It is poised to be a key player in the upcoming energy transition necessary for achieving carbon neutrality and addressing climate change. Several countries, including Germany, Chile, the UK, the US, China, and India, have recognized the importance of green hydrogen and are focusing on electrolysis technology for its synthesis. For instance, in January 2022, Shell and Zhangjiakou City Transport Construction Investment Holding Group Co. Ltd. announced a joint venture to produce green hydrogen in Zhangjiakou, Hebei Province, China. The project’s first phase involves a 20 MW power-to-hydrogen electrolyzer and hydrogen refueling stations, with plans to scale up to 60 MW in the next two years.
Market outlook
■ Upstream: ~88% of hydrogen in 2022 (by value) was grey hydrogen; this shows global dependence on CO2 emitting H2; blue could develop as short-term infill but only green is truly a sustainable offering.
The global hydrogen generation market is projected to reach USD 263.5 Billion by 2027, at a CAGR of 10.5% between 2022 to 2027. The factors driving the growth of the hydrogen generation market are increasing hydrogen demand in the industrial sector and rising demand for hydrogen in transportation and power generation applications.
Low-carbon hydrogen production is expected to generate USD 70 Bn opportunity in the hydrogen economy by 2030. Blue hydrogen production technologies such as steam reforming, coal gasification, gas heat reforming, and biomass gasification with a TRL level less than seven will play a crucial role in the hydrogen economy by 2030.
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