In light of energy diversification, the move away from fossil fuels, and the need to reduce CO2 emissions, demand for green hydrogen is growing rapidly – not only in energy-intensive industries such as steel, chemicals, and heavy-duty freight but also in private real estate.
German engineering and technology company Bosch announces investing up to 500 million euros towards the development of electrolyzer components to produce hydrogen under its Mobility Solutions business sector by the end of the decade.
According to a report published by professional services firm PwC, demand for green hydrogen across the GCC is expected to grow significantly in the medium term, reaching about 530 million tons by 2050.
Bosch forecasts that the global market for electrolyzer components will increase to a volume of around 14 billion euros over the same period.
Moreover, Bosch intends to invest some three billion euros in climate-neutral technology, such as electrification and hydrogen, over the next three years, to help businesses and society reduce dependency on fossil fuels and harness new forms of energy.
