PORTLAND, OR, April 10, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Clean up the hydrogen market By type (blue hydrogen and green hydrogen), by method electrolysis and carbon capture), and by application (industrial, transportation, power, and others): Global opportunity analysis and industry forecast, 2021-2031”. According to the report, the global clean hydrogen industry generated $3.8 billion in 2022 and is projected to generate $18.3 billion by 2032, showing a CAGR of 14.8% from 2023 to 2032.
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Major determinants of development
The growth of the global clean hydrogen market depends on advances in technology, increased efficiency, and lower costs of electrolyzers to produce green hydrogen commercially. However, lack of a standardized regulatory framework and limited international trade rules hinder the growth of the market. Despite these challenges, flexibility in clean hydrogen production presents promising opportunities for market expansion in the coming years.
Report coverage and details:
| Report coverage | Details |
| Forecast period | 2023–2032 |
| base year | 2022 |
| Market size in 2022 | $3.8 billion |
| Market size in 2032 | $18.3 billion |
| CAGR | 14.8% |
| Number of pages in the report | 350 |
| Sections covered | Types, methods, applications, and areas. |
| Drivers | Increased commercial viability
Increase in the use of hydrogen Increasing demand for hydrogen as an alternative fuel Potential applications of the product such as reheating and cooling |
| opportunities | Flexibility in clean hydrogen production |
| Restrictions | Lack of policy and regulatory framework
High cost and loss of efficiency |
The Covid-19 scenario
- The clean hydrogen market suffered a slowdown due to the Covid-19 pandemic and subsequent global lockdowns.
- However, as global conditions began to improve, demand for hydrogen-based fuels was restored. This, in turn, presented various growth opportunities for companies operating in the clean hydrogen market.
The green hydrogen segment is expected to grow rapidly throughout the forecast period.
On the basis of type, the blue hydrogen segment held the highest market share in 2022, accounting for more than two-thirds of the global clean hydrogen market revenue. This is because blue hydrogen is much less expensive to produce than green hydrogen as the source of electricity for green hydrogen cannot be purely renewable in many instances. However, the green hydrogen segment is projected to reveal the highest CAGR of 15.6% from 2023 to 2032. This is attributed to the fact that green hydrogen is completely clean and obtained from renewable sources using green energy sources.
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The carbon capture segment is expected to grow rapidly throughout the forecast period.
By method, the carbon capture segment held the highest market share in 2021, accounting for more than two-thirds of the global clean hydrogen market revenue. This is due to the fact that CCUS technology is cheaper than electrolyzers because the installation and maintenance costs for electrolyzers are very high, however, the electrolysis segment is projected to reveal the fastest CAGR of 15.1% from 2023 to 2032. Development of hydrogen infrastructure with increasing use as industrial feedstock.
The industrial sector maintained its leadership position during the forecast period.
On the basis of application, the industrial sector accounted for the largest share in 2022, contributing nearly two-thirds of the global clean hydrogen market revenue. The same segment is expected to depict the largest CAGR of 15.0% from 2023 to 2032. And it is estimated to maintain its leadership position during the forecast period. The fact that hydrogen is used in many industrial processes drives the growth of the segment.
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North America will maintain its dominance till 2032.
On the basis of region, North America holds the largest market share in 2021, accounting for more than one-third of the global clean hydrogen market revenue. The same region is also expected to witness the fastest CAGR of 15.1% from 2023 to 2032 and is likely to dominate the market during the forecast period. Several clean hydrogen projects are being planned and implemented in countries such as the US and Canada.
Major Market Players:-
- Saudi Arabia
- IBERDROLA SA
- China Petroleum and Chemical Corporation
- Linde plc
- EXXONMOBIL
- FUELCELL ENERGY INC
- Air Products & Chemicals Inc.
- Plug Power Inc.
- ORSTED A/S
- ENEL GREEN POWER SPA
The report provides a detailed analysis of these key players in the Global Clean Hydrogen Market. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, agreements, and others to increase their market share and maintain dominance in various sectors. The report is valuable in highlighting the strategic moves of market players to showcase business performance, operational areas, product portfolios, and competitive landscape.
Trend Reports on Hydrogen Industry (Book now with 10% discount):
Hydrogen Generation Market: Global Opportunity Analysis, 2021-2031
Blue Hydrogen Market: Global Opportunity Analysis and Forecast, 2022-2031
Green Hydrogen Market: Global Analysis and Industry Forecast, 2021-2028
Hydrogen Energy Storage Market: Global Opportunity Analysis and Forecast, 2021-2028
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Allied Market Research (AMR) is the full-service market research and business-consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides unmatched quality to global enterprises as well as medium and small businesses.Market research reports” and “Business Intelligence Solutions.” AMR has a targeted approach to providing business insights and consulting to help its clients take strategic business decisions and achieve sustainable growth in their respective market domains.
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