Market overview:

Green Hydrogen Market has been valued US$ 445 million in the year 2021 and it is estimated to reach US$ 4,377 million by the year 2027, with a CAGR of 58.1% from 2022 to 2027. Green Hydrogen is defined as hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity. This is a very different pathway compared to both grey and blue; these are the main factors that have considerably increased the demand for the Green Hydrogen in the market, thereby driving the huge growth of the Green Hydrogen market in the upcoming years

Market Drivers and Restrains:

The main factors that have considerably increased the demand for the Green Hydrogen in the market is mainly due to the Green hydrogen is made from regenerative energy sources through water electrolysis. With the help of electric current, water is divided into oxygen and hydrogen in an electrolyzer and grey hydrogen derived from fossil fuels is differentiated (such as natural gas) and chemical properties of hydrogen are underappreciated. Hydrogen is safe for atmosphere and can be stored and converted into electricity or heat as required. Green hydrogen is a major component of energy equation and hydrogen is regarded as a primary potential renewable energy resource. It is one of the most important circular carbon economy (CCE) approaches as it is generated using solar energy. It is generated using renewable energy sources as compared to carbon-based energy found in natural gas and other fossil fuels these are the main factors that have considerably increased the demand for the Green Hydrogen in the market, thereby driving the huge growth of the Green Hydrogen market in the upcoming years

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Report is segmented as:

Green Hydrogen Market is segmented on the basis of by:

By Technology (Alkaline electrolysis and PEM electrolysis),

By Renewable source (Solar, Wind, and Others),

By End-user (Chemical, Mobility, Grid Injection, Power, Industrial, and Others)

Geographical Segmentation:

Green Hydrogen Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Green Hydrogen is due to the awareness regarding the use of hydrogen as an energy carrier is expected to propel growth of the global market these are the main factors that have considerably increased the demand for the Green Hydrogen in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase Green Hydrogen in the Market

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Impact of COVID-19 on Market

The COVID-19 has started in the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected Green Hydrogen market. Covid-19 pandemic has impacted huge on the sales revenue of Green Hydrogen market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Green Hydrogen market growth

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