The global Clean Hydrogen market is estimated to be valued at US$ 3.81 Billion in 2022 and is expected to exhibit a CAGR of 14.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clean hydrogen refers to hydrogen produced through electrolysis using renewable energy sources like solar and wind. It offers clean and sustainable alternative to conventionally produced hydrogen from fossil fuels. Clean hydrogen can be used as zero-emission fuel in various applications like transportation, power generation, industrial processes etc.
Market key trends:
One of the major trends fueling the growth of clean hydrogen market is the increasing focus on decarbonization of industries across the globe. Various industries and companies are integrating clean hydrogen into their operations and supply chains to reduce greenhouse gas emissions and meet sustainability targets. For instance, industries like oil & gas, chemical, steel etc. are replacing fossil fuel based hydrogen with renewable hydrogen produced through electrolysis. This is expected to boost demand for clean hydrogen production and related infrastructure in the coming years.
SWOT Analysis
Strength: Clean hydrogen has potential to significantly reduce GHG emissions. It can be produced from diverse domestic resources like natural gas, biomass, and renewable electricity.
Weakness: High production costs. Lack of hydrogen transportation and distribution infrastructure especially in developing nations.
Opportunity: Growing demand from industries looking to transition away from carbon-intensive fuels. Government support through policies and funding to develop hydrogen economy presents major business opportunities.
Threats: Slow commercialization due to technological and economic challenges. Hydrogen faces competition from other zero-carbon alternatives in certain applications.
Key Takeaways
The global Clean Hydrogen Market Size is expected to witness high growth, exhibiting CAGR of 14.1% over the forecast period 2023-2030, due to increasing support from governments and corporates for establishing a hydrogen economy.
Regional analysis: Asia Pacific region holds the major share of the global clean hydrogen market currently led by countries like Japan, South Korea and China. These countries are investing heavily in building hydrogen infrastructure to produce and utilize clean hydrogen on a large scale to meet their energy needs and decarburization goals.
Key players operating in the clean hydrogen market are 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. These players are investing in renewables-based hydrogen production plants and focusing on developing hydrogen distribution, storage and refueling solutions.
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Source: Coherent Market Insights, Public sources, Desk research
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