The global green hydrogen market is expected to reach a market size of USD 2,569.7 million by 2028 and register a high CAGR during the forecast period, according to a latest report by Reports and Data. According to the report, the green hydrogen market is witnessing increasing growth due to rising concerns regarding climate and growing shift towards renewable energy.
Key findings of the report:
- In February 2021, Australia’s state-owned utility CS Energy partnered with Japanese firm IHI to assess the feasibility of building a green hydrogen plant fueled by solar power. CE Energy is pursuing the project to ensure that the country has technical capability to enter the green hydrogen market once it has become commercially viable.
- PEM electrolyzer is industrially important as a source for pure green hydrogen for application in chemicals and energy storage. Revenue from this segment is expected to increase at a rapid rate and fuel market growth.
- Green hydrogen is used to power fuel cells in ships and cars. Energy of hydrogen fuel cells is more efficient than an internal combustion engine fueled by gas. Hydrogen fuel cells takes less time to charge compared to electric vehicles.
- The green hydrogen market revenue in North America is projected to increase at a steady rate during the forecast period due to implementation of clean energy policies in Canada and the US. Various sectors in the region are undertaking initiatives to go green and reduce carbon emissions. Toyota is planning to expand production of hydrogen-powered semi-trucks, which are currently being tested in ports of Los Angeles and Long Beach.