Clean Hydrogen Market: Current Analysis and Forecast (2023-2030)
Emphasis on Technology (Alkaline Electrolyzer, PEM Electrolyzer, and SO Electrolyzer); End User (Transport, Power Generation, Industrial, and Others); and Region/Country
The Clean Hydrogen Market was valued at USD 1.16 billion in 2022 & is expected to grow at a CAGR of 15.69% from 2023-2030. Owing to technological advances in the clean hydrogen likely to drive the market. Technological advances in the clean hydrogen fuels sector have significantly contributed to the increased production capacity of hydrogen. Innovations such as the development of products like lawsone and anthraquinone-2-sulphonate have played a crucial role in achieving this progress. Lawsone, additionally known as 1,4-naphthoquinone, has been extensively researched for its capability as a catalyst in hydrogen production. It acts as a redox mediator within the method of electrochemical water splitting, allowing efficient and sustainable hydrogen technology. The usage of lawsone has demonstrated promising results in terms of increased production potential because it reduces the overpotential required for hydrogen evolution. The improvement of lawsone-based catalysts has paved the way for more cost-powerful and scalable methods of hydrogen production. Only 0.1% of total hydrogen is produced using electrolysis which is a very small amount, but this number is growing and according to Hydrogen Council, it is expected to grow 55 times from 2015-2025. Additionally, with advancing research with products like Lawsone and Anthraquinone-2-sulphonate the production of hydrogen has increased by 10% and 11.4% respectively. Moreover, anthraquinone-2-sulphonate has emerged as a promising compound in the clean hydrogen fuels sector. it is utilized in a method called the anthraquinone approach, which is a key generation for massive-scale hydrogen production. This technique includes the cyclic oxidation and discount of anthraquinone-2-sulphonate within the presence of an alkali metal hydroxide solution. The method allows for the non-stop generation of hydrogen and regeneration of the anthraquinone-2-sulphonate compound, thereby growing the overall production potential.
Some of the major players operating in the market include Siemens Energy, Air Liquide, Engie, Uniper SE, Air Products Inc., Cummins Inc., Toshiba Energy System & Solution Corporation, Nel ASA, Linde plc, Green Hydrogen System.
Insights Presented in the Report
“Amongst technology, the alkaline electrolyzer segment held the highest market share in 2022”
Based on technology, the market is divided into alkaline electrolyzer, PEM electrolyzer, and SO Electrolyzer. Among these, the alkaline electrolyzer dominated the clean hydrogen and is expected to show the same trend in the forecast period. Alkaline electrolyzers are one of the most common types of technologies used in the production of hydrogen. These systems are usually composed of electrodes, a microporous separator, and an aqueous alkaline electrolyte of around 30% by weight KOH or NaOH solution. Moreover, alkaline electrolyzers provide value advantages over different forms of electrolysis technologies. They employ ample and inexpensive materials, including nickel-based catalysts, which make contributions to their affordability. This makes them a favorable preference for mass manufacturing and huge-scale hydrogen production, supporting the growing demand for clean energy solutions. Furthermore, alkaline electrolyzers have a high conversion efficiency, effectively splitting water into hydrogen and oxygen. This ensures minimal energy losses in the course of the electrolysis procedure, leading to higher overall performance in producing clean hydrogen. For instance, in 2023, ThyssenKrupp Nucera introduced a new product name for its 20 MW alkaline electrolysis module, which will henceforth be called ‘scalum’. The launch of the new product name marks the next milestone in the long-term development of the ThyssenKrupp Nucera brand.
“Amongst end-users, the transport segment held the significant market share in 2022”
Based on end-users, the market is segmented into transport, power generation, industrial, and others. Among these, the transport segment has a high market share in 2022 and will dominate during the forecast period. This is due to the growing demand for hydrogen cars in the recent years. Moreover, the demand for fuel cell electric vehicles is driven by initiatives taken by governments of various countries to promote hydrogen cars as these cars produce only water vapor as exhaust, which is much cleaner than the carbon emissions produced by traditional gasoline-powered cars. Moreover, Hydrogen has a much higher energy density than gasoline, which means that hydrogen-powered cars can travel further on a single tank of fuel. This makes them an attractive option for long-distance travel. For instance, in 2022, according to the report published by MDPI, the sales of FCEVs increased year on year from 25,212 units in 2019 to 34,804 in 2020 to 51,437 in 2021.
“Europe dominated the clean hydrogen market in 2022”
Europe has dominated the market and is projected to be the dominating region in the forecast period. The dominance of the region is due to various factors which include the de-carbonization strategy of the European Commission which is part of the EU Green Deal and includes the latest push of the region for wider adoption of low-carbon technologies including clean hydrogen. The European Commission is setting up a “Hydrogen Energy Network” with the help of an informal group of experts composed of representatives from the ministries who oversee energy policies in the EU member states. The “Hydrogen Initiative” declaration has been signed by 28 countries promoting the usage of sustainable hydrogen technologies. Additionally, in November 2022, the Dutch government announced €22m of investment to subsidize the build-out of hydrogen filling stations appropriate for heavy goods vehicles, as well as the trucks themselves. This has further created the demand for clean hydrogen in the region. Moreover, the persistent government support from countries to make FCEVs affordable and easily accessible to consumers has also catered to the demand for clean hydrogen in the region.
Clean Hydrogen 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 portfolios, 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 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.
Table of Contents
Research Methodology for the Clean Hydrogen Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global 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 global 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 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 clean 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 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 are included in the report as technology and end-users. 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 clean hydrogen market. Further, we conducted factor analysis using dependent and independent variables such as technology and end-users of the clean hydrogen market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the clean 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 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., 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 clean hydrogen market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global 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, 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 clean hydrogen market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the technology and end-user in the global clean hydrogen market.
The main Objective of the Global Clean Hydrogen Study
The current & future market trends of the global clean 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 clean 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 the technology and end-user
- 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 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 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
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