Green hydrogen, also known as renewable or clean hydrogen, will play a vital role in creating a sustainable future. By 2050, IRENA estimates that hydrogen will contribute to nearly 12% of worldwide energy use. But the landscape is already geared for sizeable expansion, and by 2027 BCC Research predicts the market for green hydrogen will expand at a staggering CAGR of 24.5%.
The impact of green hydrogen cannot be understated: it’s expected to be a key disruptor in bilateral energy relations as well as in international trade. Plus, significant developments in the global hydrogen economy are likely to create geopolitical and geoeconomic shifts, thereby leading to new global interdependencies. Investors are keeping their ears to the ground for updates, and BCC Research is providing the intel needed to navigate this space.
It makes sense that the global green hydrogen market is garnering significant interest from multinational companies. Air Liquide and Siemens Energy are partnering through a joint venture to expand their footprint in Europe, while in India, Total Energies has signed an agreement along with Adani Enterprises to acquire a 25% interest in Adani New Industries.
It’s a competitive landscape, but as the price of renewable energy falls, the market will only strengthen. IRENA has estimated that the cost of production for green hydrogen will fall by at least $5.7 billion annually over the next 25-30 years. Simultaneously, as the price of coal and natural gas climbs, renewables become an increasingly attractive prospect for investors.
Below, we’re analyzing the top companies in the green hydrogen industry, to help businesses and investors make confident decisions.
Top 10 Green hydrogen companies
Air Products and Chemicals was was founded in 1940 and is a leading global player in the industrial gases segment. The company is a supplier of industrial gases as well as equipment to an array of sectors like electronics, refining, food & beverage, metals, and many others. Air Products has a broad array of services, products and specialized solutions.
The primary goal of this company is to provide reliable, clean, cost-effective energy solutions on a global scale. In the States, the company has the most advanced renewable energy and hydrogen-producing technologies. Within the country, it owns 287 issued patents, and offers solutions within distributed electricity production, hydrogen production, and marine transportation.
Cummins is a leading global market player that produces a wide range of power solutions, including hydrogen generation, batteries, natural gas, diesel, turbochargers, powertrain-related components, automated transmissions, fuel cell products, and others. It has over 58,000 employees globally.
Engie is a leading supplier of low-carbon energy solutions and services. It has a strong geographical presence across nearly 70 nations, with key focus areas including:
- Renewable energies
- Thermal production and energy supply
- Energy solutions
This global energy leader is among the leading electricity producers in over a dozen nations. Iberdrola has a workforce entailing over 39,000 people and is unsurprisingly a leading player in green hydrogen project development. The company has deployed nearly 60 projects across eight nations, including Brazil, the U.S., Spain, and others.
This entity is a joint venture between Linde Engineering and ITM Power. ITM Power is among the major PEM (proton exchange membrane) electrolyzer OEMs, while Linde is an industrial gas and related engineering company. ITM Linde Electrolysis GmbH was registered in January 2020.
Messer is headquartered in Germany and is a parent company of Messer Group. Messer Group is a leading global supplier of industrial gases such as nitrogen, argon, helium, hydrogen, oxygen, carbon dioxide, medical gases, shielding gases, food-grade gases, and other gas mixtures & specialty gases. Key end-users of the enterprise belong to the food, steel, chemicals, pharmaceutical, waste management, and manufacturing sectors.
The company consists of various electrolyzer production facilities in the U.S. and Norway and a single fueling station production facility in Denmark. It has successfully delivered more than 3,500 electrolyzer solutions to more than 80 nations. The number of employees stood at 240 at the end of 2021. It operates via two key business segments, namely NEL Hydrogen Fueling and NEL Hydrogen Electrolyzers.
The company is engaged in developing commercially viable hydrogen as well as fuel cell product solutions designed to act as a replacement for lead-acid batteries. Its major focus is the mobility sector, such as industrial electric vehicles and electric forklifts.
Shell is a leading petrochemical and energy market player globally. Founded in 1907, it has over 93,000 employees across 70 nations. It also serves the needs of more than 32 million customers at 46,000 retail service stations on a daily basis.
Get to grips with the green hydrogen market
Green hydrogen will be an essential component in building a sustainable society. Investment opportunities are ripe as businesses look to venture into this area, and BCC Research’s latest market report provides insight into this burgeoning sector. Gain access to an invaluable resource and confidently navigate this competitive space – download your complimentary overview or purchase the report in full here.
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