Global green hydrogen market was valued at $ 4.2 billion in 2022 and is likely to reach $ 83.7 billion by 2032, registering a CAGR of 31.8% over the forecast period of 2023-2032.
Green hydrogen serves as a sustainable energy carrier created through electrolysis, harnessing renewable energy sources such as wind or solar power. In this process, water undergoes separation into hydrogen and oxygen, all without generating any carbon emissions. What sets green hydrogen apart is its environmentally conscious production, completely devoid of fossil fuels. Positioned as a versatile and environmentally friendly energy solution, green hydrogen carries significant potential for decarbonizing diverse sectors like transportation, industry, and power generation. Its adoption contributes to fostering a more sustainable and climate-friendly energy environment. The green hydrogen market is witnessing an extraordinary surge, driven by a combination of factors that highlight the growing acknowledgment and adoption of this revolutionary energy source. In the face of the urgent need to shift towards sustainable and carbon-neutral energy solutions, green hydrogen stands out as a pivotal player in the worldwide endeavour to combat climate change.
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A transformative shift toward clean energy sources is in progress, driven by an increasing awareness of the pressing need to address climate change. Green hydrogen, generated through water electrolysis using renewable energy, stands out as a symbol of sustainability in this evolving landscape. As nations and industries commit to reducing carbon footprints, the demand for green hydrogen is set to increase. Governments worldwide are aligning their energy policies with ambitious decarbonisation goals, fostering an environment conducive to the adoption and expansion of green hydrogen technologies. The foundation of green hydrogen lies in its dependence on renewable energy sources, such as solar and wind power, for the electrolysis process. The rising capacity and affordability of renewable energy technologies have significantly bolstered the feasibility and competitiveness of green hydrogen production.
Sectors characterized by substantial carbon footprints, including heavy manufacturing, chemicals, and steel production, face mounting pressure to undertake decarbonisation initiatives in their operations. Green hydrogen, as a versatile and clean energy carrier, offers a viable solution to replace traditional hydrogen produced from fossil fuels. The decarbonisation imperative, driven by both regulatory requirements and corporate sustainability commitments, creates a compelling market for green hydrogen as industries seek transformative solutions to align with global climate goals. Ongoing advancements in electrolysis technologies are enhancing the efficiency and cost-effectiveness of green hydrogen production. Proton exchange membrane (PEM) electrolysers and alkaline electrolysers, the two main types of electrolysis technologies, are witnessing improvements in performance, durability, and scalability.
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