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Green hydrogen refers to the hydrogen that is produced by splitting water into hydrogen and oxygen using a renewable source of energy. It is regarded as one of the most efficient sources of sustainable energy as it can minimize or almost eliminate carbon emissions.
There has been a widespread adoption of this element across various industries such as automotive, aviation, heavy equipment, just to name a few. With increasing environmental concerns, nations are emphasizing on reducing industrial carbon footprints by adopting cleaner energy source like green hydrogen. In fact, it has become one of the key options to store renewables with hydrogen fuels for future use.
The global green hydrogen market is poised to amplify at a CAGR of 54% over the forecast duration of 2022-2030.
What are the primary factors augmenting market outlook?
As green hydrogen is the only hydrogen type produced in a climate-neutral manner, it is being adopted in emerging nations to bring down industrial carbon footprints. Increasing industrialization which in turn results in the release of harmful greenhouse gases is creating lucrative avenues for emission control technologies to prosper.
Furthermore, technological advancements to aid efficient production of green energy or technology coupled with research and development investments in the field are positively swaying the market dynamics.
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Key restraining factors
There are certain factors which are impeding the progression of global green hydrogen market. Storing of hydrogen can be quite difficult and expensive as the operation requires a mechanical plant equipped with highly complex functioning system. This increases the initial costs related to the production and storage of this element.
Moreover, market players face several challenges when it comes to green hydrogen production which involves complicated methods like fermentation, steam reforming, and electrolysis. These obstacles in turn hinder the overall industry growth.
As of now, green hydrogen only accounts for less than 1% of the total hydrogen production in the world owing to the aforementioned challenges.
Which is the fastest growing segment in the market sphere?
Based on technology, the market place is bifurcated into alkaline electrolysis, and solid oxide electrolysis, proton exchange membrane. The alkaline electrolysis segment has capture a market share of 70% and is anticipated to expand at a rapid pace over the forecast duration. This is attributable to that fact that it is less expensive and has long operational life.
Emerging players in the global market
They key players emerging as global leaders in green hydrogen market are Siemens Energy AG, Shell plc, SGH2 Energy Global LLC, Nikola Corporation, Cummins Inc, Linde plc, Air Liquide SA, Air Products and Chemicals Inc, Guandong Nation-Synergy Hydrogen Power Technology Co., Ltd, Toshiba Energy Systems & Solutions Corporation, Wind to Gas Energy GmbH & Co., KG, and Nel ASA.
Guandong Nation-Synergy Hydrogen Power Technology Co., Ltd in October 2020 launched its latest fuel cell stack aimed at expanding its product offerings. The stack was equipped with ultra-thin CCM and ultra-thin flexible graphite plate technologies.
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