Green hydrogen market: A key alternative for conventional fossil fuels

A substantial portion of gas already widely utilized as an industrial chemical is either brown if it is made through the gasification of lignite or coal or grey if it is produced through the reformation of steam methane which usually utilizes natural gas as the feedstock. But these processes in the green hydrogen market are not precisely carbon friendly. Thus the need for green hydrogen does away with emissions by using storage and carbon capture. This procedure can round about split the amount of the carbon produced but still is in want of emissions-free.

Global green hydrogen market size & share was valued at USD 3.25 billion in 2021 and is expected to reach USD 58.53 Billion By 2030, growing at a CAGR of 39.6% during the forecast period.

How is green hydrogen made?

To produce large amounts of hydrogen with electrolysis, all that is needed is a big electrolyzer, water, and abundant supplies of electricity. If the electricity is emanated from renewable sources such as solar, hydro, or wind, then the hydrogen is beneficially green. The only carbon emissions are from those incorporated in the generation infrastructure.

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Advantages of green hydrogen

·???????Sustainability: Green hydrogen validates an outstanding option to conventional fossil fuels that can be utilized as fuel cells. At present, the trend of fuel-cell electric vehicles is revolutionizing. The sustainability is 100% and does not discharge any polluting gas during the electrolysis process.

·???????Versatile: Several large industrial sectors rely on non-renewable energy and inject a large amount of CO2 into the atmosphere. In the green hydrogen market, coal can be replaced by green hydrogen due to its extensive capacity to make energy, and it has positive ramifications on the industry’s power bill.

Disadvantages of green hydrogen

·???????Safety concerns: Hydrogen is one of the most extensively combustible explosive substances. It is odorless and colorless, which is an impediment to the detection of leaks.

·???????Expensive: The cost of hydrogen production, as contrasted to fossil fuels, is aggressive and the procedure of electrolysis which is utilized to produce green hydrogen, is costlier compared to grey and blue hydrogen.

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How will green hydrogen expand in Europe?

According to the European Commission, it wants 40GW of green hydrogen electrolyzers to be positioned in the EU by 2030. Green hydrogen can be a turning point for Europe as the hydrogen economy has to be moved from niche to scale. To achieve the target of ten million tons of green hydrogen in the EU each year, a green hydrogen market maker has to be created, which will connect future supply and demand.

Key Players

Some of the major players operating in the global market include Air Products and Chemicals, Inc., H&R Olwerke Schindler GmbH, Siemens Energy AG, Linde, Toshiba Energy Systems & Solutions Corporation, Nel ASA, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd., and Cummins Inc.

Final thoughts

All reports forecast a restricted but stable development of hydrogen demand till 2030. Hydrogen has promising potential and is the spearheading alternative for long-term energy storage in the future. Many advocates also consider hydrogen as a response to obtaining a circular economy. To maximize the potential, decision-makers raise technologies and cut production costs so that green hydrogen can be manufactured economically and securely.