NEW YORK, Nov. 11, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global green hydrogen market size is estimated to grow by USD 46.25 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  66.83%  during the forecast period. Growing adoption of clean fuel is driving market growth, with a trend towards growing focus on using clean hydrogen in refineries. However, high initial cost  poses a challenge.Key market players include ACWA Power International, Air Liquide SA, Air Products and Chemicals Inc., Ballard Power Systems Inc., Bloom Energy Corp., Ceres Power Holdings plc, Cummins Inc., ERGOSUP, Green Hydrogen Systems, Guangdong Nation Synergy Hydrogen Power Technologies Co Ltd., Indian Oil Corp. Ltd., Jindal Steel and Power Ltd., Larsen and Toubro Ltd., Linde Plc, Loop Energy Inc., Nel ASA, Nikola Corp., Plug Power Inc., Siemens Energy AG, and Solena Group.

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Market Driver

The Green Hydrogen market is surging as businesses and governments seek clean energy solutions for their energy needs. Renewable energy sources like wind and solar are driving the production of hydrogen through electrolysis. Electrolysis uses alkaline or Proton Exchange Membrane (PEM) electrolyzers to separate hydrogen from water. Major players like Air Liquide are investing in renewable liquid hydrogen, produced from excess renewable energy. Supportive policies in regions like California, with de-carbonization targets, are boosting demand. Hydrogen can be used as a fuel in fuel cells for transportation, power generation, and even in internal combustion engines. It’s also being explored for heating applications, aircraft fuel, and space applications. The International Energy Agency predicts a significant increase in hydrogen production as part of the energy transition to a carbon-free economy. Companies like Engie and Hydrogenics are leading strategic initiatives in hydrogen production and infrastructure development. The challenge lies in efficiency and environmental issues, but alternative energy sources like natural gas-hydrogen fuel mixtures offer a potential solution. Investment plans are on the rise as the world moves towards a low-carbon economy and combats climate change. Offshore wind is a promising source for hydrogen production at commercial scale. The future of the hydrogen economy looks bright, with opportunities in various sectors and applications. 

The refining industry is a significant consumer of hydrogen, utilizing it for various purposes such as refining crude oil into refined fuels and removing impurities like sulfur. According to the US Energy Information Administration (US EIA), this demand is increasing due to stricter regulations on sulfur content in distillate fuel oil. One notable initiative promoting the use of clean hydrogen in refineries is the REFHYNE project, which commenced in January 2018 and concluded in December 2022. This European Union-funded project aimed to demonstrate the feasibility of using renewable hydrogen in refineries, contributing to the reduction of greenhouse gas emissions. 

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 Market Challenges

The Green Hydrogen market is gaining momentum as businesses and governments seek clean energy solutions for their energy needs. Renewable energy sources like wind and solar are key to producing hydrogen through electrolysis. However, challenges exist in scaling up production using alkaline electrolyzers and PEM electrolyzers with proton exchange membranes. Commercial-scale production and transportation via pipelines require significant investment. Fuel cells, used in transportation and power generation, offer efficiency and low carbon emissions. Hydrogen can also replace natural gas in internal combustion engines, power aircraft, and serve various domestic and space applications. Supportive policies in regions like California, driven by de-carbonization targets, are crucial. Companies like Air Liquide, Engie, and Hydrogenics are leading the way in renewable liquid hydrogen production. The International Energy Agency encourages the transition from fossil fuels to a hydrogen economy, addressing environmental issues and greenhouse gas emissions. Solid oxide electrolyzers and heating applications are also strategic initiatives. Offshore wind is a promising source for hydrogen production in a carbon-free economy.Green hydrogen, produced through water electrolysis using renewable energy, carries a higher initial cost compared to grey hydrogen derived from natural gas. The setup cost for a green hydrogen production plant is substantial. On average, green hydrogen costs around 2-3 times more than grey hydrogen. Fuel cells used for green hydrogen power are priced 1.5 to 2 times higher than their fossil fuel counterparts. As a synthetic fuel, green hydrogen’s cost is nearly 5-7 times more than fossil jet fuel. According to The Energy and Resources Institute (TERI), the production cost of green hydrogen is approximately USD5–USD6 per kg. This rate makes it economically unfeasible for industries such as steel, fertilizer, and long-range shipping to adopt green hydrogen as a fuel source.

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Segment Overview 

This green hydrogen market report extensively covers market segmentation by  

End-user 1.1 Chemical1.2 Power1.3 Industrial1.4 OthersTechnology 2.1 Alkaline electrolyzer2.2 Polymer electrolyte membrane (PEM) electrolyzerGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Chemical-  Green hydrogen is a crucial supply in the chemical industry, primarily used for synthesizing methanol and ammonia. These chemicals are essential ingredients in manufacturing methanol, polymers, and ammonia, significantly contributing to the fertilizer sector. Green hydrogen also finds application in producing chemical compounds such as paints, synthetic fibers, nylon, polyurethane elastomers, and plasticizing plastics. The chemical industry’s rising demand for green feedstock or precursor molecules, like ammonia and methanol, produced using low-CO2 hydrogen and green hydrogen, is a significant growth driver. These green chemicals are further converted into high-value end-products for various sectors, including automotive, electronics, and pharmaceuticals. Additionally, methanol derived from green hydrogen is used as a direct fuel or blended fuel, such as gasoline, and in LPG streams, increasing its demand in the transportation sector. China is a notable consumer of methanol and its derivatives, blending it into gasoline pools or LPG streams as a cost-effective substitute. Consequently, the expanding demand for fertilizers, direct fuels, and domestic fuel products will propel the growth of the global green hydrogen market during the forecast period.

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Research Analysis

The Green Hydrogen market is a rapidly growing sector in the renewable energy industry, focused on producing hydrogen through electrolysis using only renewable energy sources such as wind and solar. This process is key to the Hydrogen Economy, which aims to reduce carbon emissions by replacing fossil fuels with clean energy solutions. Electrolysis involves passing an electric current through water to split it into hydrogen and oxygen. Alkaline electrolyzers and Proton Exchange Membrane (PEM) electrolyzers are the two main types. Renewable liquid hydrogen produced at commercial scale is transported through pipelines for use in various sectors, including transportation via fuel cells in cars, buses, and trucks, as well as in power generation, aviation, and industrial processes. Supportive policies and advancements in technology are driving the growth of this market, as the world seeks to address energy needs while reducing greenhouse gas emissions and transitioning away from fossil fuels. The International Energy Agency projects that hydrogen could meet up to 24% of global energy demand by 2050. However, challenges remain, including efficiency concerns and environmental issues related to hydrogen production and transportation. Alternative energy sources, such as natural gas-hydrogen fuel mixtures, are also being explored to improve the economic viability and reduce the carbon footprint of hydrogen production.

Market Research Overview

The Green Hydrogen market is a rapidly growing sector in the renewable energy industry, focused on producing hydrogen through electrolysis using only renewable energy sources such as wind and solar. This clean energy solution is a key component of the hydrogen economy, which aims to reduce carbon emissions and transition to low-carbon sources for various energy needs. Electrolysis involves passing an electric current through water to split it into hydrogen and oxygen. There are two main types of electrolyzers: alkaline and Proton Exchange Membrane (PEM). At commercial scale, hydrogen can be used as a fuel for transportation, fuel cells, internal combustion engines, hydrogen-powered aircraft, and power generation. It also has applications in heating, domestic use, and even in space. Supportive policies and investment plans, especially in regions like California with de-carbonization targets, are driving the growth of the green hydrogen market. The International Energy Agency has identified hydrogen as a crucial alternative energy source in the fight against fossil fuels and greenhouse gas emissions. Companies are also exploring strategic initiatives, such as natural gas-hydrogen fuel mixtures, to make the transition more feasible. The hydrogen production process itself is undergoing innovation, with the development of solid oxide electrolyzers and offshore wind integration.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userChemicalPowerIndustrialOthersTechnologyAlkaline ElectrolyzerPolymer Electrolyte Membrane (PEM) ElectrolyzerGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

NEW YORK, Nov. 11, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global digital twin market size is estimated to grow by USD 114.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  64.1%  during the forecast period. Industry 4.0 and industrial iot is driving market growth, with a trend towards increasing traction in healthcare sector. However, high cost of deployment and complex architecture of digital twin  poses a challenge.Key market players include ANSYS Inc., Dassault Systemes SE, DNV Group AS, General Electric Co., Hexagon AB, Honeywell International Inc., International Business Machines Corp., Johnson Controls International Plc., Kongsberg Gruppen ASA, Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, ScaleOut Software Inc., Siemens AG, Software AG, SWIM Inc., Veerum Inc., and Wipro Ltd..

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Market Driver

The Digital Twin market is experiencing significant growth as businesses adopt advanced digital technologies like IoT, AI, and ML to create virtual replicas of physical assets. These digital twins enable real-time data collection and analysis, leading to improved product lifecycle management, personalized medicine, traffic management, and energy consumption optimization. Industries like healthcare, transportation, energy, infrastructure, and aerospace and defense are leveraging digital twin technology for virtual prototyping, predictive maintenance, and optimization of processes and systems. The market also includes trends like connected vehicle services, energy optimization, construction, and smart city projects. However, data security and cyber threats are key challenges that need to be addressed. AI advancements and cloud-based solutions are driving digital transformation across various sectors, including IT and telecommunication, real estate, and manufacturing. The future of digital twin technology lies in extended reality, semiconductors, and IIoT, with a focus on reducing carbon emissions and improving supply chain optimization. 

The healthcare sector leads the way in technology adoption, prioritizing cost reduction and superior patient care. AI, IoT, and analytics are among the technologies being integrated into healthcare business processes. In recent years, digital twin technology has gained prominence in this industry. By creating 3D models of hospitals, processes, staffing, and care models, hospital management can anticipate bed shortages, germ transmission, staff schedules, and operating room efficiency. Digital twin solutions enable informed decisions, optimizing patient care, costs, and facility performance. 

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 Market Challenges

The Digital Twin market is experiencing significant growth due to the integration of advanced digital technologies like IoT, AI, and ML in various industries. Digital Twin Technology allows for virtual prototyping of real-world objects, providing real-time data and analysis for sectors like healthcare, transportation, energy, infrastructure, and more. Challenges include data collection, cyber threats, and real-time model accuracy. Industries like Aerospace and Defense, Automotive and Transportation, Energy and Utilities, IT and Telecommunication, Real Estate, and Construction are leveraging Digital Twin for personalized medicine, traffic management, parts and product twins, process and system twins, and energy consumption optimization. AI advancements and Big Data Analytics are driving Digital Transformation, with cloud-based solutions and RPA enabling optimization in industries like Aerospace, Telecommunications, and Supply Chain. Extended reality technologies like VR, AR, and XR are also playing a role in Digital Twin applications. However, challenges remain in areas like data security, interoperability, and scalability. IIoT, carbon emissions reduction, and semiconductor manufacturing are also adopting Digital Twin Technology.ai_dominating_segment_factor

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Segment Overview 

This digital twin market report extensively covers market segmentation by  

Deployment 1.1 On-premises1.2 CloudEnd-user 2.1 Manufacturing2.2 Energy and utilities2.3 Aerospace and defense2.4 Automotive2.5 Infrastructure and othersGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 On-premises-  The digital twin market is primarily driven by large enterprises in the aerospace, automobile, and manufacturing sectors, who prefer on-premises digital twin solutions due to their emphasis on intellectual property (IP) and data security. On-premises digital twin solutions offer companies complete control over data security, allowing them to set user access policies, install firewalls and antivirus software, and promptly install security patches. These solutions align with business objectives and provide better security and control compared to cloud-based alternatives. On-premises digital twin solutions have several advantages, including data control, less vendor dependency, foundation for future hybrid cloud expansion, and easier customization. Companies such as General Electric Co. (GE), National Aeronautics and Space Administration (NASA), and Schneider Electric have adopted on-premises digital twin solutions. GE alone has deployed over one million digital twins on its premises. The benefits of on-premises digital twin solutions are expected to maintain steady growth during the forecast period, as large enterprises prioritize security. Contactless delivery of products and services is also driving adoption across various industries, including manufacturing and healthcare. Digital twin solutions enable predictive modeling, greater transparency, and insight into product behaviors, allowing businesses to make informed decisions regarding capacity and inventory in supply chains. Overall, the on-premises segment of the global digital twin market is poised for growth due to its ability to address the unique needs of large enterprises and provide enhanced security and control.

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Research Analysis

The Digital Twin Market is experiencing rapid growth due to the increasing adoption of advanced digital technologies such as IoT, AI, and ML in various industries. Digital Twins are virtual replicas of physical assets or processes, enabling real-time data collection and analysis for improved performance, predictive maintenance, and optimization. The market spans across sectors like healthcare, transportation, energy, and manufacturing, among others, with applications in virtual prototyping, smart cities, and supply chain optimization. Big Data Analytics plays a crucial role in deriving insights from the vast amounts of data generated by Digital Twins. However, the market also faces challenges such as cyber threats and the need for cloud-based solutions and RPA to manage the complex data ecosystem. The Digital Twin Market is poised to revolutionize industries by providing real-time models, 3D modeling, and enabling digital transformation.

Market Research Overview

Digital Twin technology is a revolutionary concept that leverages advanced digital technologies such as IoT, AI, and ML to create virtual replicas of physical assets, processes, or systems. These virtual models provide real-time data and insights, enabling optimized performance, predictive maintenance, and improved efficiency across various industries. The Digital Twin market is witnessing significant growth, with applications spanning healthcare, transportation, energy, infrastructure, and more. Virtual prototyping, personalized medicine, traffic management, and energy consumption optimization are some of the key areas benefiting from this technology. Product Twin, Process Twin, System Twin, and Parts Twin are various types of Digital Twins used to enhance product lifecycle management, optimize supply chain, and improve infrastructure management. Industries like aerospace, automotive, energy and utilities, IT and telecommunication, real estate, and construction are adopting Digital Twin technology for digital transformation. The technology’s potential extends to virtual reality (VR) and augmented reality (AR), enabling experiences in industries like aerospace, telecommunications, and smart cities. With the increasing adoption of cloud-based solutions, RPA, and big data analytics, Digital Twin Technology is set to revolutionize various sectors, optimizing processes, reducing carbon emissions, and improving overall efficiency. However, with the increasing adoption of Digital Twin technology comes the challenge of cyber threats, security measures to protect real-time models and data. AI advancements and XR technologies will further enhance the capabilities of Digital Twin Technology, making it an essential tool for businesses undergoing digital transformation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloudEnd-userManufacturingEnergy And UtilitiesAerospace And DefenseAutomotiveInfrastructure And OthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Growth Strategy Will Center on the Shift from Mobile Phone Accessory Company to Mobile Fashion Brand

NEW YORK, Nov. 11, 2024 /PRNewswire/ — PopSockets, a global lifestyle brand, today announced that Jiayu Lin has been appointed Chief Executive Officer. Jiayu, who has been in the role since September 2024, will be focused on the company’s next phase of growth, including product innovation, forging new partnerships and expanding the global footprint. Jiayu will report to Founder David Barnett.

“PopSockets created the category, and we are ready to reintroduce PopSockets to a new generation of consumers around the world under Jiayu’s leadership,” said David Barnett, Founder, PopSockets. “Jiayu is a terrific leader with significant e-commerce and social marketing experience that will be critical to our future growth and continued success.”

Jiayu has been with PopSockets for three years, starting her tenure as General Manager, APAC. Most recently, she served as the company’s President, where she drove over 200% growth in APAC from the beginning of 2021 to 2023 through a combination of strong product development, a robust brick and mortar presence and collaborations with local creator communities. She will bring her proven APAC business strategy to her new global role. Jiayu will be moving to the U.S. effective November 2024. Prior to PopSockets, Jiayu served in leadership roles at Allbirds and Maia Active.

Back in 2010, PopSockets was founded by philosophy professor David Barnett as he was looking for a way to prevent his earbud cord from getting tangled and soon after, the prototype for the PopSockets grips was born. Today, the company has sold over 280M+ of its iconic phone grips in 30+ countries and has built a diversified product portfolio that includes accessories, cases, and mounts, with the latest being MagSafe-compatible accessories, which already has combined sales surpassing their classic adhesive grips.

“It’s an honor to lead PopSockets during this exciting time in the company’s history. My mission is to help consumers reconnect with who PopSockets is today, tap into their creative side and express themselves in new ways through our full ecosystem of stylish mobile accessories. I look forward to continuing to work with the PopSockets team – as well as our retail, supplier and distribution partners to take our brand into the future,” added Lin.

For more information on PopSockets, please visit: www.Popsockets.com.

About PopSockets
PopSockets is a global lifestyle brand with a mission to change the world through innovative and stylish products and community empowered activism. Core products include the original phone grip accessory, wallets, mounts, cases, chargers, straps and wristlets, all designed to enable self-expression. Today, more than 230 million PopSockets grips have been sold around the world. PopSockets has supported over 400 nonprofit partners and philanthropic efforts focused on environmental action, equity and inclusion, and global health. In 2021, PopSockets was honored as one of Fast Company’s World’s Most Innovative Companies. 

Press Contact
Jennifer Risi The Sway Effect
Jennifer.risi@theswayeffect.com
P: 917-887-8865

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SOURCE PopSockets