The Huge Potential of Green Hydrogen to Decarbonize Several Industries
MarkNtel Advisors - Market Research Company
MarkNtel Advisors| Market Research Company | Syndicate & Custom Research | Consulting Services
As carbon emissions continue to rise globally, various countries are changing the way they are moving toward attaining their respective net-zero emission targets. The automotive sector is developing vehicles that can use hydrogen directly in fuel cells or internal combustion engines. By 2030, various nations hope to have more than twice as many of these hydrogen-powered cars on the road.
A prominent contender, green hydrogen, i.e., made using renewable energy, wherein water gets split into oxygen & hydrogen, holds a massive potential to reduce or nullify carbon emissions across numerous industries. Over a few years, we all have been utilizing renewable energy sources for clean electricity. However, for the transportation sector & other industries to achieve their net zero emission targets, a clean fuel like green hydrogen can be instrumental.
With industrialization and burgeoning use of fossil fuels, GHG emissions are rising exponentially worldwide, and gases like CO2, nitrous oxide, & methane are significantly contributing to global climate changes. As a result, numerous industrialists & governments are actively focusing on curbing fossil fuel usage and adopting clean energy sources, i.e., generating a need for green hydrogen across several domains worldwide. Considering these aspects, a recent research study by MarkNtel Advisors has cited around 15.7% CAGR for the global green hydrogen market during 2021-26.
Which sectors are likely to shift to Green Hydrogen in the near future?
Green hydrogen, when used as a fuel, can help lower carbon emissions across sectors like shipping & transportation, as well as in steel & chemical manufacturing industries, where it can form a crucial raw material along with fuel. Moreover, fossil fuels used for power generation purposes can be replaced by green hydrogen, which can be used further to store renewable energy.
The steel & iron manufacturing sectors are among the world's most greenhouse gas emitting industries. In steel production, hydrogen is used as a reducing agent & fuel. In order to achieve carbon neutrality in these sectors, some rapid & thorough changes are required in their production technology.
The European Union & Australia are experimenting with green hydrogen-based steel. In 2020, Tata Steel piloted green steel in Europe; however, the leader is still figuring out ways to scale the plant commercially. Moreover, Thyssenkrupp & ArcelorMittal are at numerous stages of transitioning to green steel manufactured using green hydrogen.
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What all can be expected from Green Hydrogen in the coming years?
A notable expansion of the green hydrogen industry is likely in the coming years. The existing requirements for hydrogen across several industrial processes shall be able to replace grey with green or blue hydrogen. However, it is when CO2 gets rightly priced or other decarbonization mechanisms of those industries are put adequately in place.
Renewable hydrocarbon biofuels, which are identical to jet fuel & methanol produced from oil, can be deployed in existing ships & planes with fewer or no modifications. However, this will only curb but not entirely eradicate carbon emissions since these fuels contain CO2, which has to be captured from somewhere & added to the hydrogen in order to be released again during combustion.
Ships may see the transition to green ammonia, i.e., produced from green hydrogen and nitrogen from the air and doesn't contain CO2. However, this would require investments in replacing engines & tanks, and presently, green ammonia is notably more expensive than fuel oil.
Hydrogen planes are clearly not achievable till 2030, as this would require new planes to be created & provided to airlines in order to replace existing aircraft based on jet fuel. Though green jet fuel, a combination of sustainable bioenergy & green hydrogen, is a viable solution that can be implemented in the nearer future.
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