IMARC Group’s report titled “Clean Hydrogen Market Report by Technology (Alkaline Electrolyzer, PEM Electrolyzer, SOE Electrolyzer), End User (Transport, Power Generation, Industrial, and Others), and Region 2024–2032”. The global clean hydrogen market size reached US$ 1.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.6 Billion by 2032, exhibiting a growth rate (CAGR) of 13.7% during 2024–2032.

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Factors Affecting the Growth of the Clean Hydrogen Industry:

● Growing Environmental Concerns:

The increasing global concerns over environmental issues, particularly climate change, are impelling the market growth. As the world grapples with the dire consequences of greenhouse gas emissions, clean hydrogen is emerging as a sustainable option to overcome these challenges. Clean hydrogen offers a sustainable energy solution as it is produced through environment friendly methods, such as electrolysis powered by sustainable energy sources like wind and solar. Its potential to replace fossil fuels in various sectors, such as transportation, is making it a valuable component.

● Supportive Government Policies:

Several countries are introducing a range of supportive policies to encourage the development and use of clean hydrogen technologies. These policies often include financial incentives, such as subsidies and tax credits, which lower the cost of clean hydrogen production and make it more competitive with conventional fossil fuels. Additionally, regulations that promote the use of clean hydrogen in specific applications, such as transportation or industrial processes, are supporting the market growth. Furthermore, regulatory bodies are investing in research and development (R&D) programs to advance clean hydrogen technologies, establish infrastructure, and create a supportive ecosystem for market players.

● Technological Advancements:

Significant progress in developing more efficient and cost-effective methods for producing, storing, and utilizing hydrogen is bolstering the market growth. Electrolysis, a process that employs electricity to split water into hydrogen and oxygen, is improving the efficiency and scalability of hydrogen production. Innovative catalyst materials and advanced membrane technologies are making electrolysis a more viable option, particularly when coupled with renewable energy sources like solar and wind. Fuel cell technology, which transforms hydrogen into electricity with high efficiency and low emissions, is also gaining traction. These developments are making fuel cell applications, such as fuel cell vehicles and distributed power generation, more attractive and economically viable.

Leading Companies Operating in the Global Clean Hydrogen Industry:

• Air Liquide S.A.
• Air Products and Chemicals Inc.
• Cummins Inc.
• Enapter S.r.l.
• Engie SA
• Green Hydrogen Systems
• Linde plc
• Nel ASA
• Plug Power Inc.
• SG H2 Energy Global LLC
• Siemens Energy AG
• SunGreenH2

Clean Hydrogen Market Report Segmentation:

By Technology:

• Alkaline Electrolyzer
• PEM Electrolyzer
• SOE Electrolyzer

Alkaline electrolyzer represents the largest segment as it durable and capable of handling fluctuating loads.

By End User:

• Transport
• Power Generation
• Industrial
• Others

Transport exhibits a clear dominance in the market due to its reliance on clean hydrogen for operating various types of vehicles.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Global Clean Hydrogen Market Trends:

Clean hydrogen holds immense potential as an energy storage medium and a tool for grid balancing. As renewable energy sources like wind and solar power are gaining traction, they face intermittent generation challenges. Hydrogen can serve as a valuable solution for storing excess energy during periods of excessive production and releasing it when demand is high or generation is low. This enhances the stability and reliability of renewable energy grids. Moreover, clean hydrogen can act as a buffer, lowering fluctuations in energy supply and demand. Its ability to be stored for extended periods makes it an appropriate component for grid-scale energy storage, ensuring a consistent and dependable energy supply, which is essential for a sustainable energy transition.

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