Albany, NY -- (SBWIRE) -- 04/05/2021 -- 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.
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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.
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
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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
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.
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
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