Pink Hydrogen Market: Current Analysis and Forecast (2023-2030)

Report Description

Global Pink Hydrogen Market was valued at USD 3.32 Billion in 2022 and is expected to grow a CAGR of 31% during the forecast period (2023-2030). Pink hydrogen is a form of hydrogen produced by using water electrolysis powered by nuclear energy. It is considered environmentally friendly and known to be green due to its non-production of CO2 emissions. Pink hydrogen is becoming a promising alternative to fossil fuels in many industries, including cement, steel, aviation, and heavy transportation. It can be used as a feedstock and energy source without producing any greenhouse gas emissions. Green hydrogen produced through nuclear power has several advantages compared to conventional methods, including reduced production costs and emissions, making it a more sustainable and cost-effective alternative. Furthermore, key players are investing in the production research & and development of pink hydrogen, which is further accelerating its market growth.

For instance, Swedish power company OKG has signed a commercial deal to sell pink hydrogen to industrial gas company Linde Gas, marking the first-ever commercial agreement for nuclear-derived hydrogen. Currently producing 12 kg of pink hydrogen daily, OKG plans to sell excess hydrogen to Linde, with the initial volumes sold being small.

Siemens Energy AG, Linde Plc, Hydrogenics Corporation, Ballard Power Systems Inc., ITM Power plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Toshiba Energy Systems & Solution Corporation, and Doosan Fuel Cell America are some of the key players in the 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 form, liquid category to witness higher CAGR during the forecast period.”

Based on the form, the pink hydrogen market is bifurcated into liquid and gas. The liquid segment is expected to cater to significant demand in the projected years. It is mainly owing to the rising demand for liquid hydrogen used in fuel cells applied in automobiles, rails, planes, and ships is propelling the market size of pink hydrogen.

“Amongst application, the chemical segment to hold a significant share in the market in 2022.”

Based on application, the pink hydrogen market is categorized into transportation, petrochemical, steel, domestic, and chemical. The chemical segment holds a major share of this market. Hydrogen is the feedstock of the chemical and plastic industry and is used in the production of ammonia, methanol, and other chemicals.

“Asia Pacific to hold a considerable share in the market.”

Asia Pacific is expected to experience the highest share in the Pink Hydrogen market. Factors such as soaring investment in clean energy and government initiatives to decrease carbon footprints are increasing the market size of pink hydrogen. Further, countries such as India, Japan, and others are planning to produce hydrogen to meet the demand accelerating pink hydrogen market growth. Japan’s Clean Energy Strategy estimates a domestic hydrogen demand of 3 million tons in 2030 and 20 million tons in 2050. Presently, 2 million tons of hydrogen are produced as by-products from oil refineries. The strategy aims to increase the production of hydrogen by tenfold by 2050.

Pink Hydrogen Market Report Coverage

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:

The global Pink 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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Research Methodology

Research Methodology for the Pink Hydrogen Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Pink Hydrogen market were the three major steps undertaken to create and analyze the adoption of Pink 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 global Pink 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 of 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 Pink Hydrogen market through company internal sources such as annual reports & 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 Pink 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 are included in the report as form and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models 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 the Pink Hydrogen market. Further, we conducted factor analysis using dependent and independent variables such as the form and application of Pink Hydrogen. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Pink Hydrogen market 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 global Pink 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., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Pink Hydrogen market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Pink 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, 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

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Pink Hydrogen market. Data was split into several segments & sub-segments after studying various parameters and trends in the areas of form and application in the global Pink Hydrogen market.

The main objective of the Global Pink Hydrogen Market Study

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

• Analyze the current and forecast market size of the Pink Hydrogen market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of form and application.
• Define and analysis of the regulatory framework for the Pink Hydrogen
• 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 Pink Hydrogen market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Pink 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

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