Green
Hydrogen Market: Overview
·
Demand for sources of renewable energy is rising across the
globe in order to lower carbon emission. Green hydrogen is one of the sources
of renewable energy.
·
Green hydrogen is made from regenerative energy sources through
water electrolysis. The water is separated into oxygen and hydrogen in an
electrolyzer with the help of electric current and is distinguished from grey
hydrogen obtained from fossil fuels (such as natural gas).
·
The chemical aspect of hydrogen is still underrated. Hydrogen is
environment friendly, and can be stored and converted back into electricity or
heat whenever required.
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Currently, three types of electrolyzer technologies are used:
alkaline (ALK) electrolyzer, proton exchange membrane (PEM) electrolyzer, and
solid oxide electrolyzer. The proton exchange membrane electrolyzer technology
is widely used across the globe.
·
Hydrogen can be stored and transported in different ways. These
include pipelines, tankers, and small storage tanks.
·
The usage of green hydrogen can help reduce the dependence on
fossil fuels and the expense on import of fuel
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Key
Drivers of Global Green Hydrogen Market
·
Demand for green hydrogen has been increasing since the last few
years, as it helps lower carbon footprint. It also helps meet the rising demand
for power across the globe. Green hydrogen is a renewable source of energy.
Thus, adoption of green hydrogen is anticipated to rise in the near future.
·
Increase in awareness about hydrogen as energy carrier is
estimated to boost the global green
hydrogen market in the near future
Green Hydrogen Market: Key Development
·
On May 20, 2020, SGH2 Energy Global LLC, a part of multinational
company Solena Group, announced plans to build the world’s largest green
hydrogen plant in Lancaster, California, the U.S. The facility would be
constructed on a five acre site and use recycled mixed paper waste to produce
up to 11,000 kilograms (24,251 pounds) of green hydrogen per day and 3.8
million kilograms annually. The company claimed that its technology lowers
carbon emissions by two to three times more than alternative green hydrogen
options.
North America to Hold Major Share of Global Green Hydrogen
Market
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Based on region, the global green hydrogen market can be
segmented into North America, Europe, Asia Pacific, Latin America, and Middle
East & Africa
·
North America dominated the global green hydrogen market in
2019, owing to growth in investment in the renewable sector in the region
·
Europe is estimated to account for major share of the global
green hydrogen market during the forecast period. The region is investing
significantly in the renewable energy sector to meet the Europe 2020 strategy,
which includes the target of reaching 20% of gross final energy consumption
from renewable sources.
·
The market in Asia Pacific is estimated to be highly attractive
during the forecast period. Demand for power has been rising in the region
owing to the growth in population. China, Japan, and India are investing
significantly in sources of renewable energy.
·
The market in Middle East & Africa and Latin America is
likely to expand at a moderate pace during the forecast period. Investment in
the renewable sector is estimated to rise in these regions in the near future.
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Key
Players Operating in Green Hydrogen Market
Major
players operating in the global green hydrogen market are:
·
SGH2 Energy Global LLC
·
Siemens Gas and Power GmbH & Co. KG
·
ENGIE
·
FuelCellsWorks
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