Green Hydrogen Market Size and By Region – Global Opportunities & Forecast 2021-2028

 


Green Hydrogen Market

The global green hydrogen market is expected to experience a robust growth over the coming years. Green hydrogen is produced by the electrolysis of water for which electric power is used, which is produced by inexhaustible sources of energy. The presence of strategic government norms towards the hydrogen economy and the increasing agitation towards rising carbon discharge will propel the market growth.

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Green Hydrogen Market Dynamics

Green hydrogen is produced from inexhaustible sources, i.e. water by electrolysis process. Green hydrogen offers enormous advantages which has persuaded nations to invest in green hydrogen. For example, the United States Department of Energy has invested USD 100 million in the Research & Development of hydrogen. The European Commission will invest nearly USD 430 billion in green hydrogen by 2030. Further, the consumption of fossil fuels and rapid industrialization have raised the greenhouse effects. Greenhouse gases, such as nitrous oxide, CO2, and methane are responsible for global warming and have raised the awareness to use green hydrogen as an alternative to impede harmful gases. Thus, this is a prime factor complementing the green hydrogen market size.

The usage of green hydrogen in several end-use industries, such as chemical, power, grid injection, mobility, and industrial has elevated the market share. Also, as per the green hydrogen market report, it is used as an alternative for grey, brown, and blue hydrogen because of the zero-discharge production process and cost-competitiveness is another factor compelling the market growth.

However, the production of green hydrogen or total decarbonization has automated the whole energy system. The initial investment required to set up the entire hydrogen infrastructure is costly and will retrain the market growth of green hydrogen.

Application Segment Drivers

Based on application, the power generation segment is projected to expand at a faster rate over the forecast period. Green hydrogen is carbon di oxide free means zero carbon discharge. As per the green hydrogen market analysis, it can be used in several industries for manufacturing where the ejection of nitrous oxide, Co2, and methane are more to decrease the impact of hazards gases responsible for global warming. Green hydrogen is a sustainable substitute for the power production industry.

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