The Future of Green Hydrogen Market 2022-2030

 
AMRITSAR, India - Nov. 3, 2022 - PRLog -- Hydrogen has the potential to become a prominent source of renewable energy. As such, many companies have been investing in and researching green hydrogen. Green hydrogen is a carbon-neutral form of hydrogen derived from renewable sources such as water, bio waste or wind. It produces no CO2 emissions during production and can be stored and transported like natural gas.

The current state of green hydrogen

Hydrogen is already being utilised to power vehicles and buildings in many countries around the world. The transportation sector currently accounts for the majority of the demand for hydrogen, mainly due to the fact that it can be used in a wide variety of vehicles, including cars, ships and airplanes.

The green hydrogen market reached a value of nearly $692.7 million in 2021 at a CAGR of 27.7% since 2016. The market is expected is then expected to grow at a CAGR of 40.9% from 2026 and reach $31,594.5 million in 2031.

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The global green hydrogen market is fairly concentrated, and the market has limited number of large players. The top ten competitors in the market made up to 81.13% of the total market in 2020.

Green Hydrogen Global Market Growth Drivers

Growth in the historic period resulted from emerging markets growth, low interest rate environment, high environment impact of conventional power generation sources and increased demand from the chemical industry.

Regulations and Standards for Green Hydrogen

The primary regulatory body for hydrogen at present is the Organisation for Economic Co-operation and Development (OECD). The OECD is focused on regulating and improving the safety of hydrogen through research and outreach. The organisation is working to develop a consistent regulatory environment for hydrogen and promote its use as a sustainable and clean source of energy.

The Roadblock: Infrastructure and Storage Issues

The biggest challenge facing the advancement of green hydrogen is developing an effective and efficient infrastructure for storing and transporting it. Hydrogen is a very light and highly combustible gas. For this reason, it is difficult to store and transport, unlike natural gas or electricity. The production of hydrogen from renewable sources can be intermittent, and it is challenging to store and transport due to its low density. In order for hydrogen to be a truly viable energy source, there needs to be significant investment in the development of infrastructure.

Final Words:

Hydrogen is a renewable source of energy that can be produced from water or biomass, and can be used to power a variety of different applications. As such, it has potential to become a prominent source of renewable energy. However, there are still ongoing research and development efforts needed to reduce the costs associated with producing hydrogen.

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