Most Future Growth to Come from Green Hydrogen
STERLING, Va., Jan. 17, 2023 /PRNewswire/ — Roughly 100 Mtpa of hydrogen was produced globally in 2022, and the production will quadruple in the next 15 years, says Information Trends. In an upcoming study, “Global Market for Hydrogen Production,” the company says that the bulk of the currently produced hydrogen is grey, but most of the future production will focus on blue and green hydrogen.
Most of the growth will come from green hydrogen because of its falling prices, said Tazeen Fatima, the research analyst who authored the report. Since the beginning of the war in Ukraine, gasoline prices have skyrocketed making green hydrogen cheaper than grey hydrogen and blue hydrogen, both of which are produced from fossil fuels.
Ms. Fatima said that the supply of green hydrogen is being propelled by the surge in the production of energy from renewable sources, particularly solar. Green hydrogen is produced by electrolyzers whose prices are also witnessing significant declines.
The major applications of hydrogen at present are oil refining, steelmaking, and ammonia production. Over the next 15 years, we will see dramatic increases in hydrogen use in fuel cells for mobile power generation for transportation, and stationary power generation for homes, buildings, and factories.
Information Trends is a reputable market research, consulting, and advisory services firm based in the Washington D.C. metro area. The company publishes in-depth market studies and provides annual subscription services to meet its clients’ ongoing needs for actionable market intelligence.
SOURCE Information Trends