According to ChemAnalyst report, “Green Hydrogen Market: Plant Capacity, Production, Operating Efficiency, Process, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035” Green Hydrogen Market is expected to witness significant growth by reaching 874.96 thousand tonnes in 2035 and grow at a healthy CAGR of 32.34% during the forecast period until 2035.
Most of the hydrogen produced globally is through a process called Steam Reforming. This process uses a catalyst to react methane and steam, resulting in hydrogen, carbon monoxide and carbon dioxide. In a subsequent process, carbon monoxide, steam, and a catalyst react to produce more hydrogen and carbon dioxide. Pure hydrogen is extracted from the process leaving impurities and carbon-dioxide in the environment.
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Government initiatives to reduce carbon emission in the environment create a huge potential for green hydrogen which is produced from renewable resources and can replace carbon-intensives hydrogen end uses such as industrial, transport, commercial and power sectors. Currently, less than 2% of total hydrogen produced accounts for green hydrogen production.
Technological Research & Development in various countries have already capitalized on manufacturing, distribution, storage, and end uses of Green Hydrogen across different sectors. The significant increase in demand for green hydrogen will create the subsequent need for considerable infrastructure to handle the production and delivery of green hydrogen. The shift in technology from conventional producing methods to greener technology is expected to be a huge hurdle in shifting to green hydrogen.
Green Hydrogen Market is segmented on the basis of technology, end-use, sales channel, and region. On the basis of technology, the market is segmented into Alkaline Electrolysis (AE), Solid Oxide Electrolysis (SOE), and Proton Exchange Membrane (PEM). Alkaline Electrolysis is a widely used technology and is expected to dominate the market in the forecast period as it is cost-effective and has a long operational life. Depending on several end-uses, the market is segregated into chemicals, power generation, heat generation, transportation fuel, steel manufacturing, and others. The power generation sector is expected to dominate the Green Hydrogen market in the forecast years.
According to ChemAnalyst report, “Global Green Hydrogen: Plant Capacity, Production, Operating Efficiency, Process, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035”, Approach to plan the use of green hydrogen varies from country to country. To reduce the environmental impact associated with Hydrogen production, Hydrogen production via electrolysis has gained tremendous importance in the near term. For instance, a conglomerate of ITM Power, a British electrolyser Specialist and Orsted, a Danish energy firm announced a project Oyster to produce Hydrogen via a system combining wind energy and electrolysis primarily for marine use. Major players operating in the Green Hydrogen market are Ballard Power Systems, Enapter, Green Hydrogen Systems, Engie, Hydrogenics, Nikola Motors, Plug Power, Shell, SGH2 Energy Global LLC, Siemens Gas and Power GmbH & Co. KG., and others. In India, GAIL Ltd., announced its plan in October 2021 to construct India’s largest Green Hydrogen-production facility to boost its natural gas business with zero carbon fuel.
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“Green Hydrogen is being addressed as a fuel of the future as it exhibits a promising formula to solve the challenge of decarbonization while revitalizing various economies. As per the statistics, Hydrogen plans if progressed at the proposed pace are likely to cater to a quarter of our global energy needs by 2050 while reducing the overall carbon emission by one-third of the current percentage. The Global Green Hydrogen market is anticipated to witness a commendable growth with the majority of the consumption share coming from the Asia-Pacific (APAC) region owing to the increasing industrial operations in countries like China, India and South Korea. In addition, China’s setup of a new Hydrogen city with an altogether investment of 290 million USD to brace new research and development operations and build transport and storage facilities along with large scale production of Hydrogen fuel vehicles is the magnetic attribute towards the growth of Hydrogen market in Asia Pacific.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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