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Global Green Hydrogen Market is Expected to Grow at a CAGR of 132% by 2032 | ChemAnalyst
The Green Hydrogen market will likely experience a significant rise and at an expected CAGR of 132% during the forecast period by 2032.
Hydrogen is a primary element and is present in nature in abundance. Hydrogen can be generated from water, biomass, fossil fuels, or a combination of the three. But these methods are expensive and emit carbon dioxide. Green Hydrogen is produced by conducting the Water Electrolysis method which separates water molecules into their Hydrogen and oxygen components, without any greenhouse gas emission. There are various applications of Green Hydrogen, but Energy Storage, Feedstock, and Transportation are its significant applications.
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The leading reason for the expansion of green hydrogen is the synthesis of green ammonia. Green ammonia can function as a zero-carbon emission fuel, fertilizer, industrial power generation, and transportation. The world today demands clean and renewable energy sources which are driving the Green Hydrogen market globally. The demand for energy is constantly rising due to the rising population. Green hydrogen emits zero carbon dioxide and works as a fuel that cares for the environment. With countries focussing on a variety of programmes to cut carbon emissions and reach the target of zero emissions, it is expected that the demand for green hydrogen will exponentially rise in the forecast period.
The global Green Hydrogen market is segmented based on end-use, sales channel, and region. Based on demand, Asia Pacific holds the major share of the Green Hydrogen market all across the globe. Asia Pacific held a market share of roughly 50% of global Green Hydrogen in 2022. In the future, Asia Pacific will most likely experience a surge in both energy demand and renewable energy, and it might be a significant factor for green hydrogen market.
Major Players are Sinopec, Ningxia Baofeng Energy Group, Shell Plc, Jilin Chemical, Ohmium, Air Liquide, Acme Group, GAIL (India) Limited, Indian Oil Corporation Ltd, Toshiba Energy Systems and Solutions, SK Inc & Monolith, Hyosung Group, Linde Plc, Cleantech Group (Svevind Energy Group), N.V Nederlandse Gasunie, and others.