Green Hydrogen Market set to Fly High Growth in Years to Come
Green Hydrogen
Green Hydrogen Market Size to grow at a CAGR of 54.7% from 2021 to 2028.
WILMINGTON, DELAWARE, UNITED STATES, September 18, 2023/EINPresswire.com/ --
The global green hydrogen market size was valued at $0.3 billion in 2020, and is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028. Green hydrogen is a type of hydrogen fuel produced using renewable energy sources, such as wind, solar, or hydropower, through a process called electrolysis. It is considered "green" because its production generates minimal or zero greenhouse gas emissions, making it an environmentally friendly and sustainable energy carrier.
Download Sample PDF @ https://www.alliedmarketresearch.com/request-sample/11675
Some of the key players operating in the global green hydrogen market are
Ballard Power Systems
Enapter
Engie
Green Hydrogen Systems
Hydrogenics
Nikola Motors
Plug Power
SGH2 Energy Global LLC
Shell
Siemens Gas and Power GmbH & Co. KG.
Applications: Green hydrogen has a wide range of applications, including:
Transportation: It can be used as a clean fuel for fuel cell electric vehicles (FCEVs) and hydrogen-powered trains.
Industry: Green hydrogen can replace fossil fuels in industrial processes, such as steelmaking and chemical production.
Power Generation: It can be used in gas turbines or fuel cells to generate electricity.
Energy Storage: Excess green hydrogen can be stored and converted back to electricity when needed, providing grid stability and energy storage.
Rise in concern toward reducing carbon emissions and expansion of green hydrogen production technologies have boosted the growth of the green hydrogen market.
Countries such as the U.S., China, and India are emerging as investment centric hubs due to wide scope of green hydrogen in the manufacturing sector.
Green hydrogen is generated by the electrolysis of water using renewable energy sources such as wind or solar energy.
Presence of favorable government policies encouraging hydrogen economies, as well as environmental concerns about rising carbon emissions from fossil fuel use, are expected to fuel demand for hydrogen.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/11675
Efficiency and Scalability: The efficiency of green hydrogen production depends on the efficiency of the electrolysis process and the source of renewable energy. As renewable energy technologies improve, the efficiency and scalability of green hydrogen production also increase.
Renewable Energy Sources: The primary distinguishing feature of green hydrogen production is the use of renewable energy sources, such as wind turbines, solar panels, or hydropower plants, to provide the electricity required for electrolysis. These sources do not emit greenhouse gases during electricity generation.
Environmental Benefits: Green hydrogen production emits no direct carbon dioxide (CO2) emissions, making it a clean and sustainable energy carrier. It can contribute to reducing carbon emissions in various sectors, including transportation, industry, and power generation.
On the basis of end-use industry, the market is divided into food & beverages, medical, chemical, petrochemicals, glass, and others. The petrochemicals segment is projected to portray the highest CAGR of 55.0% during the forecast period.
Based on technology, the market is classified into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. The alkaline electrolyzer segment held the lion’s share in 2019, accounting for more than half of the market. In addition, the segment is expected to register the highest CAGR of 54.8% during the forecast period.
By application, the power generation segment held the highest share in 2020, accounting for nearly two-thirds of the global green hydrogen market, and is expected to maintain its lead position during the forecast period. Moreover, the segment is also expected to witness the largest CAGR of 54.9% from 2021 to 2028.
Electrolyzers are getting highly demanded for power generation as a clean energy source, which in turn, propels the growth of the segment.
By region, the green hydrogen market is dominated by Europe. The area has extensive oil & gas infrastructure, which has enormous potential to be transformed into hydrogen production, storage, and transportation infrastructure while also creating jobs.
The green hydrogen market was slightly affected by the Covid-19 pandemic. The lockdown across several countries posed several challenges for industry participants such as logistical difficulties in end goods, disruption of supply chains, and recruitment of workforce during the pandemic.
Buy This Report (275 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3It6p1M
However, the market recovered in the third and fourth quarter, majorly in North America and Europe regions. And with relaxed restrictions the market is expected to recoup rapidly in other regions.
Related Reports:-
Hydrogen Infrastructure Market by Production (Steam Methane Reforming, Coal Gasification, Electrolysis, Others), by Storage (Compression, Liquefaction, Material Based), by Delivery (Transportation, Refinery, Power Generation, Hydrogen Refueling Stations): Global Opportunity Analysis and Industry Forecast, 2023-2032
Hydrogen Fuel Cell Market By Type (Proton Exchange Membrane Fuel cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, Others), By Application (Stationary, Transportation, Portable), By End User (Fuel Cell Vehicles, Utilities, Defense): Global Opportunity Analysis and Industry Forecast, 2021-2031
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Analytics LLP
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
