The green hydrogen market size was nearly USD 4.0 billion in 2022 and it is expected to grow at a rate of over 45% from 2023 to 2032.
Green hydrogen is a type of hydrogen produced through the electrolysis of water using renewable energy sources. The process of electrolysis splits water molecules into hydrogen and oxygen atoms using an electric current. The hydrogen produced can be used in a variety of ways, including as a fuel for vehicles or as a way to store energy.
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A key advantage of green hydrogen is that it does not produce greenhouse gas emissions when used. This is in contrast to traditional hydrogen, which is produced from natural gas and emits carbon dioxide when burned. Green hydrogen can therefore help to reduce greenhouse gas emissions and combat climate change.
Green Hydrogen Market Trends
In the past decade, there has been a growing interest in green hydrogen technology. This is due to the many potential benefits that this technology can offer. Some of the key trends in green hydrogen technology include:
- Increased Efficiency: One of the main trends in green hydrogen technology is the increased efficiency of electrolyzers. This is important because it means that more hydrogen can be produced from renewable energy sources.
- Cost reductions: Another trend is the reduction in the cost of green hydrogen technology. This is due to the improved efficiency of electrolyzers and the development of new technologies.
- Improved Storage: Another trend is the improved storage of green hydrogen. This is due to the development of new storage technologies, such as metal hydrides.
- Increased Use: Another trend is the increased use of green hydrogen. This is due to the many potential applications of green hydrogen, such as in fuel cells and as a chemical feedstock.
- Increased Investment: Another trend is the increased investment in green hydrogen technology. This is due to the growing interest in this technology and the potential benefits it can offer.
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Green Hydrogen Market Drivers
There are many factors that are driving the green hydrogen market. One of the most important drivers is the need to decarbonize the economy and move to cleaner energy sources. Hydrogen is seen as a key part of this transition, as it can be used in a variety of ways to replace fossil fuels. For example, it can be used as a fuel for transportation, as a way to store energy, and as a feedstock for various industrial processes.
Another key driver of the green hydrogen market is the falling cost of production. Thanks to advances in technology, it is now possible to produce hydrogen more cheaply and efficiently than ever before. This is making it increasingly competitive with other energy sources, such as natural gas.
Finally, there is growing political support for green hydrogen. Many countries are now committing to hydrogen targets as part of their climate change mitigation plans. This is providing a boost to the market and is helping to drive investment in the sector.
Green Hydrogen Market Restraints & Challenges
The cost of producing hydrogen gas from renewable energy sources is currently higher than the cost of producing hydrogen gas from fossil fuels. In order to make the hydrogen economy economically viable, the cost of producing hydrogen gas from renewable energy sources must be reduced. There are a number of ways to reduce the cost of electrolysis, including improving the efficiency of electrolyzers, using renewable energy sources such as solar and wind power, and using nuclear power.
Another challenge in the development of a hydrogen economy is the need to develop a hydrogen infrastructure, including a network of hydrogen production and distribution facilities. The infrastructure required to support a hydrogen economy is currently not in place. In order to develop a hydrogen economy, it will be necessary to invest in the development of a hydrogen infrastructure.
Major Players in the Green Hydrogen Market
The key players in the Green Hydrogen Market are Nel Hydrogen, McPhy Energy, ITM Power Plc, Hydrogenics (Cummins), Plug Power, John Cockerill, Air Liquide, Linde, PowerCell, Ballard Power Systems, FuelCell Energy, Air Products and Chemicals, and Royal Dutch Shell among others.
COVID-19 Impact
COVID-19 outbreak has moderately impacted the green hydrogen industry landscape. The consumption of utilities including electricity was negatively impacted in early 2020 with a slowdown in annual growth. The imposition of partial to complete lockdown measures in response to COVID-19 led to an economic downturn in almost all countries and territories worldwide. The shortage in liquidity forced downsizing and other cost-cutting measures like reduced budgets for attending events and pay cuts. COVID-19 would however accelerate the need for reducing carbon emission by a couple of years which would mean an increased demand for green hydrogen in the future.
The COVID-19 outbreak has significantly affected numerous verticals such as the oil refining industry, chemical sector, and steel manufacturing industry currently have witnessed huge hydrogen demand which the COVID-19 outbreak has significantly impacted. Developing countries such UAE, China, India, Egypt, and others largely focus on integrating clean power energy generation technologies have witness a setback by the outbreak of deadly disease. Also, several countries globally participating in clan energy installation. Such a factors positively influence the industry expansion.
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