Green Hydrogen Market Growth Fueled by Clean Energy Transition
Key Ideas
- The global green hydrogen market is projected to grow by USD 46.25 billion from 2024-2028 at a CAGR of 66.83%, driven by the adoption of clean fuel and focus on using clean hydrogen in refineries.
- Major players like Air Liquide are investing in renewable liquid hydrogen production, and support from policies in regions like California is boosting demand for hydrogen as a clean energy solution across industries.
- The refining industry is a significant consumer of hydrogen, with initiatives like the REFHYNE project showcasing the feasibility of using renewable hydrogen in refineries to reduce emissions.
- Despite higher initial costs for green hydrogen compared to grey hydrogen, investment plans are increasing as the world transitions to a low-carbon economy with opportunities in various sectors and applications.
The global green hydrogen market is set to expand significantly, with an estimated growth of USD 46.25 billion from 2024 to 2028 at a remarkable CAGR of 66.83%, fueled by the increasing adoption of clean fuel and a growing emphasis on integrating clean hydrogen in refineries. Major market players are channeling investments into renewable liquid hydrogen production, with regions like California supporting the transition towards clean energy solutions. Hydrogen, generated through electrolysis using renewable energy sources like wind and solar, is gaining traction for its versatility across transportation, power generation, heating, and even space applications. The market is witnessing strategic initiatives from companies like Air Liquide and Engie, aligning with the International Energy Agency's call for a shift to a hydrogen economy to address environmental concerns.
The refining industry stands out as a significant consumer of hydrogen, utilizing it for various operations like refining crude oil and reducing impurities. Projects such as REFHYNE are demonstrating the feasibility of leveraging renewable hydrogen in refineries, contributing to emission reduction targets. Despite the higher initial costs associated with green hydrogen production compared to traditional methods, investment interest is on the rise as the world advances towards a low-carbon economy. The future of green hydrogen looks promising, with its applications expanding across multiple sectors amidst global efforts to combat climate change.
Topics
Green Hydrogen
Renewable Energy
Clean Energy Solutions
Hydrogen Production
Refineries
Investment Plans
Market Evolution
AI-powered Analysis
Carbon-free Economy
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