Transportation vehicles, such as buses, trains, cars, and other similar vehicles, are responsible for the rise of air pollution. In the transport sector, the competitiveness of the hydrogen fuel cell cars depends on the cost of the fuel cell. This might take some time, owing to the high production cost of green hydrogen. However, given the efforts to reduce the overall costs for producing green hydrogen, its use in the transportation sector is likely to find considerable use. The global fuel cell electric vehicles stock numbered at 25,120 in 2019. In addition to this, there were around 470 hydrogen refueling stations across the globe. This number is likely to cross 12,000 by the year 2030, which signified considerable potential for the use of green hydrogen, provided the cost of production is brought down.
Japan and China to Be the Frontrunners in Asia-Pacific’s Green Hydrogen Market
Asia-Pacific’s green hydrogen momentum will be led by Japan and China, the two economies which have been at the forefront in research and development of clean energy alternatives. They are also developing their own supply and distribution models while rapidly constructing hydrogen fuel stations. In addition to this, economies such as Australia, New Zealand, India, and South Korea, too, will be important players in this market. The transportation and supply of green hydrogen will be governed by the interdependence of economies, such as Japan, South Korea, Singapore, Australia, New Zealand, and India, among other economies, which are taking significant steps in establishing solar and wind energy projects.
Apart from China and Japan, South Korea will emerge as a dominant player considering its plans on rapid infrastructure construction to support hydrogen deployment. For instance, the South Korean president announced in 2019 its plans for a hydrogen roadmap, which included the production of 6.2 million units of fuel cell electric vehicles and 1200 refueling stations by the year 2040. In addition to this, Australia plans to invest around USD 22 million to accelerate the development of renewable hydrogen.
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Impact of COVID-19
The COVID-19 pandemic has resulted in a considerable collapse of the international supply chain and has halted global trade to a considerable extent. The clean and renewable sector has now reached its commercialization phase and is ready to play its essential role in decarbonizing the economies. The economic crisis, which has resulted due to the spread of the COVID-19, will cause significant delays in the adoption as well as the commercial roll-out of green hydrogen. Furthermore, it might even temporarily endanger the capacity of green hydrogen sector to take up its role as the missing link in the transition towards clean energy. However, economies, such as Germany, the U.K., Spain, the Netherlands, China, and Japan, among others, will continue to be leaders in utilizing green hydrogen for various end uses.
Green Hydrogen Market: Segmentation
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* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now