Online Services is fastest growing segment fueling the growth of Clean Hydrogen Market

 

Clean Hydrogen Market

The global Clean Hydrogen Market is estimated to be valued at US$ 4.35 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The clean hydrogen market deals in production and distribution of hydrogen through environment-friendly means. Clean hydrogen provides emission-free energy and can help industries lower their carbon footprint. Its use in sectors like transportation, power generation and chemicals isgrowing owing to stricter emission norms.

Market key trends:

One of the key trends driving the clean hydrogen market is the increasing focus on decarbonization globally. strict emission standards are pushing industries and governments to find cleaner alternatives. Development of renewable energy infrastructure to produce clean hydrogen through electrolysis using solar and wind is gaining momentum. Several countries have announced hydrogen roadmaps and investment plans to boost production and use of zero-carbon hydrogen to meet their decarbonization goals.

Segment Analysis

The clean hydrogen market is segmented based on production & delivery mode, end-user, and region. Delivery mode is further divided into pipelines, cryogenic liquid tankers, and high-pressure tube trailers. The pipeline segment currently dominates the market owing to its convenience for bulk transportation of hydrogen over long distances in a safe and cost-effective manner. Many countries are investing heavily in developing hydrogen pipeline infrastructure to support the growing demand and adoption of clean hydrogen.

Key Takeaways

The global clean hydrogen market is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to increasing investments in clean energy solutions to transition towards a low-carbon economy.

Regionally, Europe dominates the clean hydrogen market currently and is expected to remain the fastest growing region during the forecast period. This can be attributed to strong government support through initiatives like the European Clean Hydrogen Alliance to promote hydrogen usage across industries. Countries like Germany, France, and the UK are at the forefront of developing hydrogen economies in the region.

Key players operating in the clean hydrogen market are Linde Plc, Air Liquide, Engie, Uniper Se, Air Products Inc, Clean Hydrogen System, Cummins Inc., Toshiba Energy Systems & Solutions Corporation, Nel Asa, and Sgh2 Energy. Linde Plc leads the market with its expertise and global presence across hydrogen production, liquefaction, storage, distribution, and usage. Air Liquide follows with its research on low-carbon hydrogen production and role in various international renewable energy projects focused on hydrogen.

Read More:

https://www.dailyprbulletin.com/clean-hydrogen-market-size-share-growth-outlook-2023/

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