Green Hydrogen Market size is expected to rise around US$ 89.18 billion by 2030 and is expanding at a CAGR of 54% from 2021 to 2030.
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.
Green Hydrogen Market: Key Trends
Rise in Industrialization
The global emission of harmful greenhouse gases is due to the widespread and major use of fossil fuels in conjunction with industrialization. Gases, such as carbon dioxide, methane, and nitrous oxide play a significant role in raising the temperature of the plant and causing climate change. As the global temperature has risen by one degree Celsius over the last century, environmentalists are requesting people to abandon the harmful use of fossil fuels as energy sources and instead of it demands the widespread use of green hydrogen. Emission control technologies are gaining traction in a variety of fields due to which the rising industrialization is driving the growth of green hydrogen market.
Technological Advancements
In the global hydrogen market, a variety of technologies are being used to produce hydrogen on a large scale. To meet the market demand, entire hydrogen quantum produced in the current scenario is primarily used in petroleum refineries, as well as in fertilizer manufacturing. The concept of green hydrogen adoption across various market segments is still nearing its peak and has had a positive rate of adoption and is used globally. As a result, technological advancements is creating great opportunities for the growth of green hydrogen market.
Restraints to the market growth include High Initial Costs. Hydrogen can be stored in different ways. The stored hydrogen is used to generate electricity, but because of the round-trip productivity, it is used at a lower rate than other storage technologies. In comparison to other fossil fuels, storing hydrogen energy is a relatively expensive process. Liquid hydrogen, thus has a higher density than gaseous hydrogen and is used as an energy transporter in processes, such as liquefaction. The method of operation employs to a mechanical plant with a highly complex working and functioning system. Thus, this increases the overall costs and as a result, high initial cost restricts the growth of green hydrogen market during the forecast period.
Download a Free Sample Copy of Green Hydrogen Market @ https://wemarketresearch.com/sample-request/green-hydrogen-market/4/
Market overview
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.
Economic growth
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.
Green Hydrogen Market: Segmentation Analysis
Green Hydrogen Market by Technology:
Alkaline Electrolyzer operates by transport of hydroxide ions i.e., negative ions through the electrolyte from the cathode to the anode with hydrogen i.e., positive ion being generated on the cathode side. Electrolyzers that use a liquid alkaline solution of sodium or potassium hydroxide as the electrolyte have been available for many years. New approaches that use solid alkaline exchange membranes (AEM) as the electrolyte are showing promise on the lab scale. While, the Solid oxide electrolyzers, uses a solid ceramic material as the electrolyte that selectively conducts negatively charged oxygen ions (O2-) at elevated temperatures and generate hydrogen in a slightly different way.
Green Hydrogen Market by Application:
Green Hydrogen Market: End User Industry Segment Analysis
Food & Beverages and Medicals are expected to drive revenue growth of the segment during the forecast period. The advantage of the end- use industry is that it increases the acceptability of grid-injections which is a low-value, low-investment shipping stone to support the early scaling of the green hydrogen market, to a significant extent.
Green Hydrogen Market by Renewable Source
The wind segment is anticipated to garner substantial returns over the forecast period due to a sharp decline in the price of wind energy.
On the basis of region – Based on Region
North America (US, Canada), Europe (UK, France, Spain, Italy, Germany), Asia-pacific (India, China, Japan, South Korea, Australia), Latin America (Mexico, Brazil), Middle East and Africa (UAE, Saudi Arabia, South Africa)
According to the regional segmentation, Europe dominates the market with the highest market share.
Key players in the Global Green Hydrogen Market are:
Green Hydrogen Market: Key Trends
Rise in Industrialization
The global emission of harmful greenhouse gases is due to the widespread and major use of fossil fuels in conjunction with industrialization. Gases, such as carbon dioxide, methane, and nitrous oxide play a significant role in raising the temperature of the plant and causing climate change. As the global temperature has risen by one degree Celsius over the last century, environmentalists are requesting people to abandon the harmful use of fossil fuels as energy sources and instead of it demands the widespread use of green hydrogen. Emission control technologies are gaining traction in a variety of fields due to which the rising industrialization is driving the growth of green hydrogen market.
Technological Advancements
In the global hydrogen market, a variety of technologies are being used to produce hydrogen on a large scale. To meet the market demand, entire hydrogen quantum produced in the current scenario is primarily used in petroleum refineries, as well as in fertilizer manufacturing. The concept of green hydrogen adoption across various market segments is still nearing its peak and has had a positive rate of adoption and is used globally. As a result, technological advancements is creating great opportunities for the growth of green hydrogen market.
Restraints to the market growth include High Initial Costs. Hydrogen can be stored in different ways. The stored hydrogen is used to generate electricity, but because of the round-trip productivity, it is used at a lower rate than other storage technologies. In comparison to other fossil fuels, storing hydrogen energy is a relatively expensive process. Liquid hydrogen, thus has a higher density than gaseous hydrogen and is used as an energy transporter in processes, such as liquefaction. The method of operation employs to a mechanical plant with a highly complex working and functioning system. Thus, this increases the overall costs and as a result, high initial cost restricts the growth of green hydrogen market during the forecast period.
For More Information Visit Our Report Page: https://wemarketresearch.com/reports/green-hydrogen-market/4/
Frequently Asked Questions
We Market Research is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception.
Green Hydrogen Market , Global Green Hydrogen Market , Green Hydrogen Market Size , Green Hydrogen Market Trends
Nov 01, 2022
Copyright © 2006 - 2023 PRnob Media, UBIC Solutions, LLC. All Rights Reserved.
