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Green hydrogen is a type of hydrogen produced through the electrolysis of water using renewable energy sources. The process of electrolysis splits water molecules into hydrogen and oxygen atoms using an electric current. The hydrogen produced can be used in a variety of ways, including as a fuel for vehicles or as a way to store energy. A key advantage of green hydrogen is that it does not produce greenhouse gas emissions when used. This is in contrast to traditional hydrogen, which is produced from natural gas and emits carbon dioxide when burned. Green hydrogen can therefore help to reduce greenhouse gas emissions and combat climate change.

Market Trends and Drivers

Rise in investment in Green Hydrogen is anticipated to augment industry growth.

The Government is focused on decarbonizing the MENA economy, in which green hydrogen would play a crucial role. Saudi Arabia and the United Arab Emirates are portraying themselves as frontrunners. For instance, in 2021, Saudi Arabia formed a strategic green hydrogen development alliance with Germany to generate, process, utilize, and transport clean hydrogen, marking a significant step forward as the Kingdom ramps up its green hydrogen production. “The development of green hydrogen is now being driven mostly by hydrogen developers such as NEOM, ACWA Power, Masdar, and OQ.” These players are aided by the public sector, which is responsible for enabling factors such as hydrogen valleys, access to technology, clear legislation, and the availability of human resources.

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The International Renewable Energy Agency projects that by 2050, hydrogen and its derivatives will be able to supply 12% of the world’s energy needs, making green hydrogen one of the major pillars of the energy transition. The UAE aims to acquire 25% of the worldwide hydrogen market, while Saudi Arabia hopes to become the world’s largest provider. Oman and Egypt are two other countries in the region making significant improvements. As of now, Siemen’s several green hydrogen projects across the Middle East and Africa are in the works. More than 40 investments totaling more than $20 billion have been announced for the period up to 2030, in addition to numerous smaller projects. Countries like Saudi Arabia have announced massive investments in hydrogen. Dubai and Qatar are also investing in hydrogen and solar panels, which again are an enabler for green hydrogen production.

Further, the green hydrogen cost development by technology is declining year-on-year. This is further expected to lead to the demand for green hydrogen market.

are primarily concentrating on expanding the supply of FCEVs in the Middle East. For instance, in September 2020, Hyundai Motor exported four fuel cell electric vehicles to Saudi Arabia, its first-ever FCEV exports to the Middle East.

Demand for carbon-free steel is expected to increase in the coming year as people become more aware of the benefits of using carbon-free products. The increasing use of carbon-free steel in a variety of applications, such as construction projects, automobiles, electrical appliances, cargo ships, and surgical scalpels, is likely to drive the market over the forecast period.

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