Editor s note: This story accompanies a larger story on the planned hydrogen production plant in Lancaster County. For the full story, click here.
Hydrogen could soon be extracted from water in Lancaster County for use as carbon-free fuel, according to recently announced plans for a new production facility to be located in Martic Township.
Specifically, the green hydrogen production plant is proposed for land near the intersection of Old Holtwood and New Village roads, said Brent Koski, vice president of hydrogen energy at Plug Power, a New York-based fuel cell company.
The site is just east of the Susquehanna River, as well as the Holtwood Hydroelectric Dam, which is expected to provide renewable energy to power plant operations.
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Amid the COVID-19 crisis, the global market for Cryogenic Tanks estimated at US$5.3 Billion in the year 2020, is projected to reach a revised size of US$7.9 Billion by 2027, growing at a CAGR of 5.8% over the analysis period 2020-2027.Liquid Nitrogen, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$2.8 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Liquefied Natural Gas (LNG) segment is readjusted to a revised 5.4% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Cryogenic Tanks market.