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As a promising clean energy source, the hydrogen market has drawn a lot of attention, especially for uses in industrial processes, energy storage, and transportation. It does, however, confront numerous difficulties, just like any new sector. The following are a few of the major business obstacles facing the hydrogen industry. DOWNLOAD PDF: https://www.marketsandmarkets.com/industry-practice/RequestForm.asp Cost and Competitiveness: Producing hydrogen now costs more than producing it with conventional fossil fuels, especially when employing environmentally friendly techniques like electrolysis. Widespread adoption is severely hampered by this cost difference, especially in industries where cost competitiveness is crucial. Cutting the price of producing hydrogen is a vital task. Infrastructure Development: In order to store, transport, and distribute hydrogen, a specific infrastructure is needed. The construction of this infrastructure is a huge project that calls for a large financial commitment and cooperation from many stakeholders. The expansion of the market may be constrained by an immature hydrogen infrastructure. Increasing Production: A large increase in production is required to meet the demand for hydrogen as an energy carrier. This calls for significant capital outlays, and realizing economies of scale is difficult. The ability to produce green hydrogen also depends on the availability of renewable energy sources. Energy Efficiency: The processes used to produce hydrogen, particularly electrolysis, can be energy intensive. In order to turn hydrogen production into a sustainable and eco-friendly energy source, its energy efficiency must be increased. Storage and Transportation: Due to its low energy density, hydrogen is difficult to store and move. Although they present their own set of technical and financial difficulties, solutions like liquid or compressed hydrogen as well as chemical carriers like ammonia are being investigated. Regulatory and Policy Obstacles: Existing energy sources are frequently given preference by regulatory frameworks. For hydrogen to grow, policies and incentives that support its development and use are essential. The future of the industry is significantly shaped by governments through carbon pricing mechanisms, tax incentives, and subsidies. Public Perception: The public's perception of hydrogen has been problematic, especially in regards to safety. Concerns have been raised about high-pressure storage and transportation, as well as the possibility of hydrogen leaks. It's critical to address these safety concerns. Technological Innovation: To reduce costs and increase efficiency, advances in the technologies for producing, storing, and using hydrogen are required. It is essential to spend money on research and development to create new, more effective technologies. Challenges with the Supply Chain: Establishing a strong hydrogen supply chain is crucial for company success. This includes locating raw materials and guaranteeing prompt delivery. Disruptions to the supply chain may have a big effect on the sector. Market Acceptance and Demand: Different industries and geographical areas have different needs for hydrogen. Accurately estimating market demand and adjusting production and distribution in line with it present a business challenge. Industry and consumer acceptance of hydrogen as a practical and sustainable energy source is also necessary. Global Competition: Nations and businesses from all over the world are fighting for dominance in the hydrogen sector, which is growing more and more competitive. Gaining a competitive advantage in this international market is a big task. Carbon Emissions and Sustainability: Green hydrogen needs to be powered by renewable energy sources in order to be a truly sustainable and eco-friendly solution. One of the main challenges is ensuring low or zero emissions during the production of hydrogen. The development of the hydrogen industry and its potential to support the transition to cleaner, more sustainable energy sources will depend on how these issues are resolved. Governments, corporations, and researchers must work together to develop and implement novel solutions. Read More: https://www.marketsandmarkets.com/industry-practice/hydrogen/business-challenges About MarketsandMarkets™ Founded in 2010, MarketsandMarkets™ is a sector research and growth-enabling firm that helps clients realize revenue opportunities in new and existing markets. We leverage our proprietary data platform and Knowledge Services practice to deliver actionable insights to organizations. The B2B economy is predicted to see the emergence of $25 trillion of new revenue streams that will displace existing workstreams. Knowledge Store, our AI-driven market intelligence platform, serves as the discovery and validation engine to evangelize these new growth opportunities. In March 2023, Forbes recognized MarketsandMarkets as one of America’s Best Management Consulting Firms. To know more, visit: http://www.marketsandmarkets.com. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441
