The study involved two major activities in estimating the current market size for green hydrogen market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of market segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as Hoovers, Factiva, Bloomberg BusinessWeek, and Dun & Bradstreet were referred to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; gold standard & silver standard websites; regulatory bodies; trade directories; and databases.
Primary Research
The green hydrogen market comprises several stakeholders such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the development of various industries such as mobility, power, chemical, industrial, grid injection and others. The supply side is characterized by advancements in technology and diverse applications. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Following is the breakdown of primary respondents:
Notes: Tiers of companies are selected based on their ownership and revenues in 2020.
Others include sales, marketing, and product managers.
Source: Secondary Research, Expert Interviews, and MarketsandMarkets Analysis
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Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total green hydrogen market size. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size included the following:
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The key players in the industry and markets were identified through extensive secondary research.
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The industry’s supply chain and market size, in terms of value and volume, were determined through primary and secondary research processes.
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All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
Global Green Hydrogen Market Size: Bottom-Up Approach
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Global Green Hydrogen Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size using the market size estimation process as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in, mobility, power, chemical, industrial, grid injection and other end-use industries.
Market Definition
As per the US Department of Energy, green hydrogen is carbon-free hydrogen produced by the electrolysis of renewable and nuclear resources. The electrolysis process uses electricity to split water into hydrogen and oxygen; the process takes place in a unit called an electrolyzer. Electrolyzers are available in small and large sizes. Small-capacity electrolyzers are used for small-scale distributed hydrogen production. In the case of large-capacity electrolyzers, hydrogen production facilities can be tied directly to renewable or other non-greenhouse-gas-emitting forms of electricity production.
Report Objectives
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To define, describe, and forecast the market size of green hydrogen, in terms of value and volume
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To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
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To provide detailed information about the technological advancements influencing the growth of the market
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To analyze the market segmentation and forecast the market size based on technology, renewable source and end-use industry
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To define, describe, and forecast the market based on five regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America
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To strategically analyze micro-markets with respect to individual growth trends, prospects, and their contribution to the overall market
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To analyze the opportunities in the market for stakeholders and provide a competitive landscape for the market leaders
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To analyze recent developments such as investment & expansion, new product development, and partnership in the market
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To strategically profile the key players and comprehensively analyze their market share and core competencies
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs.
The following customization options are available for the report:
Product Analysis
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Product matrix, which gives a detailed comparison of the product portfolio of each company
Regional Analysis
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Further breakdown of Rest of Europe green hydrogen market
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Further breakdown of Rest of APAC green hydrogen market
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Further breakdown of Rest of Latin America green hydrogen market
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Further breakdown of Rest of MEA green hydrogen market
Company Information
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Detailed analysis and profiling of additional market players (up to ten)
Growth opportunities and latent adjacency in Green Hydrogen Market