.5 140.8 148.5 156.6 165.2 174.3 183.9 194.0 5.49%
Petrochemical 83.8 88.5 93.5 98.8 104.4 110.3 116.5 123.1 130.1 137.4 145.2 153.4 5.65%
Others 12.9 13.6 14.2 15.0 15.7 16.5 17.3 18.2 19.1 20.0 21.0 22.1 4.98%
Total 333.9 352.1 371.3 391.6 413.0 435.5 459.3 484.4 510.8 538.8 568.2 599.3 5.46%
Ta ble 5 4 : Asia -P acific Gree n Hy dr oge n Ma rke t ( by A p plic at ion) , Mil lio n To n, 2020 -
2 031
Oil & Gas 0.04 0.04 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.08 6.07%
Petrochemical 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.06 0.06 6.23%
Others 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.50%
Total 0.12 0.13 0.14 0.15 0.15 0.16 0.17 0.18 0.20 0.21 0.22 0.23 5.98%
4.5.3 Technology
4.5.3.1 Asia-Pacific Green Hydrogen Market (by Technology) GLOBAL GREEN HYDROGEN MARKET PROJECT
Ta ble 5 5 : Asia -P acific Gree n Hy dr oge n Ma rke t ( by Tec hnol ogy ), $Mill ion, 2 020 -203 1
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
127.1 134.2 141.8 149.7 158.1 167.0 176.4 186.3 196.8 207.9 219.6 231.9 5.62%
Total 333.9 352.1 371.3 391.6 413.0 435.5 459.3 484.4 510.8 538.8 568.2 599.3 5.46%
95

Ta ble 5 6 : Asia -P acific Gree n Hy dr oge n Ma rke t ( by Tec hnol ogy ), Millio n To n, 2020 -
2 031
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
0.05 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.08 0.08 0.08 0.09 6.14%
Total 0.12 0.13 0.14 0.15 0.15 0.16 0.17 0.18 0.20 0.21 0.22 0.23 5.98%
4.5.4 Asia-Pacific (by Country)

4.5.4.1 Japan
Japan is one of the leading countries in technological advancements and is set to embrace modern
technologies in Asia. The country inhabits several prominent automotive manufactures such as Toyota Motor
Corporation, Nissan Motor Co., Ltd., Honda Motor Company, Ltd., and Suzuki Motor Corporation. The country
has experienced a healthy year-on-year increase in demand for green hydrogen from 2019 to 2020 and is
projected to continue to experience a similar pattern in the future. Government of Japan is taking key measures
to curb greenhouse gas emissions in Japan and is changing the scenario of Japan's electric vehicles industry.
The consumption of green hydrogen in Japan was 103.4 million ton in 2020, and it is expected to grow at a
CAGR of 6.10% to reach 185.7 million ton by 2031.
4.5.5 Market

The Japan green hydrogen market is currently dominated by the electric vehicles segment, followed by the
petrochemical and oil & gas segment. Japan electric vehicle industry is amongst the major industries in
designing and is always looking for better technologies. Therefore, the industry is expected to gain more
momentum in the coming years. Thus, Japan's electric vehicles, oil & gas, and petrochemical industries are
expected to catalyze the green hydrogen business in the country.
4.5.5.2 Key Manufacturers and Suppliers in Japan

▪ Cummins Inc.
96

The region has an uneven distribution of green hydrogen-producing technologies. Apart from countries such
as Japan, Taiwan, and South Korea, most countries lack proper infrastructure and awareness related to the
green hydrogen market. Therefore, only a small portion of the region produces revenue through the usage
and production of green hydrogen.
Japan is preparing to introduce autonomous electric vehicles at the Tokyo Olympics 2020, which will start from
23rd July 2021, as it is expected that a significant number of people will be required to be transported from
one location to another during the Olympics, generating a high demand for electric vehicles as well as green
hydrogen. Moreover, the government is also supportive of the growth of green energy.
4.5.6 Applications
4.5.6.1 Japan Green Hydrogen Market (by Application)
Ta ble 5 7 : J ap a n G ree n Hy dr oge n Ma rke t ( by A ppl ica tio n) , $Milli o n, 20 20 -2 031
Oil & Gas 36.2 38.1 40.2 42.4 44.7 47.1 49.7 52.4 55.3 58.3 61.4 64.8 5.44%
Petrochemical 25.9 27.4 28.9 30.5 32.3 34.1 36.0 38.1 40.2 42.5 44.9 47.4 5.66%
Others 3.1 3.2 3.4 3.6 3.8 3.9 4.1 4.4 4.6 4.8 5.0 5.3 5.03%
Total 103.4 109.0 115.0 121.3 127.9 134.9 142.3 150.1 158.3 166.9 176.0 185.7 5.47%
Ta ble 5 8 : J ap a n G ree n Hy dr oge n Ma rke t ( by A ppl ica tio n) , Millio n To n, 20 20 -2 031 GLOBAL GREEN HYDROGEN MARKET PROJECT
Oil & Gas 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 6.16%
Petrochemical 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 6.36%
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.66%
Total 0.03 0.03 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.06 0.06 6.10%
97

4.5.6.2 South Korea
South Korea is one of the major markets for green hydrogen in the Asia-Pacific region. Rapid growth in
customer base, increasing adaptability, and surge in government investments have helped South Korea to
grow rapidly in the market. South Korea is focusing on the petrochemical and oil & gas industry, and also
accelerating the efforts to promote green hydrogen for automobiles. Government regulations for decreasing
the dependence on fuel cars are expected to boost the demand for green hydrogen in the South Korea market.
The consumption of green hydrogen in South Korea was 62 million ton in 2020, and it is expected to grow at
a CAGR of 6% to reach 110.4 million ton by 2031.
4.5.7 Market
Government bodies of South Korea are actively involved in the growth of the green hydrogen industry. South
Korean Ministry of Energy launched a coexistent development committee that will be responsible for the
growing activities of the green hydrogen industry of South Korea. This committee consists of 20 individuals
from various industries, research firms, and academic backgrounds. In order to capitalize on the green
hydrogen market's development prospects, the government of this country is also concentrating on improving
the R&D of green hydrogen-producing technologies and employing artificial intelligence, among other things.
4.5.7.2 Key Manufacturers and Suppliers in South Korea

▪ Cummins Inc.
The South Korea-Japan trade tensions are also playing a major role in causing an impact on South Korean GLOBAL GREEN HYDROGEN MARKET PROJECT
companies. In 2019, Japan had de-listed South Korea from its export list. Their level of dependence on Japan
makes a negative impact unavoidable.
The green hydrogen market in South Korea is expected to grow due to rising demand from oil & gas,
petrochemical, electric vehicles, and power generation industries. Government regulations for decreasing the
dependence on fuel cars are expected to boost the demand for green hydrogen in the South Korea market.
98

4.5.8 Applications
4.5.8.1 South Korea Green Hydrogen Market (by Application)
Ta ble 5 9 : S out h Ko rea Gree n Hy dro ge n Mar ke t ( by Ap pli ca tio n) , $Millio n, 202 0 -20 31
Oil & Gas 15.5 16.3 17.2 18.1 19.1 20.1 21.2 22.4 23.6 24.8 26.2 27.6 5.37%
Petrochemical 14.9 15.8 16.6 17.6 18.5 19.6 20.7 21.8 23.1 24.3 25.7 27.1 5.59%
Others 3.1 3.2 3.4 3.6 3.7 3.9 4.1 4.3 4.6 4.8 5.0 5.3 4.96%
Total 62.0 65.4 68.9 72.6 76.5 80.6 85.0 89.5 94.3 99.4 104.8 110.4 5.38%
Ta ble 6 0 : S out h Ko rea Gree n Hy dro ge n Mar ke t ( by Ap pli ca tio n) , Million To n, 2020 -
2 031
Oil & Gas 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 6.10%
Petrochemical 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 6.30%
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.60%
Total 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 6.00%
4.5.8.2 Thailand
Thailand is currently deemed as a niche market in the Asia-Pacific region. The economy of Thailand is largely GLOBAL GREEN HYDROGEN MARKET PROJECT
driven by oil & gas, petrochemical, and power generation sectors. Taiwan government’s consistent assistance
and promotion of green energy in the last five years has been attracting a significant number of investments,
thereby boosting the electric vehicles industry that generates comprehensive demand for green hydrogen.
Multiple companies have been investing in the R&D of green hydrogen production technology for reducing the
unit price of green hydrogen. The consumption of green hydrogen in Thailand was 33.3 million ton in 2020,
and it is expected to grow at a CAGR of 5.70% to reach 65.2 million ton by 2031.
99

4.5.9 Market
The country’s comprehensive supply for the green hydrogen industry pushes local producers and suppliers to
accelerate the deployment of green hydrogen in the country. This is majorly due to several exhibitions and
other government activities that are carried out to promote green hydrogen in the country.
4.5.9.2 Key Manufacturers and Suppliers in Thailand

▪ Linde
Due to the COVID-19 outbreak, the region is facing a demand-supply imbalance since there is low supply
compared to demand. Moreover, supply chain and logistics have been slightly hampered due to several
imposed regulations. The lack of proper infrastructure, especially the deficit of a proper distribution network of
green hydrogen, negatively affects the sales of the market in the country.
Thailand’s government has been consistently assisting and promoting a green economy. It has been
promoting the growth of both electric vehicles and green hydrogen for the past three years, i.e., 2018-2021. It
has been attracting a significant number of investments, thereby boosting the electric vehicles and power
generation industry.
4.5.10 Applications

4.5.10.1 Thailand Green Hydrogen Market (by Application)
Ta ble 6 1 : Thail and Gree n Hyd ro ge n Ma rke t ( by A ppli ca tio n) , $Milli o n, 202 0 -20 31
Oil & Gas 11.7 12.4 13.2 14.1 15.0 16.0 17.0 18.1 19.3 20.5 21.9 23.3 6.48%
Petrochemical 8.3 8.9 9.5 10.1 10.8 11.5 12.3 13.1 14.0 14.9 15.9 17.0 6.65%
Others 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.4 2.5 5.89%
Total 33.3 35.4 37.6 40.0 42.5 45.2 48.0 51.1 54.3 57.7 61.4 65.2 6.31%
100

Ta ble 6 2 : Thail and Gree n Hyd ro ge n Ma rke t ( by A ppli ca tio n) , Milli o n Ton, 2 020 -203 1
Oil & Gas 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.76%
Petrochemical 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 5.96%
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.26%
Total 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 5.70%
4.5.10.2 India
India is one of the most prominent countries in terms of growth for the green hydrogen industry in the Asia-
Pacific region. The country proves to be an important hub for both the production and consumption of green
hydrogen. In India, the demand for green hydrogen arises majorly from the oil & gas, petrochemical, and
electric vehicle industries. Of late, India has largely been focusing on product quality and development, which
has made the adoption of green hydrogen a necessity in the country. The consumption of green hydrogen in
India was 65.7 million ton in 2020, and it is expected to grow at a CAGR of 6.30% to reach 120.4 million ton
by 2031.
4.5.11 Market
The Indian green hydrogen market is currently dominated by the electric vehicles segment, followed by the
petrochemical and oil & gas segment. The Indian electric vehicle industry is amongst the major industries that

focus on designing and is always looking for better technologies. Therefore, the industry is expected to gain
more momentum in the coming years. Thus, Indian electric vehicles, oil & gas, and petrochemical industries
are expected to catalyze the green hydrogen business in the country.
4.5.11.2 Key Manufacturers and Suppliers in India

▪ Linde
▪ Cummins Inc.
101

The lack of awareness among the consumers in terms of the adoption of green hydrogen is a huge challenge
faced by the green hydrogen market in this country.
The electric vehicle industry plays a key role in driving the green hydrogen market in the country. India is one
of the largest markets for automobiles and is constantly looking to adopt green energy. The current scenario
in the country is promising for both electric vehicles and green hydrogen industries.
4.5.12 Applications
4.5.12.1 India Green Hydrogen Market (by Application)
Ta ble 6 3 : Indi a G reen Hy dr ogen Ma rke t (b y Ap pli cat io n) , $Millio n, 202 0 -2 031
Oil & Gas 24.3 25.7 27.1 28.7 30.3 32.0 33.8 35.7 37.7 39.8 42.1 44.5 5.64%
Petrochemical 15.1 16.0 17.0 18.0 19.0 20.1 21.3 22.6 23.9 25.3 26.8 28.3 5.86%
Others 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 3.0 3.1 3.3 3.4 5.23%
Total 65.7 69.4 73.4 77.5 81.9 86.5 91.4 96.6 102.1 107.8 113.9 120.4 5.66%
Ta ble 6 4 : Indi a G reen Hy dr ogen Ma rke t (b y Ap pli cat io n) , Mi llio n Ton, 202 0 -20 31

Oil & Gas 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 6.37%
Petrochemical 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 6.57%
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.87%
Total 0.03 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.06 0.06 0.06 6.30%
102

4.5.12.2 Rest-of-Asia-Pacific
Rest-of-Asia-Pacific includes countries such as Singapore, Taiwan, Australia, and Malaysia. The green
hydrogen market in these countries is still rising at a very slow rate, owing to a lack of consumer knowledge
and skilled professionals in terms of green hydrogen applicability. Development in the sector can be
anticipated over the next fifteen years, owing to price moderation and increased awareness about the
product's benefits. The consumption of green hydrogen in the Rest-of-Asia-Pacific was 69.5 million ton in
2020, and it is expected to grow at a CAGR of 5.50% to reach 117.6 million ton by 2031.
4.5.13 Applications
4.5.13.1 Rest-of-Asia-Pacific Green Hydrogen Market (by Application)
Ta ble 6 5 : Res t -of -Asia -Pac ific G reen Hy dr oge n M ark et (b y App lic ati o n) , $Mil lio n,
2 020 -2031
Oil & Gas 20.2 21.1 22.2 23.2 24.4 25.5 26.8 28.1 29.4 30.8 32.3 33.9 4.84%
Petrochemical 19.5 20.5 21.5 22.6 23.8 25.0 26.2 27.6 28.9 30.4 32.0 33.6 5.06%
Others 3.5 3.6 3.8 3.9 4.1 4.3 4.5 4.7 4.9 5.1 5.3 5.6 4.43%
Total 69.5 72.9 76.5 80.2 84.2 88.3 92.6 97.1 101.9 106.9 112.1 117.6 4.89%
Ta ble 6 6 : Res t -of -Asia -Pac ific G lob al Gree n Hy dr oge n Ma rke t ( by A ppl ica tio n) ,
Milli o n Ton, 2 020 -203 1

Oil & Gas 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.56%
Petrochemical 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.76%
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.07%
Total 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 5.50%
103

Rest-of-the-World
Middle East and Africa, and South America
104

4.6 Rest-of-the-World
Rest-of-the-World includes the Middle East and Africa (MEA), and South America. The growing use of green
energy in this region is predicted to positively impact the green hydrogen industry. In 2020, the green hydrogen
market for Rest-of-the-World accounted for 35% of the total market, and it is assumed that MEA will accelerate
its position, and its share of global green hydrogen investment is expected to grow in the future.
4.6.1 Market
4.6.1.1 Key Manufacturers and Suppliers in Rest-of-the-World
▪ Siemens Energy
▪ Linde
▪ Air Liquide
In recent years, the region has experienced a high demand for oil & gas, petrochemicals, and electric vehicles,
which is expected to boost the green hydrogen market.
The region lacks in research and development due to the lack of skilled labor and proper investments. This is
a huge challenge faced by the green hydrogen market in this region.
4.6.2 Applications
4.6.2.1 Rest-of-the-World Green Hydrogen Market (by Application) GLOBAL GREEN HYDROGEN MARKET PROJECT
Ta ble 6 7 : Res t -of -t he -Wo rld Gree n Hyd ro ge n Ma rke t ( by A ppli ca tio n) , $Milli o n,
2 020 -2031
Oil & Gas 223.6 234.7 246.3 258.5 271.3 284.7 298.8 313.6 329.1 345.4 362.4 380.4 4.95%
Petrochemical 131.9 138.0 144.5 151.2 158.2 165.6 173.3 181.4 189.8 198.7 207.9 217.6 4.66%
Others 27.7 29.0 30.4 31.9 33.5 35.1 36.8 38.6 40.5 42.4 44.5 46.7 4.86%
Total 571.3 599.7 629.5 660.8 693.6 728.1 764.3 802.3 842.1 884.0 927.9 974.0 4.97%
105

Ta ble 6 8 : Res t -of -t he -Wo rld Gree n Hyd ro ge n Ma rke t ( by A ppli ca tio n) , Milli o n Ton,
2 020 -2031
Oil & Gas 0.13 0.14 0.15 0.16 0.16 0.17 0.18 0.19 0.20 0.21 0.23 0.24 5.55%
Petrochemical 0.08 0.08 0.09 0.09 0.10 0.10 0.11 0.11 0.12 0.12 0.13 0.14 5.25%
Others 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 5.44%
Total 0.34 0.36 0.38 0.40 0.42 0.44 0.47 0.49 0.52 0.55 0.58 0.61 5.56%
4.6.3 Technology
4.6.3.1 Rest-of-the-World Green Hydrogen Market (by Technology)
Ta ble 6 9 : Res t -of -t he -Wo rld Gree n Hyd ro ge n Ma rke t ( by Te chnolo gy ) , $Mil lio n,
2 020 -2031
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
228.8 240.5 252.8 265.7 279.2 293.5 308.5 324.2 340.7 358.1 376.4 395.6 5.10%
Total 571.3 599.7 629.5 660.8 693.6 728.1 764.3 802.3 842.1 884.0 927.9 974.0 4.97%
Ta ble 7 0 : Res t -of -t he -Wo rld Gree n Hyd ro ge n Ma rke t ( by Te chnolo gy ) , Milli o n Ton,

2 020 -2031
Technology 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CAGR
Proton Exchange
0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.20 0.21 0.22 0.23 0.25 5.69%
Total 0.34 0.36 0.38 0.40 0.42 0.44 0.47 0.49 0.52 0.55 0.58 0.61 5.56%
106

4.6.3.2 South America
South America is marked by the presence of countries such as Brazil, Argentina, and Chile. Among the
countries of South America, Brazil has the most lenient regulatory scenario that favors approval and
commercial launch of new products and technologies in the market. With the emerging demand for electric
vehicles, South America has adopted green hydrogen, mainly dependent on imports. The end-user industries
in these countries are backed by government funding with an objective to introduce innovation in the market
and further gain substantial market share. The oil & gas sector dominates the South America green hydrogen
market, and in terms of technology, the market is dominated by Proton Exchange Membrane Electrolyzer. The
consumption of green hydrogen in South America was 243 million ton in 2020, and it is expected to grow at a
CAGR of 5.50% to reach 412.8 million ton by 2031.
4.6.4 Market
The South American market has seen recent demand for lightweight electric vehicles, which is expected to
boost the market for green hydrogen in the region. Leading industries such as oil & gas and petrochemical in
the country are working on the newest technologies and are highly interested in the implementation of green
hydrogen in their operations. The oil & gas and petrochemical industries in the nation are working toward
efficiency and improvements in the operation and are thus utilizing green hydrogen as a fuel.
4.6.4.2 Key Manufacturers and Suppliers in South America

▪ Linde
▪ Air Liquide
4.6.4.3 Business Challenges GLOBAL GREEN HYDROGEN MARKET PROJECT
Green hydrogen is used in the industrial sector such as oil & gas, petrochemical, EVs, and power generation.
But the high cost of clean power and electrolysis systems to produce green hydrogen in South America market
act as a challenge for the growth of the market in the forecast period.
The oil & gas and petrochemical application segment is expected to grow at the fastest rate in the South
American green hydrogen market during the forecast period. Moreover, the establishment of green hydrogen
R&D centers further drives the electric vehicle industry in South America and creates an opportunity for the
adoption of green hydrogen since they are seen as a fuel option for electric vehicles, which will work as a
driver for this country.
107

4.6.5 Applications
4.6.5.1 South America Green Hydrogen Market (by Application)
Ta ble 7 1 : S out h Ameri ca Gree n Hyd roge n Ma rke t (by A pp lica tio n) , $Millio n, 202 0 -
2 031
Oil & Gas 92.3 96.8 101.6 106.6 111.8 117.3 123.0 129.0 135.3 142.0 148.9 156.2 4.90%
Petrochemical 53.3 55.8 58.3 61.0 63.8 66.8 69.9 73.1 76.4 80.0 83.6 87.5 4.61%
Others 14.6 15.3 16.0 16.8 17.6 18.5 19.3 20.3 21.3 22.3 23.4 24.5 4.84%
Total 243.0 255.0 267.6 280.8 294.7 309.2 324.5 340.5 357.3 374.9 393.4 412.8 4.93%
Ta ble 7 2 : S out h Ameri ca Gree n Hyd roge n Ma rke t (by A pp lica tio n) , Million To n,
2 020 -2031
Oil & Gas 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.09 0.09 5.48%
Petrochemical 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 5.18%
Others 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.38%
Total 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.20 0.21 0.22 0.23 0.24 5.50%

4.6.5.2 Middle East and Africa (MEA)
The Middle East and Africa region includes Iran, South Africa, Turkey, and Rest-of-Middle East and Africa.
The growing use of ammonia and electric vehicles in the MEA region is predicted to have a positive impact on
the green hydrogen industry. It is assumed that MEA will accelerate its position, and its share of global green
hydrogen investment is expected to grow. The consumption of green hydrogen in the MEA was 328.3 million
ton in 2020, and it is expected to grow at a CAGR of 5.60% to reach 561.2 million ton by 2031.
108

4.6.6 Market
The oil & gas and petrochemical application segment is expected to grow at the fastest rate in the MEA green
hydrogen market. Additionally, major players in the market are looking forward to investing a substantial
amount in R&D to meet the ever-increasing demand for green hydrogen in the country, which in turn is
expected to boost the growth of the market.
4.6.6.2 Key Manufacturers and Suppliers in the Middle East and Africa
▪ Siemens Energy
▪ Linde
▪ Air Liquide
Due to the COVID-19 outbreak, the region is facing a demand-supply imbalance since there is low supply
compared to demand. Moreover, supply chain and logistics have been slightly hampered due to several
imposed regulations. The lack of proper infrastructure, especially the deficit of proper distribution network of
the product, negatively affects the sales of the green hydrogen market in the country.
The MEA is the largest producer of oil & gas and petrochemicals. The oil & gas and petrochemical is the
dominating segment and is expected to grow at the fastest rate in the MEA. The rising degree of proliferation
of oil & gas and petrochemicals among consumers has increased the consumption of green hydrogen, which
will act as a driver for the growth of the market in the country. GLOBAL GREEN HYDROGEN MARKET PROJECT
109

4.6.7 Applications
4.6.7.1 Middle East and Africa Green Hydrogen Market (by Application)
Ta ble 7 3 : Mi ddle E ast a nd Afri ca Gree n Hy dr oge n Ma rke t ( by A p plic at ion) , $Million,
2 020 -2031
Oil & Gas 131.3 137.8 144.7 151.9 159.5 167.4 175.8 184.5 193.7 203.4 213.5 224.2 4.98%
Petrochemical 78.6 82.3 86.1 90.2 94.4 98.8 103.5 108.3 113.4 118.7 124.3 130.1 4.69%
Others 13.1 13.8 14.4 15.1 15.9 16.6 17.5 18.3 19.2 20.1 21.1 22.2 4.88%
Total 328.3 344.7 361.9 380.0 399.0 418.9 439.8 461.8 484.9 509.1 534.5 561.2 5.00%
Ta ble 7 4 : Mi ddle E ast a nd Afri ca Gree n Hy dr oge n Ma rke t ( by A p plic at ion) , Mil lio n
To n, 2020 -2 031
Oil & Gas 0.08 0.09 0.09 0.10 0.10 0.11 0.11 0.12 0.13 0.13 0.14 0.15 5.59%
Petrochemical 0.05 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.09 5.29%
Others 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 5.49%
Total 0.20 0.21 0.23 0.24 0.25 0.27 0.28 0.30 0.31 0.33 0.35 0.37 5.60%
110

5 Markets - Competitive Benchmarking &
5. Market
Company Profiles
Competitive Benchmarking and Company Profiles
▪ Competitive Benchmarking
▪ Company Profiles
o Company Overview
o Business Strategies
o Corporate Strategies
o Competitive Positioning
Section Summary
Examination of the competitive positions of 15 key players in terms of

geographical presence, product portfolio, strengths, and weaknesses
Evaluation of each company in terms of its organic and inorganic business

initiatives for the assessment of possible risks and opportunities
111

5.1 Competitive Benchmarking
This segment is intended to evaluate and compare a list of key companies in the green hydrogen market
where each company is evaluated based on critical factors that indicate its presence and potential in the
market when compared against other companies in the market. This benchmarking specifically focuses on
companies that are coatings manufacturers and developers.
The broad factors of evaluation used in this competitive benchmarking include market coverage and market
potential. The evaluation factors are explained as follows:
Market coverage: It indicates a company’s strength in the green hydrogen market in terms of areas of the
market covered through different product types offered, various applications, and its regional presence, along
with the impact of key market strategies adopted.
Market potential: It indicates a company’s strength in the green hydrogen market where the factors
evaluated include traditional market position, experience in the green hydrogen market post
commercialization, employee strength, patent strength, and brand popularity. The score in this category
implies a company’s potential to grow in the green hydrogen market.
Fi gure 13 : Com peti tive Be nc hma rk ing Ma t ri x
MARKET CHALLENGERS MARKET LEADERS

Air Liquide
Linde Cummins Inc.
Nel ASA
Uniper SE
Air Products Inc. Engie

PLUG POWER INC.
Future Market Potential
Ballard Power
Green Hydrogen Systems Siemens Energy
Loop Energy Inc.
Toshiba Energy SGH2 Energy
Systems & Solutions Global LLC
Ergosup Corporation
NICHE SOLUTIONS
PLATFORM SOLUTIONS
Current Market Position
112

The preceding figure illustrates the competitive benchmarking of 15 key green hydrogen companies in the
market using a matrix. The companies evaluated include Linde, Air Liquide, Air Products Inc., Engie, Uniper
SE, Siemens Energy, Green Hydrogen, Cummins Inc., Toshiba Energy Systems & Solutions Corporation, Nel
ASA, SGH2 Energy Global LLC, PLUG POWER INC., Loop Energy Inc., Ergosup, Ballard Power Systems.
The competitive benchmarking matrix segments the market players into four categories or segments named
here as A, B, C, and D. These segments are discussed in detail below:
Segment A: These companies lead the market by the innovation of products, diversification of product
portfolio, strong market share, and prominent clientele. They have made strong strategies in recent years to
become market leaders as the concept of the green hydrogen market grows. Wide market coverage based
on large market shareholding technologies and applications served along with the development of strong
market leadership allows them to expand their potential to grow in the green hydrogen market in the next 5-
10 years.
Segment B: These companies possess strength in the green hydrogen market due to their larger market
coverage. The large market coverage is majorly credited to the possession of product portfolio that serves
various applications that holds a large market share. In recent years, these companies have taken strong
decisions to increase their capability and green hydrogen market coverage, which has been successful in
giving them a competitive advantage in their domain. However, these market players have the scope to build
upon their leadership in different ways, such as increasing investment in R&D or growing brand popularity.
Segment C: These companies are either new to the green hydrogen market or concentrate on a niche area

of the market. The product offerings by these companies do not necessarily cover a large market shareholding
application, geography covered, or market strategies executed. These companies also possess an ‘emerging’
status in the market where they have scope to improve their leadership status to invest further into the green
hydrogen market.
Segment D: These companies possess a large market potential in the green hydrogen market over the years
by building their manpower and inventory. These companies have also gained significant market popularity,
both offline and online. With this leadership strength in the market, they have significant potential to build
green hydrogen market coverage by serving a high-value coating application area or expanding for a wider
geographical presence.
113

5.2 Company Profiles
5.2.1 Linde
5.2.1.1 Company Overview
Particulars Specifications (as of 2020)
Website www.linde.com
Headquarters U.K.
Year of Establishment 2017
Ownership Type Public
Revenue $27 Billion (as of FY2020)
Employee Count 74,207 (as of FY2020)
Subsidiaries/Parent Company Praxair, Linde Healthcare Ab, Lincare Holdings, among others
Source: Linde Website and BIS Research Analysis
Linde is one of the leading global industrial gas and engineering companies. The company serves a variety of
end users including chemicals and refining, food and beverage, electronics, healthcare, manufacturing, and
primary metals. Moreover, Linde is one of the founders of the largest P2G (power to gas) plant, in terms of
capacity, in the world. It converts wind power into green hydrogen through electrolysis and has been running
since 2015. The company is headquartered in the U.K.
5.2.1.2 Product Portfolio
Product Description

Linde generates green hydrogen by the process of steam reforming using bio-
based feedstock or by splitting water by electrolysis. The electricity used in this
electrolysis process is generated exclusively from renewable sources through the
Green Hydrogen
company’s own generated ITM Linde Electrolysis (ILE). Moreover, for generating
green hydrogen, Linde is using PEM electrolyzer technologies (proton-exchange
membranes).
114

5.2.1.3 Corporate Strategies
▪ In March 2021, Linde got a supply order from Norled, in which Linde is expected to provide a full-
service solution to the MF Hydra ferry in Norway. The hydrogen will be supplied from Linde's new
24MW electrolyzer at the Leuna Chemical Complex in Germany, which will use PEM (Proton
Exchange Membrane) technology to produce green hydrogen.
▪ In January 2021, Linde announced that it would build one of the world's largest Proton Exchange
Membrane (PEM) electrolyzer plants at the Leuna Chemical Complex in Germany. The plant will have
a 24-megawatt electrolyzer that will produce green hydrogen to supply Linde's industrial customers
through the company's existing pipeline network.
▪ In November 2020, Linde announced that it would start producing green hydrogen at its existing plant
in Ontario, California, which will provide green hydrogen to fuel up to 1,600 vehicles a day and help
to avoid up to 50,000 MT carbon dioxide equivalent (CO2e) per year in that region.
▪ In July 2020, Linde and Beijing Green Hydrogen Technology Development Co., Ltd. signed a
memorandum of understanding (MoU). The businesses are collaborating on a number of green
hydrogen initiatives, including hydrogen technology research and development and the deployment
of green hydrogen transportation solutions for China's inaugural hosting of the Winter Olympics in
2022.
5.2.1.4 Production Sites and R&D Analysis
Linde is headquartered in the U.K. In addition, the company has 450 zero-waste sites across the world. Linde
is one of the largest industrial gas companies and is a major technological innovator in the industrial gas
industry. The primary products offered in its industrial gases business are atmospheric gases (oxygen,
nitrogen, argon, and rare gases) and process gases (carbon dioxide, helium, hydrogen, electronic gases,
specialty gases, and acetylene). The company also designs and builds equipment that produces industrial
gases and offers customers a wide range of gas production and processing services such as olefin plants,
natural gas plants, air separation plants, hydrogen, and synthesis gas plants. Its core business lies in
healthcare, petroleum refining, manufacturing, food, beverage carbonation, fiber-optics, steel making,

aerospace, chemicals, electronics, and water treatment.
115

Fi gure 14 : R&D E xpend it ure of Li nde , 20 18 -202 0
R&D Expenditure
200 184
180
160 152
140
($Million)
120 113
100
80
60
40
20
0
2018 2019 2020
5.2.1.5 Strength of the Company in Green Hydrogen Market

▪ The company's industrial gases operation is in approximately 20 countries that can cater to the
demand for green hydrogen across the globe.
▪ The company has extensive R&D facilities, which brings innovation in its products to maximize
consumer satisfaction, thereby strengthening its existing customer base.
5.2.1.6 Weakness of the Company in Green Hydrogen Market
• The company is more focused on its engineering section as compared to the gas section.
116

5.2.2 Air Liquide
Website www.airliquide.com
Headquarters France
Revenue $24.40 Billion (as of FY2020)
Subsidiaries/Parent Company Airgas, Air Liquide Brasil S.A., among others
Source: Air Liquide Website and BIS Research Analysis
Air Liquide is one of the global leaders in gases, technologies, and services for industries. Air Liquide is present
in 78 countries with approximately 64,500 employees and serves more than 3.6 million customers and
patients. It builds plants and equipment for gas production, produces, and delivers gases in large and small
quantities, and provides molecules, equipment, and services to a variety of markets. The company serves a
range of industries, including automotive, glass, metals, electronics, food, petrochemicals, and healthcare. Air
Liquide is headquartered in France. The company’s sales amounted to $24.40 billion in FY2020.
Product Description
Air Liquide generates green hydrogen by using an electrolysis machine (20 MW)

of its kind to make hydrogen with hydropower supplied by Hydro-Québec, which
Green Hydrogen
uses proton exchange membrane technology (generated by Cummins Inc.) by
using renewable energy resources as feedstock.

▪ In February 2021, Air Liquide Japan and Itochu Corporation (Itochu) signed a memorandum of
understanding to collaborate on the development of hydrogen mobility markets both for passenger
vehicles and for the new fleets of commercial vehicles (trucks, buses) in Japan.
117

▪ In February 2021, Air Liquide and Siemens Energy signed a memorandum of understanding with the
objective to combine their expertise in Proton Exchange Membrane (PEM) electrolysis technology. In
this collaboration, both companies intend to focus their activities on these key areas: co-creation of
large industrial-scale hydrogen projects in collaboration with customers, laying the ground for mass
manufacturing of electrolyzers in Europe, especially in Germany and France, and R&D activities to
co-develop next-generation electrolyzer technologies.
▪ In January 2021, Air Liquide completed the construction of the world's largest 20 MW PEM
electrolyzer. The machine is powered by renewable energy and is presently producing up to 8.2
tonnes of low-carbon hydrogen per day in Bécancour, Québec. With this large-scale investment, the
group reaffirms its long-term commitment to the hydrogen energy markets and its goal of becoming a
key player in the supply of low-carbon hydrogen.
▪ In July 2020, Air Liquide and the Port of Rotterdam Authority signed an agreement to launch 1,000
hydrogen-powered zero-emission trucks on the roads connecting the Netherlands, Belgium, and
western Germany.
▪ In July 2020, Air Liquide announced to install the first high-pressure hydrogen refueling station in
Europe, with a capacity of 700 bar, 1,000 kg/day, which will enable up to 20 refuelings of long-haul
trucks per day with low-carbon hydrogen for up to 800 km of autonomy.
Air Liquide is headquartered in France. In addition, the company has 600 production units across the world.
Air Liquide focuses its innovation expenses on the three subjects related to the major trends shaping the
group’s markets: energy transition, healthcare, and digital transformation.
Fi gure 15 : R&D E xpend it ure of A ir Li q ui de , 2 019 -202 0
R&D Expenditure
250 237.72

205.63
200
($Million)
150
100
50
0
2019 2020
118

▪ The company has long-term contracts with companies such as Eastman Chemical Company, BASF,
Steel Dynamics, NLMK, and KGHM Polska Miedź that can help cater to the demand for green
hydrogen across the globe.
▪ The company has strong R&D capabilities with workforce strength of 64,500 employees, looking to
develop and acquire sustainable skills and technologies.

▪ Air Liquide has increased its production costs due to a rise in energy costs. As a result of the increasing
cost, it has limited its production capacity that will affect the company's global market.
119

5.2.3 Air Products Inc.
Website www.airproducts.com
Headquarters U.S.
Subsidiaries/Parent Company Indura S.A., The Air Products Foundation, among others
Source: Air Products Inc. Website and BIS Research Analysis
Air Products Inc. is one of the world’s leading industrial gases companies in operation for the last 80 years.
The company provides essential industrial gases, related equipment, and applications expertise to customers
in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and
beverage. The company is present in 50 countries with 19,275 employees. It is headquartered in Trexler town,
U.S., and the company’s sales amounted to $8.85 billion in FY2020.
Product Description
Air Products Inc. offers liquid hydrogen and compressed hydrogen gas in a variety
Green Hydrogen of purities and various modes of supply around the world through the company

network of pipelines, hydrogen manufacturing plants, and trans fill facilities.

▪ In June 2021, the company signed an agreement with Baker Hughes to collaborate on Global
Hydrogen Projects in order to develop next-generation hydrogen compression to lower the cost of
production and accelerate the adoption of hydrogen as a zero-carbon fuel.
▪ In June 2021, the company announced launching its multi-billion dollar net-zero hydrogen energy
complex in Edmonton, Canada, to operate the most competitive and lowest-carbon-intensity hydrogen
network in the world.
120

▪ In April 2021, the company completed the acquisition of the remaining 50 percent equity stake in its
gasification technology joint venture (JV) with China Shenhua Coal to Liquid and Chemical Co. Ltd.,
a subsidiary of China Energy Group.
▪ In September 2020, the company became a member of the European Commission's European Clean
Hydrogen Alliance (ECH2A). This alliance would aid the region's transition to a more sustainable and
competitive economy, as well as strengthen its worldwide leadership in hydrogen, laying the
groundwork for a viable and competitive EU industrial hydrogen network.
▪ In June 2020, Air Products Inc., ACWA Power, and NEOM signed an agreement for a $5 billion
production facility in NEOM powered by renewable energy for the production and export of green
hydrogen to global markets. This project will be equally owned by the three partners and sited in
NEOM, a new model for sustainable living located in the northwest corner of the Kingdom of Saudi
Arabia, and will produce green ammonia for export to global markets.
▪ In July 2020, Air Products Inc. and thyssenkrupp AG signed an exclusive strategic cooperation
agreement for world-scale electrolysis plants to generate green hydrogen. In this collaboration,
thyssenkrupp will deliver its technology and supply specific engineering, equipment, and technical
services for water electrolysis plants to be built, owned, and operated by Air Products Inc.
▪ In April 2020, the company announced an acquisition of five operating hydrogen plants for $530 million
from PBF Energy and commenced the long-term supply of hydrogen from those plants to PBF
refineries.
Air Products Inc. is headquartered in the U.S. In addition, the company has 211 production and distribution
facilities, approximately 25% of which are on owned property or long-duration term grants. The company has
sufficient property rights and permits for the ongoing operation of the pipeline systems in China, South Korea,
Taiwan, Malaysia, Singapore, and Indonesia. Management and sales support for the green hydrogen business
segment is based in Shanghai, China, and Kuala Lumpur, Malaysia, and in 30 leased office locations
throughout the region.
121

Fi gure 16 : R&D E xpend it ure of A ir Pro d uct s I nc . , 2 01 8 -20 20
R&D Expenditure
90 83.9
80 72.9
70 64.5
60
($Million)
50
40
30
20
10
0
2018 2019 2020

▪ The acquisition of five operating hydrogen plants for $530 million from PBF Energy will help cater to
the demand for green hydrogen across the globe.

▪ Outstanding litigations and legal proceedings against environmental violations and labor unions have
crippled productivity and created business losses.
122

5.2.4 ENGIE
Website www.engie.com/
Headquarters France
Number of Employees 1,71,100 (as of 2020)
Sofina, Agence des participations de l'État, Cofely AG, Electrabel,

Subsidiaries/Parent Company
ENGIE Home Services, among others
Source: ENGIE Website and BIS Research Analysis
ENGIE was founded in 2008 and is headquartered in France. It is one of the few players in the sector to
develop expert skills in both upstream (engineering, purchasing, operation, maintenance) and downstream
(waste management, dismantling) activities. The company caters to four major activities: client solutions,
renewable energy sources, networks, and thermal power generation. ENGIE is present in 48 countries with
1,71,100 employees, and the sales revenue of the company was $66.46 billion in FY2020.
Product Description
ENGIE produces green hydrogen by water electrolysis using renewable electricity.

Moreover, it stores and distributes renewable hydrogen at salt cavity storage sites
at an industrial scale via local renewable electricity production. The aim is ultimately
to supply green mobility stations. ENGIE is producing green hydrogen with a project
Green Hydrogen
name HyGREEN Provence. ENGIE relies on three production processes of green
hydrogen - methanization: the natural process of degradation of organic material,
pyro-gasification: a 2nd generation biomethane production process that relies on
the natural fermentation of waste, and power-to-gas.
123

▪ In January 2021, Total and ENGIE signed a cooperation agreement to develop France's largest site
for the production of green hydrogen from 100% renewable electricity at Châteauneuf-les-Martigues
in the Provence-Alpes-Côte d'Azur South region.
▪ In November 2020, ENGIE collaborated with Nanyang Technological University’s Energy Research
Institute and Schneider Electric, under which the company inaugurated a SPORE (Sustainable Power
for Offgrid Regions) platform to test renewable technologies in Singapore, thus accelerating its
strategy toward a carbon-neutral economy.
▪ In September 2020, ENGIE inaugurated its new green gas and energy transition technology research
center in Stains. The research center comprises 200 researchers representing 11 different
nationalities. Among them, 50 researchers have doctorate degrees, and around 20 are undertaking
PhDs as high-level specialists in green gases, new energy uses, and technologies of the future.
▪ In September 2020, ENGIE and ArianeGroup signed an agreement in the field of renewable liquid
hydrogen to speed up the decarbonization of heavy-duty and long-distance transportation.
▪ In March 2020, ENGIE, a leader in the zero-carbon transition, successfully refueled a hydrogen
passenger train in a pilot test in the Northern Netherlands.
▪ In November 2019, ENGIE, Durance Luberon Verdon Agglomération (DLVA), and Air Liquide signed
an agreement to develop the “HyGreen Provence” project, which aims to produce, store, and distribute
green hydrogen.
ENGIE is headquartered in France. In addition, the company has more than 800 RES production and
distribution facilities. In an effort to refine its geographic footprint and capital allocation, the group's investment
priorities are refocused on 20 countries, 30 developing cities, and the world's 500 largest companies. The
objective is to position itself among the top three companies in these geographical regions and to increase the
density of operations in these territories.
124

Fi gure 17 : R&D E xpend it ure of E NG I E , 201 9 -20 20
R&D Expenditure
250 225.1 226.29
200
($Million)
150
100
50
0
2019 2020

▪ In order to cater to the maximum produced demand generated in the industry, the organization has
strategically positioned its production units close to end users.
▪ The acquisition of TAG 4500 Km gas transmission network will help cater to the demand for green
hydrogen across the globe.

▪ Water stress is a major weakness for this company because some sites of the company depend on
freshwater, which comes against environmental violation.
125

5.2.5 Uniper SE
Website www.uniper.energy
Headquarters Germany
Number of Employees 11,751 (as of 2020)
Subsidiaries/Parent Company Uniper Kraftwerke Gmbh, among others
Source: Uniper SE Website and BIS Research Analysis
Uniper SE was founded in 2016 and is headquartered in Germany. It is one of the global energy companies
that generates, trades, and markets energy on a large scale. The company also procures, stores, transports,
and supplies commodities such as natural gas, LNG, and coal as well as energy-related products. Uniper SE
is present in more than 40 countries with 11,751 employees, and the sales revenue of the company was
$60.72 billion in FY2020. The company has 34 GW installed generation capacity. The company also has a
subsidiary in Russia named Unipro. Uniper SE also operates in Russia, the U.K., and has offices in the U.S,
Azerbaijan, Singapore, and the U.A.E.
Product Description

Uniper SE generates 360 Nm³/h of hydrogen by electrolysis process by using
electricity generated by wind turbines and fed via a 1.6 km hydrogen pipeline into
the gas grid. In this way, the energy is available to the electricity, heating, mobility,
Green Hydrogen
and industrial market as and when required, just like normal natural gas. Alkaline
electrolysis is a tried-and-tested method and, in the first year of operation, more
than 2 million kWh of green hydrogen were fed into the grid.
Source: Uniper SE Website and BIS Research Analysis
126

▪ In June 2021, Uniper, Siemens Energy, Toyota Tsusho, and Associated British Ports submitted a
combined proposal for matched financing to the Clean Maritime Fund to pursue their concept for a
low carbon hydrogen supply to the Port of Immingham. The study done by these four companies
shows that the availability of low carbon fuels in ports, such as green hydrogen, can provide a viable
opportunity to decarbonize ‘hard to reach sectors’, such as maritime and cargo handling.
▪ In April 2021, Uniper SE planned to establish a German national hub for green hydrogen in
Wilhelmshaven. Currently, the company is working on a corresponding feasibility study.
▪ In April 2021, Uniper SE and EWE signed a cooperation agreement to set up a hydrogen hub in
Huntorf, Lower Saxony. It states that they plan to generate hydrogen using renewable energy (wind
power) in Huntorf, store it there, and create transport facilities to make it available to industry and the
mobility sector.
▪ In February 2021, Uniper SE and Port of Rotterdam Authority collaborated to build a hydrogen plant
on the site of Uniper, with a capacity of 100MW, and to expand this capacity to 500MW.
▪ In April 2020, Uniper SE and Siemens Gas and Power signed a cooperation agreement for the
development of projects on the decarbonization of power generation and promoting sector coupling.
▪ In July 2019, Uniper SE and its consortium partners, VNG Gasspeicher GmbH (VGS), ONTRAS
Gastransport GmbH, DBI Freiberg and Terrawatt Planungsgesellschaft mbH, planned to build a large
facility to produce and store green hydrogen in Saxony-Anhalt.

▪ The company has strong engagement in synergistic strategies, such as agreements, partnerships,
and collaborations, in the green hydrogen market.
▪ The company has a strong R&D capability with workforce strength of 11,751 employees, looking to

▪ The production plant of the group and its supply chain are limited to Europe, leaving the company
stripped of its significant market share.
127

5.2.6 Siemens Energy
Website www.siemens-energy.com/
Headquarters Germany
Subsidiaries/Parent Company Siemens Energy AG.
Source: Siemens Energy Website and BIS Research Analysis
Siemens Energy is one of the world’s leading energy technology companies. With its portfolio of products,
solutions, and services, Siemens Energy covers almost the entire energy value chain – from power generation
and transmission to storage. The portfolio includes conventional and renewable energy technology, such as
gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers.
More than 50 percent of the portfolio has already been decarbonized. An estimated one-sixth of the electricity
generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs 92,000
people worldwide in more than 90 countries, and it generated revenue of around $32.66 billion in FY2020.
Product Description

Siemens Energy generates green hydrogen from renewable energy using PEM
(Polymer electrolyte membrane) electrolysis with the brand name of SILYZER. The
Green Hydrogen hydrogen produced in this process is approx. 100-2,000 Kg per hour, and the water
consumption is 10 Liter per Kg hydrogen. Moreover, with the help of this process,
the company extracts ultra-high purity 5.0 hydrogen.
128

▪ In January 2021, Siemens Energy and Mubadala Investment Company signed an MoU to form a
strategic collaboration to accelerate investment and development of innovative technologies,
equipment manufacturing, and green hydrogen and synthetic fuel production.
▪ In May 2021, Siemens Energy collaborated with Dubai Electricity and Water Authority (DEWA) and
Expo 2020 Dubai to launch its first industrial-scale, solar-driven green hydrogen facility in the Middle
East and North Africa.
▪ In August 2020, Siemens Energy and Beijing Green Hydrogen Technology Development Co., Ltd., a
subsidiary of China Power, jointly launched its first-megawatt green hydrogen production project in
Yanqing District, China.
▪ In April 2021, Siemens Energy and Messer Group signed an agreement to work on green hydrogen
projects in the 5 to 50 megawatt (MW) range for industrial and mobility applications. The project will
have a total electrolyzer capacity of 70 MW.
▪ In January 2021, Siemens Energy launched an innovation center for advanced energy technologies
in Shenzhen. This innovation center will focus on the R&D of core technologies and the development
of innovation-based clean energy businesses.
Siemens Energy is headquartered in Germany. It is one of the global energy companies that generates and
markets energy on a large scale. Siemens Energy presents in more than 90 countries with 92,000 employees,
and it generated revenue of around $32.66 billion in FY2020.
Fi gure 18 : R&D E xpend it ure of Sie mens Ener gy , 201 9 -202 0
R&D Expenditure
1.4
1.19 1.17

1.2
1.0
($Billion)
0.8
0.6
0.4
0.2
0.0
2019 2020
129

▪ The company has a strong R&D capability with a workforce strength of 92,000 employees, looking to

▪ The company's revenue is mostly dependent on three European countries - U.K., Russia, and
Germany, due to this company is more focused on Europe, which limits its worldwide expansion and
global share in the green hydrogen market.
130

5.2.7 Green Hydrogen
Website www.greenhydrogen.dk/
Headquarters Denmark
Ownership Type Private
Number of Employees 90 (as of 2020)
Source: Green Hydrogen Website and BIS Research Analysis
Green Hydrogen is one of the leading suppliers of standardized and modular electrolyzers for the production
of green hydrogen solely based on renewable energy. The company was incorporated in 2007 and is
headquartered in Denmark. It also has a 4,500 m2 facility with a production capacity of 75 MW per year. Green
Hydrogen combines ultra-efficient, standardized, and modular electrolysis technology with an on-site
production approach to bring cost-competitive green hydrogen to producers of hydrogen fueling stations, those
requiring hydrogen in power-to-X installations, industrial facilities, and more. In late 2020, the company had
inaugurated a new combined manufacturing, R&D, and office facility in Kolding, Denmark. This facility is 4,500
m2 with a production capacity of 75 MW per year.
Product Description
The company's electrolysis plant generates green hydrogen from directly connected
renewables in combination with certified green electricity from a TSO (Transmission
Green Hydrogen System Operator) grid connection. Waste heat will be used on-site and in
connection with district heating. The green hydrogen is produced from the
GreenHyScale project with having a capacity of 100 MW electrolyzer.
Source: Green Hydrogen Website and BIS Research Analysis
131

▪ In May 2021, Green Hydrogen, Eurowind Energy, and Lhyfe signed a master supply agreement for
up to 24 MW of electrolysis capacity. The three parties have agreed to offer each other mutual
exclusivity through this agreement. Green hydrogen produced at GreenLab Skive on a massive scale
will be converted into green methanol for use in the transportation industry and will also be utilized
directly as a green, zero-emission fuel for heavy transport.
▪ In May 2021, Green Hydrogen announced its H2RES project, which will have a capacity of 2 MW. The
project will investigate how to best combine an efficient electrolyzer with the fluctuating power supply
from offshore wind, using Ørsted’s two 3.6 MW offshore wind turbines at Avedøre Holme. This facility
will produce up to around 1,000 kg of renewable hydrogen a day, which will be used to fuel zero-
emission road transport in the Greater Copenhagen area and in Zealand.
▪ In March 2021, Green Hydrogen launched its new modern production facility near Kolding in Denmark.
This facility consists of a combined manufacturing, R&D, and office facility that measures 4,500 square
meters along with a capacity of 150 MW.
▪ In December 2020, Green Hydrogen signed a partnership agreement with Lhyfe on the first delivery
to their pilot plant in Bouin, France. The agreement covers the supply of electrolyzers to be used in
Lhyfe facilities throughout Europe.

▪ The company is strongly focused on its R&D, which is perfectly matched with evolving consumer
requirements.

▪ The company has a strong dependence on its domestic market and faces a high risk due to
dependence on a small number of key customers.
132

5.2.8 Cummins Inc.
Website www.cummins.com/
Headquarters U.S.
Subsidiaries/Parent Company Cummins India Ltd, Hydrogenics, among others
Source: Cummins Inc. Website and BIS Research Analysis
Cummins Inc., founded in 1919 as Cummins Engine Company, a corporation in Columbus, Indiana, is one of
the first diesel engine manufacturers. In 2001, the company changed its name to Cummins Inc. It is a global
power leader that designs, manufactures, distributes, and services diesel, natural gas, electric and hybrid
powertrains, and powertrain-related components, including filtration, after treatment, turbochargers, fuel
systems, controls systems, air handling systems, automated transmissions, electric power generation
systems, batteries, electrified power systems, hydrogen production, and fuel cell products. Cummins Inc. sells
its products to original equipment manufacturers (OEMs), distributors, dealers, and other customers
worldwide.

Product Description
Cummins Inc. generates green hydrogen by wind energy by using its own
manufactured electrolyzer named HySTAT and utilized in several ways – from fuel-
Green Hydrogen
cell hydrogen trucks, buses, and trains to ships powered by liquid ammonia made
from hydrogen to a substitute for natural gas for heating homes.
133

▪ In May 2021, Cummins Inc. signed an agreement with one of the government leaders and partner
Iberdrola S.A. to launch its gigawatt electrolyzer plant for the production of green hydrogen in Castilla-
La Mancha, Spain.
▪ In January 2021, Cummins Inc. supplied a 20-megawatt PEM electrolyzer system to generate green
hydrogen at the Air Liquide hydrogen production facility in Bécancour, Quebec. The Cummins PEM
Electrolyzer can produce over 3,000 tons of hydrogen annually using clean hydropower.
▪ In August 2020, Cummins Inc. supplied a 5-megawatt PEM electrolyzer to enable renewable energy
for the Douglas County Public Utility District (Douglas County PUD) in Washington state. This
electrolyzer was dedicated to producing hydrogen from renewable energy and will be the largest, as
well as first of its kind in use by a public utility in the U.S.
Cummins Inc. was incorporated in 1919. It is headquartered in Indiana, U.S., and the company employs
57,825 people worldwide and serves customers in approximately 190 countries and territories through a
network of more than 600 company-owned and independent distributor locations and approximately 7,400
dealer locations. The sales revenue of the company was $19.81 billion in FY2020.
Fi gure 19 : R&D E xpend it ure of C ummi ns Inc . , 201 8 -2 020
R&D Expenditure
1,200
998
1,000 894 903
800
($Million)
600
400

200
0
2018 2019 2020

▪ The company has a broad worldwide distribution network that offers an edge over region-specific firms
to tap the large market share.

▪ The company has faced a high risk due to dependence on a small number of raw material suppliers.
134

5.2.9 Toshiba Energy Systems & Solutions Corporation
Website www.global.toshiba/ww/top.html
Headquarters Japan
Subsidiaries/Parent
Toshiba Corporation
Company
Source: Toshiba Website and BIS Research Analysis
Toshiba Group has four business cores: energy, social infrastructure, electronic devices, and digital solutions.
Toshiba Energy Systems & Solutions Corporation is responsible for the energy business. The company is one
of the leading suppliers of integrated energy solutions. With long experience and expertise in a wide range of
power generating and transmitting systems and energy management technology—such as renewable energy,
energy conversation, and energy matching- it also contributes to achieving carbon neutrality. Toshiba Energy
Systems & Solutions Corporation provides solutions for improving high levels of safety, reliability, and
economic efficiency of nuclear, thermal, hydro, and geothermal power equipment and plants by using its
abundant experiences in plant construction and continuous efforts in technology development, in order to
contribute both to the stable supply of electricity and the realization of a low-carbon society. The company was
incorporated in October 2017 and is headquartered in Kanagawa, Japan.

Product Description
Toshiba has been working hard on the development of a next-generation water

electrolyzer called SOEC for producing large quantities of high-quality hydrogen.
Green Hydrogen
SOEC achieves approximately 30% higher efficiency and lower power consumption
than conventional polymer electrolyte cells.
Source: Toshiba Website and BIS Research Analysis
135

▪ In May 2021, Toshiba Energy Systems & Solutions Corporation announced that Toshiba ESS’s 100-
kW pure hydrogen fuel cell system, “H2Rex,” is installed in a building connected to the hydrogen
energy system “Hydro Q-BiC” by Shimizu Corporation. The system is installed in a replacement
building operated by Shimizu and its Hokuriku branch in Kanazawa City, with Toshiba ESS supplying
electricity using “H2Rex” and contributing to the operation of the first hydrogen energy building in the
Hokuriku.
▪ In March 2021, Toshiba Energy Systems & Solutions Corporation announced that it would start the
demonstration of a hydrogen supply chain model utilizing “H2One Multi Station” which could fill fuel
cell vehicles and supply electricity with green hydrogen in Fukui Prefecture, Japan.
▪ In November 2020, Toshiba Energy Systems & Solutions Corporation opened its first “H2One Multi
Station” which fills fuel cell vehicles with green hydrogen and supplies to green power at Tsuruga City
in Japan. H2One Multi Station consists of “H2One ST Unit” and “H2One” developed by Toshiba ESS.
This H2OneTM Multi Station is the first system in Japan to supply both hydrogen fuel to fuel cell
vehicles and electric power by using hydrogen produced with renewable energy within the station.

▪ The company has a well-established worldwide distribution network close to end users such as oil &
gas, petrochemical, electric vehicles, and power generation as well, which has the benefit of attracting
the full attention of end users.

▪ The company increased its production costs due to a rise in energy costs as a result of increasing
cost it has limit its production capacity that will affect the global market of the company.
136

5.2.10 Nel ASA
Website www.nelhydrogen.com/
Headquarters Norway
Revenue $76.4 Million (as of FY2020)
H2 Logic A/S in Denmark; Hyme AS, Nel Fuel AS, New Nel Hydrogen
Subsidiaries/Parent Company
Holding AS, and RotoBoost H2 AS, among others
Source: Nel ASA Website and BIS Research Analysis
Nel ASA is the first dedicated hydrogen company on the Oslo Stock Exchange. The company has its roots in
the hydrogen activities of Norsk Hydro and was incorporated in 1927. The company is engaged in the
renewable energy equipment and services sector. Its main products are hydrogen production plants for
industry and energy applications, hydrogen fueling stations for the transport sector, and power-to-gas/power-
to-power solutions for the renewable industry. The company delivers solutions to produce, store, and distribute
hydrogen from renewable energy. Nel ASA serves industries, energy, and gas companies with hydrogen
technology. The company's hydrogen solutions encompass the whole value chain, from hydrogen generation
technologies to hydrogen filling station manufacture, allowing fuel cell electric cars to have the same range
and fueling as conventional automobiles.

Product Description
Nel ASA generates green hydrogen by wind energy by using its own manufactured
electrolyzer named RotoLyzer and utilized in several ways – from fuel-cell hydrogen
Green Hydrogen
trucks, buses, and trains to ships powered by liquid ammonia made from hydrogen to
a substitute for natural gas for heating homes.
137

▪ In June 2021, Nel ASA collaborated with Ovako, Volvo, Hitachi ABB Power Grids Sweden, and H2
Green Steel to build a fossil-free hydrogen facility in Hofors, Sweden. The conversion to green
hydrogen in the production process will reduce CO2 emissions from the facility by 50% from current
levels, with possibilities for future development of hydrogen infrastructure for transportation.
▪ In May 2021, Nel ASA received a purchase order for 2 MW fully containerized MC400 electrolyzer
from H2 Energy.
▪ In May 2021, Nel ASA collaborated with one of the leading solar companies, First Solar, Inc., to
develop integrated Photo Voltaic (PV) Hydrogen power plants.
▪ In April 2021, Nel ASA received a purchase order from HTEC for one H2Station hydrogen fueling
station, which will be used to fuel light-duty fuel cell electric vehicles in Quebec, Canada.
▪ In January 2021, Nel ASA launched MC250 and MC500 containerized large-scale PEM electrolyzers.
The containerized MC250 and MC500 will be delivered as standard 1.25 and 2.5 MW (246 and 492
Nm3/h) configurations, respectively. The new products are integrating its newly developed 1.25 MW
PEM cell-stack, allowing for higher capacities per unit and lower cost. The platform allows multiple
units to be integrated easily into the field.
▪ In November 2020, Nel ASA signed an MoU with Iberdrola for the development of a green hydrogen
production plant with a capacity of more than 200 MW in Spain.
▪ In August 2018, Nel ASA launched its one of the world’s largest electrolyzer plant - fully automated
and able to deliver the most efficient electrolyzers at a game-changing cost. The total capacity of the
facility is 360 MW/year.
Nel ASA was incorporated in 1927. It is headquartered in Norway, and the company employs 400 people
worldwide. It has delivered more than 40 fueling stations in 10 countries. The total revenue generated by the
company was $76.4 million in FY2020.

Fi gure 20 : R&D E xpend it ure of Nel AS A , 20 1 9 -2 020
R&D Expenditure
2.0 1.8
1.5
1.5
($Million)
1.0
0.5
0.0
2019 2020
138

▪ The company has extensive experience in the hydrogen industry, with an extensive offering of
products and services to industrial and general consumers.
▪ The company has partnerships with several industries for the development of hydrogen-based
infrastructure and also has several high-value business contracts.

▪ The company has initiated operations in several emerging economies with high volatility.
▪ The company has an Undeveloped Fuel Cell infrastructure.
139

5.2.11 SGH2 Energy Global, LLC
Website www.sgh2energy.com/
Headquarters U.S.
Subsidiaries/Parent Company Solena Group
Source: SGH2 Energy Global, LLC Website and BIS Research Analysis
SGH2 Energy Global, LLC (SGH2) is a Solena Group company incorporated in 1995 and headquartered in
the U.S., focused on the gasification of waste into hydrogen and holds the exclusive rights to build, own and
operate SG’s SPEG technology to produce green hydrogen. The total sales generated by the company was
$13.9 billion in FY2020. The company has projects in development around the world, including Australia, U.K.,
China, South Korea, Japan, and others.
Product Description
SGH2 Energy Global, LLC (SGH2) has developed a patented Solena Plasma
Enhanced Gasification (SPEG) technology that generates green hydrogen from a
Green Hydrogen variety of waste materials, including paper, plastics, tyres, and textiles.
Furthermore, for every tonne of hydrogen generated, this method displaces 23-31

tonnes of carbon dioxide.
Source: SGH2 Energy Global, LLC Website and BIS Research Analysis
140

▪ In June 2020, SGH2 Energy Global, LLC launched one of the biggest green hydrogen production
units. This plant processes 42,000 tons of recycled waste annually, producing up to 11,000 kilograms
of green hydrogen per day and 3.8 million kilograms per year.

▪ The company has strong R&D capabilities and has developed a technology that can displace 23 to
31 tons of carbon dioxide from every ton of hydrogen produced.

▪ The company has a strong dependence on its domestic market.
141

5.2.12 PLUG POWER INC.
Website www.plugpower.com/
Headquarters U.S.
Subsidiaries/Parent Company Giner ELX, Inc., American Fuel Cell LLC, among others
Source: PLUG POWER INC. Website and BIS Research Analysis
PLUG POWER INC. is one of the leading providers of comprehensive hydrogen fuel cell turnkey solutions.
The company is focused on green hydrogen (hydrogen fuel produced using renewable resources and
electrolysis) and fuel cell solutions used to power electric motors primarily in the electric mobility and stationary
power markets, responding to the ongoing paradigm shift in the power, energy, and transportation industries.
It was incorporated in 1997 and is headquartered in the U.S.
Product Description
PLUG POWER INC. generates green hydrogen by the process of steam reforming
using bio-based feedstock or by splitting water by electrolysis. The electricity used

Green Hydrogen in this electrolysis process is generated exclusively from renewable sources
through electrolysis. Moreover, for generating green hydrogen, the company is
using PEM electrolyzer technologies (proton-exchange membranes).
142

▪ In June 2021, PLUG POWER INC. announced to build a green hydrogen production plant in Camden
County, Georgia, with a production capacity of 15 tons per day of liquid green hydrogen. The company
is investing $84 million in this facility.
▪ In June 2021, PLUG POWER INC. and Renault Group signed a memorandum of understanding
(MOU) named HYVIA for the decarbonization of mobility in Europe.
▪ In March 2021, PLUG POWER INC. and Brookfield Renewable Corporation formed an institutional
partnership to develop a green hydrogen manufacturing plant using 100 percent renewable energy
from Brookfield Renewable's Holtwood hydroelectric project. The facility would be built in South-
Central Pennsylvania, along the Susquehanna River.
▪ In February 2021, PLUG POWER INC. announced to build a green hydrogen production facility with
a production capacity of 45 metric tons of green liquid hydrogen daily in western New York.
▪ In February 2021, PLUG POWER INC. signed a memorandum of understanding (MOU) to launch a
50-50 joint-venture with ACCIONA S.A. to establish a green hydrogen facility for IBERIA.
PLUG POWER INC. was incorporated in 1997 and headquartered in the U.S. The company employs 1,285
people worldwide. The company has deployed over 40,000 fuel cell systems and accelerated its vertical
integration through acquisitions, making it a global leader in green hydrogen solutions. The total sales revenue
generated by the company was $93.23 billion in FY2020.
Fi gure 21 : R&D E xpend it ure of P LUG P OWE R INC . , 20 18 -2 020
R&D Expenditure
30 27.84
25
20 GLOBAL GREEN HYDROGEN MARKET PROJECT

($Million)
15.05
15 12.75
10
0
2018 2019 2020
143

▪ The company has strategic, seasonal, and large-scale hydrogen storage options.
▪ Green hydrogen offered by the company is suitable for all vehicle types.

▪ The supply chain of the company is not that efficient by that company has not been able to cater to
the demand for green hydrogen across the globe.
144

5.2.13 Loop Energy Inc.
Website www.loopenergy.com/
Headquarters Canada
Source: Loop Energy Inc. Website and BIS Research Analysis
Loop Energy Inc. is an industry-leading developer, manufacturer, and supplier of hydrogen fuel cell systems
for vehicle OEMs and power generation system manufacturers. The company’s products are reshaping the
industry with an unmatched combination of fuel efficiency, power density, and fuel efficiency with proprietary
patented designs and technological advancements. It is headquartered in Vancouver, Canada. Moreover, it
is expanding its manufacturing facilities and marketing facilities in Asia and Europe so that the company is
positioned to take off on a global scale and supply customers around the world.
Product Description
The product offered by Loop Energy Inc. is powered by eFlow technology, and the
Green Hydrogen hydrogen fuel used in this cell is type SAEJ2719 with a supply pressure of 8.5 bar.
It can reduce 16% of fuel consumption with the same comparable product.

Source: Loop Energy Inc. Website and BIS Research Analysis
145

▪ In May 2021, Loop Energy Inc. signed an agreement with Aliant Battery to develop hydrogen electric
solutions for commercial vehicle and stationary power applications. This agreement marks a key step
for Loop in advancing hydrogen-based electric solutions for commercial vehicles, and it allows Loop
to engage with Aliant's extensive list of OEM customers that manufacture commercial vehicles and
transportation fleets, as well as industrial and heavy-duty materials handling equipment.
▪ In March 2021, Loop Energy Inc. delivered its first shipment of eFlow fuel cell modules to ECUBES
and signed a supply agreement with ECUBES to supply more than 50 units of hydrogen fuel cell
modules by 2021-2023.

▪ The company is in long-term partnerships with companies such as ECUBES and Aliant Battery, which
can help the company to cater to the supply demand of green hydrogen across the globe.

▪ The company has not been able to manage the volatility in the cost, which might hurt its profitability
margins in the long run.
146

5.2.14 Ergosup
Website www.ergosup.com/en/
Headquarters France
Source: Ergosup Website and BIS Research Analysis
Ergosup was incorporated in 2012 and headquartered in France. It has developed an electrochemical method
for producing hydrogen. The system generates hydrogen under high pressure using zinc electrolysis
technology. In addition, the system functions as a decentralized hydrogen supply unit, with integrated
hydrogen compression and storage capabilities. It may be used to refuel EVs, drones, and industrial uses.
Product Description
Ergosup develops hydrogen infrastructures based on its unique and patented

technology of direct electrolysis of water under very high pressure. This integrated,
Green Hydrogen
competitive, and secure system meets the strongly growing need for carbon-free
hydrogen for both “clean mobility” and low-carbon industrial gas applications.
Source: Ergosup Website and BIS Research Analysis

▪ In June 2019, Ergosup launched its first fully integrated HyRiS Lab Product station (Hydrogen
Refuelling Station) at the chemistry department of Lyon 1 University of Technology (IUT).

▪ The company has extensive R&D facilities which bring innovation in its products to maximize
consumer satisfaction thereby strengthening its existing customer base.

▪ The production plant of the group and its supply chain is limited to Europe, leaving the company
stripped of its significant market share.
147

5.2.15 Ballard Power Systems
Website www.ballard.com/
Headquarters Canada
Source: Ballard Power Systems Website and BIS Research Analysis
Ballard Power Systems is one of the global leaders in the development, manufacture, sale, and servicing of
hydrogen fuel cell power systems. The company's products and services are used today in various markets,
from heavy-duty motive power to materials handling, backup power, UAV, marine, and rail applications as
well. Ballard’s technology offers a wide range of benefits within each of these markets, including lowering
costs of energy use, longer operating lifetimes, and positive environmental impacts. The company is working
to accelerate fuel cell technology adoption, committed to sustainable mobility and clean air for everyone.
Product Description
Ballard Power Systems launched FCmove-HD fuel cell modules to Power Freight
Green Hydrogen Trucks in which each cell generates 70 kilowatts (kW) of power. Moreover, these
modules are based on Ballard’s LCS technology.


▪ In February 2021, Ballard Power Systems signed a non-binding MOU with Chart Industries, Inc. for
heavy-duty mobility onboard hydrogen solutions.
▪ In May 2019, Ballard Power Systems announced that it would provide next-generation FCmove-HD
fuel cell modules to Power Freight Trucks in Canadian Hydrogen Project. In this project, the company
will provide a total of 6 FCmove-HD fuel cell modules – each generating 70 kilowatts (kW) of power –
with three modules to be installed in each truck. These modules will utilize Ballard’s LCS technology.
148

5.2.15.4 R&D Analysis
Fi gure 22 : R&D E xpend it ure of B alla rd Power Sys tems , 201 9 -20 20
R&D Expenditure
40
35.51
35
30
25.25
($Million)
25
20
15
10
5
0
2019 2020

▪ With its dedicated customer relationship management department, the company has been able to
achieve a high level of customer satisfaction among present customers and good brand equity among
potential customers.
▪ It has a strong base of reliable suppliers for raw materials, thus enabling the company to overcome
any supply chain bottlenecks.

▪ Organization structure is only compatible with the present business model, thus limiting expansion in

adjacent product segments.
▪ The financial planning of the company is not done properly and efficiently. The current asset ratio and
liquid asset ratios suggest that the company can use the cash more efficiently than what it is doing at
present.
149

6 Research Methodology
The research methodology design adopted for this specific study includes a mix of data collected from primary
and secondary research. Both primary sources (in-house experts, industry leaders, and market players) and
secondary research (a host of paid and unpaid databases), along with analytical tools, are employed to build
the forecast and predictive models.
Primary Data Sources
The primary sources involve the industry experts from the chemical and thermoplastic ecosystem and various
stakeholders such as green hydrogen manufacturers, exporters, and suppliers. Respondents such as CEOs,
vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain
and verify both qualitative and quantitative aspects of this research study.
Key Data Points Taken from Primary Sources Include:

▪ validation and triangulation of all the numbers and graphs
▪ validation of reports segmentation and key qualitative findings
▪ understanding the competitive landscape
▪ validation of the numbers of various markets for market type
▪ percentage split of individual markets for geographical analysis
BIS Research Analysis
This research study involves the usage of extensive secondary research, directories, company websites, and
annual reports. It also makes use of databases, such as Hoovers, Bloomberg, Businessweek, and Factiva, to
collect useful and effective information for an extensive, technical, market-oriented, and commercial study of

the global market. In addition to the aforementioned data sources, the study has been undertaken with the
help of other data sources and websites, such as www.weforum.org and https://europa.eu/.
BIS research analysis was done in order to obtain crucial information about the industry’s value chain, revenue
models, market’s monetary chain, total pool of key players, and the current and potential use cases and
applications.
150

Key Data Points Taken from BIS Research Include:
▪ segmentations and percentage shares
▪ data for market value
▪ key industry trends of the top players of the market
▪ qualitative insights into various aspects of the market, key trends, and emerging areas of innovation
▪ quantitative data for mathematical and statistical calculations
Fi gure 23 : Resea rc h Met hod olog y

Top-Down and Bottom-Up Approach
The main task for a thorough analysis of the green hydrogen market has been to identify the set of underlying
factors. In this case, the following figure exhibits the detailed methodology adopted for estimating and
forecasting the green hydrogen market:
151

Fi gure 24 : To p -Do wn a nd Bo ttom -Up A pp ro ac h
Summation of Global Segmental Demand to

Obtain Demand of Total Green Hydrogen
Market
Summation of Regional Segment Data

to Obtain Global Segmental Demand
Global
Green Hydrogen
Market Summation of Country Level
Segment Data To Obtain
Regional Segmental Demand
Percentage Split of
Application Segments
Country-Wise Demand
for Green Hydrogen in
Respective
Regional Percentage Split in Various Applications
Applications
Percentage Split of Regional Market Sizes into

Countries
152

BIS Research Offerings:
We are on a mission to harness the potential of disruptive technologies to make businesses thrive in today’s
digital age. We have a vision to be a leading and a preferred knowledge partner for corporates and institutions
worldwide and assist them with market intelligence in the area of emerging technologies, advisories, and other
innovative solutions.
Know More Know More Know More
Know More
153

Disclaimer
BIS Research Inc. provides valuable market intelligence to an exclusive group of customers in response to
orders. The report is licensed for the customer's internal use only and is subject to restrictions set henceforth.
This document and its contents are confidential and may not be further distributed, published or reproduced,
in whole or in part, by any medium or in any form for any purpose, without the express written consent of BIS
Research Inc. Customer will not disclose the contents of the report, whether directly in any media or indirectly
through incorporation in a database, marketing list, report or otherwise, or use or permit the use of Information
to generate any statistical or other information that is or will be provided to third parties; or voluntarily produce
Information in legal proceedings.
Market reports are based on expectations, estimates and projections as of the date such information is
available. Any recommendation contained in this report may not be suitable for all investors or businesses.
The market conclusions drawn are necessarily based upon a number of estimates and assumptions that, while
considered reasonable by BIS Research Inc. as of the date of such statements, are inherently subject to
market fluctuations and business, economic and competitive uncertainties and contingencies.
For more details regarding permission, please contact us:

Email: sales@bisresearch.com
Tel: +1 510 404 8135
154

BIS RESEARCH INC.
39111 Paseo Padre PKWY, Suite 313 Fremont, CA 94538 -1686
E-mail: hello@bisresearch.com | Call Us: +1-510-404-8135
Global Delivery Center
Tower B First Floor, Tapasya Corporate Heights, Greater Noida Expressway,
Sector 126, Noida, U.P., 201303, India
Tel: +91 120 4261540 / 4261544
155
www.bisresearch.com

Green Hydrogen Market

Cargado por

Información del documento

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

Green Hydrogen Market

Cargado por

Copyright:

Formatos disponibles

DECLARACIÓN LEGAL

La información que se contiene en el servicio está o licenciada por

proveedores de información de tercera parte o es propiedad intelectual

de EMIS. La información - incluido este documento que está a su

disposición está protegido por leyes de derechos de autor, derechos de

bases de datos, marcas y /o patentes que se poseen por la parte

entre el suscriptor y EMIS, o de lo contrario aprobado expresamente por

escrito por EMIS, cualquier reproducción, publicación, redistribución,

venta, emisión o circulación de la información a cualquier tercera parte

está estrictamente prohibido.

Ningún derecho se concede al suscriptor excepto el uso limitado de

derechos. Al suscriptor no se le permite guardar en forma electrónica

cualquier carpeta compartida tampoco puede archivar la información que

se pude utilizar como solicitud de investigación ni se puede mover,

ocultar o alterar ninguno de los avisos de los derechos de autor que se

contienen en el servicio o en este documento.

GLOBAL GREEN HYDROGEN MARKET PROJECT

Focus on Application, Technology

All rights reserved at BIS Research Inc.

GLOBAL GREEN HYDROGEN MARKET PROJECT

Copyright © 2021 BIS Research Inc.

All rights reserved at BIS Research Inc.

1.2.2.2 Threat of Substitutes (Low)................................................................................ 32

1.2.2.3 Intensity of Competitive Rivalry (Moderate) ....................................................... 32

1.2.3 Patent Analysis ............................................................................................ 33

1.2.3.2 Patent Analysis (by Organization) ..................................................................... 35

1.3 Market Dynamics ............................................................................................. 36

1.3.1.2 Low Variable Renewable Energy (VRE) Electricity Cost ................................... 37

1.3.2 Market Restraint .......................................................................................... 37

1.3.2.2 Limited Dedicated Transport Infrastructure ....................................................... 38

GLOBAL GREEN HYDROGEN MARKET PROJECT

1.3.3.2 Government Initiatives for Zero Emission Systems ........................................... 39

1.3.4 Business and Corporate Strategies ........................................................... 39

1.3.4.2 Product Launches and Developments ............................................................... 41

1.3.4.3 Partnerships, Collaborations, and Contracts ..................................................... 42

1.3.4.4 Business Expansions......................................................................................... 46

1.3.4.5 Mergers, Acquisitions, and Joint Ventures ........................................................ 47

All rights reserved at BIS Research Inc.

2.2.1.2 Hydroisomerization ............................................................................................ 53

2.2.1.3 Hydrodealkylation .............................................................................................. 54

2.2.1.4 Hydrodesulfurization .......................................................................................... 54

2.2.2 Petrochemical .............................................................................................. 54

4.1.1.2 Business Drivers ................................................................................................ 64

4.1.1.3 Business Challenges ......................................................................................... 64

4.1.2 Applications ................................................................................................. 65

4.1.3 Technology .................................................................................................. 65

All rights reserved at BIS Research Inc.

4.1.4.1.1 Market ...................................................................................................................... 66

4.1.4.1.1.1 Buyer Attributes ................................................................................................ 66

4.1.4.1.1.2 Key Manufacturers and Suppliers in the U.S.................................................... 66

4.1.4.1.1.3 Business Challenges ........................................................................................ 67

4.1.4.1.1.4 Business Drivers ............................................................................................... 67

4.1.5 Applications ................................................................................................. 67

4.1.5.2 Canada .............................................................................................................. 68

4.1.5.2.1 Market ...................................................................................................................... 68

4.1.5.2.1.1 Buyer Attributes ................................................................................................ 68

4.1.5.2.1.2 Key Manufacturers and Suppliers in Canada ................................................... 68

4.1.5.2.1.3 Business Challenges ........................................................................................ 68

4.1.5.2.1.4 Business Drivers ............................................................................................... 68

4.1.6 Applications ................................................................................................. 69

4.1.6.2 Mexico ............................................................................................................... 69

4.1.6.2.1 Market ...................................................................................................................... 70

4.1.6.2.1.1 Buyer Attributes ................................................................................................ 70

GLOBAL GREEN HYDROGEN MARKET PROJECT