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Only renewable resources are use to make green hydrogen. Green electricity or power can be transform into transportation fuel or utilize. As a feedstock in industrial applications using green hydrogens as a bridge. Green hydrogen and its derivative fuels, such as green ammonia, will allow market participants to incorporate wind energy into the fuel tank.
The market for green hydrogen in 2021 was USD 1.45 billion. And it will be worth USD 75.72 billion by 2030, growing at a 55.1% CAGR during the forecast period.
The market will grow as the cost of reusable energy and electrolysis technology decreases. And there will be an increase in demand for the green hydrogen industry. Various industries, including oil and gas, steel, utilities, and fertilizers, are looking to green hydrogen. As a solution to the erratic nature of reusable resources.
Due to its ability to lower carbon emissions, green hydrogen has seen a sharp rise in demand in recent years. It also helps to address the world’s expanding requirements. Because it is a long-term energy source, its use is expect to rise. The global market for green hydrogens is predict to expand as more people become aware of the benefits of using hydrogen as an energy carrier. The industry is also drive by an increase in environmental concerns. Which emphasize the need for clean energy production to reduce emissions.
The corporations are force to explore alternate renewable energy sources. Due to the high costs of building and maintaining the hydrogen infrastructure. The biggest obstacles preventing the expansion of the green hydrogens business are the initial investment need to set up hydrogen infrastructure and the prohibitive maintenance expenses.
The enlargement and penetration of newer markets might promote the expansion of the international industry. For instance, establishing green hydrogens markets in the US and India might boost the hydrogen economy. And propel the total expansion of the hydrogen sector and the green hydrogens market. According to the US Department of Energy, there are currently 6500 hydrogen fuel cell vehicles on the road.
On the basis of technology, the market is segmented into PEM electrolysis and alkaline electrolysis.
The market was largely rule by alkaline electrolysis, with the largest share of 50%. An established and affordable technology for producing green hydrogen is the alkaline electrolyzer. It is appropriate for producing more than 1000 m3/h of green hydrogens on a big scale. Due to the exchangeable electrolyte and less anodic catalyst dissolution, alkaline electrolyzers have higher endurance. Due to low gas diffusivity, the green hydrogen gas produced by alkaline electrolysis has high purity.
On the basis of application, the green hydrogen market is segment into transport, power generation, and others.
In 2020, the power generation system ruled the entire market with a revenue of USD 186 million. Due to its production utilizing carbon-free renewable energy sources like solar. And wind energy, green hydrogen is employ as a fuel in the power generation industry. The energy produced by green hydrogens is flexible and can be either gaseous or liquid before being transform into electricity.
On the basis of end-use, the green hydrogen market is segmente into chemical, power, medical, mobility, petrochemical, grid injection, and others.
In 2020, the petrochemical segment led the entire market with USD 104.5 million. The petrochemical industry uses green hydrogens since the cost of petroleum fuels is rising quickly. Additionally, hazardous chemicals like carbon dioxide are release by gasoline fuels. Hydrogen that has not been taint by pollution is use to create green hydrogens by electrolyzing water, producing oxygen as a byproduct. Green hydrogen is becoming increasingly popular in the petrochemical industry due to the abundance and falling cost of renewable energy.
Europe accounted for a sizeable revenue share of about 50% in 2021. It is due to large expenditures made by European economies in pursuing an energy transition toward. A clean hydrogen-based economy during the ensuing years.
Due to the adoption of clean energy policies, North America will see a significant CAGR, with the U.S. and Canada gradually growing the green hydrogens industry. California currently controls most of the U.S. market thanks to aggressive decarbonization goals. Like eliminating gas or diesel-powered public transportation by 2040.
- Toshiba Energy Systems and Solutions Corp.
- Nel ASA
- Uniper SE
- Air Products and Chemicals, Inc.
- Linde Air Liquide
The market for green hydrogen in 2021 was USD 1.45 billion. And it will be worth USD 75.72 billion by 2030, growing at a 55.1% CAGR during the forecast period. The demand for green hydrogens is drive by the presence of supportive government policies promoting it. As well as growing environmental concerns around rising carbon emissions utilization of fossil fuels.
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