Clean hydrogen plays a major role in enabling the transition to a green energy system by providing emissions-free fuel that can support applications from transportation to power generation. Used in fuel cells and turbines, hydrogen holds great promise to help decarbonize numerous hard-to-abate sectors. When produced through electrolysis using renewable energy sources, hydrogen becomes a carbon-free carrier that can store and transport renewable power over long distances and time periods. The technology allows excess electricity generated by intermittent renewable sources like solar and wind to be transformed into hydrogen, circumventing issues related to renewable energy intermittability.
The global clean hydrogen Market is estimated to be valued at US$ 5.02 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of green technology has accelerated significantly over the past few years as countries aim to transition towards more sustainable energy models and reduce emissions. Government initiatives promoting clean hydrogen have played a major role in boosting technology adoption. For instance, the European Union's Hydrogen Strategy aims to install at least 6 GW of renewable hydrogen electrolyzers by 2024 and 40 GW of renewable hydrogen electrolyzers by 2030. Likewise, the US Department of Energy's H2@Scale vision targets the installation of 5 GW of renewable hydrogen production by 2026. Such enabling policies are encouraging private sector investment in green hydrogen production facilities utilizing renewable energy. As costs fall further with economies of scale, hydrogen is expected gain wider usage across hard-to-abate sectors accelerating its market growth over the forecast period.
Segment Analysis
The global clean hydrogen market is segmented on the basis of production method and application. Based on production method, the market is segmented into steam methane reforming, water electrolysis and others. Among these, the water electrolysis segment is expected to hold the largest market share during the forecast period. Water electrolysis leads to zero-carbon emissions and utilizes renewable sources of energy like solar and wind energy for the production of hydrogen, making it a more eco-friendly and sustainable method compared to other production methods.
Key Takeaways
The Global Clean Hydrogen Market Growth is expected to witness high during the forecast period of 2024-2031. The market size is projected to grow from US$ 5.02 billion in 2024 to US$ 15.37 billion by 2031, registering a CAGR of 12%.
Regional analysis:
Europe is projected to dominate the global clean hydrogen market during the forecast period.
The region has supportive government policies and initiatives to promote the production and use of clean hydrogen. Major European countries like Germany, France and the UK are increasingly investing in electrolyzer manufacturing facilities and hydrogen refueling stations to strengthen their clean hydrogen infrastructure.
Key players operating in the clean hydrogen market are Amyris, BioAmber, Borregaard, Codexis, Deinove, Evolva, Fermentalg, Gevo, Global Bioenergies, Metabolic Explorer, Novozymes, Solazyme, Corbion, ADM, DuPont, Eucodis Biosciences GmbH, Koninklijke DSM NV, BASF SE, Evonik Industries AG. BASF SE is one of the leading players in clean hydrogen production, utilizing steam methane reforming with carbon capture to produce hydrogen.
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