Clean Hydrogen Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Technology (Alkaline Electrolyzer, PEM Electrolyzer, SO Electrolyzer); End-User (Transport, Power Generation, Industrial); and Region/Country

Published:

Jul-2021

Pages:

106

Table:

38

Figure:

73

Report ID:

UMEP21300

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Report Description
Table of content
Research Methodology

Report Description

Clean Hydrogen Market was valued at US$ 867 million in 2019 and is expected to grow at a significant CAGR of 15.7% during the forecast period (2021-2027). Clean Hydrogen could help us achieve the net zero goal as it helps in carbon sequestration and generation of clean hydrogen. Clean hydrogen is valuable for its ability to be stored and used as clean fuel without direct GHG gas or pollutants emissions and there are a wide variety of clean production pathways for its production. Hydrogen gas can be of three types: grey, blue, and green, depending on its production pathway. Grey hydrogen is the most carbon intensive and is based on fuel processes and hydrocarbon feedstock which is typically natural gas used for steam-methane-reforming (SMR) or autothermal reforming and sometimes coal gasification.  Lower carbon intense pathways are blue and green hydrogen. Blue Hydrogen is a conventional natural gas-based hydrogen production process (SMR or ATR) using carbon capture, whereas green hydrogen is the production of hydrogen by water electrolysis, so the electricity is sourced from zero carbon (renewable) energies.

Key factors influencing the growth of this market include increasing awareness about carbon alternatives among people. There is a tremendous increase in greenhouse gases production globally, especially due to industrialization. This leads to the emission of the greenhouse gases like methane, carbon dioxide, nitrous oxide which are responsible for the rising global temperatures. Since the last century, the global temperature of the planet has gone up by 1%. The highest carbon emitters include United States, China, The European Union, and Russia, which together account for 65% of the total carbon emissions. With the advent of Hydrogen Gas, it is the alternative to many applications that currently rely on fossil fuels including transportation, power generation, building, industry, and waste. All these make clean hydrogen a good alternative to fossil fuels soon and thus its expected market growth.

Hydrogen Production Costs Using Natural Gas in Selected Regions, 2018

Linde plc, Air Liquide, Engie, Uniper SE, Siemens Energy, Air Products Inc, Green Hydrogen System, Cummins Inc, Toshiba Energy System & Solution Corporation, and Nel ASA are some of the prominent players operating in the Clean Hydrogen market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Technology, PEM Electrolyzer segment holds the major share”

Based on technology, the clean hydrogen market is segmented into Alkaline Electrolyzer, PEM Electrolyzer, and SO Electrolyzer. Amongst technology, the PEM Electrolyzer segment of the clean hydrogen market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 and is growing at a CAGR of XX% from 2021-2027. PEM electrolysis can change power inputs in a more dynamic and responsive manner than the alkaline electrolyzer. The bipolar plates with flow channels, membrane electrode assembly and current collectors are the key components of the PEM electrolyzer.

“Amongst End-User, Transport segment holds the major share”

Based on end-user, the clean hydrogen market is segmented into Transport, Power Generation, and Industrial. Amongst end-user, transport accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period. Hydrogen cars are becoming popular in some countries, but battery-operated electric vehicles are increasing in number worldwide.

“North America represents one of the largest markets of Clean Hydrogen market”

For a better understanding of the market dynamics of the Clean Hydrogen market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to technological advancements and changing government policies.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

Clean Hydrogen market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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 1.1.Market Definitions
  1.2.Objective of the Study
  1.3.Limitation 
  1.4.Stake Holders
  1.5.Currency Used in Report
  1.6.Scope of the Clean Hydrogen Market Study
2.1.Research Methodology for the Clean Hydrogen Market
   2.1.1.Main Objective of the Clean Hydrogen Market
6.1.Alkaline Electrolyzer
  6.2.PEM Electrolyzer
  6.3.SO Electrolyzer
7.1.Transport 
  7.2.Power Generation
  7.3.Industrial

8.1. NORTH AMERICA CLEAN HYDROGEN MARKET

8.1.1. United States

8.1.2. Canada

8.1.3. Rest of North America

8.2. EUROPE CLEAN HYDROGEN MARKET

8.2.1. United Kingdom

8.2.2. Germany

8.2.3. France

8.2.4. Spain 

8.2.5. Italy

8.2.6. Rest of Europe

8.3. ASIA-PACIFIC CLEAN HYDROGEN MARKET

9.3.1. China

8.3.2. Japan

8.3.3. India

8.3.4. Australia

8.3.5. Rest of Asia-Pacific

8.4. REST OF THE WORLD CLEAN HYDROGEN MARKET

9.1. Drivers

9.2. Challenges

9.3. Impact Analysis

9.4. Opportunity

13.1. Demand Side Analysis

13.2. Supply Side Analysis

13.2.1. Top Product Launches

13.2.2. Top Business Partnerships

13.2.3. Top Business Expansions, Investments and Divestitures

13.2.4.  Top Merger and Acquisitions

15.1.Clean Hydrogen Market Share, by Company 2020

16.1. Linde plc

16.2. Air Liquide

16.3. Engie

16.4. Uniper SE

16.5. Siemens Energy

16.6. Air Products Inc

16.7. Green Hydrogen System

16.8. Cummins Inc

16.9. Toshiba Energy System & Solution Corporation


16.10. Nel ASA

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Clean Hydrogen market were the three major steps undertaken to create and analyze the adoption of Clean Hydrogen in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Clean Hydrogen market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Clean Hydrogen through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Clean Hydrogen market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as technology, and end-user. Further regional & country-level analyses were conducted to evaluate the overall adoption of Clean Hydrogen in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Clean Hydrogen. Further, we conducted factor analysis using dependent and independent variables such as increasing global temperature and changing government policies. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Clean Hydrogen sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Clean Hydrogen market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Clean Hydrogen across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Clean Hydrogen market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Clean Hydrogen market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology & end user type.

The main objective of the Clean Hydrogen Market Study

The current & future market trends of Clean Hydrogen were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined to get the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Clean Hydrogen in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include technology & end user type
  • Define and analysis of the regulatory framework for the Clean Hydrogen industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Clean Hydrogen market for the major regions
  • Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
  • Company profiles of the Clean Hydrogen market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry