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Hydrogen Growth Opportunities The most common element in the universe, hydrogen, is becoming more and more of a viable clean energy source. Concerns about climate change and the need to move away from fossil fuels are making people pay more attention to hydrogen because of its potential to power everything from cars to electrical grids. Download PDF: https://www.marketsandmarkets.com/industry-practice/RequestForm.asp There are several reasons behind the rise of hydrogen. First, using hydrogen produces no carbon dioxide when it comes from renewable energy sources like solar or wind power. It is therefore a desirable carbon-free fuel choice. Second, because hydrogen has a high energy storage capacity, it can help stabilize electric grids that depend on intermittent renewable energy sources. Third, compared to battery electric cars, hydrogen fuel cell vehicles offer comparable range and refueling speed, thereby removing significant adoption barriers. Nowadays, a lot of businesses and governments are making significant investments in hydrogen. An ambitious $430 billion plan to expand hydrogen infrastructure was unveiled by the European Union. By 2030, Japan wants 800,000 hydrogen fuel cell cars on the road. Data centers run by tech behemoths like Microsoft and Amazon are testing hydrogen backup power. A number of startups are attempting to reduce the cost and increase the efficiency of hydrogen production. But problems still exist. Today's most common source of hydrogen is fossil fuel natural gas. Reducing the cost of hydrogen production using renewable energy sources is still a top priority. Infrastructure distribution also necessitates a significant capital outlay. Concerns regarding hydrogen's flammability continue to exist. Hydrogen may be a major player in the future of clean energy if these obstacles can be removed. Because it emits no emissions, it is a fuel that can be used for heating, industrial processes, transportation, and electricity generation. Hydrogen has the potential to power the world and combat climate change with the correct investments and policies in place. Hydrogen Growth Opportunities in Mobility Industry: Fuel cell electric vehicles (FCEVs): Electric vehicles powered by hydrogen fuel cells emit only water as emissions. FCEVs have a great deal of potential to replace gasoline and diesel vehicles as they get more affordable and the infrastructure for fueling them grows. Trains, ships, and planes: Hydrogen fuel cells are well-suited for powering heavy transportation that is difficult to electrify. This includes freight trains, cruise ships, ferries, airplanes and more. Material handling vehicles: Lead-acid batteries in forklifts, airport tugs, warehouse equipment, etc., can be swapped out for hydrogen fuel cells. Emissions and refueling time are decreased as a result. Port electrification: In ports, hydrogen can supply clean power to docked ships, cutting down on emissions and idling time. Infrastructure: Hydrogen can be used to provide backup and off-grid power for EV charging stations, warehouses, airports and other transport hubs. Hydrogen Growth Opportunities in Aerospace Defense in hydrogen space: Hybrid-electric and fully electric aircraft: To cut down on noise and emissions, hybrid or all-electric propulsion systems can be powered by hydrogen fuel cells. This holds particular promise for short-haul travel. Refueling military vehicles and aircraft: Diesel or jet fuel can be substituted with hydrogen to power tanks, trucks, ships, and certain aircraft. This enhances military operations' energy security. Space launch vehicles: When compared to conventional fuels, hydrogen is a more efficient rocket propellant that can increase payload capacity. For space launches related to national security, this is crucial. Backup/auxiliary power: Hydrogen-fueled fuel cells enable bases and tactical operations to run on electricity quietly. This lessens the need for logistics when delivering diesel fuel. Improving production and logistics: Using renewable energy sources to produce hydrogen through electrolysis at military depots and bases increases energy resilience. Transporting ammonia is also less complicated than liquid hydrogen. Read More: https://www.marketsandmarkets.com/industry-practice/hydrogen/hydrogen-growth-opportunities
