The Future Of Green Hydrogen Market Demand

Precision Business Insights published a research report on "Green Hydrogen Market By Technology (Alkaline Electrolysis, Proton Exchange Membrane (PEM) Electrolysis), By Renewable Resources ( Solar, Water, and Wind), Application Type (Power Generation, Transport, and Others) By End-user (Medical, Chemical, Petro-chemical, Grid Injection, and Others) - Global/Region/Country Forecast to 2028"

Water electrolysis is used to create green hydrogen from renewable energy sources. Water is divided into oxygen and hydrogen in an electrolyzer by an electric current, and grey hydrogen generated from fossil fuels is separated (such as natural gas). Green hydrogen is a climate-friendly as well as durable alternative to fossil fuels that is used by industrial vendors, as well as the construction and transportation industries. In order to reduce carbon emissions, there is a growing demand for renewable energy sources all over the world.

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Due to the rise in legislation promoting green hydrogen in the energy sector, the green hydrogen market will witness an increased in the market revenue. This is in addition to growing environmental issues about rising carbon emissions from the use of fossil fuels. Furthermore, the growing number of H2 integration projects will expand the global market's reach. Moreover, the capability to expediently store green H2 and use it at a later stage will propel the market to new heights. The global green hydrogen market is growing due to increased demand for lower-cost renewable energy generation from all sources. However, a higher electrolyzer capital cost combined with a lack of lower-cost H2 generation equipment would limit the global green hydrogen market's growth to some extent. There are three main ways to store hydrogen. Although stored hydrogen can be utilized to create power, it's being used at a lesser percentage than other storage systems due to its low round-trip productivity which may act as a restraining factor for the market. Furthermore, storing hydrogen energy is a highly expensive operation when compared to other fossil fuels. Liquid hydrogen has a greater density than gaseous hydrogen and is employed in liquefaction operations as an energy transporter.

In terms of technology, the green hydrogen market is categorized into proton exchange membrane (PEM) electrolyzer, alkaline (ALK) electrolyzer, and solid oxide electrolyzer. In terms end use industry, the global green hydrogen market is classified into medical, petrochemicals, food and beverages, glass, mining, electronics, and others. On the basis of application segment, the global green hydrogen market is segregated into heating, power generation, and transport.

The European market for green hydrogen has the largest share of the global market. The European region is expected to grow rapidly during the predicted period. This is attributable to the industry's stable, long-standing infrastructure as well as its diverse choice of options. In addition, the cost of renewable energy is decreasing, which is another reason driving its expansion.

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There are several industry players working in the Green hydrogen Market, which include Air Liquide (France) Air Products and Chemicals, Inc. (USA) Cummins Inc. (USA) Linde (Ireland) Nel ASA (Norway) Siemens Energy AG (Germany) H&R Olwerke Schindler GmbH (Germany) Wind to Gas Energy GmbH & Co. KG (Germany) Toshiba Energy Systems & Solutions Corporation (Japan) Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd. (China)

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