GCC Green Hydrogen Market

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Major GCC Green Hydrogen Market Drivers

The potential of the Gulf region as a hydrogen hub is underlined by different fascinating aspects such as the Gulf region possessing an abundance of cheap and readily accessible renewable energy resources. Geographically, the Gulf is advantageously located near foremost hydrogen consumption markets likewise Asia and Europe. This closeness makes it feasible to export hydrogen proficiently to these high-demand regions. The Gulf Cooperation Council (GCC) regions cooperatively hold nearly 30% of the world’s total oil reserves and possess a considerable natural gas resource. The energy segment plays an imperative role in the economies of GCC regions, underwriting progressively to their GDP.

During the recent period, GCC nations have been actively expanding their energy mix, improving effectiveness, and incorporating renewable energy sources. This divergence is in an array with the universal transition toward cleaner energy solutions. The International Energy Agency estimates that hydrogen could meet up to 18% of the global energy demand by 2050, showcasing a considerable market opportunity predicted at US$ 150 billion to US$ 200 billion annually.

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Market Dynamics

The switch towards hydrogen-based energy enables the GCC to assume an important role in an emerging GCC Green Hydrogen Market. In the carbon-free future, green hydrogen is prepared to become necessary, and the GCC stands as a frightening contender, endowed with rich solar energy resources. Yet, the challenge occurs in transportation, as transporting green hydrogen to East Asia and Europe is cost-intensive. GCC producers could discover the production of green ammonia from green hydrogen and simplify the conversion procedure upon reaching export locations.

Significantly, the GCC countries, specifically in regions alike northwest Saudi Arabia and southeast Oman, are prepared to be international leaders in economic green hydrogen production, owing to their outstanding direct normal irradiance and wind speed is more than 8 m/s. These factors are expanding the GCC Green Hydrogen Market Size, with the potential to play a vital role in the global seek for cleaner energy substitutes and carbon deduction.

The region is strong in renewable energy sources and offers sufficient space for large-scale green hydrogen production, resulting in highly competitive prices. In addition, foremost gas-exporting nations like Qatar possess considerable natural gas reserves, allowing the cost-effective production of blue hydrogen. Secondly, located close nearness to the foremost required centers like the European Union and Asia, the Gulf region is strategically located to establish itself as a leading export hub. This advantageous location translates to economic transportation costs, fostering the growth of the GCC Green Hydrogen Market.

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Regional Segmentation

Saudi Arabia is positioning itself as a universal leader in clean hydrogen production, with impressive targets of 2.9 million tonnes per year by 2030 and 4 million tonnes per year by 2035. The aim is deceit in the development of share in the blue hydrogen market, precisely in blue ammonia.

While Saudi Arabia leads the GCC Green Hydrogen Market Share, Oman’s emphasis on green hydrogen is predicted to yield considerable pay off post 2030 with a considerable rise in production capacity. Oman, the UAE, and Saudi Arabia is expected to boost the green hydrogen, forming hydrogen alliances, signing MoUs, and growing engagement in government-level partnerships.

Key Developments

• • In the UAE, France’s Engie and Abu Dhabi’s Masdar planned to invest a substantial $5 billion around the UAE’s green hydrogen industry. Their aim is to establish 2 gigawatts of electrolyzer capacity by the year 2030.
  • In 2020, The Belgian organization DEME Concessions planned for an extensive 500 MW green hydrogen facility to be established in port of Duqm, Oman. During its initial phase, the plant is designed to adjust an electrolyzer capacity range from 250 MW to 500 MW, with the potential for further enlargement in the following stages.

Segments covered in the Report:

The GCC Green Hydrogen Market has been segmented on the basis of Technology. Based on the Technology, the market is segmented into Alkaline Electrolyzer, Polymer Electrolyte Membrane (PEM) Electrolyzer, by Application, Power Generation, Transportation, Others.

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Market Segmentation

GCC Green Hydrogen Market by Technology

• • Alkaline Electrolyzer
  • Polymer Electrolyte Membrane (PEM) Electrolyzer
  • by Application
  • Power Generation
  • Transportation
  • Others