Press release
Hydrogen Market Forecast to Grow at 7.8% CAGR from 2024 to 2031 | SkyQuest Technology
Skyquest Technology
Hydrogen Market [https://www.skyquestt.com/report/hydrogen-market] size was valued at USD 225.15 billion in 2022 and is poised to grow from USD 242.71 billion in 2023 to USD 442.63 billion by 2031, growing at a CAGR of 7.8% during the forecast period (2024-2031).
Hydrogen market to experience momentous growth relating to de-carbonisation and improvement in the existing technologies. Among others, hydrogen fuel cells hold the largest impact, supporting zero-emissions heavy-duty automobiles that at present contribute to GHG (Greenhouse Gas) emissions. Hence, the market is projected to be majorly driven by the transportation sector.
The Hydrogen economy will be augmented by the growing applications the fuel cells, fuel cell automobiles, and the energy demand. Hydrogen fuel cells assist in demand response as well as provide power generation.This is important since hydrogen stabilizes the break among power generation fluctuations and renewable energy systems and a whole renewable-enabled grid. Such cells can fulfil the demand response problems for several months. Also, expansive decarbonization can be gained by hydrogen production from renewable sources of energy. Green hydrogen prepared with renewable energy systems removes carbon discharges common in the conventional production of hydrogen. Choices for hydrogen production comprise thermochemical and photocatalytic water splitting with solar energy.
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Green Hydrogen and Fuel-Cell Electric Vehicles to be the Future of the Market
One major development of the market belongs to the hydrogen production area. Traditional hydrogen production methods, such as steam methane reforming were common, yet emissions were accompanied. However, the latest improvements in the domain of electrolysis tech have grown interest in green hydrogen creation since it offers de-carbonization that reducesemissions, leading to cleaner energy systems. This ultimately shifts focus on green hydrogen from conventional methods.Also, the incorporation of hydrogen energy transporters in diverse sectors has attracted ample attention. Fuel cell electric vehicles are progressively being recognized as the opportunistic substitute forconventional combustion engines in the transport industry. Therefore, with major investmentsbyautomotive producers and infrastructure developers, demand for hydrogen re-fuelstations and fuel cells electric vehicles signify an inclination on welcoming hydrogen as a zero-emission transport solution.
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* In May 2024, Norway's Nel ASA and Reliance Industries signed a contract to source technology to manufacture electrolysers for the green hydrogen production. This is a part of Mukesh Ambani's hinges toward green energy.
* In June 2024, Heidelberg Materials and Linde recently hosted the most unique ceremony for their wide-scale liquefaction and carbon dioxide capture building in Lengfurt, in Germany. The attraction of the project is that the captured carbon dioxide from production of cement clinker is treated or processed in an efficient way so for reusing it as carbon dioxide in the foods & beverages industry.
* In June 2024, a global leader in comprehensive hydrogen solutions (green hydrogen economy), Plug Power Incorporation, received an order for 25 MW of PEM (Proton Exchange Membrane) electrolyzer systems for a consumer based in Europe. This project is expected to hire 5 MW containerized PEM electrolyzers of Plug Power. Their aim will be to decrease the carbon footprint of the firm with the help of green hydrogen.
* In June 2024, Air Products and TotalEnergies joined hands for a 15-year contract for the yearly supply of 70,000 tons Green Hydrogen in Europe, beginning from 2030.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/hydrogen-market
Many hydrogen fuel sources are now and will be widely used in industries, thus pressurizing the hydrogen-producing companies. The upcoming trend is to manufacture green hydrogen through water electrolysis with eco-friendly renewable energy. This method of production is anticipated to be comparatively more economical than industrial production since the key input cost is electricity from renewable energy sources like wind, solar, tidal, and hydroelectric.
Related Reports:
Edge Computing Market [https://www.skyquestt.com/report/edge-computing-market]
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