A new report by Exactitude Consultancy projects the global green hydrogen market will reach $19.2 billion by 2032.
This growth is driven by the increasing need for cleaner energy alternatives in sectors like heavy transport and industrial systems. Green hydrogen, produced through electrolysis powered by renewables, offers a zero-emissions solution.
Innovations in PEM, alkaline, and solid oxide electrolysis technologies are key factors. Alkaline systems are affordable, PEM systems are adaptable, and solid oxide units can utilize waste heat for efficiency.
Achieving this market growth requires cheap, clean electricity, robust infrastructure, and storage solutions. Government incentives, long-term purchase agreements, and funding are crucial for project viability.
Countries with abundant renewable resources like Australia, Chile, Spain, and the UAE are well-positioned as export hubs. Supportive policies, such as carbon taxes and subsidy programs, will accelerate the transition.
The EU and South Korea are investing heavily, and U.S. tax credits under the Inflation Reduction Act could boost the domestic market. Green hydrogen is becoming a significant component of the new energy economy.