Green Hydrogen Market to Experience Exponential Growth with the Growing Developments by Market Players

The world is currently finding novel ways to adopts clean energy sources. Green hydrogen is an amazing energy source that unravels the potential of a clean energy future. At present, the interest in green hydrogen is hitting the roof among leading oil as well as gas industries.

Green hydrogen is obtained from water electrolysis which uses renewable energy like solar or wind energy, and can substitute fuels that emit carbon, for instance, diesel and petrol. Analysts from Research Dive state that the global green hydrogen market is foreseen to rise with a CAGR of 54.7%, by garnering a revenue of $9,834.3 million by 2028. The market for green hydrogen market is obtaining enormous eminence due to the need to reduce surplus carbon emissions mainly from the transport and manufacturing industries.

Presently, all hydrogen expended in the Indian markets is obtained from fossil fuels. Nevertheless, by 2050, 3/4th of the total hydrogen is anticipated to be green, formed by electrolysis and renewable electricity. Green hydrogen holds the potential to be used over a broad array of industries; this means that there is a consistently huge number of industries that can advantage from a flourishing hydrogen-fuel economy. Among these, possibly the most substantial are the gas and oil industries that are increasingly suffering from appeals to curtail the production of fossil fuels.

Recent Trends in the Green Hydrogen Market

Numerous leading oil companies are striving for obtaining a top position in green hydrogen development. For instance, in May 202, Shell Nederland, an Anglo-Dutch multinational oil and gas company, confirmed that it has partnered with Eneco, an energy company, to bid for capacity in the newest Dutch offshore wind tender for making a record-breaking hydrogen cluster in Netherlands. Also, in the same month, Lightsource BP, a global leader in the development and management of solar energy projects, announced that it was planning for the development of an Australian green hydrogen plant driven by 1.5 GW of wind & solar capacity.

Also, leading green hydrogen gas market player, including Ballard Power Systems, Enapter, SGH2 Energy Global, LLC, Green Hydrogen Systems, Plug Power, Inc., Engie,Royal Dutch Shell plc., Siemens Energy Global GmbH & Co. KG. AG, Next Hydrogen, Air Liquide, and others, are taking several initiatives to obtain a prominent position in the global market and boost the market growth.

Moreover, numerous companies from India are embracing hydrogen as a fuel source and are taking initiatives to adopt this carbon-free fuel. Companies, such as Indian Oil, Adani Group, National Thermal Power Corporation (NTPC), and Reliance, are leading the mission of India that aims to adopt green hydrogen to build a clean future. Some recent developments in the green hydrogen sector are as follows:

• In July 2020, Reliance Industries, focused on the exploration, development, and manufacturing of crude oil & natural gas, publicised its hydrogen plans to become a net carbon-zero company by the year 2035.
• In March 2021, the Adani Group, an Indian multinational conglomerate, entered into partnership with Maire Tecnimont to develop green hydrogen projects in India.
• In August 2021, Ohmium International, renewable energy startup, initiated India's first green hydrogen electrolyzer gigafactory, which aims to convert power from renewable sources into carbon-free hydrogen.

Such developments clearly indicate the market for green hydrogen is going to have lucrative growth opportunities in the coming years, thus fueling the market growth.

COVID-19 Impact on the Green Hydrogen Market

The outburst of the coronavirus pandemic has adversely impacted the global green hydrogen market. This is mainly because of the postponement in implementation as well as commercialization of green hydrogen due to shortage of required funds across industries during the pandemic. Also, the investments by government bodies in green hydrogen projects have severely reduced, which is hampering the market growth. However, as and when the pandemic situation recovers and industries resume functioning, the adoption of green hydrogen is likely to surge magnificently, thus fueling the market growth in the upcoming years.