Green hydrogen is a hydrogen-produced fuel generated by splitting hydrogen and oxygen through electrolysis using electricity powered by low-carbon sources. Green hydrogen is expected to drastically reduce emissions as it uses power generated by renewable sources such as wind, solar, or hydro. Green hydrogen has the potential to replace fossil hydrocarbons and decarbonize hard-to-abate sectors such as cement, steel, aviation, heavy-duty transport, and chemicals industry. Green hydrogen, as of now, accounts for less than 1% of the total hydrogen produced annually, but the output is expected to boom over the coming years.
Increasing focus of oil & gas and automotive companies on green hydrogen to reduce fossil fuel production, dependency, and emission has significantly boosted demand for green hydrogen and in turn contributed to market revenue growth. Because oil and gas providers are positioned to heavily invest in and massively scale up the production of green hydrogen, expenses associated with production and manufacturing of green hydrogen could be drastically reduced in the near future. Key companies and countries across the globe are investing heavily in green hydrogen production and utilization to accelerate their goals to become carbon-neutral over the coming years and this is expected to open up new avenues of opportunities in the market.
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Key participants include Air Liquide, Engie, Linde, Uniper SE, Hydrogenics, Siemens, Toshiba Energy Systems & Solutions Corporation, Air Products and Chemicals, Inc., FuelCellsWorks, and Green Hydrogen Systems.
Further key findings in the report
- In January 2021, Siemens Energy partnered with Mubadala Investment Company and Masdar City on development of green hydrogen. The goal of the deal is to reduce production costs of green hydrogen and to establish a local green hydrogen economy.
- The Alkaline (ALK) electrolyzer segment accounted for the largest revenue share among the technology segments. ALK is cheaper than proton exchange membrane electrolyzer, which will propel adoption of this technology going ahead.
- Green hydrogen can be stored in existing gas pipelines and used to power household appliances. It is used in fuel cells to power devices that requires electricity, such as electric vehicles, and as long as these fuel cells have hydrogen fuel, they will not run down or need to be recharged, unlike other conventional batteries.
- Europe accounted for largest revenue share contribution to the global green hydrogen market in 2020 due to increasing investments in the EU’s Green Deal. Investment by governments in Next Generation EU and European Green Deal is expected to stimulate recovery of the economy that has been impacted by the COVID-19 pandemic. This is also projected to create jobs and boost leadership in strategic industries, which is crucial for the region’s resilience.
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For the purpose of this report, Reports and Data has segmented the global green hydrogen market on the basis of technology, application, and region:
Technology Outlook (Revenue, USD Million; 2018 – 2028)
- Proton Exchange Membrane (PEM) Electrolyzer
- Alkaline (ALK) Electrolyzer
- Solid Oxide Electrolyzer
Application Outlook (Revenue, USD Million; 2018 – 2028)
- Power Generation
Regional Analysis Covers:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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