Clean Hydrogen Market Size, Share, By Type (Green Hydrogen, and Blue Hydrogen), By Technology (Proton Exchange Membrane (PEM) Electrolysis, Alkaline Electrolysis, Solid Oxide Electrolysis, and Others), By Application (Transportation, Power Generation, Industrial Energy, and Other Applications), By End-User Industry (Energy and Utilities, Automotive and Transportation, Chemical Manufacturing, and Others), and By Region - Trends, Analysis and Forecast till 2034

Clean Hydrogen Market Size was valued at US$ 4.8 billion in 2024 and is expected to grow at a CAGR of 15.1% to reach US$ 17.3 billion by 2034.

Clean Hydrogen refers to hydrogen produced with minimal or zero carbon emissions, making it a key component in the transition to a low-carbon global energy system. It can be derived from renewable sources like wind, solar, hydro, or from natural gas with carbon capture and storage technologies.  

Clean hydrogen has drawn attention as a flexible fuel that can be used across a variety of sectors such as transportation, industrial processes, power production, and heating as governments and companies place an increasing emphasis on decarburization. Its capacity to store extra renewable energy, run fuel cells, and supply raw materials to the chemical industry makes it a vital instrument in the fight against greenhouse gas emissions.

Hydrogen is widely regarded as a crucial facilitator of energy transitions, providing renewable energy sources with flexibility and long-term storage capacity, particularly for grid balancing and energy supply security. Clean hydrogen is a key component of future energy systems because of its ability to decarbonize difficult-to-abate industries like heavy manufacturing, transportation, and agriculture which is especially important as the world's energy demands rise.

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Key Drivers of Target Market:

Decarbonization Goals and Climate Change Mitigation

• Governments everywhere are aiming for net-zero emissions by 2050, and one of the most important ways to decarbonize difficult-to-abate industries like heavy industry and long-distance transportation is with hydrogen. The EU allocated substantial funds for hydrogen technology research, further boosting the target market growth.
• For example, The European Union's Green Deal and Hydrogen Strategy, along with the U.S. Inflation Reduction Act, support large-scale clean hydrogen production and infrastructure investments.

Technological Advancements in Hydrogen Production

• The efficient production of blue hydrogen may already be possible due to advancements in carbon capture technologies. As green hydrogen production rises, blue hydrogen will become a viable transition fuel. Technologies for storing and transporting hydrogen are also developing, which lowers energy losses in distribution.

Corporate and Industry Investment

• The automotive industry is shifting towards hydrogen fuel cells for trucks, buses and other vehicles, driving target market growth.
• For instance, in December 2023, Amazon and Walmart announced the deployment of hydrogen-powered vehicles for delivery fleets in their sustainability initiatives.

Government Subsidies and Policy Support

• Policy backing and government subsidies are key factors driving the target market rapid expansion. These policies include direct financial incentives, frameworks for regulations, and deliberate projects that establish the right environment for the growth of hydrogen.
• Numerous countries directly fund investments in hydrogen technologies by offering grants, subsidies, and other incentives. This covers the cost of sponsoring pilot programs, infrastructure, and research and development (R&D).
• For instance, in March 2024, The U.S. Federal Government announced an $8 billion investment for developing hydrogen hubs, part of the Bipartisan Infrastructure Law, aiming to make the U.S. a global leader in hydrogen production.

Restrains:

Infrastructure Gaps for Hydrogen Storage and Distribution

• Significant expenditures are needed for hydrogen infrastructure, such as pipelines and refueling stations, particularly in areas lacking current hydrogen networks. The low energy density and potential for leakage of hydrogen provide ongoing transportation issues.   

Opportunities:

Expansion of Hydrogen Infrastructure

• Investment in hydrogen refueling stations and pipelines is expanding, improving the accessibility and feasibility of hydrogen-powered vehicles and industrial processes.  

Integration with Renewable Energy

• Clean hydrogen can be produced using excess renewable energy, such as wind or solar power, which would otherwise be wasted. This integration supports a more stable and efficient energy grid.

The market is segmented based on Type, Technology, Application, End-User Industry and Region.

Type Insights:

• Green Hydrogen: Since the electricity used comes from renewable sources, green hydrogen is considered the most environmentally friendly option, with zero carbon emissions associated with its production. Green hydrogen is produced through the electrolysis of water using electricity generated from renewable energy sources such as wind, solar, or hydroelectric power.
• Blue Hydrogen: Blue hydrogen is often used in industries where immediate decarbonization is necessary, such as steel manufacturing and chemical production. It can also serve as a transitional solution while green hydrogen infrastructure and technology are being developed.  

Technology Insights:

• Proton Exchange Membrane (PEM) Electrolysis: In this segment uses a proton exchange membrane as the electrolyte to conduct protons from the anode to the cathode. Water is split into hydrogen and oxygen gases using an electric current.  
• Alkaline Electrolysis: This method is well-established, with a long history of use in industrial applications. It has lower capital costs and high durability, making it suitable for large-scale hydrogen production.  
• Solid Oxide Electrolysis: This technology can achieve higher efficiencies than other methods because it operates at elevated temperatures, which reduces the electrical energy required for electrolysis. It also has the potential for coupling with high-temperature processes to further enhance efficiency.
• Others: This segment includes less widely used or newly developed technologies such as high-temperature steam electrolysis (HTSE), anion exchange membrane (AEM) electrolysis, and alkaline exchange membrane (AEM) electrolysis. These technologies are being developed further or are being applied in specialized fields.

Application Insights:

• Transportation: The transportation sector includes hydrogen fuel cell vehicles (FCVs), such as buses, trucks, trains, and passenger cars. Hydrogen FCVs use hydrogen as a fuel to generate electricity, which powers an electric motor.
• Power Generation: Hydrogen can be utilized in fuel cells or gas turbines to produce energy in the power generation process. In order to stabilize the grid and provide a steady supply of power, it can be utilized directly as fuel in turbines or in combination with other renewable energy sources. Solutions for storing excess renewable energy as hydrogen for later use are also covered in this section.  
• Industrial Energy: The industrial sector uses hydrogen as a feedstock or energy source in various processes, such as steel production, ammonia synthesis for fertilizers, and refining. Hydrogen can replace fossil fuels in these processes, significantly reducing carbon emissions.
• Other Applications: This section covers a variety of specialized uses for hydrogen, including as chemical synthesis, aircraft, and high-temperature procedures. It also covers newer uses such portable power sources and hydrogen-based energy storage systems.

End-User Industry Insights:

• Energy and Utilities: This segment involves the use of clean hydrogen for energy generation and utility applications. Hydrogen can be used in power generation through fuel cells or blended with natural gas in existing power plants to reduce carbon emissions.
• Automotive and Transportation: The application of hydrogen fuel cells in cars, trucks, buses, and trains is the main topic of discussion in this section. All that is released are water vapor and electricity from hydrogen fuel cells, which can run electric motors.
• Chemical Manufacturing: A feedstock for many chemical production processes is hydrogen. It is essential to the production of materials and chemicals, particularly in procedures involving high pressure and temperature.
• Others: This section covers a variety of other clean hydrogen applications that do not fit into the previously mentioned categories. It includes new and specialized applications.

Regional Insights

• North America: This region has a well-established industrial sector that could integrate hydrogen into processes like ammonia production, refining, and steel manufacturing. There is growing interest in hydrogen fuel cell vehicles (FCVs), particularly for heavy-duty applications and public transit, supported by increasing infrastructure development.  
• Asia Pacific: The region has a strong industrial base, including steel and chemical industries, which are potential adopters of hydrogen technologies. National policies and strategies, such as Japan’s Basic Hydrogen Strategy and China’s Hydrogen Roadmap, are driving market growth.   
• Europe: Europe is renowned for having a robust system of national and international policies, such as the European Hydrogen Strategy, that promote clean hydrogen. Cross-border hydrogen infrastructure and projects are being made easier by the European Union, which encourages regional integration and the expansion of hydrogen use.   
• Latin America: In instance, nations like Chile and Argentina have an abundance of renewable energy resources that can be used to produce hydrogen. Driven by the potential for clean energy exports and domestic consumption, a number of nations are beginning to investigate hydrogen as part of their energy policies.
• Middle East and Africa: This region is presenting itself as a possible supplier of hydrogen due to its abundance of renewable energy resources. Countries in the region are seeking to diversify their economies away from oil and gas, with hydrogen being a key focus.

Clean Hydrogen Market Report Scope:

Attribute	Details
Market Size 2024	US$ 4.8 Billion
Projected Market Size 2034	US$ 17.3 Billion
CAGR Growth Rate	15.1%
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Type - Green Hydrogen, and Blue Hydrogen By Technology - Proton Exchange Membrane (PEM) Electrolysis, Alkaline Electrolysis, Solid Oxide Electrolysis, and Others By Application - Transportation, Power Generation, Industrial Energy, and Other Applications By End-User Industry - Energy and Utilities, Automotive and Transportation, Chemical Manufacturing, and Others
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Type, Technology, Application, End-User Industry and Region.

By Type:

• Green Hydrogen
• Blue Hydrogen

By Technology:

• Proton Exchange Membrane (PEM) Electrolysis
• Alkaline Electrolysis
• Solid Oxide Electrolysis
• Others

By Application:

• Transportation
• Power Generation
• Industrial Energy
• Other Applications

By End-User Industry:

• Energy and Utilities
• Automotive and Transportation
• Chemical Manufacturing
• Others

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Clean Hydrogen Market include Air Products and Chemicals, Inc., Plug Power Inc., Nel ASA, Ballard Power Systems Inc., ITM Power plc, Cummins Inc., SABIC, Linde plc, Shell Hydrogen, Engie, Siemens Energy, Bloom Energy, Green Hydrogen International, and McPhy Energy.

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• In July 2024, The Pacific Northwest is set to begin work building out a clean hydrogen economy with announcement of a Phase 1 funding award from the Department of Energy. The $27.5 million award to the Pacific Northwest Hydrogen Association (PNWH2), a multi-state nonprofit organization, will be matched by industry partners up to $125 million in Phase 1 of the project.
• In May 2024, Government of Canada announces almost $10 million to launch the Clean Hydrogen Hub and scale-up made-in-Canada innovation. The establishment of a new Clean Hydrogen Hub at SFU's Burnaby campus would cost more than $9.4 million. The Centre for Innovation and Clean Energy of the Province of British Columbia, almost $2.4 million from Simon Fraser University, $1 million from the City of Burnaby, and numerous other partners will also contribute $1 million to this initiative.
• In July 2024, Zurich Insurance Group (Zurich) and Aon have launched a pioneering clean energy insurance facility, providing comprehensive coverage globally for blue and green hydrogen projects with capital expenditures of up to USD 250 million. This initiative with Zurich as the lead insurer and Aon as the exclusive broker aims to accelerate the development of clean hydrogen projects. It also forms part of Zurich’s commitment to support the net-zero transition through customer engagement, new services and product innovation.
• In April 2024, In recognition of Earth Day, the U.S. Department of Energy's Hydrogen and Fuel Cell Technologies Office (HFTO), in partnership with domestic and global partners, announced plans to develop an innovative competition entitled Equitable and Clean Opportunities for Hydrogen Deployment – the Eco-H2 Prize. The Eco-H2 Prize will invite competitors to apply sustainability assessment tools and frameworks to complete case studies of existing or planned hydrogen deployments. The resulting assessments will contribute to practitioner experience applying analytic methods and developing guidelines to properly assess the unique characteristics of real-world, commercial hydrogen energy projects.
• In January 2024, The Clean Hydrogen Partnership is launching a new hydrogen research call for proposals today, 17 January 2024. A total of € 113.5 million will be made available through Horizon Europe for projects to cover R&I activities across the whole hydrogen value chain. An extra € 60 million (from the RePowerEU plan budget) will be used to fund various initiatives aimed at expanding the number of Hydrogen Valleys around Europe, such as boosting related call themes and establishing and operating a "Hydrogen Valleys Facility".

• Air Products and Chemicals, Inc.*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Plug Power Inc.
• Nel ASA
• Ballard Power Systems Inc.
• ITM Power plc
• Cummins Inc.
• SABIC
• Linde plc
• Shell Hydrogen
• Engie
• Siemens Energy
• Bloom Energy
• Green Hydrogen International
• McPhy Energy

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Research Objectives
• Assumptions
• Abbreviations

Market Preview

• Report Description
  • Market Definition and Scope
• Executive Summary
  • Market Snippet, By Type
  • Market Snippet, By Technology
  • Market Snippet, By Application
  • Market Snippet, By End-User Industry
  • Market Snippet, By Region
• Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restraints
  • Market Opportunities
• Market Trends
• Product Launch
• Merger and Acquisitions
• Impact Analysis
• PEST Analysis
• Porter’s Analysis

Market Segmentation, By Type, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Green Hydrogen
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Blue Hydrogen
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Segment Trends

Market Segmentation, By Technology, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Proton Exchange Membrane (PEM) Electrolysis
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Alkaline Electrolysis
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Solid Oxide Electrolysis
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

• Others
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Transportation
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Power Generation
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Industrial Energy
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

• Other Applications
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By End-User Industry, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Energy and Utilities
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Automotive and Transportation
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Chemical Manufacturing
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

• Others
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User Industry, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User Industry, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User Industry, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User Industry, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Technology, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By End-User Industry, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East and Africa

Competitive Landscape

• Heat Map Analysis
• Company Profiles

• Air Products and Chemicals, Inc.
• Plug Power Inc.
• Nel ASA
• Ballard Power Systems Inc.
• ITM Power plc
• Cummins Inc.
• SABIC
• Linde plc
• Shell Hydrogen
• Engie
• Siemens Energy
• Bloom Energy
• Green Hydrogen International
• McPhy Energy

The Last Word

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