The green hydrogen market is projected to grow from USD 444 million in 2021 to USD 4,373 million by 2026, at a CAGR of 58.0% during the forecasted period. The market is driven by factorslike the lowering cost of producing renewable energy by all sources, development of electrolysis technologies and high demand from FCEVs and power industry.The number of countries announcing pledges to achieve net-zero emissions over the years has continues to grow. To date, nearly 7 countries have adopted net-zero emission in their legislation, while more than 120 countries have pledged to adopt the same. This pledge taken by the countries will prove to be a turning point in the development of green hydrogen.
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The following table lists the zero emission targets for some major economies by years.
|South Korea||2030 (40%)||2050|
According to the International Energy Agency (IEA) for achieving global net-zero emissions by 2050 it is estimated that about 306 million tonnes of green hydrogen derived from renewable energy each year is required. It has been estimated that 197.6 million of blue hydrogen would also be required annually, derived from natural gas or coal with carbon capture and storage (CCS). However, in comparison, 87 million tonnes of largely grey hydrogen were produced from unabated natural gas and coal in 2020, mainly for use in the chemicals and oil refining sectors which is in sharp contrast with the requirement.
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The 322 million tonnes of green hydrogen in 2050 would require a global electrolyser capacity of 3,585GW, up from about 300MW today, and roughly 14,500TWh of electricity about 20% of the world’s electricity supply (71,164TWh).
The increasing use of green hydrogen in the mobility and powerindustries is bolstering the market growth, globally.
It has become the need of the hour to lessen the carbon footprint of the globe and reduce pollution worldwide. The governments of various countries around the globe are trying to cut down on pollution and are encouraging the usage of fuel-efficient vehicles, which cause lesser pollution. Therefore, it is very important for automotive manufacturers to manufacture automobiles run by fuel cells to achieve lower carbon footprint. Thus, this growing need to improve efficiency, cut fuel costs, lower pollution, and develop hydrogen fuel cell powered automobiles which is driving the demand for green hydrogen.
Europe is the leading green hydrogen market. The growing demand from mobility, power, chemical and industrial sectors is driving the market in the region. The European region has the presence of green hydrogen manufacturers and an advanced mobility and power sector which is boosting the growth of the green hydrogen market.
The COVID-19 pandemic has negatively affected the mobility, power and other industries. The loss in demand, disruption in the supply chain, shortage of labor and closure of projects worldwide due to the global lockdown has resulted in reduced demand for green hydrogen from the various end-use industries. However, as there is global economic recovery around the world the market of green hydrogen is also recovering.