Hydrogen has the potential to reduce the risk of power price volatility for renewable energy generators. Hydrogen is regarded as a dependable alternative for achieving climate goals and adhering to local emission regulations. It is primarily used in the production of semiconductors, ammonia, carbon steels, polymer methanol, and special metals. It is also used as a reducing agent and carrier gas in the electronic industry. In addition, it is used in refineries to process intermediate oil products.
Currently, natural gas is the primary source of hydrogen production, and natural gas-fired steam methane reformers are widely used in hydrogen production. However, hydrogen can also be produced using newer technologies such as electrolysis and pyrolysis.
According to the CMI, the global hydrogen market is expected to be worth US$148.9 billion in 2021, with a CAGR of 2.2 percent over the forecast period (2021-2028).
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