London, March 20, 2023 (GLOBE NEWSWIRE) -- The US Department of Energy affirms the fact that hydrogen-based fuel cells are capable of producing electricity at up to 60% efficiency where a conventional combustion-based power plant can produce the same at an efficiency as low as 33-35%. These and more research findings establish the base for green hydrogen consumption, whereas the severing nature of concerns around environmental sustainability further paves the way for expansion of global green hydrogen market. Green hydrogen has been garnering interest from across the globe on the back of its ability to significantly slash carbon emissions. While it continues to gain traction as a futuristic potential energy source in the long run, the global green hydrogen market is expected to witness a remarkable growth outlook.
The critically growing need for clean energy generation, and mounting prospects of green hydrogen fuel will collectively drive the revenue growth of green hydrogen market. A new study of Fairfield Market Research opines the same while it attempts to offer an insightful view of the market growth analysis and forecast in the near future. “Although the future looks promising with green hydrogen as a potential energy source alternative, the prohibitive initial costs, as well as exorbitant maintenance costs will continue to be the primary long-term challenges facing rapid market expansion,” reports the analyst at Fairfield, further adding, “The role of governments, and regulatory bodies will be instrumental”.
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Insights into Segmentation Analysis
In addition to wide employment at both the onshore and offshore wind farms, green hydrogen experiences major traction across the transport sector. The application of green hydrogen in transportation segment has been prevalent in form of fuel cells, or even the conventional internal combustion engines (ICE). The transportation segment currently spearheads green hydrogen market with the largest revenue share and the trend will prevail in long run. While the leading European automakers like Ford, Scania, MAN, Daimler, and Volvo have plans of shifting to complete hydrogen power with their truck fleets by the end of 2040, pioneers like Airbus has been planning the launch of the revolutionary hydrogen-powered aircraft.
Besides, green hydrogen is likely to find a widening application as a power plant fuel as an increasing number of power plants showcase willingness to switch to the natural gas-hydrogen fuel mixture for their combustion gas turbines. On the other hand, based on technology, the primary report findings indicate dominance of the alkaline electrolyzer segment. This is clearly attributable to the longer operating hours of these electrolyzers against that of the PEM counterparts. However, the latter will most likely experience soaring demand in future, owing to higher functional flexibility.
Insights into Regional Analysis
European markets remain at the forefront of consuming green hydrogen as a clean energy source alternative. The region has been a frontier in driving the global transitioning from conventional to green energy, which is touted to remain the most significant growth driver for establishing a clean economy based on green hydrogen. Massive investments continue to pour in, further fortifying the green hydrogen market of Europe. The region currently reigns supreme in global market and will continue to lead its way in long term, suggest the initial report findings. North America is also expected to reflect growing market attractiveness based on the various clean energy policies that the American governments have rolled of late.
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Green Hydrogen Market Players
Some of the major players participating in the worldwide green hydrogen market space would be featured in the report’s competition coverage. A few of the potentially profiled companies include Air Products Inc., Linde plc., Siemens Energy, Air Liquide, Engie, Cummins Inc., Nel ASA, Toshiba Energy Systems & Solutions Corporation, Bloom Energy, and Uniper SE.
Key Elements Included In The Study: Global Green Hydrogen Market
- Green Hydrogen Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value and Volume, 2019 - 2022
- Volume Consumption at Regional and Country Level, 2023 - 2030
- Market Dynamics and Economic Overview
- Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Production Output Analysis (Major Producing Regions)
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/green-hydrogen-market/more-information
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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