Polaris Market Research recently published a research report titled “Green Hydrogen Market Share, Size, and Trends,” in order to keep up with developments in global energy markets and the paths of transition to clean energy sources.
The global green hydrogen market is predicted to increase from $3.25 billion in 2021 to $58.53 billion by 2030, at a CAGR of 39.6% during 2022-2030.
Specialized energy platform saw green hydrogen breakdown water into hydrogen and oxygen utilizing renewable energy.
Green hydrogen emits far less carbon than fossil fuels and is environmentally beneficial. It’s used in numerous industries, including the chemical, natural gas, petrochemical, steel, transportation, heating, and green ammonia industries.
Green hydrogen can power home appliances in current gas pipelines. Due to cheaper reusable energy and electrolysis technology, analysts expect the green hydrogen market to grow.
Green hydrogen market size is growing as industrial, transportation, and chemical sectors convert from fossil fuels to green hydrogen to cut carbon emissions.
Polaris Market Research predicts that using this sort of hydrogen to power residential appliances will expand the green hydrogen business.
Government policies supporting the hydrogen economy and environmental concerns about fossil fuel carbon emissions further enhance market demand.
Analysts believe government measures to establish green hydrogen market infrastructure are propelling industry expansion.
Alkaline electrolyzers have the largest proportion of the hydrogen market due to their application in green hydrogen initiatives.
Because of its longer runtime, the technology uses a liquid alkaline solution of potassium or sodium hydroxide. In contrast to polymer film electrolyzers, alkaline electrolyzers have lower power and a wider operating temperature range.
Pipeline earned the biggest proportion of green hydrogen market income because it’s the most economically viable transport option.
Green hydrogen can be carried in high-pressure containers, a chemical carrier medium, or as methanol or ammonia.
Due to substantial spending on a clean hydrogen-based economy in Europe, the European market provided a large market share, according to the energy platform.
North America should grow rapidly between 2022 and 2030. Clean energy policy in the region is responsible.
Green hydrogen is growing in the U.S. and Canada.