Portland, OR, April 10, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Clean 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 anticipated to generate $18.3 billion by 2032, witnessing a CAGR of 14.8% from 2023 to 2032.
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Prime determinants of growth
The growth of the global clean hydrogen market depends on advancements in technology, increased efficiency, and reduced costs of electrolyzers to produce green hydrogen commercially. However, the absence of a standardized regulatory framework and limited international trade regulations hinder the market growth. Despite these challenges, the flexibility in clean hydrogen production presents promising opportunities for market expansion in the coming years.
Report coverage & 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% |
| No. of Pages in Report | 350 |
| Segments Covered | Type, Method, Application, and Region. |
| Drivers | Increased commercial viability Growth in the application of hydrogen Rise in demand for hydrogen as alternative fuels Potential applications of the product such as in building reheating & cooling |
| Opportunities | The flexibility in producing clean hydrogen |
| Restraints | Lack of policies and regulatory framework High cost and efficiency losses |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the clean hydrogen market faced a downturn.
- However, as the global situation started ameliorating, the 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 faster throughout the forecast period.
Based on 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 production is far less costly 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 manifest the highest CAGR of 15.6% from 2023 to 2032. This is attributed to the fact that green hydrogen is totally clean and is obtained from a renewable resource, using green energy sources.
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The carbon capture segment is expected to grow faster throughout the forecast period.
Based on the 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 owing to the fact that CCUS technology is cheaper than electrolyzers as the installation and maintenance costs for electrolyzers are quite high, However, the electrolysis segment is projected to manifest the fastest CAGR of 15.1% from 2023 to 2032. This is due to the development of hydrogen infrastructure coupled with increasing use as an industrial feedstock.
The industrial segment maintained its lead position during the forecast period.
Based on application, the industrial segment accounted for the major share in 2022, contributing to nearly two-thirds of the global clean hydrogen market revenue. The same segment is expected to portray the largest CAGR of 15.0% from 2023 to 2032. and is projected to maintain its lead position during the forecast period. The fact that Hydrogen is used in several industrial processes drives the growth of the segment.
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North America to maintain its dominance by 2032.
Based on region, North America held the highest 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. This is owing to the fact that several clean hydrogen projects are being planned and enforced in countries like the U.S. and Canada.
Leading Market Players: -
- SAUDI ARAMCO
- IBERDROLA SA
- CHINA PETROLEUM AND CHEMICAL CORPORATION
- LINDE PLC
- EXXONMOBIL
- FUELCELL ENERGY INC
- AIR PRODUCTS AND 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 different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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