The size of the world market for clean hydrogen, estimated at USD 1.41 billion in 2021, is predicted to reach USD 5.95 billion by 2030, rising at a noteworthy CAGR of 17.36% from 2022 to 2030. The development of new technologies, the rise of the renewable energy sector, and rising demand from the transportation industry are all contributing to this increase.

The clean hydrogen market is a rapidly growing industry that is poised to play a key role in the transition to a low-carbon economy. Hydrogen is a clean fuel source that can be produced from a variety of renewable energy sources, such as wind, solar, and hydroelectric power. The demand for clean hydrogen is increasing as countries and companies around the world strive to reduce their carbon emissions and meet their climate goals.

The global clean hydrogen market size was valued at USD 1.41 billion in 2021 and is expected to surpass around USD 5.95 billion by 2030, growing at a significant CAGR of 17.36% during the forecast period 2022 to 2030. This growth is being driven by a number of factors, including increasing demand from the transportation sector, as well as the development of new technologies and the expansion of the renewable energy industry.

Advantages of Clean Hydrogen

One of the key advantages of clean hydrogen is its versatility. It can be used to power a wide range of applications, including cars, trucks, buses, and trains, as well as for heating and electricity generation. Hydrogen fuel cells, which convert hydrogen into electricity, are also becoming increasingly popular in a variety of industries, including aerospace, maritime, and even space exploration.

In addition to its versatility, clean hydrogen is also a highly sustainable and environmentally friendly fuel source. Unlike fossil fuels, which produce greenhouse gas emissions when burned, hydrogen only produces water vapor and heat, making it a zero-emissions fuel. This means that using hydrogen as a fuel source can help significantly reduce carbon emissions and combat climate change.


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Challenges in the market

However, there are still a number of challenges that need to be addressed in order to fully realize the potential of the clean hydrogen market. One of the biggest challenges is the cost of producing and transporting hydrogen. While the cost of producing hydrogen has come down significantly in recent years, it is still more expensive than other fuels. Additionally, the infrastructure for transporting and storing hydrogen is not yet fully developed, which can make it difficult to distribute the fuel on a large scale.

Despite these challenges, the clean hydrogen market is poised for significant growth in the coming years. As countries and companies around the world continue to prioritize reducing their carbon emissions, the demand for clean hydrogen is likely to continue to increase. This growth will be supported by ongoing technological advancements and the expansion of the renewable energy industry, which will make it easier and more cost-effective to produce and transport clean hydrogen.

Current Scenario of the market

Today, providing hydrogen to industrial consumers is a significant global industry. The worldwide demand for hydrogen, which has increased more than threefold since 1975, is still on the rise. To produce hydrogen, 6% of the world's natural gas and 2% of its coal are used.

As a result, the production of hydrogen results in annual CO2 emissions of about 830 million tonnes, which is equal to the total emissions of the United Kingdom and Indonesia.

Drivers in Clean Energy Market

Climate Change: The need to reduce greenhouse gas emissions and combat climate change is one of the most significant drivers of the clean hydrogen market. Hydrogen produced through renewable energy sources has the potential to significantly reduce carbon emissions from industries such as transportation, power generation, and manufacturing.

Government Support: Many governments around the world are promoting the use of clean hydrogen as part of their climate change policies. They provide funding, incentives, and regulations that encourage the development of the clean hydrogen market.

Technology Advancements: Advances in technology are making the production of clean hydrogen more efficient and cost-effective. This is helping to drive down the cost of clean hydrogen and make it a more viable alternative to fossil fuels.

Industry Demand: Many industries, such as transportation, power generation, and manufacturing, are looking for alternatives to fossil fuels. Clean hydrogen is seen as a viable alternative as it can be used in a range of applications and is environmentally friendly.

Public Awareness: The public is becoming increasingly aware of the need to reduce greenhouse gas emissions and combat climate change. This is driving demand for clean hydrogen and putting pressure on governments and industries to invest in the clean hydrogen market.

Key Highlights in the Market

At Constellation's Nine Mile Point Nuclear Plant in Oswego, New York, hydrogen production has started at the country's first 1 MW demonstration scale, nuclear-powered clean hydrogen production plant. This development will help illustrate the potential of hydrogen to fuel a clean economy.

When generated in large quantities, clean hydrogen can be used to create next-generation energy for sectors that are otherwise challenging to decarbonize, such as agriculture, long-distance transportation, steelmaking, and aviation. With a $5.8 million award, the US Department of Energy (DOE) last year authorized moving forward with the construction and installation of an electrolyzer system at Nine Mile Point.

In order to create 560 kilograms of clean hydrogen per day, the clean hydrogen generation system at Nine Mile Point needs 1.25 megawatts of carbon-free energy per hour, which is more than enough to satisfy the plant's operational hydrogen needs. Furthermore, it will help pave the way for potential extensive installations at other renewable energy facilities in Constellation's fleet, which would combine clean hydrogen production with on-site storage and other applications.

Europe accounted for the largest share

Based on regions, the global market is segmented into Latin America, North America, the Middle East, Africa, Europe, and Asia Pacific. Europe accounted for 57% of the revenue share. The growth of the region is attributed to the increasing penetration towards reducing carbon emissions. The imposition of various stringent regulations by the government of the economies is anticipated to drive the growth of the market. Most nations are looking forward to adopting clean energy owing to rising environmental concerns.

Asia Pacific will likely grow significantly

The Asia Pacific region is expected to reach a value of USD 4805 million by 2030 at a CAGR of 55%. Asia Pacific is expected to gain the fastest growth during the upcoming years. The growth of the market is attributed to the increasing demand for energy and renewable generation. The surging population along with the lack of ability of fossil fuel to meet the growing demand is shifting the market towards renewable energy. The significant change in policies to increase green energy production is expected to propel market growth.

North America is the second-largest region in market growth. The market growth has been attributed to the implementation of various favorable policies in various countries such as the US and Canada. The deployment of renewable energy sources in residential and commercial areas is anticipated to proliferate market growth.

Conclusion

In conclusion, the clean hydrogen market is a rapidly growing industry that is poised to play a key role in the transition to a low-carbon economy. Hydrogen is a clean, versatile, and sustainable fuel source that can be used to power a wide range of applications, from cars and trucks to heating and electricity generation. While there are still challenges that need to be addressed, the future looks bright for the clean hydrogen market as it continues to grow and mature.

Segments Covered in the Report

By Technology

• Alkaline electrolyzer


• PEM electrolyzer


• SOE electrolyzer

By End User

• Transport


• Power generation


• Industrial


• Others

By Geography

• North America
  
  • U.S.
  
  
  • Canada


• Europe
  
  • U.K.
  
  
  • Germany
  
  
  • France


• Asia-Pacific
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • South Korea
  
  
  • Malaysia
  
  
  • Philippines


• Latin America
  
  • Brazil
  
  
  • Rest of Latin America


• Middle East & Africa (MEA)
  
  • GCC
  
  
  • North Africa
  
  
  • South Africa
  
  
  • Rest of the Middle East & Africa

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