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At a CAGR of 54.7%, Green Hydrogen Market Projected To Hit $9.8 Billion by 2028
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The green hydrogen market is projected to grow at a 54.7% CAGR, reaching $9.8 billion by 2028, driven by renewable energy and favorable policies.
The global green hydrogen market size was valued at $0.3 billion in 2020, and is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028. Green hydrogen is generated by the electrolysis of water using renewable energy sources such as wind or solar energy. Presence of favorable government policies encouraging hydrogen economies, as well as environmental concerns about rising carbon emissions from fossil fuel use, are expected to fuel demand for hydrogen. This pattern is expected to provide a future growth environment for the industry.
In the year 2019, owing to higher operating time capacity of this technology and low capital cost, the alkaline electrolyzer segment held the largest share of the global market and is expected to expand at the fastest pace during the forecast period.
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In 2019, the power generation segment witnessed a significant increase in the market. This is attributed to rise in demand, owing to population growth, rapid industrialization in developing economies, and population migration into cities.
By region, the green hydrogen market is dominated by Europe. The area has extensive oil & gas infrastructure, which has enormous potential to be transformed into hydrogen production, storage, and transportation infrastructure while also creating jobs.
Some of the key players operating in the global green hydrogen market are Ballard Power Systems, Enapter, Engie, Green Hydrogen Systems, Hydrogenics, Nikola Motors, Plug Power, SGH2 Energy Global LLC, Shell, and Siemens Gas and Power GmbH & Co. KG.
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Key Findings Of The Study:
Impact Of Covid-19 On The Global Green Hydrogen Market
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The article discusses the growth and future projections of the global green hydrogen market.
Green hydrogen is produced through the electrolysis of water using renewable energy sources like wind or solar.
Europe is leading in green hydrogen infrastructure, with potential for further development.
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