Global Market Insights Inc: Projects the Green Hydrogen Market will be worth USD 119 billion by 2030

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Written By Prajeeta Basnet

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Global Market Insights Inc: projects the Green Hydrogen Market will be worth USD 119 billion by 2030: Siemens Energy, Plug Power Inc., Air Liquide, Linde plc, Cummins Inc., Air Products Inc., Iberdrola, S.A., Hiringa Energy Limited, Engie, Lhyfe, GH2, CWP Global, and ACME are significant players in the green hydrogen market. According to a recent study report by Global Market Insights Inc., the market for green hydrogen is anticipated to reach a value of USD 119 billion by 2030. The market trends for green hydrogen will be boosted by significant investment in green hydrogen production technology from both the public and commercial sectors.

The introduction of creative & effective technologies for clean hydrogen production has been made possible by robust research and development initiatives. Major industry actors may work together more frequently to improve the production of hydrogen and other environmentally friendly fuels. Facilities for the creation of wind and solar energy are used to create green hydrogen. In underdeveloped countries, solar energy is one of the most widely used renewable energy sources.

By 2030, the installed capacity for solar PV in Africa might be above 125 GW, accounting for a sizeable percentage of the continent’s total power-producing potential. This suggests a substantial opportunity for clean hydrogen generators to support regional nations’ transition to a greener future. By 2030, it is expected that the solid oxide technology segment’s green hydrogen market would be worth USD 950 million.

The use of solid oxide technologies will be facilitated by a shift in emphasis toward the adoption of high efficiency & low-cost solutions and a growing propensity toward the commercialization of electrolyser technologies. The adoption of this technology will be fueled by its high current density, low maintenance requirements for electrode corrosion, and low need for auxiliary components.

The government’s ongoing efforts to promote FCEV adoption and lower carbon emissions may raise the need for clean hydrogen in the transportation industry. To reduce the carbon footprint of rail, marine, road, and aircraft transportation, the automotive industry is gradually switching from traditional fossil fuels to green hydrogen.

projects the Green Hydrogen Market will be worth USD 119 billion by 2030

For instance, Ashok Leyland Ltd. predicted in September 2022 that over the following five years, hydrogen-powered trucks and buses will become a self-sufficient green solution with economic viability. The decision will lower the tax on green hydrogen, which could assist eliminate import content. In addition, the availability of green hydrogen along long-haul corridors may benefit producers of hydrogen-powered vehicles. Through 2030, the Asia Pacific green hydrogen market is anticipated to grow at a CAGR of more than 60%. New clean hydrogen projects are currently receiving significant funding.

Global private equity (PE) powerhouse KKR announced its intention to invest USD 450 million in Hero Future Energies in 2022. (HFE). The investment will help HFE in its attempts to increase its capacity and capabilities for renewable energy sources such as solar, wind, and green hydrogen.

Additionally, encouraging government activities and programs to lower carbon emissions in the area will boost the outlook for the industry.

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