Green Hydrogen Market to Reach $143.8 billion, Globally, by 2032 at 50.3% CAGR: Allied Market Research
WILMINGTON, Del., Dec. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Green Hydrogen Market by Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer), by Application (Power Generation, Transport, and Others), and by End-Use Industry (Food and Beverages, Medical, Chemical, Petrochemicals, Glass, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. The green hydrogen market was valued at $2.5 billion in 2022 and is projected to reach $143.8 billion by 2032, growing at a CAGR of 50.3% from 2023 to 2032.
- However, the conflict raised concerns about the disruption of energy supply chains and increased uncertainty in the global energy market, potentially affecting investment and infrastructure development for green hydrogen production and distribution.
- Geopolitical tensions and market uncertainties might slow down the pace of investments or collaborations needed to scale up green hydrogen projects.
- However, the food and beverage segment is projected to manifest a CAGR of 51.6% from 2023 to 2032 and has significant proportion in the green hydrogen market size.
- Rise in the food and beverage industry significantly influences the green hydrogen market, primarily due to intensive energy demand of the industry.