Hydrogen Economy Set to Start a 'Gold Rush' in the Clean Fuel Industry: BIS Research
FREMONT, Calif., March 21, 2024 /PRNewswire/ -- The emergence of the 'Hydrogen Economy' has marked a pivotal shift toward eco-friendly energy alternatives and has started a new chapter in sustainable fuel utilization. At the heart of this transformation is hydrogen, which is distinguished by its varieties, i.e., notably green and white hydrogen. Green hydrogen, obtained from splitting water using renewable energy, has been celebrated for its low environmental impact. The green hydrogen market is expected to grow at a CAGR of 67.19% and reach $141.29 billion by 2033. White hydrogen, also called 'Gold Hydrogen,' occurs naturally and can be mined. The discovery of naturally occurring white hydrogen has kicked off a gold rush and has encouraged several players to locate and extract natural hydrogen.
The Hydrogen Economy is ready to disrupt renewable energy sector to decarbonize traditional sectors. Discovery of White Hydrogen give it a further push.
FREMONT, Calif., March 21, 2024 /PRNewswire/ -- The emergence of the 'Hydrogen Economy' has marked a pivotal shift toward eco-friendly energy alternatives and has started a new chapter in sustainable fuel utilization. At the heart of this transformation is hydrogen, which is distinguished by its varieties, i.e., notably green and white hydrogen. Green hydrogen, obtained from splitting water using renewable energy, has been celebrated for its low environmental impact. The green hydrogen market is expected to grow at a CAGR of 67.19% and reach $141.29 billion by 2033. White hydrogen, also called 'Gold Hydrogen,' occurs naturally and can be mined. The discovery of naturally occurring white hydrogen has kicked off a gold rush and has encouraged several players to locate and extract natural hydrogen.
Hydrogen Economy Supply Chain
The global hydrogen supply chain is currently dominated by green hydrogen and encompasses its generation, conservation, and distribution. The sector thrives on breakthroughs in the electrolysis of water and enhancements in PEM electrolyzers, striving for higher efficiencies and broader scalability. Advances in electrical supply systems, alongside the expansion of global hydrogen pipelines and refueling infrastructures, ensure the fluid movement and availability of hydrogen fuel, propelling the market's momentum.
Naturally Occurring White Hydrogen
The potential of white hydrogen lies in its natural availability and the eco-friendly nature of its extraction. This white hydrogen harbors the potential to fuel a clean energy boom, which could offer a sustainable and possibly plentiful energy solution that would sidestep the elaborate production processes required for its counterparts. Though exploration, mining, and extraction are still at an emergent stage, BIS Research has estimated the production of white hydrogen to reach 115.09 million tons by 2033.
Applications of Hydrogen as Fuel
Hydrogen's adaptability extends to multiple applications, revolutionizing how energy is stored and utilized as fuel. Hydrogen as a fuel is a critical resource for de-carbonizing industries that rely on traditional carbon-based fossil fuels.
Hydrogen as Battery Fuel
Fuel cells powered by hydrogen have been redefining battery technology with their superior energy density and rapid refueling times. Insights from BIS Research reveal that the market for hydrogen fuel cells is expected to grow at a CAGR of 21.68% for the period 2023-2033, driven by the escalating demand for renewable energy in both transport and stationary power sectors. The sector's growth figures and projections highlight hydrogen's crucial role in addressing the world's energy requirements sustainably.
Production of Green Ammonia and Green Methanol
Leveraging green hydrogen in the synthesis of green ammonia and methanol illustrates hydrogen's capability to create environment-friendly industrial compounds. This approach dramatically slashes carbon emissions, aligning with the global ambition for decarbonization. The expanding markets for green ammonia and green methanol have been influenced by the global shift toward greener alternatives in sectors such as agriculture, energy, and chemical manufacturing. According to BIS Research, the green ammonia market is expected to reach $18,801.0 million by 2031, and the green methanol market has been estimated to reach $3,149.05 million by 2031.
Future of Hydrogen Economy
Importance of Naturally Occurring Hydrogen Over Manufactured Hydrogen
Looking forward, the 'Hydrogen Economy' might increasingly lean toward exploiting sources of naturally occurring hydrogen. White hydrogen is expected to stand out as a transformative element, presenting a cleaner and potentially more effective solution than its manufactured peers. Its utilization could remarkably decrease the energy-intensive and capital-heavy methods presently dominating hydrogen production, leading the world into a new era of energy efficiency and sustainability.
The rapidly growing 'Hydrogen Economy' is on the verge of transforming the clean fuel landscape, with hydrogen taking center stage in this fight for a greener future. From creating eco-friendly green hydrogen to unlocking the possibilities of white hydrogen, the industry is on the cusp of witnessing a surge in harnessing hydrogen's full potential. As technology continues to develop and the world embraces renewable resources, hydrogen is expected to become a critical pillar in contributing to the global shift toward building a more sustainable and environment-friendly tomorrow.
The Hydrogen Economy - Market Intelligence Reports by BIS Research
- White Hydrogen Market
- Green Hydrogen Market
- Water Electrolysis Market
- PEM Electrolyzer Market
- Power Supply Equipment Market for Water Electrolysis
- Multiple-Element Gas Container Market
- Global Virtual Pipeline Market
- Hydrogen Fuel Cell Market
- Hydrogen Fueling Station Market
- Liquid Hydrogen Market
- Green Ammonia Market
- Green Methanol Market
- Ammonia Crackers Market
- Low-Carbon Aluminum Market
- Sustainable Steel Market
How can the hydrogen economy market reports add value
Product/Innovation Strategy: The reports outline the market segmentation, application, types, and global analysis of the markets. Given the increasing demand for sustainable fuel and the technology required to synthesize it, these reports can help you identify new opportunities.
Growth/Marketing Strategy: The market reports perform an in-depth analysis of the key players and emerging companies in the market. The report outlines various growth strategies that are being adopted by players in the market.
Competitive Strategy: Competitive benchmarking provides a clear market overview. It can be used to conduct a SWOT analysis, Porter's five forces analysis, and more. Further, strategies such as partnerships and collaborations hint at potential market opportunities.
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, capable of disrupting market dynamics. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.
Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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