Green Hydrogen Market to Expand at a CAGR of 5.13% during the forecast period 2021-2031
The green hydrogen market has been developing significantly since early 2000, and much has been attributed to the technological advancements in this field.
By: BIS Research
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Industrial advancements, extensive investments for dedicated R&D facilities, and development of different application products that require green hydrogen are some of the major drivers that are currently propelling the growth of the market in the region. Additionally, due to the wide-scale production of green hydrogen as well as technological advancements pertaining to the technology, the global market for green hydrogen is expected to grow at a steady rate.
The increasing demand for green hydrogen in various end-user industries, such as oil and gas, petrochemical, electric vehicles, and power generation, has led to a wide acceptance of green hydrogen in their production over the time. This has led to a significant rise in the demand for green hydrogen in the region. Additionally, concerted efforts by both the government and the end-user have played a pivotal role in making this region the frontrunner in the field of green hydrogen.
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Companies active in the green hydrogen market have adopted multiple business and corporate strategies over the past years to maintain/improve their market positioning. While the industry has witnessed a mix of several strategies adopted by companies to evolve their technologies as well as strengthen their market presence, product-centric developments through patents and product developments have been the key features in the market.