The global clean hydrogen market size is predicted to expand around USD 5.95 billion by 2030 with a growing CAGR of 17.36% from 2022 to 2030, according to new report study by Precedence Research.
The clean hydrogen projects are growing as many companies have announced many projects across europe that aims at net zero carbon emissions. Countries like France, Germany, Spain, and Netherlands have released a national hydrogen strategy and clean hydrogen as strategies for the coming years. The German Government is expected to create a demand for hydrogen. It should be about 90-110 Tw by 2030. Europe has dominated the clean hydrogen market in the year 2020, with a share of 56.48%, and it is expected to grow during the forecast.
Clean hydrogen will serve as an alternative for fuels like fossil fuels, oil and gas. Countries like France, Italy, Norway, Spain and UK have a great impact on the global green hydrogen market. These nations have made extremely stringent frameworks for the emissions and they have adopted many climate friendly policies. The European nations have announced that in the coming years, or 20 gigabyte plant will be set and also they're going to install a 6 gigabyte renewable energy hydrogen electrolyzer in Europe by the year 2024. The national hydrogen strategy released by France, Spain and Germany are aiming at efficient production of clean hydrogen.
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.
On the basis of the technology, the alkaline electrolyzer is expected to grow well during the forecast. The PEM electrolysis segment is expected to grow and have a larger market share as it has a dynamic and responsive nature forchanging power inputs. The alkaline electrolyzer technique is expected to have a good share in the market as it has a low price compared to the other electrolyzers.
On the basis of the end user, the transporter segment is expected to have the largest market share during the forecast with the introduction of the hydrogen cars as in many regions.
Due to many stringent policies and climate friendly frameworks, the contribution from countries like Norway, Spain, Italy and France will have a significant impact on the global clean hydrogen market. Various policies of the European Commission are expected to provide opportunities for the growth of this market.
The Global clean hydrogen market is expecting a high growth in the coming years as an extensive emission of carbon dioxide due to various transports, industrial power generation sectors and many developing and developed nations are aiming at decarburizing their economies. In order to achieve the net zero target by 2050 and finding ways in order to do so. Fossil fuels lead to the emission of carbon dioxide, which is approximately 830,000,000 tons annually and the use of clean hydrogen in many countries, will help in preventing these emissions. According to the report generated by IEA the Global clean hydrogen market provides cost competitiveness and therefore it will be preferred in the coming years. The various uses of hydrogen in many industries is expected to give a boost to the US market. Governments are formulating supportive policies in order to achieve the emission targets. All these factors are expected to drive the market during the forecast period.
The production of hydrogen in particular, requires more energy than that used in other fuels. In order to generate green hydrogen, which is done through electrolysis it becomes a high cost product because it is expensive in generating. Hydrogen is a flammable element and it is extremely volatile. So a wide range of safety measures and protocols need to be followed in order to prevent any leakages and explosions. These factors happen to restrain the growth of the hydrogen market.
Many countries are making policies in order to invest in the technologies for increasing the production of hydrogen. These companies are also targeting many sectors in order to increase the use of green hydrogen with the maximum support on the transport industry, there are many policies in place in order to support hydrogen market. Extensive research, development and demonstration and a lot of money has been spent on hydrogen energy by many countries and it is expected to grow during the coming years.
Storage and transportation of hydrogen is a major challenge. As the gas is highly inflammable and it can easily escape its containment poses a challenge. There's a huge capital investment required in order to establish an infrastructure and also needs many approvals. Gas has low density. The storage and transportation of this gas poses a challenge for the growth of this market.
By the year 2035, the Norwegian firm Equinor is Planning to supply hydrogen in Europe.It shall supply hydrogen fuel to three to five major industrial clusters
The Indian global automotive components manufacturer Company Advik Hi-Tech has signed a joint venture to produce hydrogen fuel with Australian Clean Energy Company named Pure Hydrogen Corporation.
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