Description
Increasing concerns about carbon emissions and the need to decarbonize the industrial, commercial, transport, and power sectors have forced countries to reduce their dependency on fossil fuel-based systems and increase deployment of renewable energy sources (RES). To meet the 1.5-degree Celsius target, global renewable energy capacity should increase from about 2500 GW in 2019 to more than 15,000 GW in 2050, a near 6-fold increase. However, total decarbonization of certain sectors, such as transport and industry, cannot be achieved solely by electrification. This challenge can be addressed by green hydrogen produced through electrolysis from RES, wind and solar, in particular. Green hydrogen produced through electrolysis can then be used downstream as a chemical feedstock material in high-carbon sectors that are difficult to decarbonize through electrification alone.
In the last five years, interest has grown in using green hydrogen as a low- or zero-carbon energy carrier, and many governments have started acknowledging the fact that a green hydrogen-based economy could be the answer to growing concerns over carbon emissions, energy security, and climate change. Technological institutions in various countries have already invested in pilot and demonstration projects related to the production, storage, distribution, and utilization of green hydrogen across different business verticals. For a green hydrogen economy to become a reality, technological and economical breakthroughs are needed to bring down the costs associated with production; other needs are decisive regulatory frameworks to promote investments and support in research and development (R&D) activities related to technologies for the production, storage, transport, and utilization of hydrogen.
Currently, green hydrogen account less than 1% of the total hydrogen produced. The global demand for green hydrogen and its emerging applications is expected to increase exponentially in the next 20 years, creating need for considerable infrastructure to handle production and delivery. It will take 10 to 20 years before a green hydrogen economy becomes mainstream across the global power sector and other segments.
The primary aim of this research is to analyze the current and future market potential of green hydrogen as an energy carrier driving transition toward a sustainable energy future. The study identifies growth opportunities for the green hydrogen market in the global power sector and some of the key countries and companies active in this space.
Author: Swagath Navin Manohar
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