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.
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.
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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 Segments
The Green Hydrogen market has been segmented into technology, distribution channel, source, end-use, and region.
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.
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