Clean Hydrogen Market Valued At $3.8 Billion In 2022, Projected To Reach $18.3 Billion By 2032 With 14.8% CAGR

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.

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. 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/A53698

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.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/ddd11cd27abceaba097d10f54bc03286

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

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.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A53698

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.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Plug Power Inc.
Enel Green Power Spa
Air Products & Chemicals Inc.
ExxonMobil
Iberdrola SA
China Petroleum & Chemical Corporation
Orsted A/S
FuelCell Energy Inc
Linde plc
Saudi Aramco

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.

This release was published on openPR.