— Green Hydrogen Market is projected to be worth USD 10.22 billion by 2028, registering a CAGR of 57.41% during the forecast period (2021 - 2028), The market was valued at USD 0.41 billion in 2020.
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Green hydrogen is a result of clean sources instead of the use of fossil fuels. There is a huge range of colors that are used for describing a burning chemical that is colorless. This can act as a good and reliable substitute for important sources like natural gas, coal alongside oil in huge and wide variation in the applications. Green hydrogen is a result of water hydrolysis that is obtained from the use of electricity. These are obtained from renewable sources of energy like wind and solar energy. The global forecast for the market shows a positive and staggering rate. The market is experiencing a scaling demand for green technologies along with support from government initiatives for the wide-scale adoption of zero-emission systems. The demand for hydrogen is increasing across various industry verticles and hence, the global market is investing in the development of techniques that will help in reducing the production costs and enhancement of infrastructure.
To get a detailed and profound idea about the green hydrogen Market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the globe. Various key players are using expansion, collaborations, mergers and acquisitions, and partnership strategies for maintaining their position in the global market. The prime players of the Automotive Wiring Harness market are:-
UNIPER SE (Germany)
Cummins Inc. (US)
Air LIQUIDE (France)
Toshiba Corporation (Japan)
NEL ASA (Norway)
Air Products Inc. (US)
Messer Group GMBH (Germany)
MC PHY Energy (France)
Plug Power Inc. (US)
ITM Power (UK).
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Air Products alongside ThyssenKrupp Uhde Chlorine Engineers entered into a cooperation agreement. The collaboration between these companies in the major regions is showing that these have complementary technologies, engineering, alongside the execution of strengths that will help in developing projects for supplying this hydrogen in the market. This agreement came into force in July 2020.
Another company, ENGIE announced its collaboration with CEA and Neste. This is a French Research organization whose aim is to decarbonize the bio-refineries for renewable hydrogen. The project has been established for the production of green hydrogen.
A state-of-the-art hydrogen and carbon dioxide monoxide facility was constructed by Linde in Clear Lake, Texas (TX). Another facility was constructed in LaPorte, Texas.
A joint venture agreement was initiated by Cummins and Air Liquide in January 2021. This initiative was taken up for the promotion of green hydrogen. For the generation of green hydrogen, many companies provided electrolyzer systems.
Key Market Opportunities -
High initial cost of setting up hydrogen infrastructure
Key Market Drivers -
Growing demand for renewable energy resources
Increasing significantly due to the increasing government investments and subsidies promoting clean fuel usage, including hydrogen
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The green hydrogen market industry movements are remarkably working in 6 major regions of the world Europe, Asia Pacific, Africa, North America, the Middle East, and South America. Europe region is expected to witness tremendous growth during the forecast period. The reason attributed to it is strong sustainable infrastructure and the presence of a lot of opportunities in this market. Also, there is a decrease in the cost of renewable generation of energy which will be the other factor responsible for its growth. North America will be the fastest-growing region of the global market because of its capabilities of making huge infrastructures for storing green hydrogen. The USA will play a major role in this region for the growth of the market.
COVID 19 ANALYSIS
Since the first case of the pandemic was reported in December 2019, the global market has had a major impact on the functioning of the market. The green hydrogen market is currently functional in major geographies of the world, and hence, there are a considerable amount of inputs for the market growth by the end of the forecast period in 2028. There are a lot of countries that are dealing with the after-effects of the pandemic like China, the USA, Italy, along with the United Kingdom. Also, mushrooming economies of the world are facing a tough time in meeting the global demand of the market. The electricity demandSIEMENS has reduced especially during the pandemic. However, the consumption of the same has increased by a considerable level in the residential buildings.
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