CLEAN HYDROGEN MARKET ANALYSIS

Clean Hydrogen MarketSize and Trends

The global clean hydrogen market size was valued at US$ 3.81 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 14.1% from 2023 to 2030. Global clean hydrogen market is expected to expand during the forecast period as there is a rise in awareness regarding carbon emissions and alternatives. Moreover, the production of greenhouse gases like nitrous oxide, carbon dioxide, and methane have increased in many nations because of industrialization and modernization, resulting in the growth of global temperature which is harmful for the ecosystem. The governments of the countries are taking various initiatives to control these carbon emissions and reduce global warming by encouraging the use of hydrogen gas in processes such as building, power generation, industry and transportation.

Figure 1: Global Clean Hydrogen Market, By Region 2023

Global Clean Hydrogen Market Trends:

Increasing investment in the sector is a growing trend

Various countries are increasing the investment in the clean hydrogen sector. This is expected to increase the widespread use of hydrogen and play a key role in the commercial-scale deployment of hydrogen. For instance, in March 2023, the Biden-Harris Administration, through the U.S. Department of Energy (DOE), today announced the availability of $750 million for research, development, and demonstration efforts to dramatically reduce the cost of clean hydrogen. Hence, it is an excellent investment opportunity for who leveraging existing infrastructure and economies of scale and develop innovative solutions to address the needs of key end users.

Growing popularity of clean hydrogen

Hydrogen is a clean energy carrier and is becoming increasingly attractive to governments and various companies. Since the world tries to achieve net zero emissions and decarbonize its economies, hydrogen has emerged as a key alternative fuel. As a renewable source, it produces no carbon dioxide and can be used for heat buildings, to power transport, produce electricity, and make chemicals. This offers a valuable bridge to a low-carbon future.