Clean hydrogen is the form of hydrogen that is produced through processes that result in lower carbon emissions (through carbon capture, storage, and utilization (CCUS)) or zero carbon emissions. Climate change and net-zero commitments are major reasons for the shift from fossil fuels to alternatives such as synthetic fuels, renewables, nuclear fusion energy, clean hydrogen, and others. Several advanced hydrogen technologies are being developed and countries are positioning themselves to become hydrogen superpowers. The clean hydrogen market was valued at $3.8 billion in 2022 and is estimated to reach $18.3 billion by 2032, growing at a CAGR of 14.8% from 2023 to 2032.
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Hydrogen is not a direct substitute for coal, oil, and
natural gas, but it can help to decarbonize parts of the economy. Clean
hydrogen is expected to be the major contributor to the clean energy economy.
The net-zero targets to bring down the temperature increase from 2 degrees
Celsius to 1.5 degrees Celsius are fueling the growth in alternative fuels. The
commitment to bring down carbon footprint through energy transition by reducing
primary energy dependence on fossil fuels and non-renewable sources has been a
major driver for clean hydrogen market growth. In addition, lower to zero
carbon-emitting fuels are being sought for reducing carbon footprint which also
adds to market growth.
However, the higher cost and volatile nature of the product
restrain the market growth for clean hydrogen. Moreover, lacking policy
frameworks and a complex value chain of the product discourages the clean
hydrogen industry growth. Meanwhile, government policy and company strategies
will offer lucrative opportunities for market growth. Clean hydrogen production
can be done through electrolyzers and carbon capture technologies. flexibility
in producing clean hydrogen offers lucrative opportunities for the clean
hydrogen industry growth.
The clean hydrogen market size is studied based on type,
method, application, and region. By type, the clean hydrogen market is
bifurcated into blue hydrogen and green hydrogen. Blue hydrogen dominated the
clean hydrogen market share in 2022. Blue hydrogen is a relatively new concept
and can refer to hydrogen made either through steam methane reforming or
natural gas.
Blue hydrogen production is far less costly than green
hydrogen as the source of electricity for green hydrogen cannot be purely
renewable in many instances. However, green hydrogen is expected to grow at a
significant rate during the projection years. The development of new green
hydrogen plants and commitment to the decarbonizing economy, and the
development of new efficient technologies encourage the market growth for clean
hydrogen
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Depending on the method, the market is further classified
into electrolysis and carbon capture. The electrolysis segment is further
divided into alkaline electrolyzers, polymer electrolyte membrane electrolyzers
(PEM), and solid oxide electrolyzers (SOE). The carbon capture segment
dominated the market share and is expected to grow at a higher CAGR during the
clean hydrogen market forecast period. This is owed to the fact that CCUS
technology is cheaper than electrolyzers as the installation and maintenance
costs for electrolyzers are quite high.
By application, the market is divided into industrial,
transportation, power, and others. The industrial segment garnered the highest
market share for 2021 followed by the transportation segment and is expected to
grow at a higher CAGR during the projection period. Hydrogen is used in several
industrial processes for metallurgy, chemical feedstock, glass, food &
beverages sectors and thus acts as a driving factor for the industrial segment.
However, the transportation segment is expected to follow
the industrial segment during the projection period as reducing carbon
footprint through synthetic fuels and electric vehicles encourages hydrogen
demand which further adds to the increased demand for clean hydrogen.
By region, the clean hydrogen market analysis is done across
North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East,
and Africa). North America dominated the clean hydrogen market share for 2021,
and the same is expected to grow at a higher CAGR during the forecast period.
This is owed to several clean hydrogen projects being planned and enforced in
countries like the U.S. and Canada.
Asia-Pacific is a large consumer of electric vehicles, which
drives the demand for hydrogen fuel cells. China dominated the world hydrogen
market being the largest producer as well as consumer of the product. China
consumes around 24 million tons of hydrogen annually. In 2017, Japan
became the first country to formulate a national hydrogen strategy as part of
its ambition to become the world’s first “hydrogen society” by adopting the
fuel across all sectors
The major players operating in the clean hydrogen industry
are Saudi ARAMCO, Iberdrola, S.A., China Petroleum & Chemical Corporation
(Sinopec), Linde plc, Exxon Mobil Corporation, FuelCell Energy, Inc., Air
Products and Chemicals, Inc., Plug Power Inc., Orsted A/S, and Enel Green Power
Spa. The other market players are NEL ASA, Air Liquide SA, Siemens Energy, Oil
& Natural Gas Corporation, and Adani Green Energy.
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Key findings of the study
- By
type, green hydrogen is projected to grow at the highest CAGR of
approximately 15.2%, in terms of during the clean hydrogen market forecast
period
- By the
method, the carbon capture segment dominated the clean hydrogen market
share by over 70% in 2021
- By
application, the industrial segment is projected to grow at the highest
CAGR of approximately 15.0%, in terms of during the clean hydrogen market
forecast period.
- By
region, North America dominated the clean hydrogen market and is expected
to grow at a CAGR of 15.1% during the forecast period
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