Green Hydrogen Market is Expected to Reach $4,455.8 Million by 2031 | BIS Research

FREMONT, Calif. - Sept. 24, 2021 - PRLog -- Green hydrogen is an energy carrier that can be used in many different applications, such as oil and gas, petrochemicals, electric vehicles, and power generation. While the global market for green hydrogen remains nascent, it could play a more prominent role in the energy transition. The modular nature of electrolysis and fuel cells combined with the widespread availability of zero carbon renewable energy resources makes green hydrogen a particularly interesting option for bringing sustainable hydrogen solutions to developing countries. Green hydrogen is the only known clean energy molecule that can be produced at any scale and in almost any location on earth, a characteristic that is not comparable to other synthetic green fuels. Accordingly, green hydrogen could offer almost any community, company, or country the potential to generate their own fuels, with the flexibility for multiple end-uses, including applications oil and gas, petrochemical, electric vehicles, and power generation.

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The major end users of green hydrogen in the oil and gas industry include different refining processes such as hydrocracking, hydroisomerization, hydrodealkylation, and hydrodesulphurization. The essential driver behind the adoption of green hydrogen in the oil and gas industry is reducing sulfur dioxide emissions and removal of sulfur to prevent catalyst poisoning.

The demand for green hydrogen varies according to various geographical regions. The green hydrogen market holds a prominent share in various countries of North America, Asia-Pacific and Japan, Europe, U.K., China, and Rest-of-the-World. The increasing demand for green hydrogen in various end-user industries, such as oil and gas, petrochemical, electric vehicles, and power generation, has led to a wide acceptance of green hydrogen in their production over the time. This has led to a significant rise in the demand for green hydrogen in the region. Additionally, concerted efforts by both the government and the end-user have played a pivotal role in making this region the frontrunner in the field of green hydrogen.

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Companies active in the green hydrogen market have adopted multiple business and corporate strategies over the past years to maintain/improve their market positioning. While the industry has witnessed a mix of several strategies adopted by companies to evolve their technologies as well as strengthen their market presence, product-centric developments through patents and product developments have been the key features in the market.