The demand for green fuel to open up the avenue for Clean Hydrogen...

The demand for green fuel to open up the avenue for Clean Hydrogen Market

Posted 2023-11-10 06:24:00

The clean hydrogen market has been witnessing significant growth over the past few years. One of the key trends driving the market growth is the increasing focus on decarbonization globally. Greenhouse gas emissions from various industries have emerged as a major concern worldwide. Clean hydrogen produced from renewable energy sources is considered as one of the viable options to reduce carbon footprint. It can be used as an alternative to fossil fuels in industries like refineries, fertilizers production, transportation etc. Many countries have announced plans to boost production and use of clean hydrogen to meet their climate change goals. This is expected to propel the clean hydrogen market during the forecast period.

Key Takeaways

The global clean hydrogen market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing focus on decarbonization strategies globally. Countries have committed billions of dollars in funding to develop hydrogen economy.

The Asia Pacific region is expected to dominate the global clean hydrogen market during the forecast period. Countries like Japan, South Korea and China have announced ambitious hydrogen plans and are aggressively investing in building hydrogen infrastructure including production facilities and fueling stations.

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. Players are focusing on expanding production capacity, developing large projects and partnering with end-use industries for long-term off-take agreements.