The global clean hydrogen market size to reach revenues of USD 2098.44 million by 2026, growing at a CAGR of approximately 14.01% during the forecast period.
The clean hydrogen market is expected to grow at a CAGR of over 14.01% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The global clean hydrogen market is witnessing high growth owing to the emission of carbon dioxide to the environment from transport, industrial, power generation sectors. The clean hydrogen provides the zero emission of CO2 to the environment.
2. Europe dominated the clean hydrogen market accounted for 56.48% share in 2020. The emission of carbon dioxide to the environment has increased global warming henceforth, many European countries has decided to be carbon free by 2050, which is promoting the clean hydrogen as an alternative for various fuel such as oil, gas, and fossil fuels.
3. Alkaline Electrolyzer is widely adopted owing to their low price and contributes 58.75% of overall clean hydrogen market.
4. The clean hydrogen by alkaline electrolyzer will be the fastest growing technology during the forecast period owing to their low prices.
5. The transport sector dominated the global clean hydrogen market and accounted for 45.20% share in 2020.
6. The clean hydrogen market in APAC region will grow at a CAGR of 12.67% during 2021-2026. Owing to easily accessible of raw materials and cheap labour has attracted many foreign investments in the region which has supported the growth of industrial, transport and power requirement in the region.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by technology, end-user, and geography
• Competitive Landscape – 5 key vendors and 22 other vendors
Clean Hydrogen Market – Segmentation
• The alkaline electrolyzer is one of the easiest hydrogen production methods as it produces 99.9% pure gas. The electrodes which are used in the techniques are robust zirconium dioxide-based diaphragms and Nickel coated stainless steel. The alkaline electrolyzer is expected to grow due to its low price compared to other electrolyzers.
• The transport sector contributed the largest share of 45.20% to the overall green hydrogen market in 2020. While some companies are selling hydrogen cars in selected countries, battery-operated electric vehicles are being chosen by an increasing number of car manufacturers worldwide.
• PEM electrolysis is more dynamic and responsive to changing power inputs requirement than alkaline electrolyzer. The key components in the PEM electrolyzer are the bipolar plates with flow channels, current collectors, and membrane electrode assembly.
Clean Hydrogen Market by Technology
• Alkaline Electrolyzer
• PEM Electrolyzer
• SOE Electrolyzer
Clean Hydrogen Market by End-User
• Power Generation
Clean Hydrogen Market – Dynamics
One of the major climate objectives for all the developed and developing countries is decarbonizing their economies. Several countries worldwide have set the target of achieving carbon neutrality by 2050. One of the major initiatives for transitioning to a low-carbon economy is the production of clean hydrogen. According to IEA (International Energy Agency), the use of clean hydrogen in countries could prevent the emission of approximately 830 million tons of carbon dioxide annually, which is associated with the use of fossil fuels. In the US, the top three sources of global emissions include transportation, electricity generation, and industries. Energy efficiency, renewable energy sources, and direct electrification can reduce emissions from electricity production. Experts believe that clean hydrogen will be essential to meet the decarbonization goals. However, sectors such as long-distance trucking and concrete and steel manufacturing are difficult to decarbonize as they require high energy density fuel or intension heat. Thus, clean hydrogen is an ideal fuel option for transportation and electricity generation applications.
Key Drivers and Trends fueling Market Growth:
• Cost Competitiveness
• Broader Use of Hydrogen & Benefits for Power Systems
• Supportive Government Policies
Clean Hydrogen Market – Geography
With climate-friendly policies and stringent frameworks, the contribution from countries like France, Italy, Spain, Norway, the UK has made a significant impact on the global clean hydrogen market. In 2020, the European market accounted for a share of 82.51% in the global clean hydrogen market. The European Commission has many policies for reaching net-zero global warming emission by 2050, and hydrogen will be a key instrument. In the European region, there is already plenty of momentum for the growth of clean hydrogen. About 100 MW of clean hydrogen capacity has already been built, and there has been an announcement for a 20 GW plant in the coming years. The European Union released its hydrogen strategy in July 2020 and is committed to installing a 6 GW renewable hydrogen electrolyzer in the Europe region by 2024 and 40 GW renewable energy electrolyzer by 2030. Countries such as Germany, France, Spain, and the Netherlands, have already released their national hydrogen strategy, and hydrogen, especially clean hydrogen, is part of these energy strategies.
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Clean Hydrogen Market by Geography
• North America
• South Korea
• Middle East & Africa
• Saudi Arabia
• Latin America
• Linde plc
• Air Liquide
• Uniper SE
• Siemens Energy
Other Prominent Vendors
• Air Products Inc
• Clean Hydrogen System
• Cummins Inc
• Toshiba Energy System & Solution Corporation
• Nel ASA
• SGH2 Energy
• Green Hydrogen
• Fuel Cell Energy
• Plug Power
• ACWA Power
• CWP Global
• Hytech Power
• Ballard Power System
• Bloom Energy
• Rouge H2 Engineering GmbH
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