(MENAFN- GlobeNewsWire - Nasdaq) Increasing government Initiatives and Investments Aimed at Decarbonization and Promoting renewable energy Sources are Driving the Growth of the Global Green Hydrogen Market
Wilmington, Delaware, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Green hydrogen refers to hydrogen produced through the electrolysis of water, using renewable energy sources such as wind, solar, or hydropower. As a clean and sustainable energy carrier, it plays a vital role in addressing global energy demands and reducing greenhouse gas emissions.
The global green hydrogen market is witnessing rapid growth, with applications spanning various sectors, including transportation, industry, and power generation. In transportation, hydrogen fuel cells power vehicles, offering a zero-emission alternative to conventional fuels. For example, in 2023, Toyota's Mirai and Hyundai's Nexo are leading hydrogen fuel cell vehicles, promoting clean mobility in urban areas.
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In the industrial sector, green hydrogen is increasingly being adopted as a substitute for fossil fuels. In 2022, the world's first green hydrogen-powered steel production facility began operating in Sweden, demonstrating its potential in decarbonizing heavy industries. Additionally, it can be used in chemical processes, such as ammonia production, which is essential for fertilizers.
The adoption of green hydrogen is accelerating daily as governments and businesses recognize its importance in the transition to a low-carbon economy. For instance, the European Union aims to produce 10 million tons of green hydrogen annually by 2030, supported by substantial investments in infrastructure. Countries like Japan and Australia are also investing heavily in hydrogen technologies, signaling a commitment to sustainable energy solutions. As technological advancements continue to lower production costs, green hydrogen is poised to become a cornerstone of global energy strategies, fundamentally transforming daily life and contributing to climate change mitigation.
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Recent Development by the Manufacturers in Global Green Hydrogen Market
In November 2020, the Adani Group announced a major investment of US$ 70 billion in green energy, which is expected to play a pivotal role in India's transition to sustainable energy. The Adani Group, with its significant footprint in the renewable energy industry, is well-positioned to play a major role in green hydrogen production. In May 2022, Air Liquide S.A., Toyota Motor, and CaetanoBus formed a partnership to collaboratively develop integrated hydrogen solutions. This alliance aims to address various components, including infrastructure development and the creation of vehicle fleets, with the ultimate objective of accelerating the adoption of hydrogen mobility for both light-duty and heavy-duty vehicles. This collaboration represents a significant advancement towards promoting hydrogen as a clean energy source and enhancing sustainable transportation options.
Covid 19 Pandemic Impact on Global Green Hydrogen Market
The COVID-19 pandemic significantly impacted the global green hydrogen market, causing both disruptions and opportunities. Initially, lockdowns and supply chain interruptions in 2020 slowed production and delayed projects, leading to a temporary decline in investments. For instance, several green hydrogen initiatives in Europe faced delays due to workforce restrictions and logistical challenges.
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However, the pandemic also accelerated the shift towards sustainable energy solutions. As nations sought to rebuild their economies, green hydrogen emerged as a key component in recovery plans. In 2021, the European Union proposed a €750 billion recovery fund that included substantial investments in renewable energy and hydrogen technologies, reinforcing its commitment to a green transition. Additionally, companies like Siemens Energy and Air Products continued to advance their green hydrogen projects during the pandemic, recognizing the long-term benefits of sustainable energy. This dual effect of short-term disruptions coupled with long-term commitment has positioned the green hydrogen market for robust growth post-pandemic.
By Application Transportation to Dominate in the Global Green Hydrogen Market
The urgent need for sustainable and zero-emission alternatives to conventional fuels is reason stimulating the growth of green hydrogen market. Green hydrogen offers a promising solution, particularly in heavy-duty vehicles, buses, and trains. For instance, in 2022, Germany introduced the world's first hydrogen-powered passenger trains, operated by Alstom, significantly reducing emissions in public transport.
Moreover, leading automakers like Toyota and Hyundai have launched hydrogen fuel cell vehicles, such as the Toyota Mirai and Hyundai Nexo, making strides in promoting green mobility. In 2023, California reported over 10,000 hydrogen fuel cell vehicles on the road, showcasing growing consumer acceptance and demand.
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In addition, logistics companies are exploring hydrogen-fueled trucks to decarbonize freight transport. In 2021, the partnership between the Swiss company H2 Mobility and major logistics firms aimed to establish a network of hydrogen refueling stations across Switzerland, enhancing infrastructure for hydrogen vehicles. As technological advancements continue to improve efficiency and reduce costs, the transportation sector will increasingly rely on green hydrogen, driving its dominance in the market.
By Country, Germany Dominated the Global Green Hydrogen Market Seeking a CAGR of 26.9%.
The country has established itself as a leader in renewable energy adoption and green technology innovation, positioning hydrogen as a crucial element of its energy transition strategy. In 2020, Germany unveiled its National Hydrogen Strategy, which aims to invest €9 billion in hydrogen technology and infrastructure, emphasizing the importance of green hydrogen in achieving carbon neutrality by 2045. This initiative has catalyzed numerous projects, including the construction of electrolyzer plants to produce green hydrogen at scale.
One notable example is the collaboration between Thyssenkrupp and the renewable energy company Ørsted to build a green hydrogen plant in 2023, aimed at supplying hydrogen for industrial applications. Furthermore, Germany is developing hydrogen-based transport solutions, including plans for hydrogen fuel cell trains and buses to reduce emissions in public transportation. As investment continues and technological advancements enhance efficiency, Germany is well-positioned to lead the green hydrogen market, setting a benchmark for other countries while contributing significantly to global decarbonization efforts. The country's commitment to sustainability underscores its pivotal role in the future energy landscape.
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Following are the major companies active within the green hydrogen market:
Air Liquide Air Products Inc. Bloom Energy Cummins Inc. Engie Linde plc. Nel ASA Siemens Energy Toshiba Energy Systems & Solutions Corporation Uniper SE Other Industry Participants
Global Green Hydrogen Market
By Production Method
Electrolysis Alkaline Electrolysis Proton Exchange Membrane (PEM) Electrolysis Solid Oxide Electrolysis
Biomass Gasification Photoelectrochemical Water Splitting Thermochemical Water Splitting Others
By Application
Transportation Power Generation Industrial Residential and Commercial Heating Energy Storage Others
By Technology
Alkaline Electrolyzer Polymer Electrolyte Membrane (PEM) Electrolyzer
By Region
North America (U.S., Canada, Mexico, Rest of North America) Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe) Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific) Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa) Latin America (Brazil, Argentina, Rest of Latin America)
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