The Global Green Hydrogen Market is anticipated to grow at a CAGR of nearly 15.7% during the forecast period of 2024-30, states MarkNtel Advisors in their recently published research report. The major factor driving the global Green Hydrogen Market is the immediate requirement to curtail greenhouse gas emissions and solve the growing concern regarding climate change. Green hydrogen is a suitable alternative providing several benefits as compared to conventional hydrogen, such as sustainability & a cleaner energy source.
Moreover, green hydrogen offers a feasible option to decarbonize numerous industries and sectors, including power generation, transportation, and industrial since it is produced from renewable energy sources like solar, wind, or hydroelectric power, etc. Green hydrogen has several advantages except one that is the high incurrence of cost in producing green hydrogen, which might act as a possible obstacle in the growth of the Global Green Hydrogen Market.
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Also, like every market, there ae a few leading companies in the Green Hydrogen Market as well. These major contenders are Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, Nel ASA, Linde plc, Cummins Inc., H&R Ölwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd., Air Liquide S.A., and Air Products & Chemicals, Inc., Uniper SE, Engie SA, Orsted AS, Lhyfe, Shell plc, and others.
Evaluation of the Global Green Hydrogen Market
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In recent years, Proton Exchange Membrane (PEM) electrolyzers attained a significant share of the Global Green Hydrogen Market and the trend is likely to continue in the coming years as well. The rising consciousness among the producers regarding the advantages of PEM technology over other technologies such as an enhanced hydrogen production rate, upgraded energy efficiency, and compact design is leading to the growth of the given segment. All these advantages are resulting to a higher inclination of the producers towards the proton exchange membrane (PEM) electrolyzers to use for the production of green hydrogen.
Europe is likely to retain the upper hand in the Global Green Hydrogen Market in the upcoming years. The governments of several countries in Europe have set strict policies and regulations to reduce emissions and endorse sustainability, which is resulting in the region’s dominance. Moreover, the increase in research & development activities and the existence of promising policies for green hydrogen are targeting the utilization of these energy sources in the future. Moreover, several prominent market players are getting the prospect for their expansion given the active participation of numerous countries in the development of these energy sources.
Increasing Concerns Regarding Climate Change & the Curbing of Emissions is Driving the Global Green Hydrogen Market
The rising concern about climate change and the requirement to curtail the emissions from greenhouse gases is propelling the Global Green Hydrogen Market significantly. The impact of climate change is widening gradually, forcing the global population to opt for low-carbon and renewable energy sources in several areas. Moreover, the production of hydrogen through electrolysis curbs the emission of carbon as compared to the traditional methods of producing hydrogen out of fossil fuels.
Also, the growing support and initiative for investments, legislation, and incentives intended to promote the creation and adoption of green hydrogen technology by several governments, businesses, and international organizations, etc., is also augmenting the market growth.
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