PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320134
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320134
Clean Hydrogen Market size was valued at USD 3804.2 Million in 2022, expanding at a CAGR of 14.7% from 2023 to 2030.
Clean hydrogen encompasses a broad definition that encompasses different variations based on the carbon emissions associated with its production process. Both blue and green hydrogen are considered clean as they exhibit lower or zero carbon emissions during production. Hydrogen, being abundant in nature, can be produced through various sources such as fossil fuels, natural gas (e.g., methane), hydrocarbons, renewable sources, and electrolysis, which involves the separation of water molecules. Depending on the specific production method employed, hydrogen can be categorized as grey, black/brown, blue, green, or even pink.
Clean hydrogen holds immense potential for a wide range of applications, including power generation, building, industry, and transportation. Its clean nature makes it a promising substitute for fossil fuels in these sectors. As a result, substantial growth is expected in the adoption of clean hydrogen across various industries. Clean hydrogen is anticipated to play a crucial role in reducing carbon dioxide emissions, thereby aiding in global temperature reduction. Many European countries have set ambitious targets to become carbon neutral by 2050 due to the escalating global temperature. Clean hydrogen presents a viable alternative to fossil fuels, natural gas, and oil. The clean hydrogen market is witnessing increased cost competitiveness, making it more attractive for adoption. With its extensive range of applications and associated benefits, the clean hydrogen market is expected to experience robust growth in the coming years. Government policies are also playing a vital role in supporting the expansion of the clean hydrogen market.
The Global Clean Hydrogen Market is segmented on the basis of Product Type, End User, and Region.
The market is divided into three categories based on Product Type: Alkaline electrolyzer, PEM electrolyzer, SOE electrolyzer. In 2023, the alkaline electrolyzer method is anticipated to capture a significant market share. This method is favored for hydrogen production due to its simplicity and ability to generate 99.9% pure gas during the process. The alkaline electrolyzer technique is experiencing rapid growth primarily because it offers a cost-effective production compared to other electrolyzers. It utilizes nickel-coated stainless steel and robust zirconium dioxide-based diaphragms, further enhancing its durability and efficiency.
The market is divided into four categories based on End User: Transport, Power generation, Industrial, Others. Among these sectors, the transportation sector is projected to hold the largest share and experience significant growth during the forecast period. In selected countries, there are companies actively selling hydrogen cars, contributing to the increasing adoption of hydrogen in the transportation industry. The demand for hydrogen vehicles is expected to grow in other nations as well, further bolstering the growth of the transportation sector within the clean hydrogen market.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In order to gain a significant market share in the clean hydrogen market, companies are adopting various strategies. Research and development efforts are focused on advancing technologies for hydrogen production, storage, and utilization. Companies are also forming strategic partnerships and collaborations to leverage expertise and resources. Additionally, they are actively engaging with governments and participating in policy discussions to shape the regulatory environment and secure supportive frameworks for clean hydrogen. Market expansion is pursued through the establishment of supply chains, infrastructure development, and investment in production facilities. Companies are also investing in marketing and awareness campaigns to promote the benefits of clean hydrogen and educate customers about its potential applications.
In May 2022, Advik Hi-Tech and Pure Hydrogen have formed a new joint venture (JV) in India with the objective of producing hydrogen fuel. This partnership specifically targets the heavy vehicle market in India, aiming to provide green hydrogen fuel and hydrogen fuel cell vehicles (HFCEVs). The goal is to contribute to the reduction of emissions and costs associated with heavy vehicles by offering sustainable hydrogen-based solutions. By leveraging Advik Hi-Tech's expertise and Pure Hydrogen's knowledge in hydrogen fuel production, this JV aims to support the adoption of clean transportation technologies in India's heavy vehicle sector.
In July 2023, CPP Investments announced partnership With Power2X to Invest in Green Hydrogen
The scope of this report covers the market by its major segments, which include as follows: