According to a new report published by Allied Market Research, titled, “Clean Hydrogen Market,” The clean hydrogen market was valued at $3.8 billion in 2022, and is estimated to reach $18.3 billion by 2032, growing at a CAGR of 14.8% from 2023 to 2032.
Clean hydrogen refers to hydrogen produced using processes that result in low or zero carbon emissions, often through methods like carbon capture, utilization, and storage (CCUS) or renewable-powered electrolysis. The global push toward decarbonization-driven by climate change concerns and net-zero commitments-is accelerating the transition from fossil fuels to sustainable alternatives such as synthetic fuels, renewables, nuclear fusion, and clean hydrogen. As a result, countries are investing heavily in advanced hydrogen technologies and strategically positioning themselves to emerge as global leaders-or hydrogen superpowers-in the evolving energy landscape.
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Hydrogen is not a direct substitute for coal, oil, and natural gas, but it can help to decarbonize parts of the economy. Clean hydrogen is expected to be the major contributor to the clean energy economy. The net-zero targets to bring down the temperature increase from 2 degrees Celsius to 1.5 degrees Celsius are fueling the growth in alternative fuels. The commitment to bring down carbon footprint through energy transition by reducing primary energy dependence on fossil fuels and non-renewable sources has been a major driver for clean hydrogen market growth. In addition, lower to zero carbon-emitting fuels are being sought for reducing carbon footprint which also adds to market growth.
However, the higher cost and volatile nature of the product restrain the market growth for clean hydrogen. Moreover, lacking policy frameworks and a complex value chain of the product discourages the clean hydrogen industry growth. Meanwhile, government policy and company strategies will offer lucrative opportunities for market growth. Clean hydrogen production can be done through electrolyzers and carbon capture technologies. flexibility in producing clean hydrogen offers lucrative opportunities for the clean hydrogen industry growth.
Key trends shaping the clean hydrogen market:
1. Surging Investments in Green Hydrogen
Governments and private sector players are ramping up funding for green hydrogen, produced via electrolysis powered by renewable energy. This is driven by global decarbonization goals and net-zero targets.
🔹 2. Electrolyzer Technology Advancements
Significant R&D is improving the efficiency and scalability of electrolyzers, especially PEM and solid oxide technologies. This is helping to reduce the cost per kilogram of clean hydrogen.
🔹 3. Growing Use in Hard-to-Decarbonize Sectors
Clean hydrogen is increasingly adopted in steel, cement, shipping, and aviation, where electrification is not viable. These sectors are key to unlocking large-scale demand.
🔹 4. Hydrogen Hubs and Infrastructure Build-Out
Major countries (e.g., U.S., Germany, Australia, UAE) are developing hydrogen hubs with integrated production, storage, and transport infrastructure, including pipelines and export terminals.
🔹 5. Policy Support and Global Alliances
Clean hydrogen markets are being catalyzed by policy incentives (e.g., U.S. Inflation Reduction Act, EU Hydrogen Strategy) and cross-border collaborations for export/import (e.g., Australia-Japan).
🔹 6. Cost Parity Race
With the cost of renewable power falling, clean hydrogen is expected to approach cost parity with grey hydrogen (fossil-fuel-derived) by 2030 in many regions.
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The clean hydrogen market size is studied based on type, method, application, and region. By region, the clean hydrogen market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). North America dominated the clean hydrogen market share for 2021, and the same is expected to grow at a higher CAGR during the forecast period. This is owed to several clean hydrogen projects being planned and enforced in countries like the U.S. and Canada.
Asia-Pacific is a large consumer of electric vehicles, which drives the demand for hydrogen fuel cells. China dominated the world hydrogen market being the largest producer as well as consumer of the product. China consumes around 24 million tons of hydrogen annually. In 2017, Japan became the first country to formulate a national hydrogen strategy as part of its ambition to become the world’s first “hydrogen society” by adopting the fuel across all sectors.
The major players operating in the clean hydrogen industry are Saudi ARAMCO, Iberdrola, S.A., China Petroleum & Chemical Corporation (Sinopec), Linde plc, Exxon Mobil Corporation, FuelCell Energy, Inc., Air Products and Chemicals, Inc., Plug Power Inc., Orsted A/S, and Enel Green Power Spa. The other market players are NEL ASA, Air Liquide SA, Siemens Energy, Oil & Natural Gas Corporation, and Adani Green Energy.
Key findings of the study
• By type, green hydrogen is projected to grow at the highest CAGR of approximately 15.2%, in terms of during the clean hydrogen market forecast period
• By the method, the carbon capture segment dominated the clean hydrogen market share by over 70% in 2021
• By application, the industrial segment is projected to grow at the highest CAGR of approximately 15.0%, in terms of during the clean hydrogen market forecast period.
• By region, North America dominated the clean hydrogen market and is expected to grow at a CAGR of 15.1% during the forecast period
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
This release was published on openPR.
