The global green hydrogen market is projected to expand rapidly during the coming years attributed to the increasing concerns about carbon emissions, and the need to decarbonize the transport and power sectors has forced countries to reduce their dependency on fossil fuel-based systems and increase deployment of renewable energy sources. Moreover, technological advancements in emerging economies have propelled the market growth for green hydrogen. Before entering the green hydrogen market, the companies need to understand the considerations that eventually go a long way toward ensuring the fulfillment of a company's efforts to establish itself as a strong player in the market. This section of the report presents an in-depth analysis of the direction toward which the industry is moving and the impact of the various factors on the market.
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There is a lack of understanding about
how green hydrogen is created, its advantages, and its definition. Green
hydrogen is also feared and treated as a necessary evil. It should be
remembered that social barriers that arise when implementing modern
technologies, including the development of hydrogen energy, are the
hardest to overcome. Social resistance may cause a given investment to
be suspended, delayed, or, worse, not realized at all. This type of
barrier is the most difficult to overcome. Therefore, general
environmental education and ecological awareness in this field are
important. However, to identify the kind of social or ecological actions
that are needed, the people’s knowledge level and attitudes relating to
the topic under study should be determined. Numerous interesting
studies have been conducted on green hydrogen energy technology and its
use. However, most often, these studies are conducted from a technical
or economic perspective, and few studies exist from a social
perspective. Nonetheless, the social perspective is important to
ascertain people’s attitudes to this type of energy and break the
resistance of ordinary people to these solutions.
The global
demand for green hydrogen is attributed to major companies providing
solutions for the oil and gas, petrochemical, electric vehicles, and
power generation sectors. This diverse range of business entrants offers
possibilities for other players ready to carry the high risks inherent
in the industry. This chapter details the latest strategies and
technological developments adopted by the key market players in the
green hydrogen market.
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To lead the industry as well as to
participate in a phase of market expansion, an organization would want
to work in partnership with leading market players to acquire relatively
weak firms to add new products and services to the market and enrich
existing products. This chapter details the latest strategies and
developments adopted by the key market players in the global green
hydrogen market. The key players actively taking part in the green
hydrogen market are Linde, Air Liquide, Air Products Inc., Engie, Uniper
SE, Siemens Energy, Green Hydrogen, Cummins Inc., Toshiba Energy
Systems & Solutions Corporation, Nel ASA, SGH2 Energy Global LLC,
PLUG POWER INC., Loop Energy Inc., Ergosup, Ballard Power Systems.
The
majority of the companies preferred partnership, collaboration, and
contract as a key strategy to further increase their competitiveness in
the market between 2018 and 2021. The companies also adopted mergers,
acquisitions, and joint ventures strategy to strengthen their market
position, consequently maximizing the revenue. Moreover, participating
in international platforms for getting recognition at the global level
for their products and services was also a major strategic move made by
key companies during the last three years.
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