This study intends to analyse diverse aspects of the global green hydrogen market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Green Hydrogen Market – Greater Awareness of Hydrogen as an Energy Carrier Boosts Demand
There continues to be a greater level of awareness concerning hydrogen being an energy carrier that only produces heat and water when combined with oxygen. Moreover, the use of hydrogen fuel cells produces no greenhouse gases or other pollutants. As per findings by the US Department of Energy, hydrogen-based fuel cells can produce electricity at up to 60% efficiency, while a conventional combustion-based power plant does the same at 33-35% efficiency. This is a major factor that is expected to boost the adoption rate of this technology, and in turn spike market growth prospects for players engaged in the global green hydrogen market in the years to come.
Green Hydrogen Market – Severing Environmental Concerns Paves the Way
As the effects of climate change become clearer, a growing number of individuals are now keener on looking for and adopting alternative energy solutions that reduce if not eliminate our carbon footprint on the atmosphere. Various governments and concerned authorities are now enforcing stricter regulations to achieve these collective goals. There has been a rise in the number of public events and campaigns that are aimed at increasing awareness concerning this topic, with a vast number of influential individuals lending their support to various groups that promote the use of cleaner tech for various applications. Moreover, many manufacturers are now more focused on developing more efficient green hydrogen technology that can replace the use of conventional energy sources with relative ease. These are major elements expected to have a profound impact on the growth trajectory of the global green hydrogen market in the future.
Green Hydrogen Market – Hindrances Prevail in Form of Expensive Set-up and Maintenance Costs
It is a well-known fact that the initial setup costs associated with the production, conversion, storage, and transportation of green hydrogen, as well as the subsequent maintenance of the necessary infrastructure are major elements that are expected to have a negative influence on the projected growth of the global green hydrogen market. However, increased funding and ongoing R&D initiatives looking to develop low-cost, efficient production technologies are slated to have a positive influence on the adoption and growth of the market.
Green Hydrogen Market – COVID-19 Impact
The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles. This led to a significant decline in generated revenues for many industries and was no different for the market. However, as restrictions were gradually relaxed, post the 3rd and 4th waves, the global green hydrogen market has regressed to its pre-COVID state of operations.
Green Hydrogen Market – Europe Spearheads Banking on Greater Investments
Extensive investments made by various European nations towards the transition to a clean, green hydrogen-based economy is a major factor that is expected to result in this regional market accounting for the majority share of this industry. North America on the other hand is also slated to index a favorable rate of growth over the forecast timeline due to the implementation of various clean energy policies. More importantly though, markets in the Asia Pacific are expected to register the highest CAGR, with Australia, and Canada being the primary contributors to the growth of green hydrogen market.
Green Hydrogen Market: Competitive Landscape
Major players in the global green hydrogen market include Linde plc., Air Products Inc., Air Liquide, Cummins Inc., Engie, Nel ASA, Siemens Energy, Toshiba Energy Systems & Solutions Corporation, Uniper SE, and Bloom Energy, to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Developments
Regional Classification of Global Green Hydrogen Market Can be Given as Below:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Green Hydrogen Market
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