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Green Hydrogen Market Research Report 2023 Elaborate Analysis with Growth Forecast to 2031

Green Hydrogen Market By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), By Application (Power Generation, Transport, and Others),


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Econ Market Research

6 days ago | 2 min read

The global Green Hydrogen Market will witness a robust CAGR of 56.1%, valued at $4.45 billion in 2022, expected to appreciate and reach $85.72 billion by 2031, confirms Econ Market Research. Green hydrogen is produced by the electrolysis of water, for which electric power is utilized that is generated by renewable energy sources such as wind energy or solar energy. The presence of favourable government policies pushing toward the hydrogen economy, along with growing environmental concerns regarding increasing carbon emissions from fossil fuel usage, are expected to drive demand for the hydrogen economy.

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Top Key Players:

NEL ASA

ITM Power

ENGIE

SEIMENS

Air Products Inc.

Messer Group GMBH

Plug Power Inc.

Cummins Inc.

Air LIQUIDE

Market Growth:

The global green hydrogen market is growing due to increased awareness of using hydrogen as an energy source. The benefit of employing hydrogen as an energy source is that it only produces water and heat when combined with oxygen. The utilization of hydrogen fuel cells produces no greenhouse gases and other pollutants. Hydrogen fuel cells have been found to be more efficient than traditional combustion-based powerhouses.

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Market Segmentation:

Green Hydrogen Market By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), By Application (Power Generation, Transport, and Others), and By End-Use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, and Others): Global Opportunity Analysis and Industry Forecast 2023-2031

COVID-19 Impact:

The green hydrogen industry was unaffected by the COVID-19 disturbance. However, coronavirus-related lockdowns posed a number of problems for industry participants, including disrupted supply chains, logistical difficulties in shipping finished goods, and recruiting workers from quarantines. In addition, the pandemic ensured a strong rise in the renewable energy market, resulting in a continuous increase in energy demand.

Global Green Hydrogen Market, by Technology:

Based on the available technology, the alkaline electrolyzer segment dominates the green hydrogen market during the forecast period. The primary advantages of alkaline electrolysis technology over other manufacturing technologies are responsible for its rapid expansion and market dominance. Alkaline makes use of a wide range of electrolytes that are both readily available and inexpensive to generate.

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About Us:

Econ Market Research is a one-stop provider of industry research and actionable intelligence. Through our syndicated and consulting research services, we help our clients get solutions to their research requirements. We specialise in industries such as semiconductors and Electronics, Aerospace and Défense, Energy, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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E-mail: sales@econmarketresearch.com

Phone: (+1) 812 506 4440.

Website:- https://www.econmarketresearch.com

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