The global Clean Hydrogen Market is estimated to be valued at US$ 3.81 Billion in 2022 and is expected to exhibit a CAGR of 14.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clean hydrogen is produced through processes that does not directly emit carbon emissions such as water electrolysis powered by renewable energy and steam methane reforming coupled with carbon capture. It is mainly used in industrial processes, mobility applications and power generation with the potential to decarbonize high carbon intensity sectors.
Market key trends:
One of the key trends driving the growth of clean hydrogen market is increasing focus towards developing green ammonia. Green ammonia is ammonia produced through electrolysis of water using renewable energy sources like solar and wind. It is increasingly being considered as carbon-free energy carrier and feedstock. Many countries and companies are investing in green ammonia projects as it can solve the problem of intermittent renewable energy sources and help in decarbonizing maritime transport and fertilizer production.
Segment Analysis
Clean Hydrogen market is segmented into renewable hydrogen and low carbon hydrogen. Among these, renewable hydrogen dominates the market and accounts for around 60% of the overall market share in 2022. Renewable hydrogen produced from renewable energy sources through electrolysis process is highly preferred due to its green credentials and zero carbon emissions. Factors such as stringent regulations regarding carbon emissions and growing demand for renewable energy are positively impacting the growth of renewable hydrogen segment.
Key Takeaways
The global Clean Hydrogen Market Size is expected to witness high growth, exhibiting a CAGR of 14.1% over the forecast period 2023-2030, due to increasing climate change concerns and stringent emission norms worldwide.
Regionally, Europe dominates the Clean Hydrogen market with over 35% share in 2022 due to strong government support for production and use of clean hydrogen. Asia Pacific is expected to emerge as the fastest growing regional market at a CAGR of around 16% during the forecast period due to rising industrialization and presence of major emerging economies like China and India.
Key players operating in the Clean Hydrogen market are Linde Plc, Air Liquide, Engie, Uniper Se, Air Products Inc, Clean Hydrogen System, Cummins Inc., Toshiba Energy Systems & Solutions Corporation, Nel Asa, and SGH2 Energy. Linde Plc is the global leader in clean hydrogen production and supply with over 60 hydrogen production facilities worldwide.
Read More: https://www.ukwebwire.com/clean-hydrogen-market-size-share-and-regional-outlook/
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