This article is written by Purushottam Uniyal and Taslim Badeghar, Lead Analysts market and market,
Governments around the world focus on reducing air pollution by encouraging the use of clean or low-emission fuels. Therefore, automobile companies must build hydrogen-powered fuel cell electric vehicles (FCEVs) to achieve zero-carbon emissions. Thus, the increasing need to improve vehicle efficiency, reduce fuel costs, reduce pollution levels and develop hydrogen-powered fuel cell automobiles is driving the growth of the market for green hydrogen.
According to MarketsandMarkets, the green hydrogen market is projected to grow from USD 444 million in 2021 to USD 4,373 million by 2026. CAGR of 58.0%. Green hydrogen is increasingly being used in mobility, power, industrial, grid injection, chemical and other fields. Hydrogen energy is considered the future of sustainable mobility, with the potential to increase the demand for green hydrogen.
Though the COVID-19 outbreak caused some disruptions in several industries and delayed some projects, the market saw continued investment. Countries are aggressively moving toward an emissions-free and green hydrogen economy, which is one of the top strategies for achieving better air quality and reducing carbon emissions.
The mobility industry faces several hurdles in moving towards an emission-free alternative. Currently, battery-powered electric vehicles are gaining traction, but they have limitations in terms of range and power. FCEV is an alternative to this. These vehicles are powered by hydrogen. They have a high power-to-weight ratio and a refill time of less than 5 minutes, compared to 60 minutes (average electric charge time to 80% capacity) for conventional electric vehicles. These vehicles have already been deployed in industrial mobility applications (mainly forklifts) in many countries.
The shipping industry is responsible for 3% of global emissions. Industry leaders are leading the way by developing engines and ships that run on hydrogen. Currently, only a small number of ships use green hydrogen directly; It is converted into ammonia or a synthetic fuel commonly used in the shipping industry.
Ammonia is gaining wide acceptance as a fuel in the marine industry. This is because it provides 10 times higher energy density than lithium-ion batteries. It is also compatible with both internal combustion engines and fuel cells. Another advantage of using green ammonia is that it does not require high pressure tanks for storage. Although the energy density of ammonia is half that of diesel, emissions reductions in the shipping industry look exciting.
toshiba (Japan), Siemens (Germany), Air Liquide (France), Linde (Ireland), and Nel (Norway) are some of the major players in the green hydrogen landscape. These companies are collaborating on various projects and investing in the development of advanced technologies to increase process efficiency. There is a loss of energy at each step in the green hydrogen formation process. Electrolyzers have now been developed to achieve an efficiency of over 80%, and for solid oxide electrolyzers, the efficiency reaches 100%; However, such electrolysers are yet to be commercialized.
Disclaimer: The views and opinions expressed in this article are solely those of the original author and do not represent those of The Times Group or any of its employees.
Governments around the world focus on reducing air pollution by encouraging the use of clean or low-emission fuels. Therefore, automobile companies must build hydrogen-powered fuel cell electric vehicles (FCEVs) to achieve zero-carbon emissions. Thus, the increasing need to improve vehicle efficiency, reduce fuel costs, reduce pollution levels and develop hydrogen-powered fuel cell automobiles is driving the growth of the market for green hydrogen.
According to MarketsandMarkets, the green hydrogen market is projected to grow from USD 444 million in 2021 to USD 4,373 million by 2026. CAGR of 58.0%. Green hydrogen is increasingly being used in mobility, power, industrial, grid injection, chemical and other fields. Hydrogen energy is considered the future of sustainable mobility, with the potential to increase the demand for green hydrogen.
Though the COVID-19 outbreak caused some disruptions in several industries and delayed some projects, the market saw continued investment. Countries are aggressively moving toward an emissions-free and green hydrogen economy, which is one of the top strategies for achieving better air quality and reducing carbon emissions.
The mobility industry faces several hurdles in moving towards an emission-free alternative. Currently, battery-powered electric vehicles are gaining traction, but they have limitations in terms of range and power. FCEV is an alternative to this. These vehicles are powered by hydrogen. They have a high power-to-weight ratio and a refill time of less than 5 minutes, compared to 60 minutes (average electric charge time to 80% capacity) for conventional electric vehicles. These vehicles have already been deployed in industrial mobility applications (mainly forklifts) in many countries.
The shipping industry is responsible for 3% of global emissions. Industry leaders are leading the way by developing engines and ships that run on hydrogen. Currently, only a small number of ships use green hydrogen directly; It is converted into ammonia or a synthetic fuel commonly used in the shipping industry.
Ammonia is gaining wide acceptance as a fuel in the marine industry. This is because it provides 10 times higher energy density than lithium-ion batteries. It is also compatible with both internal combustion engines and fuel cells. Another advantage of using green ammonia is that it does not require high pressure tanks for storage. Although the energy density of ammonia is half that of diesel, emissions reductions in the shipping industry look exciting.
toshiba (Japan), Siemens (Germany), Air Liquide (France), Linde (Ireland), and Nel (Norway) are some of the major players in the green hydrogen landscape. These companies are collaborating on various projects and investing in the development of advanced technologies to increase process efficiency. There is a loss of energy at each step in the green hydrogen formation process. Electrolyzers have now been developed to achieve an efficiency of over 80%, and for solid oxide electrolyzers, the efficiency reaches 100%; However, such electrolysers are yet to be commercialized.
Disclaimer: The views and opinions expressed in this article are solely those of the original author and do not represent those of The Times Group or any of its employees.