Hydrogen is the most abundant chemical element on the Earth, comprising 75% of its mass. Hydrogen atoms are present in water, plants, and animals. But it is very scarce as a gas – less than one part per million by volume. Consequently, it is expensive to produce hydrogen, which must be produced from fossil fuels and then stored for use as energy. That process – known as carbon capture and storage (CCS) – can be up to seven times more expensive than generating electricity from renewables backed by battery storage.
Market Dynamics:
The global clean hydrogen market is gaining momentum owing to the increasing demand for carbon alternative fuels from various industries. The market is further fueled by the favorable government bodies’ policies that support hydrogen economy. Furthermore, the increased use of hydrogen for charging fuel cell vehicles (FCV) to minimize emissions and air pollution is again driving growth of the market.
On the other hand, high cost of production is expected to hamper the market growth.
Key features of the study:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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