Pink Hydrogen Market size is expected to surpass USD 23.3 Billion by 2035, observing nearly 49% CAGR from 2023 to 2035. In the year 2022, the industry size of pink hydrogen was USD 195 Million. Increasing demand for clean energy across the world with a rising preference for low carbon economy is estimated to drive the market growth. Growing regulations to decrease greenhouse gas with concern about air pollution are propelling the growth of the market.
In addition to these, increasing the usage of hydrogen in fuel cells of vehicles to reduce the use of fossil fuels is estimated to hike pink hydrogen market growth. Rising utilization in the transportation sector with a growing zero-carbon motto is anticipated to influence the market demand in the coming years. The increasing demand for pink hydrogen is due to escalating traction toward low carbon release as pink hydrogen uses nuclear energy which is ecofriendly is driving the market growth.
Growth Drivers
Challenges
Lack of Infrastructure Facility for Storage and Transportation
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 49% |
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Base Year Market Size (2022) |
~ USD 195 Million |
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Forecast Year Market Size (2035) |
~ USD 23.3 Billion |
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Regional Scope |
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Form (Liquid, Gas)
The liquid form of the segment is projected to register a significant growth rate in the pink hydrogen market share. The rising applications of liquid hydrogen in the space program as rocket fuel for oxygen and fluorine combustion are estimated to hike the market segment growth. Also, the storage space for liquid hydrogen is very less compared to compressed gas hydrogen which is expected to fuel the market growth. Liquid hydrogen is used in the fuel cells applied in automobiles and is driving the market segment growth. Further, the applications of liquid hydrogen as fuel in rails, planes, and ships which is also predicted to boost the market segment growth.
Application (Transportation, Petro-Chemical, Steel, Domestic, Chemical, Others)
Further, the chemical segment is likely is garner a noteworthy share with the rising usage of hydrogen in the production of many chemicals. The increasing demand for hydrogen in the generation of various end products in the chemical industry is driving the market segment growth. Hydrogen helps to produce ammonia which is a feedstock fertilizer and it is also used in the production of methanol in the chemical industry which is expected to hike the market segment growth. Also, to meet the carbon emission standards most companies opt for pink hydrogen in the chemical sector.
Our in-depth analysis of the market includes the following segments:
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Form |
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Application |
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APAC Market Analysis
Asia Pacific pink hydrogen market is slated to register a significant revenue share in 2035 with the high usage of hydrogen in the automobile sector. The rising initiatives by the government to decrease carbon footprint is also estimated to hike the market growth. Further, the increasing focus of countries on the sustainable development of energy is driving market growth. The investment of the Asia Pacific region in the year 2021 for hydrogen generation accounted for 50% of the global investment share. Also, about 38% of the world’s hydrogen demand is produced by the Asia Pacific region. Moreover, China is the world’s biggest producer and consumer of hydrogen with more than 200 functioning hydrogen refueling stations as of 2022.
North American Market Statistics
The North American pink hydrogen market is estimated to hold the second-largest revenue share during 2023-2035. The increasing construction of new powered plants for the generation of hydrogen-based energy is propelling market growth. The replacement of fossil fuel with hydrogen fuel cells in the automobile industry of the region is expected to fuel the market growth. Further, increasing demand for green energy among people is gaining traction for hydrogen thereby fueling the market growth.
Author Credits: Payel Roy, Dhruv Bhatia
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