The Global Green Hydrogen Market is projected to grow to a value of more than $4000 million by 2030, with a CAGR of over 5%.
Green Hydrogen Market: Introduction
Green hydrogen is made through the process of hydrolysis using renewable energy and electrical current to isolate hydrogen from oxygen in the water If the electricity required for electrolysis is obtained from inexhaustible sources like sun based or wind, no greenhouse gas emissions are created.
Green hydrogen can hypothetically be utilized for an assortment of purposes. It tends to be burned in power plants or district heating systems when mixed with flammable gas. It very well may be utilized as a forerunner for other energy transporters like alkali and manufactured hydrocarbons or directly power modules in vehicles and boats.
The critical test in turn is enabling these imminent business sectors to get the expected green hydrogen. The profoundly unpredictable gas is challenging to store and ship as it occupies a lot of room and makes steel pipelines and welds brittle and hence causes grave disappointment.
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Green hydrogen is created by the electrolysis of water using electric power which is produced by sustainable power sources, like air or sun-based energy. The presence of favorable government approaches pushing towards the hydrogen economy alongside increasing ecological concerns with respect to expanding fossil fuel emissions from petroleum derivative utilization is relied upon to drive the interest for the hydrogen economy. This pattern is expected to give a potential development scene to the market over the conjecture time frame.
The growing awareness about hydrogen as energy transporter, rising interest for power across the globe, presence of ideal government approaches pushing towards the hydrogen economy alongside developing ecological worries in regards to expanding fossil fuel emissions from petroleum product, rising number of strong strategies and guidelines, expanding infiltration of inexhaustible penetration of energy are a portion of the major as well as crucial elements which will prone to drive the green hydrogen market in the projected time period of 2022 to 2030.
Then again, expanding center around development and mechanical progressions, developing government speculations and sponsorships boosting clean fuel adoption, alongside hydrogen economy being promoted as an eco-accommodating option in contrast to petroleum product economy which will contribute by creating avenues that are likely to prompt the growth of the green hydrogen market in the previously mentioned projected time period.
The Global Green Hydrogen Market size was $786.9 million in 2019, and is projected to grow to a value of more than $4000 million by 2030, with a CAGR (compound annual growth rate) of over 5% from 2022 to 2030.
Market segmentation: Analysis
The Global Green Hydrogen Market is segmented by technology, application, end-user industry, and geographic region.
On the basis of technology – Proton Exchange membrane electrolyser, Alkaline electrolyser, and Solid oxide electrolyser.
According to the technology segmentation, Alkaline electrolyser is expected as the most profitable section.
On the basis of application – Power generation, and Transport.
According to the application segmentation, power generation is projected as the most lucrative section.
On the basis of end-user industry – Food & beverages, Medical, Chemical, Petrochemicals, and Glass.
According to the end-user industry segmentation, petrochemicals presently holds the largest amount of share among others.
On the basis of region – North America, Europe, Latin America, Asia-pacific, and Middle east and Africa.
According to the regional segmentation, Europe dominates the market with the highest market share.
Key players in the Global Green Hydrogen Market are:
- Linde Plc
- Air liquid SA
- Air products and chemicals, Inc
- Engie SA
- Uniper SE
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