Hydrogen Market Should Register an Impressive CAGR of 7.6% From 2023 to 2030
Hydrogen, a versatile and clean energy source, has gained significant attention in recent years due to its wide range of applications and potential for future expansion. With an estimated global market worth approximately US$185 billion, hydrogen is poised for substantial growth in the coming years. In this article, we will explore the various aspects of the hydrogen market and its potential impact on the clean energy sector.
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MarketAnalysis in Brief
Hydrogen is already being produced on a commercial scale, leading to the emergence of a thriving global industry. However, its current contribution to the world's energy consumption is less than 5%. Despite this, hydrogen has tremendous potential for clean energy transitions that have yet to be fully realized. With the support of aggressive government programs and initiatives, hydrogen can be utilized in a multitude of sectors, such as oil refining, chemical manufacturing, steel production, shipping, aviation, transportation, and even household applications.
Hydrogen Market Key Report Findings
According to market projections, the hydrogen market is expected to reach a size of US$328 billion by the end of 2030. The global push for sustainability and clean energy solutions is creating a conducive environment for the establishment of a reliable and futuristic hydrogen ecosystem. However, the hydrogen generation capacity still needs to be expanded to cater to mainstream applications like fuel cell vehicles.
Growth Drivers
Governments Accelerate their Journey Toward Sustainability
In recent years, an increasing number of countries have committed to achieving net-zero emissions and have developed regulatory policies to promote sustainability and reduce carbon footprints. Governments worldwide have also allocated significant public funding to support the development and implementation of hydrogen technologies. Over 30 countries have released hydrogen roadmaps and national strategies to guide their transition towards a
hydrogen-based economy. The global hydrogen industry has witnessed the announcement of more than 200 large-scale projects, with a total value exceeding $300 billion through 2030.
Sustainability Targets Push Blue and Green Hydrogen Production
Hydrogen can be produced through various methods, including splitting water with electricity (electrolysis) or splitting fossil fuels or biomass with heat or steam (reforming or pyrolysis). Grey hydrogen, produced from fossil fuels without carbon capture and storage (CCS), currently dominates the market. However, there is a growing emphasis on blue and green hydrogen production. Blue hydrogen is generated when carbon emissions, such as carbon dioxide and carbon monoxide, are captured and stored underground. Green hydrogen is produced through the electrolysis process using renewable energy sources. The segments for blue and green hydrogen are expected to register significant growth rates of 24.1% and 17.8% respectively from 2023 to 2030.
Hydrogen Generation Market Has a Long Way to Go Before it Mainstreams for Fuel Cell Vehicles
While hydrogen has found applications in industries such as oil refining, ammonia production, methanol production, and steel production, its adoption in sectors like transport, building and construction, and power generation is still relatively low. However, the increasing demand for fuel cell vehicles is expected to drive the growth of the hydrogen market in the coming years. Fuel cells provide an energy-efficient alternative to traditional power sources and offer the potential for significant emission reductions.
Overview of Key Segments
On-site Hydrogen Captive Production to Lead till 2030
In terms of generation type, the global hydrogen market is segmented into on-site, byproduct, and captive production. Captive production, where hydrogen is produced exclusively for on-site consumption within the same facility, currently dominates the market, constituting 75% of the total market share by value. On-site production serves a single customer or industrial cluster, often in close vicinity or distributed through pipelines. By-product hydrogen, generated as a by-product of industrial processes, can either be vented or sold to merchants for further resale.
Growth OpportunitiesAcross Regions
Europe to Register Highest Growth by 2030
In terms of regional distribution, China is the largest consumer of hydrogen, followed by the United States and the Middle East.Asia Pacific, with more than 40% market share, dominates the global market, with China accounting for over 60% of hydrogen demand in the region. However, Europe and NorthAmerica are expected to witness significant growth by 2030, driven by the planned hydrogen generation projects and the region's commitment to clean energy solutions. Europe has announced the highest volumes of clean hydrogen supply, and investments in the sector have been steadily increasing.
Global Hydrogen Generation Market: Key Players
The global hydrogen market is highly competitive, with key players including Royal Dutch Shell, TotalEnergies,Adani Green,Air Liquide,Air Products, Bloom Energy Corp., CTP Hydrogen, Chevron Hydrogen Company LLC, Doosan Fuel Cell, FuelCell Energy, Inc., Linde Plc, Plug Power, Inc., and many others. These companies are actively involved in various projects and initiatives aimed at promoting the adoption of hydrogen as a clean energy source.
Notable Developments
In July 2022, Shell Plc started the construction of a renewable hydrogen plant in the Netherlands, which is expected to become the largest facility of its kind in Europe once operational by 2025. In June 2022,Adani and TotalEnergies formed a strategic alliance to create the world's largest green hydrogen ecosystem. TotalEnergies acquired a 25% minority interest inAdani New Industries Ltd (ANIL), marking a significant step in their commitment to green hydrogen production.
With a wide range of applications and significant investments being made in research, development, and infrastructure, hydrogen is poised to play a vital role in the transition to a clean energy future. The market's projected growth and the increasing focus on sustainability and emission reduction offer ample opportunities for stakeholders across various sectors to embrace hydrogen as a promising energy solution.
Conclusion
As the global energy sector shifts towards sustainability and clean energy alternatives, hydrogen emerges as a versatile and promising subset of the industry. With its wide range of applications, from transportation to industrial processes, hydrogen has the potential to revolutionize the way we generate and consume energy. The hydrogen market is projected to experience significant growth in the coming years, driven by government initiatives, sustainability targets, and advancements in hydrogen production technologies.As key players invest in research, development, and infrastructure, hydrogen is poised to become a crucial element of the clean energy landscape.
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