Clean Hydrogen Market to Surpass $3462.0 Million by 2030 - Exclusive Report by Coherent Market Insights (CMI)
Clean hydrogen, often referred to as green hydrogen, is a promising and environmentally friendly energy carrier derived from renewable sources or low-carbon processes. It is produced through the electrolysis of water, utilizing renewable electricity such as solar, wind, or hydropower.
/EIN News/ -- Burlingame, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, " Clean Hydrogen Market, By Technology (Alkaline Electrolyzer, Pem Electrolyzer, Soe Electrolyzer), By End User (Transport, Industrial, Power Generation, Others), - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030,” According to the report, the global clean hydrogen market is estimated to be valued at US$ 1205.9 million in 2022 and is expected to exhibit a CAGR of 14.1% during the forecast period (2022-2030).
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Analysts’ Views on Global Clean Hydrogen Market
The clean hydrogen market is growing on the account of rising emvironmental concerns is expected to drive market growth. Increasing government initiatives to increasing the adoption of renewable source of energy is again expected to propel the market growth. According to the International Energy Agency, worldwide, renewable electricity capacity is projected to increase by over 60% between 2020 and 2026, reaching more than 4 800 GW. This is equivalent to the current global power capacity of fossil fuels and nuclear combined. Overall, China remains the leader over the next five years, accounting for 43% of global renewable capacity growth, followed by Europe, the United States and India.
Key Trends and Analysis of the Global Clean Hydrogen Market:
Government are investing heavily in the clean hydrogen for increasing the adoption of hydrogen. For instance, in April 2023, Canada’s recently introduced 2023 budget includes $17.7 billion CAD ($12.6 billion US$) funding for a new Clean Hydrogen Investment Tax Credit (ITC) between 2023 and 2035.
Global Clean Hydrogen Market - Drivers
Growing government support to encourage the use of clean hydrogen energy is expected to propel market growth
Government across the globe are taking inititiaves to support the usage of clean hydrogen and this is expected to propel the market growth in the near future. For instance, in March 2022, the U.S. and European Commission announced the formation of a joint task force to reduce Europe’s dependence on Russian fossil fuels, with clean hydrogen a key part of the task force’s REPowerEU Plan that sets clean hydrogen investment and production goals.
Clean Hydrogen Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 1205.9 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 14.1% | 20 Value Projection: | US$ 3462.0 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Linde Plc, Air Liquide, Engie, Uniper Se, Air Products Inc, Clean Hydrogen System, Cummins Inc., Toshiba Energy Systems & Solutions Corporation, Nel Asa, and Sgh2 Energy | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Rising environmental concerns and growing adoption of renewable energy source to augment market growth
Rapid deployment of renewable energy sources due to rising environmental concerns are expected to shape the market growth positively in the near future. For instance, the Governor’s Office of Business and Economic Development (GO-Biz), the University of California Office of the President (UCOP), Labor, Renewables 100, alongside state and local officials, announced the formation of the Alliance for Renewable Clean Hydrogen Energy Systems (ARCHES), a shared not-for-profit LLC public-private partnership designed to accelerate hydrogen’s contribution to decarbonizing the economy in California and beyond.
Global Clean Hydrogen Market – Restrain
High production cost is expected to hamper the clean hydrogen market growth
For instance, The manufacturing of clean hydrogen is much more expensive when compared to other hydrogen variants, such as grey and blue. the cost of clean hydrogen is in the range of $2.5/Kg–$6/Kg. Hence, high production cost is expected to restrict the market growth.
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Global Clean Hydrogen Market – Opportunities
Increasing focus on expanding production capacity is expected provide potential market growth opportunities
Growing focus of key players on expanding the production capacity of clean hydrogen is expected to offer significant market growth opportunities. For instance, in September 2022, Linde announced the construction of a 35-megawatt PEM (Proton Exchange Membrane) electrolyzer to produce green hydrogen in Niagara Falls, New York. The new plant will be the largest electrolyzer installed by Linde globally and will more than double Linde’s green liquid hydrogen production capacity in the United States.
Global Clean Hydrogen Market - Key Developments
In January 2023, The Clean Hydrogen Partnership launched its hydrogen research call for proposals with a total of €195m available for projects. The drive is for the support is the creation of “cutting-edge hydrogen technologies” the Clean Hydrogen Partnership.
Key Market Takeaways:
Global Clean Hydrogen market is expected to exhibit a CAGR of 14.1% during the forecast period, owing to growing government initiatives to reduce greenhouse emissions and increasing use of clean hydrogen in power generation, transportation, and building &construction.
On the basis of Technology, alkaline electrolyzer segment is expected to hold a dominant position, owing to their simple design.
On the basis of End User, transport segment is expected to hold a dominant position, owing to the growing need to reduce reliance on fossil fuel. Also, increasing penetration of electric vehicle are further propelling segment growth.
On the basis of region, Europe is expected to hold a dominant position over the forecast period, due to favorable government policies for reducing greenhouse emission and increasing number of clean hydrogen projects in the region.
Competitive Landscape:
Key players operating in the global Clean Hydrogen market include Linde Plc, Air Liquide, Engie, Uniper Se, Air Products Inc, Clean Hydrogen System, Cummins Inc., Toshiba Energy Systems & Solutions Corporation, Nel Asa, and Sgh2 Energy
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Detailed Segmentation:
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Global Clean Hydrogen Market, By Technology:
- Alkaline Electrolyzer
- Pem Electrolyzer
- Soe Electrolyzer
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Global Clean Hydrogen Market, By End User:
- Transport
- Industrial
- Power Generation
- Others
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Global Clean Hydrogen Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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Cryogenic Tanks Market, By Cryogenic Liquid (Liquefied Natural Gas, Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Others), By Application (Storage, Transportation), By End User (Manufacturing, Healthcare, Food & Beverage, Others), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
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