The Global Green Hydrogen Market is accounted for $915.16 million in 2020 and is expected to reach $3,062.93 million by 2028 growing at a CAGR of 16.3% during the forecast period. Some of the key factors propelling the market growth include rising concerns regarding climate change, increasing need to reduce carbon emissions, rising focus on more eco-friendly and renewable energy resources, increase in awareness about hydrogen as energy carrier, and low variable renewable energy (VRE) electricity costs. However, the high production costs and energy loss during the production and use of green hydrogen are likely to hinder the market growth.
Green hydrogen is usually obtained from clean sources rather than fossil fuels. The range of colors is used to describe a colorless clean-burning chemical that is used as a substitute for oil, coal, and natural gas in a wide variety of applications. Green hydrogen is made from the hydrolysis of water using electricity obtained from renewable sources such as solar and wind energy. It is different from grey hydrogen produced from fossil fuels such as natural gas. Hydrogen is environmental friendly and can be stored and converted back to energy or heat whenever appropriate.
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Some of the key players in Green Hydrogen Market include Air Liquide, Hydrogenics, Uniper SE, Siemens Gas and Power GmbH & Co. KG, Air Products and Chemicals, Inc., Toshiba Corporation, SGH2 Energy Global LLC, Linde, Fuel Cells Works, Nel ASA, Green Hydrogen Systems, Solena Group, Loop Energy Inc., Nikola Motors, Ballard Power Systems, and Cummins Inc.
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The Global Green Hydrogen Market is majorly driven by increasing environmental concerns regarding increasing carbon emissions from fossil fuel usage, increase in awareness about hydrogen as energy carrier, and low variable renewable energy (VRE) electricity costs. The polymer electrolyte membrane (PEM) electrolyzer segment is growing at a highest CAGR owing to lower gas permeability and thickness of proton exchange membranes along with high proton conductivity of these electrolyzers, and the presence of solid specialty plastic material-based electrolyte offers higher functional flexibility to the PEM electrolyzer. Europe dominated with a significant market share due to the decrease in the cost of renewable generation of energy, strong sustainable infrastructure, and the presence of a lot of opportunities in this market. North America market is growing at a highest CAGR owing to the implementation of clean energy policies, capabilities of making huge infrastructures for storing green hydrogen, and the presence of some of the key renewal power projects in the region.
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