Global green hydrogen market was valued at $ 4.2 billion in 2022 and is likely to reach $ 83.7 billion by 2032, registering a CAGR of 31.8% over the forecast period of 2023-2032.
Green hydrogen serves as a sustainable energy carrier created through electrolysis, harnessing renewable energy sources such as wind or solar power. In this process, water undergoes separation into hydrogen and oxygen, all without generating any carbon emissions. What sets green hydrogen apart is its environmentally conscious production, completely devoid of fossil fuels. Positioned as a versatile and environmentally friendly energy solution, green hydrogen carries significant potential for decarbonizing diverse sectors like transportation, industry, and power generation. Its adoption contributes to fostering a more sustainable and climate-friendly energy environment.
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Companies:
- ABB
- Air Liquide
- Ballard Power Systems
- Ceres Power
- Enapter
- ENGIE
- Green Hydrogen Systems
- Hydrogenics (a Cummins Company)
- ITM Power
- Linde
- McPhy
- Nel Hydrogen
- Plug Power
- Siemens Energy
- Thyssenkrupp Industrial Solutions
Key Growth Drivers
Several factors are propelling the expansion of the green hydrogen market:
- Global Decarbonization Goals: With numerous countries committing to net-zero emissions by 2050, green hydrogen is seen as a crucial solution for decarbonizing hard-to-abate sectors such as heavy industry (steel, cement, chemicals), and transportation (heavy-duty vehicles, shipping, aviation).
- Technological Advancements: Significant progress in electrolysis technologies, particularly Proton Exchange Membrane (PEM) and alkaline electrolyzers, is improving efficiency and reducing production costs. Innovations in hydrogen storage and transportation are also crucial for market growth.
- Government Initiatives and Investments: Many governments worldwide are implementing supportive policies, subsidies, and incentives to promote green hydrogen production and infrastructure development. National hydrogen strategies in countries like Germany, Japan, India, and Australia are creating favorable ecosystems for market growth. For instance, India has launched its National Hydrogen Mission with a significant financial outlay to become a global leader in green hydrogen production, targeting 5 million metric tons per year by 2030.
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