According to ChemAnalyst report, “Global Green Hydrogen Market Analysis: Plant Capacity, Production, Process, Operating Efficiency, Demand & Supply, End-User Industries, Regional Demand, 2015-2032”, The Green Hydrogen market will likely experience a significant rise and at an expected CAGR of 132% during the forecast period by 2032. The rising demand for Green Hydrogen in major end-use industries such as Green Ammonia, Transportation Fuel, Power & Heating, Refining, and Chemical Feedstock is anticipated to propel the demand for the Green Hydrogen market in the forecast period.
As nations strive to meet ambitious carbon reduction goals outlined in the Paris Agreement, green hydrogen presents a unique opportunity to decarbonize sectors that are traditionally hard to electrify directly. Industries such as heavy transportation, industrial heating, and energy storage can benefit from the remarkable qualities of green hydrogen. Unlike conventional hydrogen production methods, which often rely on fossil fuels and emit substantial carbon dioxide, green hydrogen is produced by splitting water into hydrogen and oxygen using renewable electricity. This process not only eliminates harmful emissions but also offers a valuable method of storing excess renewable energy for later use.
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The market's growth potential is undeniable, with a surge in investments and partnerships driving technological advancements and cost reductions. Governments, corporations, and investors are recognizing the transformative potential of green hydrogen and are directing substantial resources towards its research, development, and deployment. These investments are accelerating the scale-up of electrolyzer technologies, essential for efficient hydrogen production, while also promoting the establishment of hydrogen refueling infrastructure.
Europe, in particular, has taken a pioneering stance in fostering the green hydrogen market. The European Union's Hydrogen Strategy aims to install 40 GW of electrolyzer capacity by 2030, which would translate into millions of tons of CO2 emissions avoided annually. Similarly, countries like Australia, Japan, and South Korea are also making significant strides by leveraging their renewable energy resources to become key players in the global green hydrogen market.
However, challenges remain. The high initial costs of electrolysis equipment, coupled with the need to further decrease production costs, are critical barriers to widespread adoption. Collaboration between governments, private sectors, and research institutions is paramount to addressing these challenges and fully realizing the potential of green hydrogen.
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“Global Green Hydrogen Market Analysis: Plant Capacity, Production, Process, Operating Efficiency, Demand & Supply, End-User Industries, Regional Demand, 2015-2032”, the significant companies for Global Green Hydrogen are Sinopec, Ningxia Baofeng Energy Group, Shell Plc, Jilin Chemical, Ohmium, Air Liquide, Acme Group, GAIL (India) Limited, Indian Oil Corporation Ltd, Toshiba Energy Systems and Solutions, SK Inc & Monolith, Hyosung Group, Linde Plc, Cleantech Group (Svevind Energy Group), N.V Nederlandse Gasunie, and others.
“The growing demand of Green Hydrogen as a renewable source of energy, power generation, and transportation facilities such as Fuel cell electric vehicles (FCEVs), is anticipated to contribute to the expansion of the Global Green Hydrogen market during the forecast period until 2032. The growing usage of green hydrogen to produce green ammonia which have applications in energy storage, fertilizers, transportation, and as a zero-carbon fuel is one the primary reasons for green hydrogen market expansion. The ability of Green Hydrogen to reduce carbon emissions and replace conventional fuels is expected to result in further market expansion of the Global Green Hydrogen market in the forecast period. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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