The green hydrogen market is projected to garner lucrative attention in coming years driven by the energy crisis, lack of fossil fuels, and unprecedented rise in the price of coal and natural gas. Key regions such as Europe are importing more amount of liquified natural gas which can worsen the issue of climate change. Decarbonizing the planet will require clean energy and sources such as green hydrogen. Derived from the electrolysis process, green hydrogen formation is estimated to save about 830 million tonnes of CO2 which is otherwise emitted annually.
Despite of advantages of green hydrogen in addressing climate change, some challenges are hindering the path including high production cost, high energy consumption, and safety concerns required to prevent leakages and explosions. Green hydrogen is 100% sustainable and doesn’t emit polluting gases during formation. It's further easier to store as it allows it to be used for subsequent processes than immediately after its production.
Green hydrogen is a clean energy source that emits water vapor and leaves no residues. Hydrogen as a fuel has garnered significance across countries like Russia, the US, China, France, and Germany. The versatility of hydrogen allows its usage in various consumption niches. The major concern that is likely to impede market growth is the high energy cost associated with the production of green hydrogen.
