Global Green Hydrogen Production Set to Reach 5.7 Million Tons by 2030, Powered by Decarbonization
SANTA CLARA, Calif., Jan. 19, 2021 /PRNewswire/ Frost & Sullivan s recent analysis,
Advances in Green Hydrogen Create Opportunity across the Global Power Sector, forecasts that global green hydrogen production will skyrocket at a compound annual growth rate (CAGR) of 57% between 2019 and 2030, rising from 40,000 tons to 5.7 million tons. Increasing concerns about carbon emissions and the need to decarbonize the industrial, commercial, transport, and power sectors have forced countries to reduce their dependency on fossil fuel-based systems and increase investments across alternate low-carbon technologies, including green hydrogen.
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A new study forecasts that global green hydrogen production will skyrocket at a compound annual growth rate (CAGR) of 57% between 2019 and 2030, rising from 40,000 tons to 5.7 million tons. That’s according to Frost & Sullivan’s recent analysis, “Advances in Green Hydrogen Create Opportunity across the Global Power Sector.” Increasing concerns about carbon emissions and the need to decarbonize the industrial, commercial, transport, and power sectors have forced countries to reduce their dependency on fossil fuel-based systems and increase investments across alternate low-carbon technologies, including green hydrogen.
“The total decarbonization of certain sectors like transportation and power cannot be achieved solely by electrification. This challenge can be addressed by green hydrogen produced through electrolysis from RES (renewable energy sources), wind and solar, in particular,” said Swagath Navin Manohar, Industry Analyst. “Green hydrogen produ