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Global green hydrogen market to reach $700 billion by 2050

The Middle East’s green hydrogen market is set for a major boom in the coming decades, on the back of a global market that is set to reach $700 billion by 2050, according to a report by Arthur D Little.

In its report titled ‘Paving the way for green hydrogen’, the global management consultancy explores the role green hydrogen will have in the future energy mix, concluding that green energy “can be a key technology to bridge decarbonization ambitions.”

A regional use case is NEOM in Saudi Arabia, where the world’s largest green hydrogen plant is being developed. There, policy makers are building dual sources of renewable energy (solar and wind) to fuel the production process of green hydrogen.

Eddy Ghanem, a principal at Arthur D. Little in Beirut, said: “Upon completion, the availability of both solar and wind energy in NEOM is expected to yield a combined electricity cost of $2-3 ct/Kwh, which will reduce the total cost of green hydrogen production to approximately $2/kg.”

Read the full story at Consultancy-me.com