Clean Hydrogen Market Global Outlook Forecast 2021-2026 Arizton

LEGAL STATEMENT
The Information contained within the Service is either licensed from

third party information providers or is the intellectual property of EMIS.
This information –including the document to be made available to you- is
therefore protected by copyright laws, database rights, trademarks
and/or patents owned by the relevant party.
Except as otherwise permitted in the agreement (if any) between

the Subscriber and EMIS, or as otherwise expressly approved in writing
by EMIS, any reproduction, publishing, redistribution, sell, broadcast or
circulation of the Information to any third party is strictly prohibited. No
rights are granted to the Subscriber except the limited use rights. The
Subscriber may not store in electronic form any shared library or archive
of Information which could be used as a research application nor
remove, conceal or alter any copyright notices contained in the Service
or in this document.
CLEAN HYDROGEN MARKET
GLOBAL OUTLOOK & FORECAST

2021−2026
EMISPDF co-univalle03 from 45.5.164.17 on 2023-05-31 11:13:36 BST. DownloadPDF.

Downloaded by co-univalle03 from 45.5.164.17 at 2023-05-31 11:13:36 BST. EMIS. Unauthorized Distribution Prohibited.
TABLE OF CONTENTS
1 RESEARCH METHODOLOGY ........................................................................................................................ 15
2 RESEARCH OBJECTIVES ................................................................................................................................. 16
3 RESEARCH PROCESS....................................................................................................................................... 17
4 SCOPE & COVERAGE....................................................................................................................................... 18
4.1 MARKET DEFINITION ...................................................................................................................................................................18
INCLUSIONS ....................................................................................................................................................................18
EXCLUSIONS ...................................................................................................................................................................18
MARKET ESTIMATION CAVEATS ...........................................................................................................................18
4.2 BASE YEAR ........................................................................................................................................................................................19
4.3 SCOPE OF THE STUDY ..................................................................................................................................................................20
MARKET SEGMENTATION BY GEOGRAPHY ......................................................................................................21
5 REPORT ASSUMPTIONS & CAVEATS ......................................................................................................... 22
5.1 KEY CAVEATS ..................................................................................................................................................................................22
5.2 CURRENCY CONVERSION ..........................................................................................................................................................23
5.3 MARKET DERIVATION .................................................................................................................................................................24
6 MARKET AT A GLANCE.................................................................................................................................. 27
7 INTRODUCTION .............................................................................................................................................. 40
7.1 OVERVIEW ........................................................................................................................................................................................40
7.2 DIFFERENT TYPES OF HYDROGEN ..........................................................................................................................................41
7.3 CLEAN OR GREEN HYDROGEN ................................................................................................................................................42
CHALLENGES FOR CLEAN HYDROGEN ..............................................................................................................43
7.4 REQUIREMENT OF CLEAN HYDROGEN ................................................................................................................................44
7.5 COST ANALYSIS ..............................................................................................................................................................................46
7.6 QUADRANT ANALYSIS OF CONSUMPTION AND PRODUCTION OF GREEN HYDROGEN ...............................48
IMPORTERS ......................................................................................................................................................................48
SELF SUFFICIENT ...........................................................................................................................................................48
EXPORTERS ......................................................................................................................................................................49
LIMITED POTENTIAL ...................................................................................................................................................51
8 GROWTH OPPORTUNITY BY SEGMENT .................................................................................................... 53
8.1 BY TECHNOLOGY ...........................................................................................................................................................................53
8.2 BY END-USER ...................................................................................................................................................................................55
8.3 BY REGION ........................................................................................................................................................................................56
9 IMPACT OF COVID-19 ..................................................................................................................................... 58
10 FREQUENTLY ASKED QUESTIONS .............................................................................................................. 60
10.1 HOW BIG IS THE CLEAN HYDROGEN MARKET? ...............................................................................................................60
2 www.arizton.com Arizton 2021

10.2 WHAT IS THE ESTIMATED GROWTH RATE FOR THE MARKET? ..................................................................................60
10.3 WHICH SEGMENT ACCOUNTS FOR THE LARGEST MARKET SHARE? ......................................................................60
10.4 WHO ARE THE KEY PLAYERS IN THE MARET?...................................................................................................................60
10.5 WHAT ARE THE KEY GROWTH DRIVERS FOR THE MARKET? ......................................................................................60
11 MAJOR CLEAN HYDROGEN PROJECT SUMMARY .................................................................................. 61
AUSTRALIA......................................................................................................................................................................62
CHINA ...............................................................................................................................................................................62
SPAIN .................................................................................................................................................................................62
SAUDI ARABIA ...............................................................................................................................................................62
BELGIUM...........................................................................................................................................................................62
UK ........................................................................................................................................................................................63
FRANCE .............................................................................................................................................................................63
NETHERLANDS ..............................................................................................................................................................63
12 MARKET OPPORTUNITIES & TRENDS ....................................................................................................... 65
12.1 ADVANTAGES OF CLEAN HYDROGEN .................................................................................................................................65
12.2 COST COMPETITIVENESS ............................................................................................................................................................68
12.3 BROADER USE OF HYDROGEN & BENEFITS FOR POWER SYSTEMS ...........................................................................71
13 MARKET GROWTH ENABLERS..................................................................................................................... 73
13.1 SUPPORTIVE GOVERNMENT POLICIES .................................................................................................................................73
14 MARKET RESTRAINTS.................................................................................................................................... 76
14.1 PHYSICAL & CHEMICAL PROPERTIES OF CLEAN HYDROGEN ...................................................................................76
14.2 HIGH PRODUCTION COST ..........................................................................................................................................................78
15 MARKET LANDSCAPE .................................................................................................................................... 81
15.1 MARKET OVERVIEW .....................................................................................................................................................................81
15.2 MARKET SIZE & FORECAST ........................................................................................................................................................82
15.3 FIVE FORCES ANALYSIS ...............................................................................................................................................................84
THREAT OF NEW ENTRANTS ...................................................................................................................................85
BARGAINING POWER OF SUPPLIERS ....................................................................................................................85
BARGAINING POWER OF BUYERS ..........................................................................................................................85
THREAT OF SUBSTITUTES ..........................................................................................................................................85
COMPETITIVE RIVALRY ..............................................................................................................................................85
16 TECHNOLOGY .................................................................................................................................................. 87
16.1 MARKET SNAPSHOT & GROWTH ENGINE ...........................................................................................................................87
16.2 MARKET OVERVIEW .....................................................................................................................................................................88
16.3 ALKALINE ELECTROLYZER........................................................................................................................................................90
MARKET OVERVIEW ....................................................................................................................................................90
MARKET SIZE & FORECAST .......................................................................................................................................92
MARKET BY GEOGRAPHY .........................................................................................................................................92

16.4 PEM ELECTROLYZER.....................................................................................................................................................................93
MARKET OVERVIEW ....................................................................................................................................................93
16.5 SO ELECTROLYZER ........................................................................................................................................................................96
MARKET OVERVIEW ....................................................................................................................................................96
17 END-USER ........................................................................................................................................................ 100
17.1 MARKET SNAPSHOT & GROWTH ENGINE .........................................................................................................................100
17.2 MARKET OVERVIEW ...................................................................................................................................................................101
17.3 TRANSPORT ....................................................................................................................................................................................103
MARKET OVERVIEW ..................................................................................................................................................103
MARKET SIZE & FORECAST .....................................................................................................................................105
MARKET BY GEOGRAPHY .......................................................................................................................................105
17.4 POWER GENERATION ................................................................................................................................................................106
MARKET OVERVIEW ..................................................................................................................................................106
17.5 INDUSTRIAL ...................................................................................................................................................................................108
MARKET OVERVIEW ..................................................................................................................................................108
17.6 OTHERS ............................................................................................................................................................................................111
MARKET OVERVIEW ..................................................................................................................................................111
18 GEOGRAPHY ................................................................................................................................................... 114
18.1 MARKET SNAPSHOT & GROWTH ENGINE .........................................................................................................................114
18.2 GEOGRAPHIC OVERVIEW .........................................................................................................................................................115
19 EUROPE............................................................................................................................................................. 118
19.1 MARKET OVERVIEW ...................................................................................................................................................................118
19.2 MARKET SIZE & FORECAST ......................................................................................................................................................121
19.3 TECHNOLOGY ...............................................................................................................................................................................121
19.4 END-USER ........................................................................................................................................................................................122
19.5 KEY COUNTRIES ...........................................................................................................................................................................123

GERMANY: MARKET SIZE & FORECAST .............................................................................................................124
FRANCE: MARKET SIZE & FORECAST .................................................................................................................126
SPAIN: MARKET SIZE & FORECAST ......................................................................................................................128
ITALY: MARKET SIZE & FORECAST ......................................................................................................................130
UK: MARKET SIZE & FORECAST ............................................................................................................................132
20 NORTH AMERICA .......................................................................................................................................... 135
20.1 MARKET OVERVIEW ...................................................................................................................................................................135
20.3 TECHNOLOGY ...............................................................................................................................................................................137
20.4 END-USER ........................................................................................................................................................................................138
20.5 KEY COUNTRIES ...........................................................................................................................................................................139
US: MARKET SIZE & FORECAST .............................................................................................................................140
CANADA: MARKET SIZE & FORECAST ...............................................................................................................142
21 APAC.................................................................................................................................................................. 144
21.1 MARKET OVERVIEW ...................................................................................................................................................................144
21.3 TECHNOLOGY ...............................................................................................................................................................................147
21.4 END-USER ........................................................................................................................................................................................147
21.5 KEY COUNTRIES ...........................................................................................................................................................................148
JAPAN: MARKET SIZE & FORECAST .....................................................................................................................149
CHINA: MARKET SIZE & FORECAST ....................................................................................................................151
AUSTRALIA: MARKET SIZE & FORECAST ..........................................................................................................153
INDIA: MARKET SIZE & FORECAST ......................................................................................................................155
SOUTH KOREA: MARKET SIZE & FORECAST ....................................................................................................156
22 MIDDLE EAST & AFRICA.............................................................................................................................. 159
22.1 MARKET OVERVIEW ...................................................................................................................................................................159
22.3 TECHNOLOGY ...............................................................................................................................................................................161
22.4 END-USER ........................................................................................................................................................................................161
22.5 KEY COUNTRIES ...........................................................................................................................................................................162
SAUDI ARABIA: MARKET SIZE & FORECAST ....................................................................................................163
MOROCCO: MARKET SIZE & FORECAST ............................................................................................................164

OMAN: MARKET SIZE & FORECAST .....................................................................................................................166
23 LATIN AMERICA ............................................................................................................................................ 168
23.1 MARKET OVERVIEW ...................................................................................................................................................................168
23.3 TECHNOLOGY ...............................................................................................................................................................................170
23.4 END-USER ........................................................................................................................................................................................171
23.5 KEY COUNTRIES ...........................................................................................................................................................................172
CHILE: MARKET SIZE & FORECAST ......................................................................................................................173
MEXICO: MARKET SIZE & FORECAST ..................................................................................................................175
24 COMPETITIVE LANDSCAPE ........................................................................................................................ 177
24.1 COMPETITION OVERVIEW........................................................................................................................................................177
25 KEY COMPANY PROFILES ............................................................................................................................ 180
25.1 LINDE PLC .......................................................................................................................................................................................180
BUSINESS OVERVIEW ................................................................................................................................................180
KEY STRATEGIES .........................................................................................................................................................180
KEY STRENGTHS ..........................................................................................................................................................180
KEY OPPORTUNITIES .................................................................................................................................................180
25.2 AIR LIQUIDE ...................................................................................................................................................................................181
KEY STRATEGIES .........................................................................................................................................................181
KEY STRENGTHS ..........................................................................................................................................................181
25.3 ENGIE ................................................................................................................................................................................................182
KEY STRATEGIES .........................................................................................................................................................182
KEY STRENGTHS ..........................................................................................................................................................182
25.4 UNIPER SE .......................................................................................................................................................................................183
KEY STRATEGIES .........................................................................................................................................................183
KEY STRENGTHS ..........................................................................................................................................................183
25.5 SIEMENS ENERGY.........................................................................................................................................................................184
KEY STRATEGIES .........................................................................................................................................................184
KEY STRENGTHS ..........................................................................................................................................................184

26 OTHER PROMINENT VENDORS ................................................................................................................. 185
26.1 AIR PRODUCTS INC .....................................................................................................................................................................185
26.2 CLEAN HYDROGEN SYSTEM ...................................................................................................................................................185
26.3 CUMMINS INC ...............................................................................................................................................................................185
26.4 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION .......................................................................................186
26.5 NEL ASA ...........................................................................................................................................................................................186
KEY HIGHLIGHT OF ORGANIZATION ................................................................................................................186
26.6 SGH2 ENERGY ................................................................................................................................................................................187
KEY HIGHLIGHTS OF ORGANIZATION ..............................................................................................................187
26.7 SUN GREEN H2 ..............................................................................................................................................................................188
26.8 GREEN HYDROGEN .....................................................................................................................................................................189
26.9 FUEL CELL ENERGY.....................................................................................................................................................................189
26.10 PLUG POWER .................................................................................................................................................................................190
BUSINESS OVERVIEW ...........................................................................................................................................190
KEY HIGHLIGHTS OF ORGANIZATION ........................................................................................................190
26.11 MCPHY..............................................................................................................................................................................................191
26.12 ARKEMA ..........................................................................................................................................................................................191
26.13 SYMBIO .............................................................................................................................................................................................192
26.14 ACWA POWER ...............................................................................................................................................................................192

26.15 CWP GLOBAL .................................................................................................................................................................................193
26.16 HYPOINT ..........................................................................................................................................................................................194
26.17 ENAPTER..........................................................................................................................................................................................194
26.18 HYTECH POWER ...........................................................................................................................................................................195
26.19 HYON ................................................................................................................................................................................................195
26.20 BALLARD POWER SYSTEM........................................................................................................................................................196
26.21 BLOOM ENERGY ...........................................................................................................................................................................196
26.22 ROUGE H2 ENGINEERING GMBH ..........................................................................................................................................197
27 REPORT SUMMARY ....................................................................................................................................... 199
27.1 KEY TAKEAWAYS .........................................................................................................................................................................199
27.2 STRATEGIC RECOMMENDATIONS ........................................................................................................................................200
28 QUANTITATIVE SUMMARY ........................................................................................................................ 201
28.1 MARKET BY GEOGRAPHY .........................................................................................................................................................201
28.2 EUROPE ............................................................................................................................................................................................201
BY TECHNOLOGY........................................................................................................................................................201
BY END-USER ................................................................................................................................................................202
28.3 NORTH AMERICA.........................................................................................................................................................................203
BY TECHNOLOGY........................................................................................................................................................203
BY END-USER ................................................................................................................................................................203
28.4 APAC .................................................................................................................................................................................................204
BY TECHNOLOGY........................................................................................................................................................204
BY END-USER ................................................................................................................................................................205

28.5 MIDDLE EAST & AFRICA ...........................................................................................................................................................206
BY TECHNOLOGY........................................................................................................................................................206
BY END-USER ................................................................................................................................................................206
28.6 LATIN AMERICA ...........................................................................................................................................................................207
BY TECHNOLOGY........................................................................................................................................................207
BY END-USER ................................................................................................................................................................208
28.7 TECHNOLOGY ...............................................................................................................................................................................209
ALKALINE ELECTROLYZER ....................................................................................................................................209
PEM ELECTROLYZER .................................................................................................................................................209
SO ELECTROLYZER .....................................................................................................................................................210
28.8 END-USER ........................................................................................................................................................................................211
TRANSPORT...................................................................................................................................................................211
POWER GENERATION ...............................................................................................................................................211
INDUSTRIAL ..................................................................................................................................................................212
OTHERS ...........................................................................................................................................................................213
29 APPENDIX ........................................................................................................................................................ 214
29.1 ABBREVIATIONS ...........................................................................................................................................................................214

LIST OF EXHIBITS
EXHIBIT 1 SEGMENTATION OF GLOBAL CLEAN HYDROGEN MARKET ........................................................................................... 20
EXHIBIT 2 MARKET SIZE CALCULATION APPROACH 2020 ................................................................................................................... 24
EXHIBIT 3 SCHEMATIC REPRESENTATION OF ELECTROLYSIS PROCESS .......................................................................................... 40
EXHIBIT 4 TYPES OF HYDROGEN .................................................................................................................................................................. 41
EXHIBIT 5 ADVANTAGE OF GREEN HYDROGEN ..................................................................................................................................... 42
EXHIBIT 6 CARBON DIOXIDE EMISSION LEVELS (MILLION TONS) ..................................................................................................... 44
EXHIBIT 7 CARBON DIOXIDE EMISSIONS IN 2019 BY REGION (%) ....................................................................................................... 45
EXHIBIT 8 GLOBAL COST OF HYDROGEN PRODUCTION ...................................................................................................................... 46
EXHIBIT 9 COMPARISON BETWEEN COUNTRIES BASED ON GREEN HYDROGEN PRODUCTION POTENTIAL AND
DOMESTIC CONSUMPTION ........................................................................................................................................................ 49
EXHIBIT 10 GROWTH OPPORTUNITY IN GLOBAL CLEAN HYDROGEN MARKET BY TECHNOLOGY ($ MILLION).................. 53
EXHIBIT 11 GROWTH OPPORTUNITY IN GLOBAL CLEAN HYDROGEN MARKET BY END-USER ($ MILLION) .......................... 55
EXHIBIT 12 GROWTH OPPORTUNITY IN GLOBAL CLEAN HYDROGEN MARKET BY REGION ($ MILLION) .............................. 56
EXHIBIT 13 UPCOMING CLEAN HYDROGEN PROJECTS IN VARIOUS COUNTRIES (2022) ............................................................... 61
EXHIBIT 14 UPCOMING CLEAN HYDROGEN PROJECT IN VARIOUS COUNTRIES (2025–2040) ....................................................... 61
EXHIBIT 15 ADVANTAGES OF CLEAN HYDROGEN ................................................................................................................................... 65
EXHIBIT 16 ADVANTAGES OF CLEAN HYDROGEN ................................................................................................................................... 66
EXHIBIT 17 COST COMPETITIVENESS ............................................................................................................................................................ 68
EXHIBIT 18 BROADER USE OF HYDROGEN & BENEFITS FOR POWER SYSTEMS ................................................................................ 71
EXHIBIT 19 SUPPORTIVE GOVERNMENT POLICIES ................................................................................................................................... 73
EXHIBIT 20 PHYSICAL & CHEMICAL PROPERTIES OF CLEAN HYDROGEN ........................................................................................ 76
EXHIBIT 21 HIGH PRODUCTION COST .......................................................................................................................................................... 78
EXHIBIT 22 GLOBAL CLEAN HYDROGEN MARKET 2020–2026 ($ MILLION) ........................................................................................ 82
EXHIBIT 23 FIVE FORCES ANALYSIS 2020...................................................................................................................................................... 84
EXHIBIT 24 INCREMENTAL GROWTH BY SEGMENT 2020 & 2026 ........................................................................................................... 87
EXHIBIT 25 GLOBAL CLEAN HYDROGEN MARKET BY TECHNOLOGY (%) ......................................................................................... 88
EXHIBIT 26 TYPES OF WATER ELECTROLYZER ........................................................................................................................................... 89
EXHIBIT 27 BASIC REPRESENTATION OF ALKALINE ELECTROLYZER SYSTEM ................................................................................ 90
EXHIBIT 28 ADVANTAGES & DISADVANTAGES OF ALKALINE ELECTROLYZER ............................................................................. 91
EXHIBIT 29 GLOBAL CLEAN HYDROGEN MARKET BY ALKALINE ELECTROLYZER 2020–2026 ($ MILLION) ............................. 92
EXHIBIT 30 BASIC REPRESENTATION OF PEM ELECTROLYZER............................................................................................................. 93
EXHIBIT 31 GLOBAL PEM ELECTROLYZER MARKET 2020–2026 ($ MILLION) ...................................................................................... 94
EXHIBIT 32 BASIC REPRESENTATION OF SOLID OXIDE ELECTROLYZER ............................................................................................ 96
EXHIBIT 33 GLOBAL SOLID OXIDE ELECTROLYZER MARKET 2020–2026 ($ MILLION) ..................................................................... 97
EXHIBIT 34 INCREMENTAL GROWTH BY SEGMENT 2020 & 2026 ......................................................................................................... 100
EXHIBIT 35 GLOBAL CLEAN HYDROGEN MARKET BY END-USER (%) ............................................................................................... 101
EXHIBIT 36 WORLDWIDE HYDROGEN REFUELING SYSTEM ................................................................................................................ 103
EXHIBIT 37 GLOBAL CLEAN HYDROGEN MARKET BY TRANSPORT 2020–2026 ($ MILLION) ....................................................... 105
EXHIBIT 38 GLOBAL CLEAN HYDROGEN MARKET BY POWER GENERATION 2020–2026 ($ MILLION) ..................................... 106
EXHIBIT 39 GLOBAL CLEAN HYDROGEN MARKET BY INDUSTRIAL 2020–2026 ($ MILLION) ....................................................... 109
EXHIBIT 40 GLOBAL CLEAN HYDROGEN MARKET BY OTHERS 2020–2026 ($ MILLION) ............................................................... 111
EXHIBIT 41 INCREMENTAL GROWTH BY GEOGRAPHY 2020 & 2026 ................................................................................................... 114
EXHIBIT 42 GLOBAL CLEAN HYDROGEN MARKET BY REGION ($ MILLION) .................................................................................. 115
EXHIBIT 43 GLOBAL CLEAN HYDROGEN MARKET BY REGION (INCREMENTAL GROWTH IN $ MILLION) ........................... 116
EXHIBIT 44 GLOBAL CLEAN HYDROGEN MARKET IN EUROPE IN 2020 ($ MILLION) .................................................................... 118
EXHIBIT 45 THE VISION OF EUROPEAN COUNTRY TOWARDS HYDROGEN REFUELING STATIONS AND FUEL CELL
VEHICLES ...................................................................................................................................................................................... 119
EXHIBIT 46 EMISSION OF CARBON DIOXIDE IN EUROPE BETWEEN 2010–2019 (MILLION TONS) ............................................... 120

EXHIBIT 47 GLOBAL CLEAN HYDROGEN MARKET IN EUROPE 2020–2026 ($ MILLION) ................................................................ 121
EXHIBIT 48 INCREMENTAL GROWTH IN EUROPE 2020 & 2026 ............................................................................................................. 123
EXHIBIT 49 CLEAN HYDROGEN MARKET IN GERMANY 2020–2026 ($ MILLION) ............................................................................ 125
EXHIBIT 50 CLEAN HYDROGEN MARKET IN FRANCE 2020–2026 ($ MILLION) ................................................................................. 127
EXHIBIT 51 CLEAN HYDROGEN MARKET IN SPAIN 2020–2026 ($ MILLION) ..................................................................................... 129
EXHIBIT 52 CLEAN HYDROGEN MARKET IN ITALY 2020–2026 ($ MILLION) ..................................................................................... 131
EXHIBIT 53 CLEAN HYDROGEN MARKET IN UK 2020–2026 ($ MILLION) ........................................................................................... 133
EXHIBIT 54 GLOBAL CLEAN HYDROGEN MARKET IN NORTH AMERICA IN 2020 ($ MILLION).................................................. 135
EXHIBIT 55 EMISSION OF CARBON DIOXIDE IN NORTH AMERICA 2010–2019 (MILLION TONS) ................................................ 136
EXHIBIT 56 CLEAN HYDROGEN MARKET IN NORTH AMERICA 2020–2026 ($ MILLION) .............................................................. 137
EXHIBIT 57 INCREMENTAL GROWTH IN NORTH AMERICA 2020 & 2026 ........................................................................................... 139
EXHIBIT 58 ROADMAP TO US HYDROGEN PROJECTS ............................................................................................................................ 140
EXHIBIT 59 CLEAN HYDROGEN MARKET IN US 2020–2026 ($ MILLION) ............................................................................................ 141
EXHIBIT 60 CLEAN HYDROGEN MARKET IN CANADA 2020–2026 ($ MILLION) ............................................................................... 142
EXHIBIT 61 GLOBAL CLEAN HYDROGEN MARKET IN APAC IN 2020 ($ MILLION) ......................................................................... 144
EXHIBIT 62 EMISSION OF CARBON DIOXIDE IN APAC BETWEEN 2010–2019 (MILLION TONS) .................................................... 145
EXHIBIT 63 CARBON DIOXIDE EMISSION IN MAJOR COUNTRIES IN APAC ..................................................................................... 146
EXHIBIT 64 CLEAN HYDROGEN MARKET IN APAC 2020–2026 ($ MILLION) ...................................................................................... 146
EXHIBIT 65 INCREMENTAL GROWTH IN APAC 2020 & 2026 .................................................................................................................. 148
EXHIBIT 66 CLEAN HYDROGEN MARKET IN JAPAN 2020–2026 ($ MILLION) .................................................................................... 150
EXHIBIT 67 CLEAN HYDROGEN MARKET IN CHINA 2020–2026 ($ MILLION) ................................................................................... 152
EXHIBIT 68 CLEAN HYDROGEN MARKET IN AUSTRALIA 2020–2026 ($ MILLION) .......................................................................... 154
EXHIBIT 69 CLEAN HYDROGEN MARKET IN INDIA 2020–2026 ($ MILLION) ..................................................................................... 155
EXHIBIT 70 CLEAN HYDROGEN MARKET IN SOUTH KOREA 2020–2026 ($ MILLION) .................................................................... 157
EXHIBIT 71 GLOBAL CLEAN HYDROGEN MARKET IN MIDDLE EAST & AFRICA IN 2020 ($ MILLION) ..................................... 159
EXHIBIT 72 CLEAN HYDROGEN MARKET IN MIDDLE EAST & AFRICA 2020–2026 ($ MILLION) .................................................. 160
EXHIBIT 73 INCREMENTAL GROWTH IN MIDDLE EAST & AFRICA 2020 & 2026 .............................................................................. 162
EXHIBIT 74 CLEAN HYDROGEN MARKET IN SAUDI ARABIA 2020–2026 ($ MILLION) .................................................................... 163
EXHIBIT 75 CLEAN HYDROGEN MARKET IN MOROCCO 2020–2026 ($ MILLION) ............................................................................ 165
EXHIBIT 76 CLEAN HYDROGEN MARKET IN OMAN 2020–2026 ($ MILLION) .................................................................................... 166
EXHIBIT 77 GLOBAL CLEAN HYDROGEN MARKET IN LATIN AMERICA IN 2020 ($ MILLION) .................................................... 168
EXHIBIT 78 CARBON DIOXIDE EMISSIONS IN LATIN AMERICA FROM 2010–2019 (MILLION TONS) .......................................... 169
EXHIBIT 79 CLEAN HYDROGEN MARKET IN LATIN AMERICA 2020–2026 ($ MILLION) ................................................................. 170
EXHIBIT 80 INCREMENTAL GROWTH IN NORTH AMERICA 2020 & 2026 ........................................................................................... 172
EXHIBIT 81 CLEAN HYDROGEN MARKET IN CHILE 2020–2026 ($ MILLION) ..................................................................................... 174
EXHIBIT 82 CLEAN HYDROGEN MARKET IN MEXICO 2020–2026 ($ MILLION) ................................................................................. 175

LIST OF TABLES
TABLE 1 KEY CAVEATS................................................................................................................................................................................. 22
TABLE 2 CURRENCY CONVERSION 2013–2020........................................................................................................................................ 23
TABLE 3 GROWTH OPPORTUNITY IN CLEAN HYDROGEN MARKET BY TECHNOLOGY (2020 & 2026)................................... 54
TABLE 4 GROWTH OPPORTUNITY IN CLEAN HYDROGEN MARKET BY END-USER (2020 & 2026)........................................... 55
TABLE 5 GROWTH OPPORTUNITY IN CLEAN HYDROGEN MARKET BY REGION (2020 & 2026) ............................................... 57
TABLE 6 CLEAN HYDROGEN MARKET BY ALKALINE ELECTROLYZER 2020–2026 ($ MILLION) .............................................. 92
TABLE 7 GLOBAL PEM ELECTROLYZER MARKET 2020–2026 ($ MILLION) ...................................................................................... 95
TABLE 8 GLOBAL SO ELECTROLYZER MARKET 2020–2026 ($ MILLION).......................................................................................... 98
TABLE 9 GLOBAL CLEAN HYDROGEN MARKET BY TRANSPORT 2020–2026 ($ MILLION) ....................................................... 105
TABLE 11 CLEAN HYDROGEN MARKET BY TRANSPORT BY GEOGRAPHY 2020–2026 ($ MILLION)......................................... 110
TABLE 12 CLEAN HYDROGEN MARKET BY TRANSPORT BY GEOGRAPHY 2020–2026 ($ MILLION)......................................... 112
TABLE 13 CLEAN HYDROGEN MARKET IN EUROPE BY TECHNOLOGY 2020–2026 ($ MILLION) .............................................. 121
TABLE 14 CLEAN HYDROGEN MARKET IN EUROPE BY END-USER 2020–2026 ($ MILLION) ...................................................... 122
TABLE 15 CLEAN HYDROGEN MARKET IN NORTH AMERICA BY TECHNOLOGY 2020–2026 ($ MILLION) ........................... 137
TABLE 16 CLEAN HYDROGEN MARKET IN NORTH AMERICA BY END-USER 2020–2026 ($ MILLION).................................... 138
TABLE 17 CLEAN HYDROGEN MARKET IN APAC BY TECHNOLOGY 2020–2026 ($ MILLION) ................................................... 147
TABLE 18 CLEAN HYDROGEN MARKET IN APAC BY END-USER 2020–2026 ($ MILLION) ........................................................... 147
TABLE 19 UPCOMING CLEAN HYDROGEN PROJECTS IN MIDDLE EAST & AFRICA ................................................................... 160
TABLE 20 CLEAN HYDROGEN MARKET IN MIDDLE EAST & AFRICA BY TECHNOLOGY 2020–2026 ($ MILLION) ............... 161
TABLE 21 CLEAN HYDROGEN MARKET IN MIDDLE EAST & AFRICA BY END-USER 2020–2026 ($ MILLION) ....................... 161
TABLE 22 CLEAN HYDROGEN MARKET IN LATIN AMERICA BY TECHNOLOGY 2020–2026 ($ MILLION).............................. 170
TABLE 23 CLEAN HYDROGEN MARKET IN LATIN AMERICA BY END-USER 2020–2026 ($ MILLION) ...................................... 171
TABLE 24 GLOBAL CLEAN HYDROGEN MARKET BY GEOGRAPHY 2020–2026 ($ MILLION) ...................................................... 201
TABLE 25 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN EUROPE 2020–2026 ($ MILLION) .............................................. 201
TABLE 26 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN EUROPE 2020–2026 (%) ............................................................... 202
TABLE 27 CLEAN HYDROGEN MARKET BY END-USER IN EUROPE 2020–2026 ($ MILLION) ...................................................... 202
TABLE 28 CLEAN HYDROGEN MARKET BY END-USER IN EUROPE 2020–2026 (%) ....................................................................... 202
TABLE 29 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN NORTH AMERICA 2020–2026 ($ MILLION) ........................... 203
TABLE 30 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN NORTH AMERICA 2020–2026 (%) ............................................ 203
TABLE 31 CLEAN HYDROGEN MARKET BY END-USER IN NORTH AMERICA 2020–2026 ($ MILLION).................................... 203
TABLE 32 CLEAN HYDROGEN MARKET BY END-USER IN NORTH AMERICA 2020–2026 (%)..................................................... 204
TABLE 33 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN APAC 2020–2026 ($ MILLION) ................................................... 204
TABLE 34 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN APAC 2020–2026 (%) .................................................................... 204
TABLE 35 CLEAN HYDROGEN MARKET BY END-USER IN APAC 2020–2026 ($ MILLION) ........................................................... 205
TABLE 36 CLEAN HYDROGEN MARKET BY END-USER IN APAC 2020–2026 (%) ............................................................................ 205
TABLE 37 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN MIDDLE EAST & AFRICA 2020–2026 ($ MILLION) ............... 206
TABLE 38 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN MIDDLE EAST & AFRICA 2020–2026 (%) ................................ 206
TABLE 39 CLEAN HYDROGEN MARKET BY END-USER IN MIDDLE EAST & AFRICA 2020–2026 ($ MILLION) ....................... 206
TABLE 40 CLEAN HYDROGEN MARKET BY END-USER IN MIDDLE EAST & AFRICA 2020–2026 (%) ........................................ 207
TABLE 41 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN LATIN AMERICA 2020–2026 ($ MILLION) .............................. 207
TABLE 42 CLEAN HYDROGEN MARKET BY TECHNOLOGY IN LATIN AMERICA 2020–2026 (%)............................................... 207
TABLE 43 CLEAN HYDROGEN MARKET BY END-USER IN LATIN AMERICA 2020–2026 ($ MILLION) ...................................... 208
TABLE 44 CLEAN HYDROGEN MARKET BY END-USER IN LATIN AMERICA 2020–2026 (%) ....................................................... 208
TABLE 45 GLOBAL CLEAN HYDROGEN MARKET BY ALKALINE ELECTROLYZER 2020–2026 ($ MILLION) ........................... 209
TABLE 46 GLOBAL CLEAN HYDROGEN MARKET BY ALKALINE ELECTROLYZER 2020–2026 (%) ............................................ 209
TABLE 47 GLOBAL CLEAN HYDROGEN MARKET BY PEM ELECTROLYZER 2020–2026 ($ MILLION) ....................................... 209

TABLE 48 GLOBAL CLEAN HYDROGEN MARKET BY PEM ELECTROLYZER 2020–2026 (%) ........................................................ 210
TABLE 49 GLOBAL CLEAN HYDROGEN MARKET BY SO ELECTROLYZER 2020–2026 ($ MILLION)........................................... 210
TABLE 50 GLOBAL CLEAN HYDROGEN MARKET BY SO ELECTROLYZER 2020–2026 (%)............................................................ 210
TABLE 52 GLOBAL CLEAN HYDROGEN MARKET BY TRANSPORT 2020–2026 (%)......................................................................... 211
TABLE 53 GLOBAL CLEAN HYDROGEN MARKET BY POWER GENERATION 2020–2026 ($ MILLION) ..................................... 211
TABLE 54 GLOBAL CLEAN HYDROGEN MARKET BY POWER GENERATION 2020 –2026 (%) ..................................................... 212
TABLE 55 GLOBAL CLEAN HYDROGEN MARKET BY INDUSTRIAL 2020–2026 ($ MILLION) ....................................................... 212
TABLE 56 GLOBAL CLEAN HYDROGEN MARKET BY INDUSTRIAL 2020–2026 (%) ........................................................................ 212
TABLE 57 GLOBAL CLEAN HYDROGEN MARKET BY OTHERS 2020–2026 (%)................................................................................. 213

ABOUT US
Arizton Advisory & Intelligence
A
rizton Advisory & Intelligence Our team of experts ensures the analysis is
provides competitive and not just analyzed and presented but also
insightful business intelligence customized depending on the client’s
across various industry verticals. requirement. When it comes to competitive
Our expertise and knowledge ensure that intelligence, we ensure our clients do not
the analysis provided is comprehensive, look beyond us.
detailed, and complete. The analysis helps
Our employment base is spread across the
our client organizations to make insightful
globe. Our analysts prepare high-quality
decisions and devise marketing strategies
research reports and possess a wide
for their businesses. The actionable
industry experience, which means a proper
insights delivered through our market
understanding of the client's requirement
research provide a comprehensive market
and delivering premium research reports.
analysis at every level of market
segmentation in the industry.
Top leadership having more 7+ years of industry

than 100 -man years of experience in delivering
experience across varied valuable research
industries Insights at Global,
Regional and Country
More than 1000+ clients Level
worldwide including 200+ Dedicated analysts
working across 3
fortune 500 Companies continents and
A rich repository of 12 countries
syndicated reports
across 11 Industries
Pioneer
in adopting best
research practices
to ensure deeper
insights
AT A GLANCE

1 RESEARCH METHODOLOGY
This step involves identification of several

primary and secondary data research
sources, including Arizton’s internal data
sources. The primary sources consist of
Identification in-depth discussions and interviews with
of data policy makers, industry experts, and data
evaluators, whereas secondary sources
include a thorough study of market
journals, press releases, annual reports,
and government and non-government
agencies websites.
This phase includes a detailed evaluation

of several factors that are likely to affect
the market dynamics. It involves a Evaluation of
comprehensive assessment of major
market pain points, drivers, and trends. It
Market Dynamics
also comprises a detailed study of
research plans and methodology.
This process consists of gathering data,

accessing proprietary databases, and
reaching out to key industry participants
Collection of Data that operate in the market across the value
chain. It also involves studying several
patterns in the historical data and
comparing it with the current scenario.
This stage involves the validation of data

and arrival at actual statistics, and
evolution of the market over the years. It
entails the study and analyzes various
Collaboration of
segments and verticals of the market. An Data
impact analysis is also performed to
observe which factors will affect the
market in the next few years.
This is the final stage, which involves both

quantity and quality checks. Although the
Verification and process of data verification is an integral
Analysis part of the research process, all data points
and statistics and figures are re-checked to
uphold their authenticity and validity.

2 RESEARCH OBJECTIVES
To offer wide-ranging
To outline and forecast the market statistics with
global clean hydrogen market detailed classification along
based on technology, end-user, with the respective market
and geography size of each segment
To analyze several
micro-market indicators
To provide comprehensive
considering growth factors,
information about factors that
market prospects, and
affect market dynamics
contribution to the market
strategically
To study market To examine the competitive

opportunities for scenario such as joint
participants and collaborations, mergers and
stakeholders by identifying acquisitions, R&D activities,
high growth sectors in the and advanced development
global market
in the market
To predict the market To analyze key strengths,

size in geographical opportunities, and strategies
regions: APAC, Europe,
Latin America, Middle of major companies
East & Africa, and North operating in the market
America

3 RESEARCH PROCESS
CLIENT SPECIFICATIONS BACKGROUND STUDY

Secondary Research
Review and analyze client
Data collections from
requisites
Company Annual Reports
Discussion of all the project PROJECT
Associations
requirements and queries SCOPE
Journals
FLEXIBILITY CHECK
Magazines
Perform through feasibility Regulatory Bodies
research
Analyst Reports
Finalizing tentative project design Other Paid Wall Source
PROJECT
Structuring project proposal with Press releases
KICKOFF
scope, timeline and pricing Conferences
Blogs
Newsletters
White Papers
Primary Research
Research discussion with
PRELIMINARY manufacturers, distributors,
RESEARCH suppliers, regulatory associations,
Analyzing market dynamics end-user to validate insights
Determination of key drivers, Validation and triangulation of
restraints influencing market secondary and primary research
data
Monitoring market trends
Market size estimation & MARKET
forecast
ANALYSIS &
Estimation of historical market
SEGMENTATIO
revenues based on secondary data
and primary insights N
Anticipating market recast by Data collation
assigning weightage to market
forces (drivers, restraints, Cumulating all the essential
opportunities) qualitative and quantitative data
REPORT
Freezing historical and forecast SYNTHESIS Generation of report in client
market size estimations based on requested format by research
evolution, trends, outlook and analysts
strategies
Reviews by expert analysts
Consideration of geography
specific revenues, region-specific Proof-reading by editors
product/service demand for Report formatting by specialist
geographic market segmentation REPORT graphic designers
DELIVERY
Consideration of product Final quality check
utilization rates, product demand
outlook for segmentation by
application or
end-user type
Clarifying queries (if any)
POST- Receiving feedback
SALE
SERVICE Ensuring satisfaction
Future research scope initiations

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION
Clean hydrogen is a clean-burning molecule that uses renewable energy to
electrolyze water, which breaks the chemical bond between the hydrogen and
oxygen atoms. Also, clean hydrogen is an energy carrier that can be used in different
applications.
Inclusions
› Clean hydrogen by technology type: alkaline electrolyzer, solid oxide (SO), electrolyzer,
and proton exchange membrane (PEM) electrolyzer
› Clean hydrogen by end-user type: transportation, power generation, industrial, and

others
› The market size has been calculated based on B2B sales
Exclusions
› B2C sales for market size calculation
› Production and inventory stocks
Market Estimation Caveats
› The market size has been estimated based on manufacturer value
› Forecasted market figures are based on the current or nominal value
› Current Value: Inflation has not been factored in while forecasting the market figures.
› Constant Value: Inflation has been factored in while forecasting the market figures.

4.2 BASE YEAR
The report considers 2020 as the base year. All calculations involving
quantitative data are based on 2020. The values represented in the report are actual
values for 2020, whereas, the values are estimated for the period 2021−2026.
2020 2020 2021-2026
Base Year Actual Year Forecast Period

4.3 SCOPE OF THE STUDY

The report considers the present scenario of the clean hydrogen market and its
market dynamics for the period 2021−2026. It covers a detailed overview of several
market growth enablers, restraints, and trends. The study covers both the demand
and supply side of the market. It also profiles and analyzes leading companies and
several other prominent companies operating in the market.
Exhibit 1 Segmentation of Global Clean Hydrogen Market
MARKETS
SEGMENTS
BY TECHNOLOGY BY END USER BY GEOGRAPHY
1. NORTH AMERICA
1. ALKALINE ELECTROLYZER 1. TRANSPORT 1. US
2. PEM ELECTROLYZER 2. INDUSTRIAL 2. CANADA
3. SOE ELECTROLYZER 3. POWER GENERATION 2. EUROPE
4. OTHERS 1. UK
2. ITALY
3. FRANCE
4. SPAIN
5. GERMANY
3. APAC
1. CHINA
2. AUSTRALIA
3. JAPAN
4. SOUTH KOREA
5. INDIA
4. LATIN AMERICA
1. CHILE
2. MEXICO
5. MIDDLE EAST &
AFRICA
1. SAUDI ARABIA
2. OMAN
3. MOROCCO

Market Segmentation By Geography
KEY GEOGRAPHIES
Europe
North
America
MEA APAC
Latin
America
NORTH LATIN
EUROPE MEA APAC
AMERICA AMERICA
› Canada › Argentina › Austria › Congo › Australia

› US › Brazil › France › Egypt › Bangladesh
› Chile › Germany › Oman › Indonesia
› Mexico › Italy › Qatar › Japan
› Peru › Poland › Kuwait › New Zealand
› Colombia › Spain › Israel › Pakistan
› Venezuela › Portugal › Kenya › China & SAR
› Caribbean › Romania › Turkey › India
› Rest of Latin › Russia › UAE › Malaysia
America › Sweden › Nigeria › South Korea
› UK › Saudi Arabia › Singapore
› Netherlands › South Africa › Vietnam
› Denmark › Algeria › Philippines
› Rest of › Morocco › Thailand
Europe › Rest of MEA › Taiwan
› Rest of APAC

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS
PARAMETERS ASSUMPTIONS
While forecasting the market outlook, no macroeconomic

Economic
collapses and recessions are predicted about the global
Outlook economic landscape
Market forecasting was carried out under the assumption

Currency that the value of the USD ($) is likely to remain constant
Fluctuation during the forecast period
While arriving at the market size, the global political

Political
environment was assumed to remain stable during the
Outlook
forecast period
Revenues and segment-specific information were derived

Data from annual reports of respective companies. The information
Authenticity is assumed to be authentic. However, revenues for the non-
listed companies were derived from various authentic
All figures mentioned in the study were rounded to the

Accuracy nearest decimal place. Thus, the summation of figures and
& Reporting percentages may differ by a margin of 0.01
This report provides a list of vendors, which are active in the
Vendor market. It includes vendors across all geographical regions. The

report identifies vendors on the based on their market revenue
and dominance in terms of market experience, regional

5.2 CURRENCY CONVERSION

The standard currency used throughout the report is USD ($). However, in the case
of other currencies, the annual average currency rate (January 1 to December 31) is
used for conversion. These conversion rates are rounded to the nearest decimal place.
The chart below represents the standard conversion rates used in the report.
Currency
2013 2014 2015 2016 2017 2018 2019 2020
Conversion
/ USD/EUR 0.7532 0.7535 0.8969 0.8988 0.8605 0.8566 0.8914 0.8483
/ USD/GBP 0.6395 0.6072 0.6526 0.7309 0.7607 0.7586 0.7860 0.7709
/ USD/JPY 98.5800 105.8400 120.9000 107.5269 113.8867 111.0019 109.0025 105.5210
/₭ USD/SEK 6.5127 6.8587 8.4040 8.9328 8.4135 8.8826 9.4494 8.8134
/A$ USD/AUD 1.0362 1.1094 1.3112 1.3430 1.3042 1.3578 1.4354 1.4202
USD/RMB
/ (CNY)
6.1905 6.1432 6.1606 6.6100 6.6294 6.6675 6.8926 6.6788
Source: Arizton
*The above exchange rate is the mean of month-end exchange rates computed for the last 12 months

5.3 MARKET DERIVATION
Exhibit 2 Market Size Calculation Approach 2020
1 2 3
Global Overall Total
Hydrogen Revenues of Estimated
Market Clean Market Size
Hydrogen of Clean
Market hydrogen
The chart above shows the approach adopted to arrive at the market size of the global
clean hydrogen market in 2020 and the segments that are considered to derive the
market value.
› Market size figures are primarily arrived at through the bottom-up approach and are then
validated through the top-down approach
› Sales of major product providers were aggregated to arrive at an estimate of the market
size in terms of revenue. An estimated 85–90% of vendors’ capacities are mapped and
considered in the report calculations
› Segmental data were calculated through the bottom approach, which involves the
analysis of segment-wise financials of the key market players. The data is either derived
from their annual filings or through primary research in the absence of the former
› Price trends for key related commodities were analyzed for the past few years and given
due consideration to derive the projections for the forthcoming six years using a set of
forecasting techniques

› Also, the innovation and R&D efforts of several market players were studied and
weighed in before arriving at the projections as they can potentially disrupt the market
both in terms of consumption and purchasing patterns
› The effect of several macroeconomic and meso factors is also considered at each interval
while arriving at the forecast

MARKET AT A GLANCE
6 MARKET AT A GLANCE
MARKET SIZE
INSIGHTS 01 (REVENUE)
CAGR
2020-2026
14.01%
2,098.44 MN
1,369.99 MN
955.72 MN
2020 2023 2026

GEOGRAPHICAL SEGMENTATION
INSIGHTS 02 (2020)
REGION MARKET SIZE CAGR
EUROPE $539.79 MN 14.92%
APAC $146.03 MN 12.67%
NORTH AMERICA $182.83 MN 13.37%
LATIN AMERICA $30.39 MN 11.46%
MIDDLE EAST & AFRICA $56.67 MN 11.63%

EUROPE
INSIGHTS 03 (2020)
COUNTRY MARKET SIZE CAGR
GERMANY $120.05 MN 15.67%
FRANCE $110.50 MN 15.11%
SPAIN $99.86 MN 15.34%
ITALY $85.29 MN 15.41%
UK $29.69 MN 15.30%

NORTH AMERICA
INSIGHTS 04 (2020)
US $126.99 MN 13.73%
CANADA $55.84 MN 12.52%

LATIN AMERICA
INSIGHTS 05 (2020)
CHILE $9.80 MN 12.05%
MEXICO $4.27 MN 11.57%

MIDDLE EAST & AFRICA

INSIGHTS 06 (2020)
SAUDI ARABIA $14.45 MN 11.32%
MOROCCO $11.90 MN 11.14%
OMAN $11.62 MN 10.65%

INSIGHTS 07 ASIA PACIFIC

(2020)
JAPAN $38.30 MN 12.90%
CHINA $34.29 MN 13.76%
AUSTRALIA $22.85 MN 12.83%
INDIA $18.74 MN 12.55%
SOUTH KOREA $12.68 MN 12.44%

INSIGHTS 08 TECHNOLOGY SEGMENTATION

(2020)
ALKALINE ELECTROLYZER PEM ELECTROLYZER

$561.45 MN $331.80 MN
SO ELECTROLYZER
$62.46 MN

INSIGHTS 09 END-USER SEGMENTATION

(2020)
TRANSPORT POWER GENERATION

$435.22 MN $248.19 MN
INDUSTRIAL OTHERS
$204.65 MN $67.66 MN

MARKET OPPORTUNITIES
INSIGHTS 10 & TRENDS
1
ADVANTAGE OF CLEAN HYDROGEN
In the US, the top three sources of global emissions include transportation,
electricity generation, and industries. Energy efficiency, renewable energy
sources, and direct electrification can reduce emissions from electricity
production. Experts believe that clean hydrogen will be essential to meet the
decarbonization goals.
2
COST COMPETITIVENESS
In recent years, several phases of growing interest in hydrogen are attributable
to rising oil prices, concerns about peak oil demand or air pollution, and
research on alternative fuels. Clean hydrogen production requires
improvement in cost competitiveness. However, several stimulation measures
can reduce costs associated with producing hydrogen and drive the growth of
the market.
3
BROADER USE OF HYDROGEN & BENEFITS FOR POWER SYSTEM
Clean hydrogen improves the industrial competitiveness for countries that aim
to establish technology leadership and achieve carbon neutrality. Also, clean
hydrogen will enable existing industries to play an instrumental role in the low-
carbon future. Countries with large renewable resources could derive significant
economic benefits by exporting clean hydrogen to create and support a global
clean hydrogen economy.

INSIGHTS 11 MARKET ENABLERS
1
SUPPORTING GOVERNMENT POLICIES
Clean hydrogen can be used as an alternative to mitigate the adverse impact
of carbon dioxide emissions on the environment. Carbon dioxide emissions
have emerged as the primary cause of global warming, necessitating the
adoption of clean hydrogen. Several countries worldwide, such as Austria,
Australia, Canada, Chile, France, Germany, Italy, Morocco, the Netherlands,
Norway, Portugal, and Spain, have drafted or published national hydrogen
strategies that support measures for clean hydrogen.

INSIGHTS 12 MARKET RESTRAINTS
PHYSICAL & CHEMICAL PROPERTIES OF CLEAN HYDROGEN
Clean hydrogen is flammable and is light like other fuels, and therefore, it must
be handled carefully. As compared to other fuels such as gasoline, natural gas,
and propane, hydrogen is more flammable in the air. Also, the low density of
hydrogen makes its transportation a challenging task.
HIGH PRODUCTION COST

Although there are various obstacles for clean hydrogen, the main obstacle for
clean hydrogen is its price. Clean hydrogen costs three times as much as natural
gas in the US as producing it is much more expensive than manufacturing grey
or blue hydrogen. The production of clean hydrogen using electrolyzers and
electrolysis is expensive.

INTRODUCTION
7 INTRODUCTION
7.1 OVERVIEW
The earth’s atmosphere has an abundance of components that play a key role in
geological processes and other chemical reactions. The most abundant components
on the planet include hydrogen, nitrogen, and oxygen. Hydrogen is the third most
abundant component after silicon and oxygen and plays an essential role in the
sustainability of life on the planet. Hydrogen is used as a reagent in several industrial
sectors such as chemicals, electronics, metallurgy, and textile fiber manufacturing.
Also, hydrogen is known to have the lowest impact on the environment and is used
in power generation and transportation applications.
Hydrogen is the most efficient energy carrier and can be obtained from different raw
materials, such as water, natural gas, methane, or biomass. Hydrogen can be
extracted from either of these raw materials using electrolysis or the steam methane
reforming process. Approximately 4% of all hydrogen manufactured worldwide is
extracted through the water electrolysis process.
Exhibit 3 Schematic Representation of Electrolysis Process
Oxygen
Electrolysis
Hydrogen
Source: Arizton
› In the steam methane reforming process, the hydrogen atoms are separated from carbon
atoms in methane. Currently, the process is used to obtain hydrogen gas in vast
quantities. However, a key drawback of this process is that it emits a lot of greenhouse
gases such as carbon dioxide and carbon monoxide, which are major contributors to
global warming

› Electrolysis is the latest method used to extract hydrogen from water. In this method, an
electric current is passed through water to separate hydrogen and oxygen atoms. Various
types of electrolyzers such as alkaline electrolyzer, solid oxide electrolyzer (SO), and
proton exchange membrane (PEM) electrolyzer are used to extract hydrogen from water
› The water electrolysis process is one of the most efficient and eco-friendly hydrogen
production methods used to obtain high purity hydrogen
› In terms of sustainability and environmental impact, PEM water electrolysis is an efficient

technique that uses renewable energy sources to obtain hydrogen. Also, the process does
not emit carbon dioxide as the only byproduct of the reaction is oxygen
› However, the production of hydrogen through water electrolysis is very low due to high
energy consumption and low hydrogen evaluation rate. Therefore, various studies are
under process to develop a cost-effective electrolyzer for hydrogen production
7.2 DIFFERENT TYPES OF HYDROGEN

Various types of hydrogen can be produced using technologies such as electrolysis,
steam methane reforming process, or auto thermal reforming (ATR). Clean or green
hydrogen can be manufactured using environment-friendly processes such as water
electrolysis as it produces oxygen as a byproduct.
Exhibit 4 Types of Hydrogen
Clean or Green Hydrogen

Clean or green hydrogen is manufactured using the water-splitting method and involves the use of an electric
current to split the water molecule into oxygen and hydrogen. Also, a combination of renewable or low-carbon
energy sources, such as solar and wind energy, powers the manufacturing processes for clean or green hydrogen,
which is the purest form of hydrogen.
Blue Hydrogen
Blue Hydrogen is manufactured by splitting a natural gas into hydrogen and carbon dioxide using either the Auto
Thermal Reforming (ATR) or Steam Methane Reforming (SMR) method. A key disadvantage associated with these
processes is that they emit carbon dioxide as a byproduct, which is captured through industrial Carbon Capture,
Utilization, and Storage (CCUS) projects.
Grey Hydrogen
The manufacturing process for grey hydrogen involves using ATR and SMR methods and fossil fuels to split
natural gas into hydrogen and carbon dioxide. However, in these processes, carbon dioxide emissions are released
into the atmosphere.
Pink Hydrogen
Pink hydrogen is manufactured using the electrolysis method and nuclear energy as the source of power
Yellow Hydrogen
Yellow hydrogen is manufactured using the electrolysis method along with solar power as the sole source of
energy

7.3 CLEAN OR GREEN HYDROGEN

Clean or green hydrogen is manufactured using electrolytic processes and renewable
energy sources. An electric current is passed through water to power the
electrochemical process that separates the hydrogen and oxygen atoms to enable the
collection of a pure form of hydrogen. Green hydrogen can be used in various
industrial applications and can be stored in gas pipelines to power home appliances.
Exhibit 5 Advantage of Green Hydrogen
100% SUSTAINABLE
01 The combustion and production processes for green hydrogen do
not emit polluting gases.
STORABLE
02 Green hydrogen can be stored easily, and therefore, can be used
for household purposes.
VERSATILE
03 Green hydrogen can be converted into electricity or synthetic
gases and used for domestic, commercial, industrial, and mobility
purposes
TRANSPORTABLE
04 A small percentage of green hydrogen can be blended with
natural gas to ensure its safe distribution through the natural gas
infrastructure.
Source: Arizton
› Clean hydrogen will play an instrumental role in providing clean power to several
industries and decarbonizing nations. The top three sources of climate-warming
emissions include transportation, power generation, and manufacturing industries.
Therefore, green hydrogen can be an energy-efficient solution for these industries as
renewable power and direct electrification can reduce emissions associated with
electricity production and vehicular emissions. Also, green hydrogen can fulfill the
requirements of aviation, shipping, long-distance trucking, and concrete and steel
manufacturing industries as they rely on fuels with high energy density or intense heat.
› Clean hydrogen can be used in several industries and can be stored in existing gas
pipelines to power household appliances. It can transport renewable energy when
converted into a carrier such as ammonia, a zero-carbon fuel

› Hydrogen can also be used with fuel cells to power electronic appliances and devices and
electric vehicles. Unlike batteries, hydrogen fuel cells do not need to be recharged as they
run on hydrogen fuel
› Clean hydrogen can be used to power hydrogen fuel cell vehicles due to its energy
efficiency. A green hydrogen fuel cell is two to three times more efficient than an internal
combustion engine fueled by gas.
Challenges for Clean Hydrogen
Following are some of the key impediments to the adoption of green hydrogen:
High Cost
The use of renewable or zero-emission energy sources to power electrolysis makes

it expensive to obtain clean hydrogen.
High Energy Consumptions
The production of hydrogen and green hydrogen requires more energy than other
fuels.
Safety Challenges
Hydrogen is a highly volatile and flammable element, and therefore, extensive safety
measures to prevent leakage and explosion.

7.4 REQUIREMENT OF CLEAN HYDROGEN

Several governments and organizations worldwide, such as the Intergovernmental
Panel on Climate Change (IPCC) and the United Nations body, track climate change
science and measure the atmospheric concentrations of greenhouse gases that drive
global warming. The primary source of greenhouse gases is carbon dioxide, as it
accounts for about three-quarters of all emissions and can stay in the atmosphere for
many years. In 2019, the carbon dioxide levels worldwide were recorded at 30,228.23
million tons. The burning of organic materials such as coal, oil, gas, wood, and solid
waste also contributes to carbon dioxide emissions worldwide.
APAC is the largest contributor of carbon dioxide emissions to the environment,

followed by North America. In 2010, APAC’s share of carbon dioxide emissions was
recorded at 13,993.50 million tons, which grew to approximately 17,269.46 million
tons in 2019.
Exhibit 6 Carbon Dioxide Emission Levels (million tons)
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
APAC Europe North America Latin America Middle East & Africa
Source: Arizton
Thus, clean hydrogen has emerged as the best alternative for fossil fuels used in
various industries as it minimizes the atmospheric burden of carbon dioxide. Also,
the use of clean hydrogen in the ammonia synthesis process and other chemical
processes emits zero carbon dioxide. Therefore, the use of clean hydrogen across the

transportation, power generation, and manufacturing industries will reduce the

global concentrations of carbon dioxide emissions and limit global warming.
Exhibit 7 Carbon Dioxide Emissions in 2019 by Region (%)
7.16%
2.34%
APAC
19.77%
Europe
North America
57.13% Latin America

Middle East & Africa
13.60%
Source: Arizton

7.5 COST ANALYSIS

Hydrogen is the third most abundant chemical element on the earth’s surface after
oxygen and silicon. However, as hydrogen is not available in pure form, it cannot be
considered an energy source. Hydrogen can be used as an energy carrier that can be
produced using fossil fuels and different types of renewable energy. Although the
water electrolysis process gives the purest form of hydrogen, the demand for
hydrogen is mostly fulfilled by other processes based on fossil fuels (natural gas, coal,
and oil). Some of these processes include the steam methane reforming process
(SMR), autothermal reforming (ATR), oxidation, and coal gasification. These
processes are generally used to produce grey hydrogen.
The water electrolysis process used to produce hydrogen is relatively costlier than
other production methods. Using renewable energy to power electrolysis for
hydrogen production makes the process relatively more expensive than fossil fuel-
based manufacturing solutions. The electricity generation from renewable energy
sources and electrolyzers may be a viable solution in the future.
Exhibit 8 Global Cost of Hydrogen Production
2030
2.3 - 3.8
2018 2050
2..1 - 3.6
4 4 4
1.5 - 2..8
3.5
1.6 - 3
3.5 3.5
1.5 -2.7
1.2 - 2..3
1.5 - 2.4
3 3 3
1 - 2.2
1.1 - 2
2.5 2.5 2.5

1.4 -1.8
US$/Kg H
0.8 - 1.3
2 2 2
0.7 - 0.9
1.5 1.5 1.5
1 1 1
0.5 0.5 0.5
0 0 0
Gray Blue Green Green Gray Blue Green Green Gray Blue Green Green
(ALK) (PEM) (ALK) (PEM) (ALK) (PEM)
Source: Arizton
In 2018, the production cost for green hydrogen was in the range of $2.1–$3.8 per kg.
The two most significant cost elements of hydrogen production include investment
in electrolyzer and the electricity cost, representing approximately 90% of the total
operational expenditure. The current capital expenditure on an alkaline electrolyzer
is around 900 USD/kW, which is expected to decrease to 600 USD/kW. Therefore,

the declining prices of electrolyzers will contribute to the lowering of green hydrogen
prices as well. According to estimates, by 2030, the average cost of green hydrogen
will be between $1.1–$1.8/kg. Thus, the use of green hydrogen is expected to increase
due to a considerable decline in the prices of electrolyzers.
In recent years, the demand for hydrogen has skyrocketed, which is attributable to
the ease of production. Also, such streamlined production processes have
contributed to the dominant position of the grey and blue hydrogen segments in the
market. Additionally, with the advent of advanced electrolysis technologies and an
increase in renewable energy capacity, green hydrogen has emerged as a viable
option for several end-use industries.

7.6 QUADRANT ANALYSIS OF CONSUMPTION AND

PRODUCTION OF GREEN HYDROGEN
A growing number of countries have rolled out their national hydrogen strategies to
develop hydrogen technologies and markets. These strategies reflect the different
ambitions and energy needs of countries and the potential division between
importers and exporters. Currently, Europe and Asia have the highest demand for
green hydrogen produced using emission-free power sources.
Importers
Japan is the main frontrunner in the clean hydrogen economy. In 2017, the country
presented its hydrogen strategies for the first time. In 2019, the country updated its
roadmap for hydrogen and fuel cells. The nation is heavily dependent on energy
imports, which mostly include fossil fuels. In 2019, the country was the fourth-largest
crude oil importer, the third-largest importer of coal, and the top importer of LNG
gases. Fossil fuels account for over 87% of Japan's primary energy supply,
undermining its national climate target. Thus, hydrogen could provide a viable
solution to implement the country’s climate target to achieve carbon neutrality by
2050. Although the country imports most fossil fuels, it has not announced its
preference for a specific variant of hydrogen.
Other countries such as Germany, Italy, the UK, France, and South Korea have the
highest potential for the domestic consumption of clean hydrogen. South Korea
announced its hydrogen economy roadmap in 2019. The country is focused on
achieving leadership in fuel cells for cars and large-scale stationary fuel cells for
power as it has a robust automotive sector. The roadmap aims to produce 6.2 million
FCEVs by 2040. Moreover, the roadmap outlines the country’s plans to generate 15
GW of fuel cell power by 2040, including a target of 7 GW for export.
Self Sufficient
China is the world's largest hydrogen producer. The country produces more than 20
million tons of hydrogen annually, which accounts for almost one-third of the global
production. Most of the hydrogen in China is produced using coal as the main energy
source. According to the China Hydrogen Alliance, the demand for hydrogen in the
country will be 35 million tons by 2030. Green hydrogen will account for almost 15%

of the total domestic demand. Also, by 2050, green hydrogen will account for 75% of
the total hydrogen requirement in the country. Therefore, the country is placed in the
quadrant of self-sufficient.
Countries such as the US, India, and Brazil are self-sufficient as the consumption and
production of hydrogen are high in these countries.
Exporters
Major oil and gas producers in the Middle East and North Africa (MENA) are
assessing hydrogen investment, deployment, and market momentum. The countries
in this region are the foundation of the existing global energy system that is based on
fossil fuels. Fossil fuels, especially oil, are the primary revenue sources for many of
these countries. Therefore, the global energy transition and the rising role of
renewable energy sources pose a threat to their domestic stability. Thus, these
countries are considering ways to offset the adverse macroeconomic effects and
geopolitical consequences in a decarbonized world.
Exhibit 9 Comparison between Countries based on Green Hydrogen Production Potential and Domestic
Consumption
China
Importers Self
Sufficient
USA
India
Japan Germany
UK
Domestic Consumption
Brazil
Korea Italy France
Canada GCC
Australia
Argentina
Chile
Norway
Limited
Potential Exporters
Newzealand
Production Potential
Source: Arizton

The renewable and carbon capture storage potential of MENA oil and gas producers
has enabled them to position themselves as leading exporters of green hydrogen.
Despite the tremendous potential, the hydrogen ambition of these countries could be
undermined by the high water scarcity in the region. According to studies, the water
stress in MENA countries will only worsen due to climate change. Consequently,
several MENA countries have plans to develop hydrogen projects along with
desalination projects to address their water deficit. Such projects would enhance
MENA’s desalination capacity, which currently accounts for almost half of the global
desalination capacity.
The three Gulf countries that have announced their hydrogen projects include Saudi
Arabia, Oman, and the UAE. In 2020, Air Products, Saudi ACWA, and Neom signed
a joint-venture agreement to develop a $5 billion hydrogen-based ammonia
production facility powered by solar and wind energy. The project is considered the
largest in the world and would become operational in 2025. According to estimates,
the plant will integrate 4 GW of renewable power from storage and solar and wind
energies to produce more than 600 tons of green hydrogen daily.
Additionally, the UAE is investing in green and blue hydrogen projects to develop
new and clean energy sources. Although the UAE is still working on its official
hydrogen roadmap, the state-owned Dubai Electricity and Water Authority (DEWA)
is committed to developing a green hydrogen mobility project. Also, Oman
announced the construction of a green hydrogen plant at its Duqm port. As a part of
the HYPORT Duqm Green Hydrogen Project, a large export-focused refinery and
petrochemicals facility is being developed to decarbonize the regional industries in
the country and export green hydrogen and its derivatives, such as green ammonia,
to international customers in Europe. The facility is expected to have an electrolyzer
capacity of 250–500 MW during the first phase, and the products will be earmarked
for exports.
Another country in the Middle East and Africa that plans to become an important
hydrogen exporter is Morocco. Although Morocco does not hold any known
hydrocarbon reserves, the country seeks to exploit its solar and wind potential to
develop hydrogen. Morocco has already invested significantly in renewable energy
(wind, solar PV, and concentrated solar power) to minimize its high import

dependency. By 2030, the country aims to produce 52% of its electricity, which is
about 11 GW, from renewable sources.
Furthermore, many other countries worldwide are emerging as green hydrogen

exporters. Chile, a South American country, is already a major supplier of minerals
and has the potential to export green hydrogen. The country aims to produce 25
million tons of green hydrogen by 2050. The clean hydrogen exports could prove to
be a significant source of revenue, which is estimated to exceed $30 billion.
Other countries such as Australia, Canada, and Argentina come under the exporter
quadrant. Australia is developing several hydrogen projects to emerge as a world-
class exporter of clean hydrogen. Owing to its geographical location and large
resource availability, Australia seeks to supply clean hydrogen to the Asian markets,
especially Japan and Korea.
Limited Potential
Countries such as Norway and New Zealand have limited hydrogen consumption
and production potential.

GROWTH OPPORTUNITY
8 GROWTH OPPORTUNITY BY SEGMENT

8.1 BY TECHNOLOGY
The clean hydrogen market by technology is expected to witness impressive growth
during the forecast period. The alkaline electrolyzer segment is expected to witness
considerable growth due to relatively lower prices as compared to other segments,
such as PEM and SO electrolyzer. Also, the alkaline electrolyzer segment is expected
to grow at a CAGR of 14.68% during the forecast period.
Exhibit 10 Growth Opportunity in Global Clean Hydrogen Market by Technology ($ million)
18% Alkaline
PEM Electrolyzer
Electrolyzer
16%
14%
CAGR (2020-2026)
12%
10%
8%
6%
4% SOE Electrolyzer
2%
0%
0 100 200 300 400 500 600 700
Market Size (2020)
Note: Bubble size represents market size in 2020-2026
Source: Arizton
The PEM electrolyzer segment will also witness substantial growth as PEM
electrolyzers are known to provide the purest form of hydrogen. Also, in the near
future, many companies and government bodies will adopt PEM electrolyzers as
they are the best electrolyzer solution for hydrogen production. The slow growth of
the SO electrolyzer segment will impede the growth of the market. The sluggish
growth of the segment is because these electrolyzers are not yet commercially
available in the market. Furthermore, various studies on these electrolyzers are
limited to libraries. Thus, the growth of the SO electrolyzer segment will be slow
during the forecast period.

Layer Type 2020 ($ Million) 2026 ($ Million) CAGR (2020–2026)
Alkaline Electrolyzer 561.45 1,277.41 14.68%
PEM Electrolyzer 331.80 725.81 13.93%
SO Electrolyzer 62.46 95.22 7.28%
Source: Arizton

8.2 BY END-USER
Based on end-user, several industries will drive the growth of the global clean
hydrogen market. The transport segment is expected to grow at a CAGR of 15.20%
to reach $1,017.38 million by 2026. In the transport sector, clean hydrogen is used in
fuel cell electric vehicles and for storage purposes.
Exhibit 11 Growth Opportunity in Global Clean Hydrogen Market by End-user ($ million)
18%
Power Generation
16%
Industrial
14%
12%
CAGR (2020-2026)
Transport
10%
8% Others
6%
4%
2%
0%
0 100 200 300 400 500 600
Market Size (2020)
Source: Arizton
Clean hydrogen will also be used in generating power from wind or solar energy.
Also, clean hydrogen can be used in fuel cells to generate electricity or power. In
addition, clean hydrogen is also used in refining and fertilizer production
applications. In 2020, the transport segment accounted for 45.20% of the global clean
hydrogen market.
End-user 2020 ($ Million) 2026 ($ Million) CAGR (2020–2026)
Transport 435.22 1,017.38 15.20%
Power Generation 248.19 541.94 13.90%
Industrial 204.65 414.70 12.49%
Others 67.66 124.42 10.69%
Source: Arizton

8.3 BY REGION
In 2020, Europe dominated the clean hydrogen market in the world, followed by
North America and APAC. Also, in 2020, the European clean hydrogen market was
valued at $539.79 million, which is expected to grow at a CAGR of 14.92% to reach
$1,243.52 million by 2026. In Europe, Germany, France, Spain, and the UK are the
major countries where clean hydrogen is produced. The governments in several
countries across the European region aim to implement several programs to
decarbonize their economies by 2050.
Exhibit 12 Growth Opportunity in Global Clean Hydrogen Market by Region ($ million)
18%
NA
EU
15%
MEA
CAGR (2020-2026)
12%
APAC
LA
9%
6%
3%
0%
0 100 200 300 400 500 600 700
Market Size (2020)
Source: Arizton
Germany is the largest contributor to the clean hydrogen market in Europe as the
country accounts for 22.24% of the total clean hydrogen market in the region. Also,
Germany aims to become the first carbon-free country and the world's leading
hydrogen producer. France is the second-largest contributor and accounts for 20.47%
of the European clean hydrogen market.
North America is the second-largest regional market after Europe and accounts for
19.13% of the global clean hydrogen market. APAC is the third-largest market
globally and accounts for 15.28% of the global market. APAC offers tremendous
growth opportunities for clean hydrogen due to the presence of two of the world's
largest and fastest-growing countries, such as India and China.

Region 2020 ($ Million) 2026 ($ Million) CAGR (2020–2026)
Europe 539.79 1,243.52 14.92%
North America 182.83 388.16 13.37%
APAC 146.03 298.79 12.67%
Middle East & Africa 56.67 109.68 11.63%
Latin America 30.39 58.29 11.46%
Source: Arizton

9 IMPACT OF COVID-19
The COVID-19 outbreak has affected the construction, infrastructure, automotive,
and manufacturing industries worldwide. The pandemic has decelerated the
momentum for new orders and expansion of industrial capabilities across regions.
Also, the pandemic has adversely impacted the production and replacement
demands from all segments in the market. Stringent government policies and
regulations from local and national governments have greatly restricted the
movement of supplies, activities at production facilities, and logistics of finished
goods from manufacturers to consumers.
In 2019, the global clean hydrogen market witnessed considerable growth as

hydrogen emerged as a viable low-carbon option for economies focused on
decarbonization. Additionally, several new players in the industry that offered
supporting technologies, government agencies, and energy companies enabled the
growth of the market. The International Renewable Energy Agency (IRENA) and the
Hydrogen Council revealed their renewable energy roadmap and estimates for final
energy consumption.
Furthermore, the clean hydrogen sector has finally reached the pre-
commercialization phase and is ready to play an essential role in decarbonizing
economies worldwide. Clean hydrogen has emerged as a perfect partner to the
European Green Deal as it will enable the region to reach its climate, environmental,
and economic development goals. The economic crisis during the COVID-19
pandemic and post-pandemic phase may significantly delay the adoption and
commercial roll-out of clean hydrogen. Such factors may even permanently affect the
capacity of the clean hydrogen sector to enable a smooth transition to carbon
neutrality.
The COVID-19 outbreak and the subsequent lockdown have disrupted the global
clean hydrogen industry. Some major consequences of these events included a
disruption in the production and supply chain processes in the global hydrogen
market. Also, COVID-19 impacted various end-use industries such as transport,
power generation, and industrial manufacturing. The COVID-19 outbreak has highly
impacted the clean hydrogen market due to variation in the construction business
and implementation of lockdown in various countries.

In 2020, various companies across Europe had put their operations on hold until the
situation got better, which further affected the market. Moreover, the market’s
production was hampered, particularly in Q1 and Q2 2020. However, the outbreak
triggered an increase in the R&D activities in the market. In Europe, several
government bodies are expected to launch new clean hydrogen projects, contributing
to the growth of the global clean hydrogen market.
Additionally, owing to the lockdown, major manufacturers were forced to suspend

their projects at various stages. The shutdown of various supporting sectors affected
the demand for clean hydrogen. Other factors that impacted the market include
supply chain disruptions and a drop in investments across the industry.

10 FREQUENTLY ASKED QUESTIONS

10.1 HOW BIG IS THE CLEAN HYDROGEN MARKET?
In 2020, the global clean hydrogen market size was valued at $955.72 million and is
expected to reach $2,098.44 million by 2026.
10.2 WHAT IS THE ESTIMATED GROWTH RATE FOR THE

MARKET?
The global clean hydrogen market is expected to grow at a CAGR of 14.01% from
2020 to 2026 to reach $2,098.44 million by 2026.
10.3 WHICH SEGMENT ACCOUNTS FOR THE LARGEST

MARKET SHARE?
Alkaline electrolyzer emerged as the largest segment and accounted for 58.75%of
total revenue due to the relatively lower cost than that for other electrolyzer variants.
10.4 WHO ARE THE KEY PLAYERS IN THE MARET?

Some of the key players in the market are Air Liquide, Linde, Siemens Energy, Uniper
SE, and Engie.
10.5 WHAT ARE THE KEY GROWTH DRIVERS FOR THE

MARKET?
Factors such as the rising environmental concerns to curb carbon emissions and a
switch to cleaner fuel to attain sustainable development are some of the major growth
drivers for the market.

11 MAJOR CLEAN HYDROGEN PROJECT

SUMMARY
Clean hydrogen has been deemed to be the future of the world as it is a green
alternative to fossil fuels. Thus, several clean hydrogen projects are being launched
worldwide as several companies are getting installation contracts from various
governments that are keen on phasing out fossil fuels. Europe is one of the first
regions with goals to achieve decarbonization by 2050. In APAC, countries such as
Australia, China, and Japan are investing in clean hydrogen initiatives and have
several ongoing projects.
Exhibit 13 Upcoming Clean Hydrogen Projects in Various Countries (2022)
SAUDI
COUNTRY AUSTRALIA CHINA SPAIN CANADA
ARABIA
Status In Process In Process In Process Planning MOU
Start Year 2022 2022 2022 2022 2022
Type Clean H2 Clean H2 Clean H2 Clean H2 Clean H2
Capacity 0.2 GW 5 GW 0.1 GW - 4 GW
CAPEX $0.3 BN $3.3 BN $0.2 BN $0.2 BN $7 BN
H2 Production 9 Kt/Year 183 Kt/Year 7 Kt/Year 22 Kt/Year 207 Kt/Year
Company Infinite Blue

Jingneng Iberdrola Sundance NEOM
Energy
Source: Arizton
Exhibit 14 Upcoming Clean Hydrogen Project in Various Countries (2025–2040)
COUNTRY BELGIUM UK AUSTRALIA FRANCE NETHERLAND
Status MOU Planning Planning Planning Study
Start Year 2025 2026 2027 2030 2027-40
Type Clean H2 Blue H2 Clean H2 Clean H2 Clean H2
Capacity - - 11 GW 0.9 GW 10 Gw
CAPEX $0.2 BN $1.5 BN $15 BN $1.2 BN $20 BN
H2 Production 13
18 Kt/Year 125 Kt/Year 562 Kt/Year 800 Kt/Year
Kt/Year
Company Hyport Ostend H2H Saltned AREH Hyclean NortH2
Source: Arizton

Australia
Australia's gas pipeline and network owners have already invested $138 million in
projects that involve clean hydrogen to reduce carbon emissions and achieve the net-
zero goal by 2050. Several Australian clean hydrogen vendors are working on a
shorter timeframe than 2050, as some states are pushing to have 10% hydrogen in gas
pipelines by 2030. Thus, companies are seeking government funding for hydrogen
projects to establish infrastructure that supports the delivery of clean hydrogen
blended with natural gas and its storage as a form of renewable energy.
China
China is another major country in APAC that is significantly investing in clean

hydrogen projects. Recently, Beijing Jingneng, a state-owned utility company, has
been granted a project to install a clean hydrogen plant with a capacity of 5 GW. The
project is expected to start in 2022 and will produce approximately 183 kt of clean
hydrogen per year.
Spain
In Spain, a clean hydrogen project was granted to NEOM to install a clean hydrogen
plant with A capacity of 0.1 GW, which will produce approximately 7 kt of clean
hydrogen annually. The project is expected to start by 2022.
Saudi Arabia
In Saudi Arabia, a clean hydrogen project was granted to Iberdrola, a multinational

electric utility company, to install a clean hydrogen plant with a capacity of 4 GW.
The project is expected to start by 2022, and the plant will produce approximately
207 kt of clean hydrogen annually.
Belgium
The Belgian government and Hyport Ostend, have signed an MOU to install a clean
hydrogen plant that will produce approximately 18 kt of hydrogen per year. The
project will be launched by 2025.

UK
The UK government has signed a deal with H2H Saltend to install clean hydrogen
plants to produce approximately 125 kt of hydrogen per year. The project will start
in 2026.
France
The French government is mobilizing several initiatives to meet the European

objective of carbon neutrality by 2050. The clean hydrogen installation activities in
the country have picked up a considerable pace. The country is planning to install
clean hydrogen plants with a capacity of 0.9 GW, which will produce approximately
13 kt of hydrogen annually. The project is expected to start in 2030.
Netherlands
The Netherlands has plans to launch a clean hydrogen project under which it will
build the biggest plant in the country with a capacity of 10 GW. The plant will
produce approximately 800 kt of hydrogen per year. The project is expected to
commence between 2027–2040.

MARKET DYNAMICS
12 MARKET OPPORTUNITIES & TRENDS

12.1 ADVANTAGES OF CLEAN HYDROGEN
Exhibit 15 Advantages of Clean Hydrogen
OPPORTUNITY & TREND Advantages of Clean Hydrogen
YOY Impact of Market Opportunity & Trend
2020
2022
2024
2026
Impact of Market Opportunity & Trend on Regions 2020
North America
Europe
APAC
Latin America
KEY
The magnitude of the competitive factor has been categorized and described below:
VERY STRONG MODERATELY MEDIUM LEVEL LOW IMPACT, NEGLIGIBLE OR

IMPACT, HIGH IMPACT IMPACT, on the market NO IMPACT,
with radical On the market on the market on the
influence on the market landscape
growth of the
market
Source: Arizton

One of the major climate objectives for all the developed and developing countries is
decarbonizing their economies. Several countries worldwide have set the target of
achieving carbon neutrality by 2050. One of the major initiatives for transitioning to
a low-carbon economy is the production of clean hydrogen. According to IEA
(International Energy Agency), the use of clean hydrogen in countries could prevent
the emission of approximately 830 million tons of carbon dioxide annually, which is
associated with the use of fossil fuels.
The United States Department of Energy has invested $100 million in R&D initiatives
for hydrogen and fuel cells. The European Union will invest $430 billion in clean
hydrogen by 2030 to achieve the goals of its Green Deal. Other countries such as
Chile, Japan, Germany, Saudi Arabia, and Australia are also making major
investments in clean hydrogen initiatives.
Exhibit 16 Advantages of Clean Hydrogen
Hydrogen is a 100% sustainable energy source that does not

01 emit polluting gases during the combustion or production
processes
Green hydrogen is a gaseous form, and therefore, can be easily

02
stored and used for several purposes
Clean hydrogen can be transformed into electricity or

03 synthetic gas for domestic, commercial, and industrial
purposes
A small percentage of green hydrogen can be blended with

04 natural gases to transport it through the same pipes or
infrastructure
Source: Arizton
In the US, the top three sources of global emissions include transportation, electricity
generation, and industries. Energy efficiency, renewable energy sources, and direct
electrification can reduce emissions from electricity production. Experts believe that
clean hydrogen will be essential to meet the decarbonization goals. However, sectors
such as long-distance trucking and concrete and steel manufacturing are difficult to

decarbonize as they require high energy density fuel or intension heat. Thus, clean
hydrogen is an ideal fuel option for transportation and electricity generation
applications.

12.2 COST COMPETITIVENESS
Exhibit 17 Cost Competitiveness
OPPORTUNITY & TREND Cost Competitiveness
2020
2022
2024
2026
North America
Europe
APAC
Latin America
KEY

growth of the
market
Source: Arizton

EMISPDF co-univalle03 from 45.5.164.17 on 2023-05-31 11:13:36 BST. DownloadPDF. Source: Arizton
Currently, clean hydrogen applications are not cost-competitive as compared to their

alternatives. Since hydrogen applications do not bring substantial user advantages,
they will not autonomously find their place in the market. Moreover, widespread
and easily accessible hydrogen infrastructure is key to developing a hydrogen
marketplace with widespread hydrogen applications. The development of a new
value chain and large-scale investments in new technologies by private companies
will play a key role in driving the growth of the market.
Political and governmental actions and involvement are required to create

momentum for clean hydrogen application. Demand stimulation, higher penalties
for carbon dioxide emissions, and the development of hydrogen infrastructure are
crucial aspects of creating such momentum. The long-run profitability perspective
required for private companies and large-scale clean hydrogen applications can be
addressed by political and governmental measures, such as sustainable financing
schemes and carbon dioxide pricing. Also, protection measures in the European
markets against imported products through cheaper and less sustainable ways will
positively impact the market.
Hydrogen applications in the chemical industry or heavy transport will be developed

first. The growth in demand for hydrogen in these industries will result in the supply
of hydrogen produced using fossil fuels as they are relatively much cheaper than the
production of clean hydrogen.
In recent years, several phases of growing interest in hydrogen are attributable to

rising oil prices, concerns about peak oil demand or air pollution, and research on
alternative fuels. Clean hydrogen production requires improvement in cost
competitiveness. However, several stimulation measures can reduce costs associated
with producing hydrogen and drive the growth of the market. Hydrogen can
contribute to energy security by serving as an energy carrier for different supply
chains, producers, and markets. Hydrogen can also be used to power fuel cells in
zero-emission FCEVs. The large investment needed to develop hydrogen as an
energy carrier using industrial feedstocks can promote economic growth and create
jobs across economies.
The primary cost driver for clean hydrogen is the cost of electricity. The price of
electricity procured from renewable sources, such as solar PV system and onshore

wind plants, has decreased substantially in the past few years. In 2018, the average
price of solar energy was $56/MWh as compared to $250/MWh in 2010. Similarly,
in 2018, the price of onshore wind energy also declined from $75/MWh in 2010 to
$48/MWh. In 2019 and 2020, the cost of a photovoltaic system and onshore wind
electricity was recorded at $13.2/MWh and $21.3/MWh, respectively. Therefore, the
continuous decline in the price of solar PV systems and wind energy will positively
impact the production of clean hydrogen.
In 2020, the production cost of clean hydrogen was approximately $4.81/kg, which
is expected to reduce to $2.5/Kg by 2030. The high production cost will require
vendors to focus on high-value end-users in industrial clusters, such as low carbon
steel and chemical manufacturers, heavy transport manufacturers, and peak power
generation companies.

12.3 BROADER USE OF HYDROGEN & BENEFITS FOR POWER

SYSTEMS
Exhibit 18 Broader Use of Hydrogen & Benefits for Power Systems
Broader Use of Hydrogen & Benefits for Power

OPPORTUNITY & TREND
Systems
2020
2022
2024
2026
North America
Europe
APAC
Latin America
KEY

growth of the
market
Source: Arizton

Initially, the usage of clean hydrogen was focused mainly on expanding its use in
FCEVs. However, recent developments and innovations have offered additional
flexibility to power the conversion of hydrogen to other energy carriers and products
such as ammonia, methanol, and synthetic liquids. Such uses can increase the future
demand for hydrogen and leverage possible synergies to decrease the clean
hydrogen value chain cost.
Clean hydrogen improves the industrial competitiveness for countries that aim to
establish technology leadership and achieve carbon neutrality. Also, clean hydrogen
will enable existing industries to play an instrumental role in the low-carbon future.
Countries with large renewable resources could derive significant economic benefits
by exporting clean hydrogen to create and support a global clean hydrogen economy.
There is a growing interest in the use of hydrogen among public and private
institutions, which include energy utilities, steel markets, chemical companies, port
authorities, car and aircraft manufacturers, ship owners, and airlines. Various
industries want to leverage their renewable resources to either export clean hydrogen
or use it to improve their energy security.
The share of variable renewable energy has rapidly increased in various markets
worldwide, necessitating the power systems to be more flexible. Electrolyzers used
to produce clean hydrogen can be designed as flexible resources that can quickly
ramp up or down to compensate for fluctuation in Variable renewable energy (VRE)
production. The clean hydrogen can be stored for a longer period of time and can be
used during periods when variable renewable energy is not available for power
generation for stationary fuel cells or hydrogen-ready gas turbines. Flexible resources
can reduce the VRE curtailment, stabilize the market price, and reduce the hours with
zero or below zero electricity prices. Also, these resources can increase the investment
recovery for renewable generators and facilitate their expansion. Furthermore,
hydrogen is suitable for long-term, seasonal energy storage and can complement
pumped storage and hydropower plants. Clean hydrogen thus supports the
integration of higher shares of VRE into the grid and increases its system efficiency
and cost effectiveness.

13 MARKET GROWTH ENABLERS

13.1 SUPPORTIVE GOVERNMENT POLICIES
Exhibit 19 Supportive Government Policies
GROWTH ENABLER Supportive Government Policies
YOY Impact of Market Growth Enabler
2020
2022
2024
2026
North America
Europe
APAC
Latin America
KEY

growth of the
market
Source: Arizton

Generally, every part of the energy system is supported by effective energy policies.
The policymakers worldwide are paying significant attention to the hydrogen sector,
as evidenced by the drafting of future strategies to support the greater use of clean
hydrogen. Until 2019, at least 15 countries and the European Union (EU) had a
supporting policy. These policies directly or indirectly promote the use of hydrogen
across various end-use industries. Most countries have included fuel cell electric
vehicles (FCEVs) and battery electric vehicles (BEVs) in their zero-emission vehicle
policies. Thus, such favorable policies by the government will accelerate the adoption
of FCEVs that do not release any toxic carbon emissions as they use compressed
hydrogen gas as fuel.
Clean hydrogen can be used as an alternative to mitigate the adverse impact of

carbon dioxide emissions on the environment. Carbon dioxide emissions have
emerged as the primary cause of global warming, necessitating the adoption of clean
hydrogen. Several countries worldwide, such as Austria, Australia, Canada, Chile,
France, Germany, Italy, Morocco, the Netherlands, Norway, Portugal, and Spain,
have drafted or published national hydrogen strategies that support measures for
clean hydrogen. Many governments worldwide are implementing clean energy
projects to address these challenges and promote hydrogen adoption. Following are
a few instances of the ongoing and future clean hydrogen projects:
› The Government of California is planning to invest $230 million in hydrogen projects

before 2023. The world’s largest clean hydrogen projects are being built in Lancaster, CA,
by an energy company
› The Government of India is planning to increase its renewable energy capacity to 450 GW
by 2030. The country’s huge renewal potential in terms of surplus solar and wind power
capacity will enable the creation of a robust clean energy-based green hydrogen
ecosystem
› In 2019, the European Commission launched the European Green Deal, which is a
roadmap for overcoming challenges associated with climate change and environmental
degradation. The Green Deal includes strategic action plans for the continent to become
climate-neutral by 2050. Also, the Green Deal outlines EU's plans to have a 50% reduction
in its clean house gas emissions by 2030. Thus, such initiatives will boost the share of
renewable energy and the development of a comprehensive range of energy efficiency
measures in the region

› The German federal government has formulated a $10.84 billion national hydrogen
strategy, of which $8.43 billion is dedicated to advance its hydrogen technologies
Thus, several government initiatives to decarbonize industries and establish a

hydrogen economy will drive the growth of the global clean hydrogen market in the
future.

14 MARKET RESTRAINTS
14.1 PHYSICAL & CHEMICAL PROPERTIES OF CLEAN
HYDROGEN
Exhibit 20 Physical & Chemical Properties of Clean Hydrogen
Physical & Chemical Properties of Clean

MARKET RESTRAINT
hydrogen
YOY Impact of Market Restraint
2020
2022
2024
2026
North America
Europe
APAC
Latin America
KEY

growth of the
market
Source: Arizton

Clean hydrogen is flammable and is light like other fuels, and therefore, it must be
handled carefully. As compared to other fuels such as gasoline, natural gas, and
propane, hydrogen is more flammable in the air. Also, the low density of hydrogen
makes its transportation a challenging task. The gaseous hydrogen has to be liquefied
by cooling it below −253°C or must be
delivered as a compressed gas. Hence, Hydrogen is 57 times lighter than
clean hydrogen is transported through gasoline vapor.
dedicated pipelines in low-temperature
liquid tanker trucks and tube trailers
that carry gaseous hydrogen, rail, or barges.

14.2 HIGH PRODUCTION COST
Exhibit 21 High Production Cost
MARKET RESTRAINT High Production Cost
YOY Impact of Market Restraint
2020
2022
2024
2026
North America
Europe
APAC
Latin America
KEY

growth of the
market
Source: Arizton

EMISPDF co-univalle03 from 45.5.164.17 on 2023-05-31 11:13:36 BST. DownloadPDF. Source: Arizton
Although there are various obstacles for clean hydrogen, the main obstacle for clean
hydrogen is its price. Clean hydrogen costs three times as much as natural gas in the
US as producing it is much more expensive than manufacturing grey or blue
hydrogen. The production of clean hydrogen using electrolyzers and electrolysis is
expensive.
Clean hydrogen is produced by using electricity from renewable energy plants,

which is two to three times more expensive than grey hydrogen. Additionally, the
adoption of clean hydrogen technologies for end-users can be expensive. Clean
hydrogen competes with fossil fuels and other types of hydrogen. The production
cost of clean hydrogen depends on the investment on the technology used in an
electrolyzer and its capacity, and the cost of electricity produced from renewable
energy.
The cost of clean hydrogen is in the range of $2.5/Kg–$6/Kg. The production of clean
hydrogen is much more expensive when compared to other hydrogen variants, such
as grey and blue.
Major Factors in Cost of Clean Hydrogen:
While capital expenditure is a factor for the total expenditure, fuel is the largest
component in the cost breakdown of production of clean hydrogen using
electrolyzer, accounting for approximately 45-75% of the production costs. Although
the recent technological advances and supply chain optimization initiatives can
lower the overall CAPEX, the fuel cost is dictated by the availability of low-carbon
electricity sources, which can prove to be a major limiting factor.
The declining prices of renewable energy

sources, such as solar PV and wind New Zealand, Mongolia,
energy, have lowered the cost of Australia, China, the US, and
manufacturing clean hydrogen. The use other countries in the Middle
of such cheaper alternatives to power East and Northern Africa are
electrolyzers has lowered the overall cost the key potential markets.
of clean hydrogen, which includes

transmission and distribution costs associated with transporting it from remote
locations to end-users.

MARKET LANDSCAPE
15 MARKET LANDSCAPE
15.1 MARKET OVERVIEW
The clean hydrogen market is expected to witness steady growth during the forecast
period. The increasing demand for clean hydrogen is attributable to the increase in
carbon dioxide emissions and the subsequent rise in global warming. The main
sources of carbon dioxide emissions include transportation, industrial operations,
power generation, and others. The transportation and industrial sectors account for
maximum carbon dioxide emissions in the environment. Thus, such factors are
accelerating the demand for clean hydrogen in these industries.
The demand for clean hydrogen was highest in the European region due to its
commitment to become the first carbon-free region. Thus, a large number of
manufacturers and country governments are supporting the actions taken by either
government or vendors to operate plants that can produce clean hydrogen by using
wind, water, or solar energies.
In the industrial sector, the production of ammonia involves a large amount of

hydrogen. Also, the hydrogen used in the synthesis of ammonia is called grey
hydrogen, as it releases a significant amount of carbon dioxide into the environment.
However, the use of clean or clean hydrogen is used its releases zero carbon dioxide
emissions. Therefore, clean hydrogen plays an instrumental; role in the production
of ammonia synthesis as it releases zero carbon in the environment. Apart from
ammonia synthesis, clean hydrogen can also be used in various chemical processes,
fertilizers industry, petrochemical plants, and others. The rising concern over global
warming has forced countries to invest in R&D initiatives to find alternatives to fossil
fuels. Clean hydrogen has evolved as the best substitute for fossil fuels.
In the transportation sector, the rising population and increasing per capita income
are demanding the growth of the vehicle industry. In the vehicles segment, the use
of petrol, diesel, and other gases also releases carbon dioxide into the environment,
which again causes global warming. Therefore, the demand for fuel engine cell
vehicles (FECVs), which use hydrogen as an energy carrier, will drive the growth of
the market.

15.2 MARKET SIZE & FORECAST

In 2020, the global clean hydrogen market witnessed moderate growth. Around
56.48% of the global clean hydrogen market has been captured by the European
region in terms of revenue. Germany holds the largest share in terms of revenue in
the clean hydrogen market in the European region. The growth of the clean hydrogen
market in the European region has been boosted by several government initiatives
toward zero-emission of carbon dioxide and carbon neutrality targets by 2050. In
APAC, Japan is the largest producer of clean hydrogen market. The country
contributes 26.23% of the global clean hydrogen market in terms of value.
Exhibit 22 Global Clean Hydrogen Market 2020–2026 ($ million)
2,500 18%
16%
2,000 14%
12%
1,500
CAGR 10%
14.01%
8%
1,000
6%
500 4%
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
955.72 1,071.34 1,205.85 1,369.99 1,569.00 1,807.30 2,098.44
Growth Rate 12.10% 12.56% 13.61% 14.53% 15.19% 16.11%
Source: Arizton
In 2020, the global clean hydrogen market was valued at $955.72 million, which is
expected to grow at a CAGR of 14.01% to reach $2,098.44 million by 2026.
The European market is expected to witness the highest incremental growth of

140.11% during the forecast period. The clean hydrogen market in Europe will
witness the highest growth owing to the government initiatives towards their target
of zero-emission of carbon dioxide in the region. Germany is the largest contributor
in the European region in terms of the production of clean hydrogen. The demand
for clean hydrogen in Germany will be driven by transport, power generation, and
industrial manufacturing.

North America is the second-largest market in the global clean hydrogen market and
accounted for a market share of 19.13%. In 2020, the US and Canada were the largest
contributors in the region as these countries accounted for a market share of 69.46%
and 30.54%, respectively.
APAC is the third-largest market for clean hydrogen and will witness an incremental
growth of 104.60% during the forecast period. The market will witness the highest
growth as several major manufacturers will establish their manufacturing plants in
the region. Other factors such as cheap labor and easy accessibility to raw materials
have encouraged manufacturers such as Chevrolet, Audi, and Volvo to establish
their plants in APAC. Thus, all these factors will drive the market for clean hydrogen
market in the region.
Additionally, Japan is the largest contributor to APAC in terms of the production of

clean hydrogen. The automotive industry in the country will accelerate the demand
for clean hydrogen. Also, the growing population in the country and a subsequent
increase in demand for the construction of houses will drive the market. Thus, clean
hydrogen will become an essential raw material in the country's automotive,
chemical, and building industries.

15.3 FIVE FORCES ANALYSIS
Exhibit 23 Five Forces Analysis 2020
Threat of Rivalry
(HIGH)
Bargaining Power Bargaining Power

of Suppliers of Buyers
(MEDIUM) (HIGH)
FIVE FORCES
ANALYSIS
Threat of Threat of New

Substitutes Entrants
(LOW) (LOW)
Source: Arizton

Threat of New Entrants
The threat of new entrants is low in the clean hydrogen market. The market is
dominated by many players, which makes the entry of new players difficult. The
market also requires considerable investments in technological advances and
expensive equipment, making the production of clean hydrogen costly and
discourages new entrants. Major vendors in the market are expanding their business
by acquiring and merging with small or mid-sized manufacturers. Most existing
vendors in the market have similar product portfolios. Therefore, new entrants in the
market require new technologies and innovations to differentiate themselves in the
market. Hence, the threat of new entrants in the market is low.
Bargaining Power of Suppliers
The bargaining power of suppliers is medium in the clean hydrogen market. Clean
hydrogen manufacturers purchase raw materials and equipment from numerous
suppliers. Therefore, the bargaining power of suppliers in the market is medium.
Bargaining Power of Buyers
The bargaining power of buyers is high in the clean hydrogen market. Many
producers of clean hydrogen in the market provide several types of products. Hence,
buyers can choose from multiple product options based on their needs and budget.
Threat of Substitutes
The threat of substitutes in the global clean hydrogen market is low. Clean hydrogen
is a substitute for fossil fuel-based solutions used in various industries to provide a
carbon-free environment. Thus, the threat of substitutes for clean hydrogen is very
low or approximately negligible.
Competitive Rivalry
The competitive rivalry is high in the global clean hydrogen market due to the
presence of numerous manufacturers. Vendors cannot increase the price of their
products due to intense rivalry. Several vendors are trying to capitalize on the market
using global expansion strategies through partnerships and product enhancements
to improve their productivity and performance. The high intensity of rivalry can be
similar across regions where vendors compete to increase their market share and
presence

TECHNOLOGY INSIGHTS
16 TECHNOLOGY
16.1 MARKET SNAPSHOT & GROWTH ENGINE
Exhibit 24 Incremental Growth by Segment 2020 & 2026
TECHNOLOGY 2020 2026 CAGR
ALKALINE
$561.45 MN $1,277.41 MN 14.68%
ELECTROLYZER
PEM ELCTROLYZER $331.80 MN $725.81 MN 13.93%
SO ELCTROLYZER $62.46 MN $95.82 MN 7.28%
INCREMENTAL GROWTH
INCREMENTAL GROWTH
TOP 3 CONTRIBUTORS
ABSOLUTE GROWTH
119.57%
$715.96 MN
$394 MN
Y
$32.76 MN
X
SOE PEM ALKALINE

2020 2026


Electrolysis is a promising option for the production of hydrogen from renewable
resources. Electrolysis is a
process through which
water is split into hydrogen
and oxygen by using
electricity. The entire The three types of
process takes place in units electrolyzers available in the
called an electrolyzer. The market include alkaline
principle of water electrolyzer, PEM
electrolysis is simple, yet it electrolyzer, and Solid oxide
allows the construction of electrolyzer.
different technological
variations based on various
physical, chemical, and
electrochemical aspects. Electrolyzers are typically divided into three main
technologies. These are distinguished based on the electrolyte and temperature of
operation, which guides the selection of different materials and component.
Exhibit 25 Global Clean Hydrogen Market by Technology (%)
2020 – 955.72 Million 2026 – 2,098.44 Million

6.54% 4.54%
34.72% 34.59%
60.87%
58.75%
Alkaline Electrolyzer SOE Electrolyzer

Clean Hydrogen
Market by PEM Electrolyzer
Technology
($ million)
Source: Arizton

Although solid oxide electrolyzers have high potential, they are less mature
technologies, with only a few companies and OEMs involved in their manufacturing
and commercialization. These companies and OEMs are mostly based in Europe. The
basic principle of a water electrolysis cell consists of two electrodes that are separated
by an electrolyte. The electrolyte is the media is responsible for transporting the
generated chemical charges, such as anions or cations, from one electrode to other.
› In an alkaline electrolyzer, the electrolyte is responsible for transporting the OH - anions,

and the electrodes and produced gas are separated by a diaphragm that is permeable to
the KOH solution
› In the PEM electrolyzer and Solid oxide electrolyzer, the electrodes are separated by an
electron-insulating solid electrolyte, which is responsible for transporting ions from one
electrode to the other electrode. In PEM and solid oxide electrolyzer, there is no need to
add electrolyte solution, and the transportation of ions happened within the PEM or solid
oxide component
Exhibit 26 Types of Water Electrolyzer
Alkaline PEM Solid Oxide

Electrolyzer Electrolyzer Electrolyzer
Operating Temperature 700-900C 500-80 0C 7000-850 0C
Operating Pressure 1-30 bar < 70 bar 1 bar
Electrolyte KOH PFSA Membrane Stabilized Zirconia
Electrode (Oxygen side) Nickel Coated Iridium Oxide Perovskite-type

Platinum
Electrode (Hydrogen side) Nickel Coated Nickel
nanoparticles
Zro2 stabilized with
Separator Solid Electrolyte Solid Electrolyte
PPS mesh
Nickel-coated stainless Platinum-coated
Bipolar plate anode None
steel titanium
Nickel-coated stainless Platinum-coated
Bipolar plate cathode None
steel titanium
Source: Arizton
Each technology has specific challenges associated with critical materials to

performance, durability, and maturity. There is no clear winner across all
applications, which leaves the door open for competition and innovation.

16.3 ALKALINE ELECTROLYZER

Market Overview
An alkaline electrolyzer is a technology for creating hydrogen from water and

electricity. The name is derived from the electrolyte used, which is typically based on
either potassium hydroxide or sodium hydroxide. The electrolysis process uses water
and electricity to produce hydrogen & oxygen. In an electrolyzer, a molecule of water
is split into oxygen and hydrogen using an electric current.
Alkaline electrolyzers are simple, and their design is also relatively effortless as
compared to others. They have electrode areas of 3 square meters and operate with
high KOH (potassium hydroxide). The electrodes used in these techniques are robust
ZrO2-based diaphragms and nickel-coated stainless steel.
Exhibit 27 Basic Representation of Alkaline Electrolyzer System
Electron Flow DC Power
Oxygen
Hydrogen Collector
Collector
H2
O2
diaphragm
+ -
OH- H+
- +
- + +
- - +
- +
- - + +
Alkaline Electrolyte
Source: Arizton

Fundamental of Alkaline Electrolysis
› Electrolysis units consist of an anode and a cathode which are connected through an
external power supply and immersed in a conducting electrolyte
› A direct current is applied to the unit, electron flow from the negative terminal of the
direct current source to the cathode, where they are consumed by hydrogen ions to form
hydrogen atoms
› In the general process of water electrolysis, hydrogen ions move towards the cathode,
whereas hydroxide ions move toward the anode
› A diaphragm is used to separate the two compartments
› The electrolyte used in the cell should consist of high mobility to enhance the
conductivity. Hence Potassium hydroxide is normally used in alkaline water electrolysis
to avoid corrosion problems caused by acid electrolytes
› Potassium hydroxide is preferable owing to its high thermal conductivity
Exhibit 28 Advantages & Disadvantages of Alkaline Electrolyzer
A few limitations of the alkaline

Alkaline electrolyzer is one of the electrolyzer technology include
easiest methods to produce clean limited operational flexibility, larger
hydrogen. However, it is a area footprint, and low output
relatively expensive technology
that produces hydrogen gas with
99.9% purity
Alkaline electrolyzers have relatively

Alkaline electrolysis is the most lower capital costs as compared to
mature technology and has been other manufacturing technologies
preferred by the fertilizer and
chlorine industries since 1920
Source: Arizton

Market Size & Forecast
Exhibit 29 Global Clean Hydrogen Market by Alkaline Electrolyzer 2020–2026 ($ million)
1,400 18%
16%
1,200
14%
1,000
12%
CAGR 800 10%

14.68%
600 8%
6%
400
4%
200
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 561.45 634.54 719.10 821.44 947.32 1,097.03 1,277.41
Growth Rate 13.02% 13.33% 14.23% 15.32% 15.80% 16.44%
Source: Arizton
In 2020, the alkaline electrolyzer segment of the market by was valued at $561.45
million, which is expected to grow at a CAGR of 14.68% to reach $1,277.41 million

by 2026.
Market By Geography
Region 2020 2021 2022 2023 2024 2025 2026 CAGR
Europe 316.32 360.64 412.37 476.11 554.56 647.69 759.50 15.72%
North America 107.19 120.73 136.25 154.71 177.21 204.24 236.92 14.13%
APAC 86.04 96.13 107.67 120.92 137.38 156.53 180.43 13.14%
Middle East & Africa 33.89 37.30 41.09 45.72 51.33 58.17 65.96 11.74%
Latin America 18.01 19.75 21.73 23.99 26.83 30.41 34.60 11.49%
Total 561.45 634.54 719.10 821.44 947.32 1,097.03 1,277.41 14.68%
Source: Arizton

16.4 PEM ELECTROLYZER

Market Overview
Polymer electrolyte membrane electrolyzer is also known as the proton-electron

membrane electrolyzer. In a PEM electrolyzer, the anode and cathode are separated
by a solid polymer electrolyte,
PEM electrolysis is more dynamic and
which is typically made of Nafion.
responsive to changing power inputs
The PEM electrolyzer system
requirement than alkaline electrolyzer.
converts the electrical energy
directly into chemical energy.
Exhibit 30 Basic Representation of PEM Electrolyzer
+ -
Current
DC
Anode Cathode
Water
H+
Membrane
Hydrogen
H+
H+
Water
Hydrogen
Oxygen
Source: Arizton
Fundamentals of PEM Electrolyzer
› Water is oxidized electrochemically within the anode catalyst layer combine with
electricity at the anode side
› Then water is being broken down into oxygen gas, proton, and electron, and this reaction
called oxidation reactions
› The protons transport across the proton conductive membrane to the cathode side while
electron moves through the outer circuits and also reached to the cathode side

› The proton and electrons electrochemically react within the cathode layer and produce
hydrogen gas
› The key components in the PEM electrolyzer are the bipolar plates with flow channels,
current collectors, and membrane electrode assembly
› The bipolar plates have crucial functions in PEM electrolyzers, such as conducting
electrons, arranging a flow path for pure water-sharing over the current collectors, and
isolating hydrogen and oxygen
› The bipolar plates should have high thermal and electrical conductivity and low gas
permeability, and high corrosion resistance to fulfill all these requisites
› Generally, Bipolar plated based on titanium materials are employed since Ti has a high
mechanical and corrosion resistance
Exhibit 31 Global PEM Electrolyzer Market 2020–2026 ($ million)
800 18%
700 16%
14%
600
12%
500
CAGR 10%
13.93% 400
8%
300
6%
200
4%
100 2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 331.80 370.62 416.36 473.23 540.72 622.73 725.81
Growth Rate 11.70% 12.34% 13.66% 14.26% 15.17% 16.55%
Source: Arizton
In 2020, the PEM electrolyzer segment of the market was valued at $331.80 million,
which is expected to grow at a CAGR of 13.93% to reach $725.81 million by 2026.

Market By Geography
Region 2020 2021 2022 2023 2024 2025 2026 CAGR
Europe 187.85 211.37 238.90 273.68 315.04 364.48 427.54 14.69%
North America 63.53 70.31 78.75 88.62 100.48 115.42 133.31 13.15%
APAC 50.57 56.03 62.28 70.09 79.17 90.54 104.85 12.92%
Latin America 19.37 21.37 23.66 26.55 29.86 33.94 38.96 12.35%
Total 331.80 370.62 416.36 473.23 540.72 622.73 725.81 13.93%
Source: Arizton

16.5 SO ELECTROLYZER
Market Overview
Solid oxide electrolyzers use solid ceramic materials as an electrolyte, which

selectively conducts negatively charged oxygen ions (O2-) at a certain temperature to
generate hydrogen in a slightly different way.
The solid oxidizer technology is not commercially available and is the least mature
electrolyzer technology. Although the solid oxidizer technology has relatively low
material costs, these materials face rapid degradation owing to high temperature
(900-1000 0C), which results in high overall cost. Also, this technology has the highest
operating efficiency compared with Alkaline and PEM electrolyzers. The main
obstacle to the industrial applications of these technologies is that they offer limited
long-term stability of cells. Several R&D initiatives are being undertaken to improve
the lifetime of the electrode used in this electrolyzer.
Exhibit 32 Basic Representation of Solid Oxide Electrolyzer
2e-
H2
Water
Porous Cathode
Electrolyte
Porous Anode
O2
2e-
Source: Arizton

Fundamentals of Solid Oxide Electrolyzer
› The key component of solid oxide electrolyzer is the dense ionic conducting electrolyte
and two porous electrode
› The steam is fed to the porous cathode when an appropriate electrical potential is applied
to the solid oxide electrolyzer. Consequently, water molecules diffuse to the reaction sites
and dissociate to form hydrogen gas and oxygen molecules at the cathode-electrolyte
interface
› The hydrogen gas diffuses through the cathode and gets collected at the surface as
hydrogen fuel
› Oxygen ions are transported through the dense electrolyte to the anode. The oxygen ions
are oxidized at the electrolyte-anode interface to produce oxygen gas, which is collected
at the surface of the anode
Exhibit 33 Global Solid Oxide Electrolyzer Market 2020–2026 ($ million)
100 10%
90 9%
80 8%
70 7%
60 6%
CAGR
7.28% 50 5%
40 4%
30 3%
20 2%
10 1%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 62.46 66.18 70.39 75.31 80.96 87.54 95.22
Growth Rate 5.95% 6.37% 6.99% 7.50% 8.12% 8.78%
Source: Arizton
In 2020, the solid oxide electrolyzer segment of the market was valued at $62.46
million, which is expected to grow at a CAGR of 7.28% to reach $95.22 million by

2026.

Market By Geography
Region 2020 2021 2022 2023 2024 2025 2026 CAGR
Europe 35.63 38.00 40.71 43.82 47.42 51.60 56.48 7.98%
North America 12.10 12.75 13.45 14.35 15.35 16.54 17.93 6.77%
APAC 9.42 9.90 10.45 11.07 11.77 12.58 13.51 6.19%
Latin America 3.42 3.56 3.73 3.93 4.16 4.43 4.75 5.66%
Total 62.46 66.18 70.39 75.31 80.96 87.54 95.22 7.28%
Source: Arizton

END-USER ANALYSIS
17 END-USER
Exhibit 34 Incremental Growth by Segment 2020 & 2026
END-USER 2020 2026 CAGR
TRANSPORT $435.22 MN $1,017.38 MN 15.20%
POWER GENERATION $248.19 MN $541.94 MN 13.90%
INDUSTRIAL $204.65 MN $414.70 MN 12.49%
OTHERS $67.66 MN $124.42 MN 10.69%
INCREMENTAL GROWTH
INCREMENTAL GROWTH
TOP 3 CONTRIBUTORS
ABSOLUTE GROWTH
119.57%
$582.15 MN
$293.75 MN
Y
$210.05 MN
X
INDUSTRIAL POWER TRANSPORT

2020 2026 GENERATION


The global demand for hydrogen is increasing since several decades owing to its
adoption as alternative fuels, transportation, building, and power generation.
According to IEA (International Energy
Agency), the global demand for hydrogen
has increased from 30 million tons in 1975 In the next 10 years,
to 115 million tons in 2018, which there will be several
includes hydrogen in pure form as well as other uses for clean
hydrogen with other gases. The demand hydrogen than putting
for hydrogen is mostly in industrial it into FCEVs.
applications, especially from oil refiners

and chemical productions.
Exhibit 35 Global Clean Hydrogen Market by End-user (%)
2020 – 955.72 Million 2026 – 2,098.44 Million

8.70% 5.93%
20.00% 19.76%
45.20% 48.48%
26.10% 25.83%
Transport Industrial
Clean Hydrogen Power Generation Others
Market by End-User
($ million)
Source: Arizton
Despite the high cost and handling problems, the demand for clean hydrogen is
expected to increase over the years owing to initiatives for decarbonizing the energy
system and adopting renewable energy sources to support clean power. Following
are the major opportunities offered by clean hydrogen:
› Clean hydrogen can be used to replace gases that are produced by carbon-intensive
methods to satisfy the needs of industry. According to IEA, approximately 38.2 million

metric tons of hydrogen were used for the oil refining process, and 31.5 million metric
tons were used in ammonia productions.
› Steel Industry is another potential target for clean hydrogen. Several organizations are
developing direct reduced iron processes that use hydrogen to remove oxygen from ore
› Decarbonizing residential and commercial heating is a major challenge in countries as

they mostly rely on natural gas, which produces carbon emissions. Thus, mixing clean
hydrogen with natural gas reduces the carbon content in residential and commercial
heating applications
› A major use of clean hydrogen is for electricity production via fuel cells
› Powering FCEVs is the topmost application for clean hydrogen. FCEVs are gaining
traction as automotive markets flip from internal combustion engines to increasingly cost-
competitive battery-powered cars
Thus, clean hydrogen has tremendous opportunities, and the market is expected to
grow in the coming years.

17.3 TRANSPORT
Market Overview
Currently, the transport segment accounts for a marginal share of clean hydrogen.
The sector is among the promising for the development of hydrogen technologies
owing to heavy reliance on oil products and to the few low-carbon options in some
applications.
The prime segment in which the application of hydrogen has been focused is
passenger cars. In few countries such as Japan, South Korea, the US (Mostly in
California), and Germany already has a market for hydrogen cars. The global
production of hydrogen cars witnessed a considerable increase between 2015 to 2019,
reaching almost 19,000 units. Also, the global battery electric car fleet grew to 4.8
million units in 2019. While some companies are selling hydrogen models in selected
countries, battery electric vehicles are being produced by an increasing number of
car manufacturers worldwide.
Exhibit 36 Worldwide Hydrogen Refueling System
70
132
North America
Europe
APAC
172
Hydrogen vehicles have some specific advantages when compared with electric
vehicles, especially in terms of longer ranges and shorter refueling durations. The
high price of hydrogen is hindering their development, and this is also a reason for
their lower efficiency than electric vehicles. Battery electric cars incur losses
associated with power transmission and storage, while hydrogen cars need

additional components, including electrolyzers, hydrogen compression and storage,

and onboard fuel cells.
In addition to private cars, some countries are also experimenting with specific
applications, such as taxi fleets. A notable example is the city of Paris, in which a
hydrogen taxi fleet of 100 cars is already in operation, with a target of reaching 600
taxis by the end of 2021. A project under consultation by the European Network of
Transmission System Operators for Electricity (ENTSO-E) aims at increasing this
fleet to 50,000 taxis in Paris by 2030, as part of a billion-euro investment to add 11
GWh of hydrogen storage capacity in the city.
Industrial companies are gradually moving towards the test of hydrogen

applications in trucks, but there are still no commercial models on the road. In
parallel to the deployment of vehicles, it is important to guarantee the availability of
a proper refueling infrastructure. Hydrogen trucks are being tested in Norway,
Netherlands and a German company is working on converting heavy diesel trucks
to hydrogen hybrid drivetrains. Additionally, initiatives are being deployed on a
larger scale, such as the one in the port of Rotterdam, aiming at reaching a thousand
fuel cell trucks on the road by 2025, involving several partners across the entire
supply chain. Their objective is to provide a hydrogen corridor across the
Netherlands, Belgium, and Germany. In addition to private cars and freight
transport, an application that has seen significant interest has been the development
of hydrogen buses. Test cases have been performed in different countries (including
Italy, Germany, Sweden, the UK, Japan, and US hydrogen buses are a proven and
reliable technology, although their economic sustainability is difficult to achieve with
current hydrogen prices. Beyond road transportation, hydrogen can represent a
potential solution also for trains, ships, and planes. Airbus has recently declared the
ambition to build the first hydrogen-powered commercial aircraft by 2035. Thus,
there is a considerable scope of clean hydrogen in transportation applications.

Exhibit 37 Global Clean Hydrogen Market by Transport 2020–2026 ($ million)
1,200 20%
18%
1,000
16%
14%
800
12%
CAGR
600 10%
15.20%
8%
400
6%
4%
200
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Transportation 435.22 494.76 561.71 645.01 746.64 868.17 1,017.38
Growth Rate 13.68% 13.53% 14.83% 15.76% 16.28% 17.19%
Source: Arizton
In 2020, the transport segment of the market was valued at $435.22 million, which is
expected to grow at a CAGR of 15.20% to reach $1,017.38 million by 2026.
Market By Geography
Region 2020 2021 2022 2023 2024 2025 2026 CAGR
Europe 243.72 280.24 321.56 374.51 438.50 514.46 607.15 16.43%
North America 83.52 94.00 106.12 120.33 137.85 158.91 184.56 14.13%
APAC 67.39 75.79 84.85 95.36 108.50 124.31 144.97 13.62%
Latin America 14.24 15.63 17.15 18.96 21.38 24.37 28.05 11.95%
Total 435.22 494.76 561.71 645.01 746.64 868.17 1,017.38 15.20%
Source: Arizton

17.4 POWER GENERATION

Market Overview
Hydrogen is also being considered to be used for dispatchable power generation. The
efficiency of electricity generation is usually high either through fuel cells or adapted
gas turbines and combined cycles. However, during the entire process of hydrogen
production and storage, energy losses can be as high as 70%. Although economic
sustainability could be guaranteed with electricity at zero or negative costs, the
annual operating hours should be high enough to justify the capital expenditures.
Hydrogen fuel cells produce electricity by combining hydrogen and oxygen atoms.
The hydrogen reacts with oxygen across an electrochemical cell, which is similar to a
battery to produce electricity, water, and a small amount of heat. There are many
different types of fuel cells available for a wide range of applications. The small fuel
cells can use for charging laptop, computers, and military applications, while larger
fuel cells can provide electricity for backup or emergency power in the building and
supply the electricity in places which are not connected to power grids.
Exhibit 38 Global Clean Hydrogen Market by Power Generation 2020–2026 ($ million)
600 18%
16%
500
14%
400 12%
CAGR 10%
300
13.90%
8%
200 6%
4%
100
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 248.19 277.31 312.96 354.90 405.54 466.80 541.94
Growth Rate 11.73% 12.86% 13.40% 14.27% 15.11% 16.10%
Source: Arizton

In 2020, the power generation segment of the market was valued at $248.19 million,
Market By Geography
Region 2020 2021 2022 2023 2024 2025 2026 CAGR
Europe 140.89 159.01 181.14 207.29 239.04 277.45 325.43 14.97%
North America 47.43 52.68 59.16 66.51 75.38 86.31 99.37 13.12%
APAC 37.59 41.21 45.74 51.22 57.73 65.42 74.38 12.05%
Latin America 7.76 8.50 9.38 10.42 11.65 13.12 14.91 11.49%
Total 248.19 277.31 312.96 354.90 405.54 466.80 541.94 13.90%
Source: Arizton

17.5 INDUSTRIAL
Market Overview
The industry segment is virtually responsible for all the current global hydrogen
consumptions, and refineries and the chemical industries are the most demanding
sectors. Converting clean hydrogen will significantly reduce the carbon emission
from the industrial sector. The industrial sector is responsible for approximately 8.4
gigatons of CO2 emissions per year. Industries such as iron and steel, chemicals,
petrochemicals, cement, and aluminum use grey hydrogen and account for 75% of
total industrial emissions.
Grey hydrogen is derived from coal is currently used as a feedstock to produce

methanol and ammonia. Clean hydrogen can replace grey hydrogen without
changing the technology and equipment and can eliminate the emissions associated
with the production of grey hydrogen.
Approximately 70% of global steel is being produced either by blast furnace or

oxygen furnace, which depends mostly on coal. The remaining 30% of steel is
produced from direct reduction of iron or steel scrap in an electric arc furnace with
fossil fuels providing both the reducing agent and energy for direct reduction of iron
process and electricity for a furnace. A structural shift in iron and steel making is
needed, with renewables displacing fossil fuels for energy and reducing agents.
In refineries, hydrogen is used to reduce the sulfur content from oil products to meet
specific environmental standards. The hydrogen is also being used as feedstocks for
ammonia and methanol productions. Ammonia production is primarily used for
fertilizer, while methanol is used for a range of applications such as high-value
chemicals for plastics or their bend with fuel to increase their performance.
Barriers for Industrial End-users
The major barrier in the use of clean hydrogen in the industry is high costs,
competitiveness, and a lack of policy focus. The difference in cost between hydrogen-
based and fossil fuel-based processes vary by location and application.
Clean hydrogen is very expensive when compared to fossil fuels. Clean ammonia is
made from clean hydrogen is also very expensive as compared to grey ammonia.

Moreover, clean methanol (methanol which is made from clean hydrogen) is four to
five times costlier than grey methanol.
The hydrogen-based industrial processes are not yet fully proven at scale. Investors
making large capital investment decisions typically lack sufficient information to
fully assess the risks associated with investing in clean hydrogen activities.
Exhibit 39 Global Clean Hydrogen Market by Industrial 2020–2026 ($ million)
450 16%
400 14%
350
12%
300
10%
CAGR 250
8%
12.49%
200
6%
150
4%
100
50 2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 204.65 225.82 250.82 281.27 317.97 361.74 414.70
Growth Rate 10.35% 11.07% 12.14% 13.05% 13.77% 14.64%
Source: Arizton
In 2020, the industrial segment of the market was valued at $204.65 million, which
is expected to grow at a CAGR of 12.49% to reach $414.70 million by 2026.

Market By Geography
Region 2020 2021 2022 2023 2024 2025 2026 CAGR
Europe 116.59 128.90 143.46 161.09 182.77 208.33 239.33 12.73%
North America 38.98 43.05 47.81 53.83 60.92 69.72 80.20 12.78%
APAC 30.86 33.97 37.66 42.10 47.26 53.36 60.81 11.97%
Latin America 6.32 6.90 7.58 8.39 9.33 10.46 11.82 10.98%
Total 204.65 225.82 250.82 281.27 317.97 361.74 414.70 12.49%
Source: Arizton

17.6 OTHERS
Market Overview
The others segment includes the use of clean hydrogen in heating applications in
residential and commercial buildings. In the building sector, hydrogen is either used
by blending hydrogen in natural gas grids or developing dedicated hydrogen boilers.
However, the use of clean hydrogen in building applications has more advantages
than other low-carbon technologies such as heat pumps. The UK government is
currently supporting a project called Hy4Heat. The government is planning to invest
$173 million. The aim of the project is to establish a technically possible safe and
convenient approach to replace methane gas with hydrogen in residential and
commercial buildings and gas appliances.
Exhibit 40 Global Clean Hydrogen Market by Others 2020–2026 ($ million)
140 14%
120 12%
100 10%
CAGR 80 8%
10.69%
60 6%
40 4%
20 2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Other 67.66 73.46 80.36 88.80 98.84 110.58 124.42
Growth Rate 8.58% 9.39% 10.50% 11.31% 11.88% 12.52%
Source: Arizton
In 2020, the others segment of the market was valued at $67.66 million, which is
expected to grow at a CAGR of 10.69% to reach $124.42 million by 2026.

Market By Geography
Region 2020 2021 2022 2023 2024 2025 2026 CAGR
Europe 38.59 41.86 45.83 50.73 56.72 63.54 71.61 10.85%
North America 12.91 14.06 15.36 17.00 18.89 21.26 24.04 10.92%
APAC 10.19 11.08 12.14 13.39 14.83 16.56 18.62 10.56%
Latin America 2.06 2.23 2.43 2.65 2.90 3.19 3.51 9.30%
Total 67.66 73.46 80.36 88.80 98.84 110.58 124.42 10.69%
Source: Arizton

GEOGRAPHIC ANALYSIS
18 GEOGRAPHY
Exhibit 41 Incremental Growth by Geography 2020 & 2026
REGION 2020 2026 CAGR
NORTH AMERICA $182.83 MN $388.16 MN 13.37%
EUROPE $539.79 MN $1,243.52 MN 14.92%
APAC $146.03 MN $298.79 MN 12.67%
LATIN AMERICA $30.39 MN $58.29 MN 11.46%
MIDDLE EAST &

$56.67 MN $109.68 MN 11.63%
AFRICA
INCREMENTAL GROWTH
INCREMENTAL GROWTH
TOP 3 CONTRIBUTORS
ABSOLUTE GROWTH
119.57%
$703.73 MN
$205.33 MN
Y
$152.76 MN
X
APAC NORTH EUROPE

2020 2026 AMERICA

18.2 GEOGRAPHIC OVERVIEW

The global clean hydrogen market has been diversified with a significant number of
established markets, and many potential markets are still underpenetrated. Despite
the dominance of the European region, there are countries with a high scope for
expansion that is expected to drive the market further. While the impact of COVID-
19 disrupted the entire supply chain of the market, product launches and adapting
to consumers' dynamic behavior can help vendors go forward.
Exhibit 42 Global Clean Hydrogen Market by Region ($ million)
NORTH LATIN
EUROPE MEA APAC
AMERICA AMERICA MARKET SHARE: MARKET SHARE: MARKET SHARE:
MARKET SHARE: MARKET SHARE:
$539.79 Million $56.67 Million $146.03 Million
$182.83 Million $30.39 Million
Source: Arizton
Europe dominated the clean hydrogen market with a share of 56.48% in 2020 with
respect to revenue. Germany and France were the most significant contributors to the
region, where together, they accounted for 42.70% of the total revenue shares in 2020.
Also, the European region is expected to witness the fastest growth with a CAGR of
14.92% during the forecast period in terms of revenue. The European clean hydrogen
market is estimated to reach 1,243.52 million in 2025, posing an absolute growth of
130.37%. The growth is expected to be concentrated in economies such as
Switzerland, Russia, and Germany, which will enable the region to sustain its
dominance. In terms of revenue, North America accounted for a 19.13% market share

in the clean hydrogen market in 2020. The US is the largest market in North America
in terms of revenue, followed by Canada.
Exhibit 43 Global Clean Hydrogen Market by Region (Incremental Growth in $ million)
$2,098.44 Mn
$1,142.72 Mn
$955.72 Mn
2020 2026
KEY GEOGRAPHIES
(INCREMENTAL GROWTH)
APAC North America Latin America Europe MEA

$152.76 Mn $205.33 Mn $27.90 Mn $703.73 Mn $53.01 Mn
Source: Arizton
The clean hydrogen market in North America is expected to witness traction and
high demand after 2020, as the economic and construction activities are expected to
revive. Latin America accounts for 3.18% market share in terms of value. The largest
contributing countries in Latin America in terms of value are Chile and Mexico.
APAC region was the third largest clean hydrogen market with a share of 15.28% in
2020 by revenue. Japan, China, Australia, and South Korea were the largest
contributors to the region, where together, they accounted for 74.57% of the total
revenue shares in 2020 in the region. Also, the APAC region is expected to grow at a
CAGR of 12.67% during the forecast period. The market in APAC is estimated to
reach $298.79 million in 2026, posting an absolute growth of 104.60%. The growth is
expected to be concentrated in economies such as India, Bhutan, and Thailand,
whereas Japan is expected to sustain its dominance. The Middle East and Africa
market accounted for around 5.93% market share. The leading markets in the Middle
East region include Saudi Arabia, Morocco, and Oman. The Middle East and Africa
region was valued at $56.67 million in 2020 and is estimated to grow at a CAGR of
11.63%. The Middle East & Africa region is also expected to post an absolute growth
of 94.67% during the forecast period with respect to revenue.

EUROPE
19 EUROPE
With climate-friendly policies and stringent frameworks, the contribution from
countries like France, Italy, Spain, Norway, the UK has made a significant impact on
the global clean hydrogen market. In 2020, the European market accounted for a
share of 82.51% in the global clean hydrogen market.
Exhibit 44 Global Clean Hydrogen Market in Europe in 2020 ($ million)
Germany UK
$120.05 Mn $29.69 Mn
Germany Spain France

$99.86 Mn $110.50 Mn
UK
Italy
$85.29 Mn
France
Italy
Spain
Source: Arizton
The European Commission has many policies for reaching net-zero global warming
emission by 2050, and
hydrogen will be a key An international consortium of 40 organizations
instrument. In the European from Spain, Germany, Switzerland, Italy, and
region, there is already plenty Greece launched ORANGE.BAT, an initiative to
of momentum for the growth incorporate renewable hydrogen in the ceramics
of clean hydrogen. About 100 industry in Europe.
MW of clean hydrogen capacity has already been built, and there has been an
announcement for a 20 GW plant in the coming years. The European Union released
its hydrogen strategy in July 2020 and is committed to installing a 6 GW renewable
hydrogen electrolyzer in the Europe region by 2024 and 40 GW renewable energy
electrolyzer by 2030. Countries such as Germany, France, Spain, and the Netherlands,

have already released their national hydrogen strategy, and hydrogen, especially
clean hydrogen, is part of these energy strategies. The European Commission has
undertaken several initiatives to spent $67 billion on manufacturing clean fuel.
Exhibit 45 The Vision of European Country towards Hydrogen refueling stations and Fuel Cell Vehicles
Europe SPAIN
Minimum 747 hydrogen 500 vehicles and 20
refueling stations by 2025 hydrogen refueling
stations by 2021
France Switzerland
5,000 FCVs and 100 refueling stations Hyundai Motors and H2 Energy will
by 2023. About 20,000-50,000 FCVs introduce 1,000 heavy-duty fuel cell
and 400-1000 refueling stations by electric trucks to the Swiss
2028 commercial market between 2019
and 2024
Germany Europe
Almost 400 hydrogen refueling Several governments in Europe have
stations by 2025 and 1000 refueling plans to place more than 1,400 fuel cell
stations by 2030 cars on the road and deploy 49 hydrogen
refueling stations across the region by
2021
Source: Arizton
The growing number of clean hydrogen projects in Europe is attributable to multiple

companies announcing major low or zero-carbon hydrogen projects. Such
developments are enabling the region’s ambition of becoming an eminent producer
of clean hydrogen.
› The Indian Energy company Essar has partnered with the UK-based Progressive Energy,
a specialist in low-carbon technologies, to build two plants at Essar refinery in England.
The company will use the Johnson Matthey technology to make low-carbon hydrogen
fuel from natural gas or fuel gases
› In Germany, Linde & ITM power have signed an MOU to build the world’s largest
electrolyzer plants based on the proton-exchange membrane. It will make zero-carbon
hydrogen which is also known as clean hydrogen. The 22-MW plants will start operations
in 2022
› Air Liquide has acquired a 40% stake in H2V Normandy, a French company that is
planning to build hydrogen plants using waster electrolysis in France

› In Southern France, the Total and hydrogen energy firm Engie will jointly build and
operate a 40-Megawatt electrolyzer plant, to produce 5 Metric tons of hydrogen on day-
to-day basis. The plant is due to start up in 2024
› Iberdrola has launched one of the largest clean hydrogen projects in Europe, which
includes a 20 MW electrolyzer based on PEM technology in Spain. The electrolyzer will
use energy from solar photovoltaic plants to split oxygen and water. The project will cost
$175 million, and the plant will generate 720 mt of clean hydrogen per year
› RWE, an energy firm, has also signed an agreement with a chemical producer to supply
clean hydrogen using water electrolysis powered by onshore wind in the Netherlands
Exhibit 46 Emission of Carbon Dioxide in Europe between 2010–2019 (million tons)

4681.2
4603.7
4544.0
4437.9
4305.4
4262.5
4246.1
4209.5
4205.4
4110.8
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: BP Statistics & Arizton
Thus, the growing number of projects for manufacturing clean hydrogen and the
region’s aim to achieve carbon neutrality by 2050 will drive the growth of the market.
Also, several R&D initiatives in the region will encourage major companies to plan
and supply clean hydrogen.

Exhibit 47 Global Clean Hydrogen Market in Europe 2020–2026 ($ million)
1,400 18%
16%
1,200
14%
1,000
12%
CAGR 800 10%

14.92%
600 8%
6%
400
4%
200
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 539.79 610.01 691.99 793.62 917.02 1,063.78 1,243.52
Growth Rate 13.01% 13.44% 14.69% 15.55% 16.00% 16.90%
Source: Arizton
In 2020, the clean hydrogen market in Europe was valued at $539.79 million, which
is expected to grow at a CAGR of 14.92% to reach $1,243.52 million by 2026.
19.3 TECHNOLOGY
Technology 2020 2021 2022 2023 2024 2025 2026 CAGR
Alkaline Electrolyzer 316.32 360.64 412.37 476.11 554.56 647.69 759.50 15.72%
PEM Electrolyzer 187.85 211.37 238.90 273.68 315.04 364.48 427.54 14.69%
SO Electrolyzer 35.63 38.00 40.71 43.82 47.42 51.60 56.48 7.98%
Total 539.79 610.01 691.99 793.62 917.02 1,063.78 1,243.52 14.92%
Source: Arizton

19.4 END-USER
End-user 2020 2021 2022 2023 2024 2025 2026 CAGR
Transport 243.72 280.24 321.56 374.51 438.50 514.46 607.15 16.43%
Power Generation 140.89 159.01 181.14 207.29 239.04 277.45 325.43 14.97%
Industrial 116.59 128.90 143.46 161.09 182.77 208.33 239.33 12.73%
Others 38.59 41.86 45.83 50.73 56.72 63.54 71.61 10.85%
Total 539.79 610.01 691.99 793.62 917.02 1063.78 1243.52 14.92%
Source: Arizton

19.5 KEY COUNTRIES
Exhibit 48 Incremental Growth in Europe 2020 & 2026
COUNTRY 2020 2026 CAGR
GERMANY $120.05 MN $287.50 MN 15.67%
FRANCE $110.50 MN $257.04 MN 15.11%
SPAIN $99.86 MN $235.15 MN 15.34%
ITALY $85.29 MN $201.57 MN 15.41%
UK $29.69 MN $69.76 MN 15.30%
Source: Arizton
INCREMENTAL GROWTH
INCREMENTAL GROWTH
TOP 3 CONTRIBUTORS
ABSOLUTE GROWTH
130.37%
$167.46 MN
Y
$146.54 MN
X
$135.29 MN
SPAIN FRANCE GERMANY

2020 2026

Germany: Market Size & Forecast
In 2020, Germany emerged as the largest market for clean hydrogen in Europe and
accounted for a revenue share of 22.24%.
In 2020, Germany presented its national hydrogen strategy and became the first
country worldwide. The country has already shown its willingness to take a leading
role in the production of clean hydrogen and started the processing regulatory
concerns that must be addressed to build up the hydrogen market. The country is
aiming to become carbon neutral by 2050, and clean hydrogen can play an important
role in reaching this target. Following are the key steps that have been taken by the
German government to develop its clean hydrogen initiatives:
Increased Production Capacity of Plants
The German government foresees a hydrogen demand of about 90 TW to 110 TW by

2030. Electrolyzers with a total capacity of up to 5 GW are to be built in the country
by 2030, which includes offshore, and onshore energy production required for
providing electricity for the electrolyzer. The country is planning to set up a clean
hydrogen production of up to 14 TWh and a required renewable electricity quantity
of up to 20 TWh. The country is also planning to set up a 5 GW plant by 2035 or 2040.
The market in the country is facing multiple challenges, such as the level of taxes and
surcharges to be paid for producing hydrogen. The German government is
evaluating whether electricity used to produce clean hydrogen can be exempted from
taxes and surcharges.
Introduction of Supportive Schemes
In the industrial sector (especially in steel and chemical industries), grey hydrogen
(which is produced from coal) is used. The German government has set up a new
pilot program for carbon contracts to help industrial users and facilitate the use of
clean hydrogen.
Better Logistics Capacity for Clean Hydrogen
The country must scale up the transportation and distribution capacity to facilitate
the use of clean hydrogen in identified applications. Thus, the German government

is planning to expand the existing clean hydrogen infrastructure and the natural gas
transport infrastructure.
Exhibit 49 Clean Hydrogen Market in Germany 2020–2026 ($ million)
350 20%
18%
300
16%
250 14%
12%
CAGR 200
10%
15.67%
150
8%
100 6%
4%
50
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 120.05 136.55 155.90 179.96 209.29 244.36 287.50
Growth Rate 13.74% 14.18% 15.43% 16.30% 16.76% 17.66%
Source: Arizton
In 2020, the clean hydrogen market in Germany was valued at $120.05 million, which

France: Market Size & Forecast
Considered to be one of the forerunners in the global clean hydrogen market, the
well-established market in France accounted for 20.47% of the region’s revenue share
in 2020.
The country has been striving to become a global leader in clean hydrogen
technology by 2030. The French
The country is aiming to achieve
government has announced an $8.51
100 refueling stations by 2023 and
billion plan dedicated to its energy
400-1000 refueling stations by 2030.
requirements in the future. The country
is focusing on coordinating
technological developments and ecological transformations. The French government
has divided its strategy into three approaches. The prime goal of the country is to
develop its electrolysis infrastructure. The next priority is to develop and
manufacture Hydrogen fuel cell vehicles (HFCEVs). Many vendors in the country
are entering into collaborative partnerships to work on clean hydrogen projects, such
as the following:
› The French organization Air Liquide and the German company Siemens Energy has
collaborated and delivered an electrolyzer on a model scale
› The Air Liquide organization is also helping ArcelorMittal in delivering clean steel by
creating inventive arrangements, including low-carbon hydrogen and carbon-catch
advances
› The French firms H2V and the Norwegian HydrgoenPro are creating two undertakings
for clean-hydrogen plants. The companies have contributed $559.17 million has been
contributed, to produce almost 56,000 tons of clean hydrogen annually
› The key venture needs, decarbonized hydrogen, should help France match its objective
of 53 million tons of Carbon-dioxide radiated a year from the industry by 2030, rather
than the current 80 million
› The country is focusing on building a 6.5 GW electrolyzer by 2030
› In 2021 the Total and Engie signed an agreement to design, develop, build, and operate
the country's largest renewable hydrogen production site at Chateauneuf-les-Martigues
in the Provence Alpes-cote D’Azur South region

Thus, a growing interest of firms in the country toward building a clean hydrogen
economy and government initiatives to reduce carbon dioxide emissions will
support the growth of the market.
Exhibit 50 Clean Hydrogen Market in France 2020–2026 ($ million)
300 18%
16%
250
14%
200 12%
CAGR 10%
150
15.11%
8%
100 6%
4%
50
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 110.50 125.07 142.11 163.25 188.94 219.53 257.04
Growth Rate 13.19% 13.62% 14.87% 15.74% 16.19% 17.09%
Source: Arizton
In 2020, the clean hydrogen market in France was valued at $110.50 million, which

Spain: Market Size & Forecast
In Spain, 2019 was an opportunistic year in terms of manufacturing and overall

industrial production. In November 2019, the industrial production of clean
hydrogen increased by 2.1%, which was the highest since January 2019. However, in
2020, the country's industrial production witnessed year-over-year growth of 0.6%.
Although industrial production in the country has witnessed a decline due to the
COVID-19 outbreak, it is expected to grow up to 6.3% in 2021. Thus, the increase in
total industrial production was mainly supported by non-durable consumer goods
(1.5% YoY) and capital goods (6.2% YoY). The opportunities for clean hydrogen
manufacturers increase as the rising industrial production levels pay the waves of
using clean or clean hydrogen instead of grey or blue hydrogen for industrial usage.
Endesa, a unit of Italian energy company Enel, has submitted a clean hydrogen
manufacturing plan to the Ministry for
“The 23 clean hydrogen projects that we
the Ecological Transition and the
are now presenting are associated with a
Demographic Challenge (MITECO) in
renewable energy capacity of almost 2,000
Spain. The plan involves an investment
MW.”
of $3.53 billion in clean hydrogen
projects on the Spanish mainland. In Rafael González- General Director,
addition, Endesa is also committed to Endesa
supporting the development of

national industry manufacturers of electrolyzers and capital goods associated with
clean hydrogen projects.
In February 2021, Naturgy, a Spanish energy company, and Enagas announced that
they are going to produce clean hydrogen from wind in the coming months. Several
other new projects with a focus on renewable hydrogen across the country and the
region. Following are some of the ongoing and upcoming projects in the country:
› In February 2021, a group of 30 European energy players launched the “HYDEAL

AMBITION” project with the aim of delivering 100% renewable hydrogen across Europe,
which includes transmission and storage by 2030
› BP, Iberdrola, and Enagas have reached an agreement to produce clean hydrogen
› Endesa’s peninsular electrolysis projects will entail an aggregate investment of 2,000

million for the construction of eight electrolyzers with a capacity of 315 MW

› The Spanish government has proposed the production of clean hydrogen generation
plants (in Barranco de Tirajana, Granadilla, and Alcudia), which will add a capacity of
25MW at an investment of $900 million
Additionally, the government’s new hydrogen roadmap has targets for a 4GW
electrolysis capacity by 2030. According to the Spanish roadmap, industries that use
hydrogen, including oil refining, fertilizers, and chemicals, have the great potential
to boost renewable hydrogen production in the short term.
Exhibit 51 Clean Hydrogen Market in Spain 2020–2026 ($ million)
250 20%
18%
200 16%
14%
150 12%
CAGR
10%
15.34%
100 8%
6%
50 4%
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 99.86 113.26 128.96 148.44 172.15 200.43 235.15
Growth Rate 13.42% 13.85% 15.11% 15.97% 16.43% 17.32%
Source: Arizton
In 2020, the clean hydrogen market in Spain was valued at $99.86 million, which is

Italy: Market Size & Forecast
The manufacturing sector in Italy accounted for over 20% of the nation’s GDP. The
automotive and pharmaceutical industries are the major contributors to the
manufacturing and R&D initiatives for clean hydrogen in the country. Also, Italy is
one of the largest manufacturing nations in Europe with extraordinary food
products, automotive, and pharmaceuticals. Made in Italy products continue to excel
as Italian manufacturers are export-driven and make sizeable investments in
adopting advanced manufacturing technologies to improve productivity and reduce
manufacturing inputs. These technologies include advances in industrial
automation, robots, and other manufacturing solutions.
The country is continually investing in clean hydrogen projects. The country has
launched a national hydrogen strategy to help decarbonize the economy and meet
European climate targets. In July 2020, the European Commission released a new
strategy for hydrogen, with a particular focus on clean hydrogen, which can be
obtained by water electrolysis powered by renewable energy sources. Clean
hydrogen will eliminate the use of fossil fuels in heavy industries and the
transportation sector and steer the development of efficient energy storage systems.
A few key private and public stakeholders in the country are heavily investing in
clean hydrogen. Several US companies may be able to leverage the tremendous
opportunities by providing related technologies for water electrolysis. Following are
some of the initiatives that are driving the growth of the market in the country:
› In 2020, the country launched a national hydrogen strategy to decarbonize the economy
and meet European climate targets. The ministry of economic development said that it
had pledged $12 billion for the initiative until 2030, with half of the amount coming from
European funds and private investments
› The Italian government is boosting the production of clean hydrogen and has plans to
introduce a 5 GW electrolyzing capacity to extract clean hydrogen from water between
2021–2030
› SNAM, an Italian gas group, has been experimenting with a 10% mix of hydrogen as part
of its natural gas network and about 50% of the investments planned in SNAM 2020-2024
program to improve its infrastructure

› SNAM is also part of the “Clean Hydrogen Catapult” along with few industrial leaders
in clean hydrogen such as ACWA Power, CWP Renewable, Envision, Iberdrola, Oersted,
and Yara. The objective of the initiative is to stimulate the development of 25 GW of clean
hydrogen production capacity by 2026
› SAIPEM, an Italian multinational oilfield services company, wants to set up clean

hydrogen production in Italy. SAIPEM and Alboran Hydrogen, a Florence-based
hydrogen specialist, have signed an agreement to open five clean hydrogen plants, which
include three in Italy, one in Albania, and one in Morocco
Therefore, the growing number of initiatives by the Italian government toward

reducing carbon dioxide emission will support the clean hydrogen market in the
country.
Exhibit 52 Clean Hydrogen Market in Italy 2020–2026 ($ million)
250 20%
18%
200 16%
14%
150 12%
CAGR
10%
15.41%
100 8%
6%
50 4%
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 85.29 96.79 110.27 127.01 147.39 171.70 201.57
Growth Rate 13.49% 13.93% 15.18% 16.04% 16.50% 17.40%
Source: Arizton
In 2020, the clean hydrogen market in Italy was valued at $85.29 million, which is

UK: Market Size & Forecast
The COVID-19 pandemic and political uncertainties in the UK had the biggest impact
on the country’s manufacturing. The production output fell by 1.4% in Q1 2020 as
compared to the previous year. Slower global growth and uncertain trade
environment between the UK and other European countries have also impacted the
manufacturing sector in the country.
In recent years, the UK’s energy sector has increasingly been viewed as one of the
world's cleanest and most innovative industries worldwide. In November 2020, the
UK government outlined its 10-point plan for a “Clean Industrial Revolution,” which
includes the aim to drive the growth of low carbon hydrogen. More recently, the UK
Hydrogen and Fuel Cell Association (UKHFCA) announced that on 3 March 2021, it
has published a paper titled “The Case for Clean Hydrogen.” This paper will urge
the UK government to take immediate action to be a leader in hydrogen energy and
become the world-leading exporter of electrolysis and clean hydrogen technologies.
The government of the country has approved significant projects in the area of clean
hydrogen.
› In 2020, the government approved five clean hydrogen projects and a fund of $36.4
million for the following projects:
› The HyNet consortium compromising Progressive Energy, Essar, Johnson Matthey, and
SNC-Lavalin is handling the UK’s leading low carbon hydrogen project. The project
involves the development of a hydrogen production facility in north of Chester
› Acron Hydrogen Project: This project is led by Pale Blue Dot Energy. This project is focused
on delivering energy and cost-efficient processes for hydrogen production from natural gas
produced in the North Sea
› The market for hydrogen development in the country has taken another step forward, as
BP, the oil and gas major, announced in 2021 that it is studying the development of the
UK’s largest clean hydrogen production facility
› The UK government is planning to have 80 GW of deployed power capacity from clean

hydrogen by 2050

Exhibit 53 Clean Hydrogen Market in UK 2020–2026 ($ million)
80 20%
18%
70
16%
60
14%
50
12%
CAGR
15.30% 40 10%
8%
30
6%
20
4%
10
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 29.69 33.86 38.76 44.86 52.31 61.27 69.76
Growth Rate 14.05% 14.48% 15.74% 16.61% 17.13% 13.85%
Source: Arizton
In 2020, the clean hydrogen market in the UK was valued at $29.69 million, which is

NORTH AMERICA
20 NORTH AMERICA
North America accounted for 19.13% of the global revenue share in 2020, which is
expected to witness growth during the forecast period. The region has the second-
largest market for clean hydrogen. Factors such as increasing power consumption,
growing population, rapid urbanization, and industrialization are driving the
demand for clean hydrogen in the region. Moreover, the increasing deployment of
renewable energy resources in residential and commercial segments led by
increasing consumer purchasing power and regulatory changes are the major factors
driving the region's clean hydrogen market. Additionally, the increasing production
capacity of clean hydrogen manufacturers in the region is also influencing the market
growth.
Exhibit 54 Global Clean Hydrogen Market in North America in 2020 ($ million)
US
$126.99 Mn
Canada
Canada
$55.84 Mn
US
Source: Arizton
With fossil fuels dominating the residential buildings segment in the US, the
opportunity for growth remains high in the country. Further, eminent players in the
region are expected to participate in market expansion activities that can potentially
influence higher adoption levels in niche markets of Canada during the forecast
period. Clean buildings are the latest trends in the US as cities like Austin are the
fastest-growing markets for hydrogen-powered buildings.

Exhibit 55 Emission of Carbon dioxide in North America 2010–2019 (Million Tons)
6000.0
5000.0
4000.0
3000.0
2000.0
1000.0
-
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Canada US
In major cities like New York, there is a scope for adoption of over 1,00,000 residential
clean buildings by the end of 2025. Thus, such opportunities will contribute to the
city’s energy efficiency target of realizing over 185 TBtu of cumulative annual site
energy savings for 2015–2025. Maine, Washington, South Dakota, Kansas, and
California are the other major cities that have implemented strict laws for energy
usage disclosure for upcoming projects. These laws require the developers to achieve
a regulatory standard to maintain their business in the market.
› Plug Power Inc, a leading company of hydrogen solutions, is expanding its clean
hydrogen footprint in New York with the construction of a new state-of-the-art clean
hydrogen production facility and electric substation in the New York Science &
Technology Advanced Manufacturing Park
› North America's largest clean hydrogen production facility will produce 45 Mt of clean
liquid hydrogen and provide its daily services to the Northeast region by 2023. The plant
will use a 120 MW PEM electrolyzer to make hydrogen using clean hydropower
› New York City plans to join the existing Tennessee plants in a network that aims to
supply 500 tons per day of clean hydrogen by 2025 and 1000 tons per day by 2028.
Approximately $290 million is being invested in clean hydrogen production to
decarbonize freight transportation and logistics and support the state’s path to achieving
carbon neutrality by 2050

Exhibit 56 Clean Hydrogen Market in North America 2020–2026 ($ million)
450 18%
400 16%
350 14%
300 12%
CAGR 250 10%

13.37%
200 8%
150 6%
100 4%
50 2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 182.83 203.79 228.45 257.67 293.04 336.20 388.16
Growth Rate 11.46% 12.10% 12.79% 13.73% 14.73% 15.46%
Source: Arizton
In 2020, the clean hydrogen market in North America was valued at $182.83 million,
20.3 TECHNOLOGY
Technology 2020 2021 2022 2023 2024 2025 2026 CAGR
SO Electrolyzer 12.10 12.75 13.45 14.35 15.35 16.54 17.93 6.77%
Total 182.83 203.79 228.45 257.67 293.04 336.20 388.16 13.37%
Source: Arizton

20.4 END-USER
End-user 2020 2021 2022 2023 2024 2025 2026 CAGR
Transport 83.52 94.00 106.12 120.33 137.85 158.91 184.56 14.13%
Industrial 38.98 43.05 47.81 53.83 60.92 69.72 80.20 12.78%
Others 12.91 14.06 15.36 17.00 18.89 21.26 24.04 10.92%
Total 182.83 203.79 228.45 257.67 293.04 336.20 388.16 13.37%
Source: Arizton

20.5 KEY COUNTRIES
Exhibit 57 Incremental Growth in North America 2020 & 2026
US $126.99 MN $274.84 MN 13.73%
CANADA $55.84 MN $113.32 MN 12.52%
Source: Arizton
INCREMENTAL GROWTH
INCREMENTAL GROWTH
TOP 3 CONTRIBUTORS
ABSOLUTE GROWTH
112.31%
$147.85 MN
Y
X
$57.49 MN
CANADA US
2020 2026

US: Market Size & Forecast
In 2020, the US was estimated to be the largest end-user for clean hydrogen in the
region and accounted for 69.46% of the total revenue share. Although the country is
lagging behind several European countries and South Korea in hydrogen strategy, it
has plans to have 15 GW of hydrogen-powered fuel cells by 2040 and become the
world's largest fuel-cell-powered vehicle manufacturing country by the end of the
decade. However, the US power plant operators are starting to expand their
presence. In 2020, three groups, including Intermountain, announced that they
would buy 3,300 MW of hydrogen capable turbines and hydrogen generation and
storage system from Mitsubishi. Similarly, Siemens Energy is also supplying steam
and GE gas-fired turbines for Florida Power & Light’s $65 million, 20-Megawatt clean
hydrogen project.
Exhibit 58 Roadmap to US Hydrogen Projects
Provide significant Benefits the US

Strengthen the US Create a highly environmental benefits and energy system
Economy competitive source improve air quality
2030 ~ $140 billion in revenue ~100% domestically

produced
Less CO2, NO2, &
particle emissions
0.7 million Jobs
2050 ~ $750 billion in revenue ~100% domestically

produced
16% CO2, 36% NO2 and
14% of final energy 3.4 million Jobs
demand
Source: Arizton
The country needs a massive clean hydrogen industry to decarbonize its electricity,
transportation, and
Major oil companies, automakers, hydrogen
industrial sectors. Also,
producers and fuel cell manufacturers pushing
major investments and
U.S. policymakers to follow the lead of the
policy changes will enable
European Union in making a major commitment
it to grow to its full
to building the infrastructure to grow its clean
potential in decades to
hydrogen capacity.
come. According to the

US hydrogen economy report, it was forecasted that hydrogen from low-carbon

sources could cater to roughly 14% of the country's energy needs by 2050. The
country generates about 11.4 million Mt of hydrogen from low-carbon sources with
an estimated value of about $17.6 billion. The country is expected to generate a
revenue of $140 billion per year from the overall hydrogen market, supporting
7,00,000 jobs by 2030. Also, by 2050, the market will account for a revenue of about
$750 billion per year and a cumulative 3.4 million jobs.
The country is currently lagging behind China, Japan, and other countries in the EU
in terms of infrastructure and research investments. The government and industry
investment in hydrogen as an energy carrier adds up to $2 billion per year in Asia
and the EU. The US Department of Energy funds for hydrogen and fuel cells ranges
between $100 million and $280 million annually.
Exhibit 59 Clean Hydrogen Market in US 2020–2026 ($ million)
300 18%
16%
250
14%
200 12%
CAGR 10%
150
13.73%
8%
100 6%
4%
50
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 126.99 141.51 158.76 179.41 204.83 236.41 274.84
Growth Rate 11.43% 12.19% 13.01% 14.17% 15.42% 16.26%
Source: Arizton
In 2020, the clean hydrogen market in the US was valued at $126.99 million, which

Canada: Market Size & Forecast
In 2020, Canada’s contribution to the North American clean hydrogen market was
30.54%. The country is home to several large-scale clean hydrogen facilities.
› In January 2021, Air-Liquide, a world leader in gases, technologies, and services,

inaugurated the world's largest clean-hydrogen plant in Quebec, Canada
› In January 2021, Thyssenkrupp, a German industrial conglomerate, bagged an order to

install an 88 MW electrolysis plant. The electrolysis plant is slated to be commissioned in
late 2023 in Varennes, in the province of Quebec. It will be one of the world’s largest
production facilities for clean hydrogen produced from renewable power. Also, the plant
is expected to have an annual output of more than 11,000 tonnes
› Renewable Hydrogen Canada, based in Victoria, is planning to produce renewable

hydrogen through water electrolysis powered by renewable energy. The company's first
project was the Sundance Hydrogen project. This project aimed to reduce the carbon
intensity of the natural gas used in the province's natural gas transmission system. The
project is pending approval by regulatory authorities
› The company is planning to announce another project named Pacific Hydrogen Canada.
The project's main aim is to supply the export of renewable hydrogen to the US, Japan,
and Korea
Exhibit 60 Clean Hydrogen Market in Canada 2020–2026 ($ million)
120 16%
14%
100
12%
80
10%
CAGR 60 8%
12.52%
6%
40
4%
20
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 55.84 62.27 69.69 78.26 88.21 99.79 113.32
Growth Rate 11.53% 11.91% 12.30% 12.71% 13.13% 13.56%
Source: Arizton
In 2020, the clean hydrogen market in Canada was valued at $55.84 million, which

APAC
21 APAC
APAC hosts one of the most robust manufacturing and other crucial industries,
including automotive, construction, chemicals, defense, and aerospace. In 2020,
APAC emerged as the third-largest market for clean hydrogen, with Japan being the
largest market accounting for a market share of 26.23%. Australia closely follows
Japan and is expected to grow 24.29 million during the forecast period. Growth is
expected from the growing markets of China, India, Indonesia, Malaysia and
Thailand, and other Asian countries. Amidst the increasing viability of the
technology, government support, and investor interest in several markets,
substantial growth opportunities abound in the clean hydrogen sector in APAC in
the coming years.
Exhibit 61 Global Clean Hydrogen Market in APAC in 2020 ($ million)
South Korea
India Japan China

Japan
$18.74 Mn $38.30 Mn India
South Korea China

$12.68 Mn $34.29 Mn
Australia
$22.85 Mn
Australia
Source: Arizton
The growth of clean hydrogen in the region is expected to be driven by Japan &
Australia, with increasing support from China, India, South Korea, Singapore, and
New Zealand. Most of these markets have included hydrogen policy into their
agenda.

Exhibit 62 Emission of Carbon Dioxide in APAC between 2010–2019 (Million Tons)
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
2010 2011 2013 2014 2015 2016 2017 2018 2019
Several national governments in APAC have included the production and usage of
hydrogen in their climate change policies due to the rising levels of carbon dioxide
emissions. In 2019, China accounted for the maximum carbon dioxide emissions as
the country emitted approximately 9,825.80 million tons. During the same period,
India and Japan accounted for carbon dioxide emissions of 2,480.35 million tons and
1,123.12 million tons, respectively. In the region, the total emission of carbon dioxide
was recorded was 1,7269.46 million metric tons. The transportation, industrial, and
power generation industries and residential and commercial buildings contribute
significantly to carbon dioxide emissions in the region.
High levels of carbon dioxide emissions cause global warming and climate change,
which manifest as rising sea levels, disturbance of animal habits, and extreme
weather events. The severe consequences of climate change for human and animal
life are encouraging governments in the region to undertake initiatives to develop
and promote the adoption of alternative fuels. Therefore, clean hydrogen is the best
alternative as it is manufactured using water electrolysis and has zero carbon content.
Also, clean hydrogen can be used in the transportation sector as a fuel for vehicles.
In the industrial sector, clean hydrogen can replace other forms of hydrogen being
used for ammonia synthesis and other chemical reactions.

Exhibit 63 Carbon Dioxide Emission in Major Countries in APAC
South Korea Others

4% 16%
Australia
2%
Japan
7%
China
57%
India
14%
Source: Arizton
Exhibit 64 Clean Hydrogen Market in APAC 2020–2026 ($ million)
350 16%
300 14%
12%
250
10%
CAGR 200
8%
12.67%
150
6%
100
4%
50 2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 146.03 162.06 180.39 202.07 228.32 259.65 298.79
Growth Rate 10.97% 11.32% 12.02% 12.99% 13.72% 15.08%
Source: Arizton
In 2020, the clean hydrogen market in APAC was valued at $146.03 million, which

21.3 TECHNOLOGY
Technology 2020 2021 2022 2023 2024 2025 2026 CAGR
SO Electrolyzer 9.42 9.90 10.45 11.07 11.77 12.58 13.51 6.19%
Total 146.03 162.06 180.39 202.07 228.32 259.65 298.79 12.67%
Source: Arizton
21.4 END-USER
End-user 2020 2021 2022 2023 2024 2025 2026 CAGR
Transport 67.39 75.79 84.85 95.36 108.50 124.31 144.97 13.62%
Industrial 30.86 33.97 37.66 42.10 47.26 53.36 60.81 11.97%
Others 10.19 11.08 12.14 13.39 14.83 16.56 18.62 10.56%
Total 146.03 162.06 180.39 202.07 228.32 259.65 298.79 12.67%
Source: Arizton

21.5 KEY COUNTRIES
Exhibit 65 Incremental Growth in APAC 2020 & 2026
JAPAN $38.30 MN $79.34 MN 12.90%
CHINA $34.29 MN $74.32 MN 13.76%
AUSTRALIA $22.85 MN $47.15 MN 12.83%
INDIA $18.74 MN $38.08 MN 12.55%
SOUTH KOREA $12.68 MN $25.61 MN 12.44%
Source: Arizton
INCREMENTAL GROWTH
INCREMENTAL GROWTH
TOP 3 CONTRIBUTORS
ABSOLUTE GROWTH
104.60 %
$41.03 MN
$40.03 MNY
X
$24.29 MN
AUSTRALIA CHINA JAPAN

2020 2026

Japan: Market Size & Forecast
Japan was the largest market for clean hydrogen in APAC and is considered to be a
forerunner in adopting the latest market trends in the heating, ventilation, and air
conditioning (HVAC) industry. The electricity consumption in Japan accounts for
25% of the total residential usage, which is forcing the country to have an electricity
generation alternative. With the development of refrigerants with lower global
warming potential, the application in the industrial sector has also maximized in the
past five years. In 2017, Japan was one of the pioneers in the hydrogen sector and the
first country in the world to adopt a “Basic Hydrogen Strategy.” In recent years, the
country has made investments in R&D initiatives in the sector and has continued to
provide strong support and funding for several projects. The country accounts for a
revenue share of 26.23% in the regional market. Following are some of the old and
upcoming clean hydrogen projects in the country:
› In 2019, Tokyo Gas announced its plans to achieve net-zero clean house gas emissions by
around 2050. The Japanese government has set a goal to reduce the price of hydrogen to
about one-third of the current price of $10.70/ kg by 2030
› Fukushima Hydrogen Energy Research Field (FH2R) has developed a 10 MW capacity

electrolyzer that uses a 20MW solar array
› The country has ambitious plans to be entirely carbon-neutral by 2050. Also, the Japanese
government subsidizes 135 hydrogen refueling stations around the country and has the
largest number of refueling stations in the world
The country has plans to reduce its greenhouse gas emissions by 26% by 2030.
Additionally, by 2050, the country will attempt to cut its greenhouse gas emissions
by 80%. The country has an ambitious goal of having 200,00 fuel cell vehicles by 2025
and 800,000 by 2030. Also, the country plans to launch 900 hydrogen refueling
stations and 1200 fuel cell buses by 2030.

Exhibit 66 Clean Hydrogen Market in Japan 2020–2026 ($ million)
90 14%
80
12%
70
10%
60
CAGR 50 8%
12.90%
40 6%
30
4%
20
2%
10
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 38.30 43.07 48.53 54.82 61.97 70.11 79.34
Growth Rate 12.45% 12.68% 12.95% 13.05% 13.15% 13.15%
Source: Arizton
In 2020, the clean hydrogen market in Japan was valued at $38.30 million, which is

China: Market Size & Forecast
China is the largest hydrogen producer in the world. The country produces
approximately 20 million tons of hydrogen annually, which is about one-third of the
world’s total hydrogen
output. Most of the country’s How China Plans to Achieve Carbon
hydrogen gas comes from Neutrality
coal, and electrolysis • Reduce carbonization by promoting

contributes just 3% of the electric vehicles
• Introduce 5000 fuel-cell vehicles by
entire hydrogen supply. In 2020 and 1 million by 2030
China, hydrogen is currently • Give tax exemptions for hydrogen
vehicles
used for industrial and
chemical processes and other applications. China is the second-largest market in
APAC and accounted for a market share of 23.48% in 2020. The country is one of the
fastest-growing economies in the world. In the country, the commercialization of
clean or renewable hydrogen may be getting closer to becoming a reality with the
emergence of numerous solar and wind power to gas projects in the past few months.
Following are some of the ongoing and upcoming projects in the country:
› State Power Investment Corporation Limited (SPIC) has signed a deal with Siemens
Energy for cooperation in green hydrogen development in the coming years. In addition,
the company has also purchased a PEM electrolysis system from the German company
› The second largest power company in the country China Huaneng has cemented a deal
Jilin Baicheng government to develop a 2-gigawatt wind farm with a power-to-gas system
› China Datang has announced its plan to invest in a 6 MW solar-based hydrogen

production demo project in Datong city of Shanxi Province
› Siemens Energy and Beijing Green Hydrogen Technology Development Co., Ltd., have
signed an agreement to provide a green hydrogen production solution for a hydrogen
fueling station in Yanqing District, Beijing.
› China Huadian Corporation has announced its plan to jointly develop a 100 MW solar
project with Weichai, an automotive hydrogen company. The power generated will be
used to produce clean hydrogen
Thus, such clean hydrogen projects will drive the growth of the hydrogen market
and the clean hydrogen market in the country.

Exhibit 67 Clean Hydrogen Market in China 2020–2026 ($ million)
80 16%
70 14%
60 12%
50 10%
CAGR
13.76% 40 8%
30 6%
20 4%
10 2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 34.29 38.90 44.16 50.21 57.11 65.08 74.32
Growth Rate 13.46% 13.51% 13.69% 13.75% 13.96% 14.18%
Source: Arizton
In 2020, the clean hydrogen market in China was valued at $34.29 million, which is

Australia: Market Size & Forecast
Australia's gas pipeline and network owners have already invested $138 million in
projects that involve clean hydrogen to reduce carbon emissions and achieve the net-
zero goal by 2050. Several Australian clean hydrogen vendors are working on a
shorter timeframe than 2050, as some states are pushing to have 10% hydrogen in gas
pipelines by 2030. Thus, companies are seeking government funding for hydrogen
projects to establish infrastructure that supports the delivery of clean hydrogen
blended with natural gas and its storage as a form of renewable energy.
Following are some of the ongoing clean hydrogen projects in the country:
› The UK-based solar developer Eco Energy World has unveiled plans to build the world's
largest clean hydrogen projects in Australia. The plants are predicted to produce 33,000
tons of clean hydrogen a year at the cost of $387.97 million
› Sumitomo Corp. has signed a Front-End Engineering and Design (FEED) contract with
JGC Holdings to build a green hydrogen plant in Gladstone, Queensland. The plant will
start operations in 2023 and produce 250-300 mt of green hydrogen annually and cater to
the industry, mobility, and port sectors
› InterContinental Energy, CWP Energy Asia, and Vestas & Macquarie have announced
plans to launch a 14 GW plant to produce clean hydrogen. The project will be completed
at an estimated cost for this project is $36 billion and launched in 2027
› In February 2021, the Province Resource announced that an 8 GW plant would be

installed in Western Australia by 2030, which will produce clean hydrogen and ammonia
for heavy transport and industry use
› In 2020, Hydrogen Renewable Australia and Copenhagen Infrastructure Partners

announced their plans to install a renewable hydrogen plant in Western Australia by
2028. The plant will have a capacity of 5 GW and is expected to cost approximately $12
billion
› Austrom Hydrogen plans to build a 3.6-GW solar battery complex in Queensland to

power a green hydrogen export hub. The project is named Pacific Solar Hydrogen and
will produce more than 200,000 tons of clean hydrogen annually, which will be exported
to Japan, South Korea, and other countries
› H2U, a developer of green hydrogen infrastructure, is developing H2-Hub Gladstone in

Australia to deliver 5,000 tons of hydrogen at an expected cost of $1.6 billion. The project
is expected to be completed by 2025

Therefore, numerous ongoing and upcoming clean hydrogen projects will cater to
transport, industrial, and power generation sectors in Australia and drive the growth
of the market.
Exhibit 68 Clean Hydrogen Market in Australia 2020–2026 ($ million)
50 14%
45
12%
40
35 10%
30
CAGR 8%
25
12.83%
6%
20
15 4%
10
2%
5
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 22.85 25.70 28.92 32.61 36.83 41.63 47.15
Growth Rate 12.44% 12.54% 12.75% 12.94% 13.05% 13.25%
Source: Arizton
In 2020, the clean hydrogen market in Australia was valued at $22.85 million, which

India: Market Size & Forecast
India can decarbonize its energy-intensive sectors such as industry, transport, and
power by using clean hydrogen. The country has committed to reducing the emission
intensity of its economic activities by 33%–35% by 2030 under the Paris agreement
on climate change. The government of India has drafted policies to reduce emissions
from the power generation and transport sectors, which contributes a major share of
emissions.
The country is adopting various approaches to decarbonize its economy and develop
a hydrogen ecosystem. The Government of India is developing a clear roadmap for
a self-reliant country, positioning it as a manufacturing hub that is well integrated
with the global supply chain. The country is committed to environmental and climate
causes with a massive thrust on deploying renewable energy and energy efficiency
measures during the past six years. Additionally, the country has increased its
renewable power portfolio from 32 GW to almost 100 GW. The country is on track to
achieve its 450 GW target of renewable energy generating capacity by 2030.
Exhibit 69 Clean Hydrogen Market in India 2020–2026 ($ million)
40 14%
35 12%
30
10%
25
CAGR 8%
12.55% 20
6%
15
4%
10
5 2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 18.74 21.04 23.64 26.59 29.94 33.73 38.08
Growth Rate 12.27% 12.38% 12.49% 12.59% 12.68% 12.89%
Source: Arizton
In 2020, the clean hydrogen market in India was valued at $18.74 million, which is

South Korea: Market Size & Forecast
Korea is a country that has transitioned from an agricultural economy to one driven
by high-value industries such as automotive, shipbuilding, and advanced
manufacturing. The country is also accounted for world-class semiconductor,
consumer electronics, and ICT infrastructure.
Korea is looking to build a society that harnesses hydrogen as a source of energy for
mobility and power generation. According to the Korea Energy Economics Institute
(KEEI), the hydrogen industry is worth $11.01 billion in 2020 and is projected to reach
$20.92 billion by 2030. The country already has a mature hydrogen industry and most
growth and capital investment in the industry in the coming years is expected to
come from mobility and power generation applications.
The country has announced ambitious plans to become a hydrogen-based economy

by 2050. The Government of South Korea has plans for three hydrogen-powered
cities by 2022 and increasing the deployment of fuel cell vehicles. The country aims
to expand the use of hydrogen across South Korea’s SK Group plans to
several industries, especially the invest $16 billion over the next 5
heating and mobility sectors. The years in developing the country’s
production of FCVs will increase to hydrogen industry.
810,000 by 2022 and 6.2 million by
2040. The government plans to import hydrogen as well as produce its domestically.
› Bloom Energy and SK Engineering and Construction announced that they won a
competitive bid to supply solid-oxide fuel cells (SOFC) powered by 100% renewable
hydrogen to an industrial complex in Changwon, South Korea. This partnership will
enable Bloom Energy to launch its hydrogen-powered fuel cells and electrolyzers to
produce renewable hydrogen in the South Korean market.

Exhibit 70 Clean Hydrogen Market in South Korea 2020–2026 ($ million)
30 14%
12%
25
10%
20
CAGR 8%
12.44% 15
6%
10
4%
5
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 12.68 14.20 15.93 17.90 20.14 22.70 25.61
Growth Rate 12.02% 12.21% 12.32% 12.52% 12.71% 12.85%
Source: Arizton
In 2020, the clean hydrogen market in South Korea was valued at $12.68 million,

MIDDLE EAST & AFRICA

22 MIDDLE EAST & AFRICA

Clean hydrogen is rapidly becoming a focal point of the energy transition discussion
in the world, and the Middle East & Africa is no exception as several governments in
the region want to diversify their energy sector and economies. The tremendous
potential for clean hydrogen in the Gulf region is attributable to the abundant
availability of renewable energy resources. Also, the abundance of land, stable
economic climate, and the availability of physical and intellectual infrastructure
dealing with large-scale oil, gas, and power projects will accelerate the growth of the
market.
Exhibit 71 Global Clean Hydrogen Market in Middle East & Africa in 2020 ($ million)
Morocco
Morocco Saudi Arabia

$11.90 Mn $14.45 Mn
Oman
$11.62 Mn
Saudi Arabia
Oman
Source: Arizton
In the African region, Morocco has a solid vision of producing clean hydrogen and
ammonia. Also, the potential to eventually export these products could become a
major source of revenue for the country in the future. The country has positioned
itself as a potential accelerator of the energy transition and enabler of the wider global
decarbonization initiatives.
The hydrogen race has begun worldwide with the announcement of several plans to
increase the production of hydrogen, especially clean hydrogen. Several countries
such as Morocco, Oman, Saudi Arabia, and the UAE have announced a number of

plans to stay in the global race. Among the countries in the region, Saudi Arabia and
Morocco account for the most important projects in clean hydrogen.
Installed
Company Targeted
Country Electrolyzer Products
Name Year
Capacity
Saudi Arabia ARAMCO 4,000 MW 2025 Clean Hydrogen
MASEN 100 MW 2024 Clean Hydrogen
Morocco SAIPEM/ALBORA
Clean Hydrogen &
N/Hydrogen/ON 300~500 mw 2025
Clean Ammonia
EE/IRESEN
Source: Arizton
The demand for clean hydrogen in the region will grow significantly, reaching about
530 million tons. Also, this growing demand for clean hydrogen will potentially
displace roughly 10.4 billion oil barrels by 2050.
Exhibit 72 Clean Hydrogen Market in Middle East & Africa 2020–2026 ($ million)
120 16%
14%
100
12%
80
10%
CAGR
60 8%
11.63%
6%
40
4%
20
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 56.67 62.23 68.48 76.19 85.35 96.54 109.68
Growth Rate 9.81% 10.04% 11.26% 12.03% 13.11% 13.61%
Source: Arizton
In 2020, the clean hydrogen market in Middle East & Africa was valued at $56.67
million, which is expected to grow at a CAGR of 11.63% to reach $109.68 million by

2026.

22.3 TECHNOLOGY
Technology 2020 2021 2022 2023 2024 2025 2026 CAGR
SO Electrolyzer 3.42 3.56 3.73 3.93 4.16 4.43 4.75 5.66%
Total 56.67 62.23 68.48 76.19 85.35 96.54 109.68 11.63%
Source: Arizton
22.4 END-USER
End-user 2020 2021 2022 2023 2024 2025 2026 CAGR
Transport 26.35 29.09 32.03 35.85 40.42 46.12 52.65 12.23%
Industrial 11.89 13.00 14.31 15.86 17.69 19.88 22.54 11.24%
Others 3.90 4.23 4.60 5.02 5.49 6.03 6.64 9.28%
Total 56.67 62.23 68.48 76.19 85.35 96.54 109.68 11.63%
Source: Arizton

22.5 KEY COUNTRIES
Exhibit 73 Incremental Growth in Middle East & Africa 2020 & 2026
SAUDI ARABIA $14.45 MN $27.50 MN 11.32%
MOROCCO $11.90 MN $22.43 MN 11.14%
OMAN $11.62 MN $21.32 MN 10.65%
Source: Arizton
INCREMENTAL GROWTH
INCREMENTAL GROWTH
TOP 3 CONTRIBUTORS
ABSOLUTE GROWTH
93.53%
$0.90 MN
$0.88 MNY
X
$0.83 MN
OMAN MOROCCO SAUDI

2020 2026 ARABIA

Saudi Arabia: Market Size & Forecast
In 2020, Saudi Arabia accounted for a revenue share of 25.50% in the Middle East and
Africa. Various industries and organizations are investing in initiatives to study the
impact and efficiency of clean hydrogen production in Saudi Arabia. The hot and dry
conditions in the country are significant parameters of such studies, which could
potentially bring a positive change to the clean hydrogen market during the coming
years.
The world’s biggest crude exporter, Saudi Arabia, is now seeking to have less-
polluting alternative hydrocarbons. The country does not want to lose the
tremendous business opportunities in the clean hydrogen business to China,
Australia, and other countries in Europe. Thus, the country is building a $5 billion
plant powered entirely by solar and wind energy, which will be the world's biggest
hydrogen manufacturing plant when it is launched in the planned megacity of Neom
in 2025. Several experts believe that Saudi Arabia has excellent potential to emerge
as one of the leaders in the global clean hydrogen market.
Exhibit 74 Clean Hydrogen Market in Saudi Arabia 2020–2026 ($ million)
30 14%
12%
25
10%
20
CAGR 8%
11.32% 15
6%
10
4%
5
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 14.45 16.07 17.87 19.89 22.15 24.67 27.50
Growth Rate 11.18% 11.24% 11.29% 11.34% 11.40% 11.45%
Source: Arizton
In 2020, the clean hydrogen market in Saudi Arabia was valued at $14.45 million,

Morocco: Market Size & Forecast
In 2020, Morocco accounted for a revenue share of 21% in the Middle East & Africa.
Although the North African Arab country does not have hydrocarbons, it is blessed
with an abundance of solar and wind
potential. The country is pushing ahead
According to the German Federal
with plans to exceed 50% sufficiency in
Ministry of Economic Cooperation
renewable energy sources by 2030 within
and Development, Morocco can
a long-term strategy to achieve 100% in
produce 4% of the global demand
2050.
for clean hydrogen by 2030.
The total renewable energy installed in
the country at present accounts for 35% of
its electricity output. By the end of 2019, the country’s solar energy projects accounted
for 736 megawatts (MW) out of the total renewable energy mix of 3,264 MW. Morocco
is one of the most advanced countries in successfully planning and executing its
renewable strategies. The country is focusing on producing 42% of renewable energy
by 2020 and 52% by the end of 2030. These ambitious plans are supported by the local
government coupled with favorable policies to expand the renewable energy sector.
Following are the recent developments in the market:
› The country has signed an agreement with Germany to develop the first industrial green
gas production plant on the African continent. The project will enable the country to
produce green hydrogen and set up and invest in R&D projects for renewable hydrogen
› The Moroccan Solar Energy Agency (MASEN) has proposed the "Power-to-X” scheme to
produce green hydrogen. Morocco and Germany are collaborating on this green
hydrogen project to build a 100 MW renewable energy plant in the North African country.
› Morocco and Germany are also focusing on a second project that will entail creating a
research platform on “Power-to-X” to promote knowledge transfer and skill-building
initiatives in partnership with the Institute for Research in Solar Energy and New Energy
(IRESEN)
Thus, the growing number of projects in Morocco is undoubtedly making the country
a forerunner of climate and energy policy in the region. The country is planning to
supply vast quantities of solar energy and clean hydrogen to Europe and accelerate
climate neutrality in the region and worldwide.

Exhibit 75 Clean Hydrogen Market in Morocco 2020–2026 ($ million)
25 12%
10%
20
8%
15
CAGR
11.14% 6%
10
4%
5
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 11.90 13.22 14.69 16.32 18.14 20.17 22.43
Growth Rate 11.07% 11.10% 11.12% 11.15% 11.18% 11.21%
Source: Arizton
In 2020, the clean hydrogen market in Morocco was valued at $11.90 million, which

Oman: Market Size & Forecast
Oman is the third-largest clean hydrogen market in the Middle East & Africa. In 2020,
the country accounted for a revenue share of 20.50% in the market. A group of
international companies has expressed interest in investing in clean hydrogen
projects in the country’s special economic zone and free zones.
OPAZ (Public Authority for Special Economic Zones and Free Zones) has designated
a zone for clean energy in the Special Economic Zone at Duqm. The electrical energy
plants in the zone will cover an area of 100 km2 and have installed about 10 GW. Such
strategic clean hydrogen projects by international players will promote the growth
of environmentally friendly alternatives Oman has the potential to evolve
to oil and gas byproducts in the country. as a $20 billion clean hydrogen
market by 2050.
The DEME concessions and OQ
Alternative Energy have also signed a
partnership to develop clean hydrogen plants in the Special Economic Zone at Duqm,
Oman. The projects will include the installation of electrolyzers with capacities of 200
MW and 500 MW in the first phase.
Exhibit 76 Clean Hydrogen Market in Oman 2020–2026 ($ million)
25 12%
10%
20
8%
15
CAGR
6%
10.65%
10
4%
5
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 11.62 12.83 14.18 15.68 17.36 19.23 21.32
Growth Rate 10.43% 10.51% 10.60% 10.69% 10.78% 10.87%
Source: Arizton
In 2020, the clean hydrogen market in Oman was valued at $11.62 million, which is

LATIN AMERICA
23 LATIN AMERICA
Latin America accounts for 3.18% of the global clean hydrogen market. The region
has the smallest share in the overall clean hydrogen market owing to revenue
generated from two large economies in the region, namely Chile and Mexico. Other
countries in the region, such as Uruguay, Argentina, Brazil, Peru, and Portugal, also
serve as major markets in the region.
Exhibit 77 Global Clean Hydrogen Market in Latin America in 2020 ($ million)
Mexico
Chile
$9.80 Mn
Chile
Mexico
$4.27 Mn
Source: Arizton
The Latin American countries will facilitate the cheapest production of clean
hydrogen in 2030. Also, by 2030, clean hydrogen will become cheaper than blue
hydrogen in many markets in the region. Chile is the indisputable leader in both the
public and private sectors in the Latin American region and accounts for a revenue
share of 32.23%. Other countries such as Costa Rica, Colombia, French Guiana,
Paraguay, Uruguay, and Argentina are also launching several clean hydrogen
projects. Uruguay and Paraguay are investing in initiatives to develop hydrogen
roadmaps, export clean electricity, decarbonize transport and cooperate with other
countries. Brazil is facing minor challenges in scaling up its projects. Various levels
of project development in the region are producing different challenges and
opportunities. Factors such as political and industrial leadership, financial incentives,

demand mapping, and robust regulatory frameworks will play a key role in
commercializing clean hydrogen and building carbon-neutral economies in the
region.
Following are the clean hydrogen projects announced in Latin America in March
2021:
› The United Nations Joint Sustainable Development Goal (SDG) Fund has announced that
Uruguay will receive a Renewable Energy Innovation Fund (REIF) to support its energy
transition and decarbonization objectives. The program will help the country combat
climate change and support cleantech financing in energy storage, smart grid, and green
hydrogen
› In Mexico, the Ministry of Environment and Natural Resources is currently conducting

an environmental impact assessment for a 58 MW solar power plant to enable the
generation of clean hydrogen
› Delicias Solar, a solar power project developer, has submitted a project that involves
setting up 140,000 solar modules to power a 75 MW hydrogen power plant with an
estimated annual production of 4,425 tons.
Exhibit 78 Carbon Dioxide Emissions in Latin America from 2010–2019 (Million Tons)
1,600
1,400
1,200
1,000
800
600
400
200
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Therefore, several initiatives undertaken by governments in the region will help

establish the infrastructure to produce clean hydrogen and support the growth of the
market.

Exhibit 79 Clean Hydrogen Market in Latin America 2020–2026 ($ million)
70 16%
60 14%
12%
50
10%
CAGR 40
8%
11.46%
30
6%
20
4%
10 2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 30.39 33.27 36.54 40.43 45.27 51.14 58.29
Growth Rate 9.45% 9.86% 10.63% 11.96% 12.97% 13.98%
Source: Arizton
In 2020, the clean hydrogen market in Latin America was valued at $30.39 million,
23.3 TECHNOLOGY
Technology 2020 2021 2022 2023 2024 2025 2026 CAGR
SO Electrolyzer 1.90 1.97 2.05 2.15 2.26 2.39 2.55 5.07%
Total 30.39 33.27 36.54 40.43 45.27 51.14 58.29 11.46%
Source: Arizton

23.4 END-USER
End-user 2020 2021 2022 2023 2024 2025 2026 CAGR
Transport 14.24 15.63 17.15 18.96 21.38 24.37 28.05 11.95%
Industrial 6.32 6.90 7.58 8.39 9.33 10.46 11.82 10.98%
Others 2.06 2.23 2.43 2.65 2.90 3.19 3.51 9.30%
Total 30.39 33.27 36.54 40.43 45.27 51.14 58.29 11.46%
Source: Arizton

23.5 KEY COUNTRIES
Exhibit 80 Incremental Growth in North America 2020 & 2026
CHILE $9.80 MN $19.38MN 12.05%
MEXICO $4.27 MN $8.24 MN 11.57%
Source: Arizton
INCREMENTAL GROWTH
INCREMENTAL GROWTH TOP 3 CONTRIBUTORS
ABSOLUTE GROWTH
91.79%
$9.59 MN
Y
X
$3.97 MN
2020 2026 BRAZIL CHILE

Chile: Market Size & Forecast
Chile has a unique opportunity to develop a competitive clean hydrogen industry as

the electricity in the country is
produced with low-cost
“Clean hydrogen is a strategic
renewable resources. Also, the
opportunity for Chile. Our country is
country uses energy from
the ideal place to produce and export
renewable energy sources for
clean hydrogen and its derivatives,
domestic purposes and exports
including ammonia, methanol and
it to promote a sustainable
synthetic fuels.”
economy. This opportunity can
add a clean value to Chile's Juan Carlos Jobet, Energy Minister in Chile
products and reduce the

country’s carbon footprint
associated with industrial activities and transportation. Chile has emerged as an
exporter of renewable energy through its energy and clean label products. The
country's solar and wind power sectors have quickly matured in the past six years.
Also, the country has increased its production capacity and has allocated 70% of the
power grid to carry electricity from renewable energy sources.
The country has set a goal of producing the cheapest clean hydrogen on the planet
and featuring among the top three exporters two decades from now. Clean hydrogen
will reduce Chile’s clean house gas emissions by 25% and enable the country to meet
its 2050 carbon-neutrality target. In November 2020, the country presented its
National Clean Hydrogen Strategy. The country has a goal to reach a 5 GW of
electrolysis capacity by 2025 and produce the cheapest clean hydrogen by 2030. Also,
the company wants to emerge as one of the top three exporters of clean hydrogen by
2040.
Clean hydrogen will also allow Chile to decarbonize the production process for
copper, which is its main export item. Energy is a major input for mining, and the
expansion of solar and wind farms would help reduce the sector's carbon footprint.
The mining industry in the country accounts for 70% of the country’s toxic emissions.
Therefore, the adoption of renewable energy sources such as solar photovoltaic and

wind power will enable the country to replace diesel with clean hydrogen and
prevent the generation of 7 million tons of carbon dioxide emissions annually.
Exhibit 81 Clean Hydrogen Market in Chile 2020–2026 ($ million)
25 14%
12%
20
10%
15
CAGR 8%
12.05%
6%
10
4%
5
2%
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 9.80 10.93 12.23 13.70 15.36 17.24 19.38
Growth Rate 11.63% 11.88% 11.99% 12.08% 12.29% 12.41%
Source: Arizton
In 2020, the clean hydrogen market in Chile was valued at $9.80 million, which is

Mexico: Market Size & Forecast
Mexico was estimated as the second-largest market for clean hydrogen market in
Latin America, with a market share of 14.06% in 2020. The Mexican Ministry of
Environment and Natural resources is currently conducting an environmental
impact assessment for a 58 MW solar power plant to generate clean hydrogen.
In February 2020, numerous initiatives were undertaken by the Mexican

government. The country has launched the Mexican Hydrogen Association (AMH)
to aid in developing a national hydrogen plan that will enable the future replacement
of fossil fuels with cleaner alternatives in power plants in the country. The
organization includes more than 30 energy companies and energy trade groups and
agencies from the states of Coahuila, Sonora, Tamaulipas, Hidalgo, and Nuevo León.
Exhibit 82 Clean Hydrogen Market in Mexico 2020–2026 ($ million)
9 14%
8
12%
7
10%
6
CAGR 5 8%
11.57%
4 6%
3
4%
2
2%
1
0 0%
2020 2021 2022 2023 2024 2025 2026
Revenue 4.27 4.76 5.30 5.91 6.60 7.37 8.24
Growth Rate 11.32% 11.40% 11.52% 11.63% 11.67% 11.88%
Source: Arizton
In 2020, the clean hydrogen market in Mexico was valued at $4.27 million, which is

COMPETITIVE LANDSCAPE
24 COMPETITIVE LANDSCAPE
24.1 COMPETITION OVERVIEW
The global clean hydrogen market is concentrated in nature and characterized by the
presence of numerous global and domestic vendors across geographies. Linde Plc,
Air Liquide, ENGIE, Siemens Energy, and Uniper SE are some of the prominent
vendors in the market. These companies are always at the forefront to deliver high-
quality clean hydrogen. They also invest considerable amounts in R&D activities to
offer a competitive product line.
In recent years, Europe has dominated the global clean hydrogen market. The
European clean hydrogen producers dominate the global market as they account for
more than 50% of production output in terms of volume. Some of the small
businesses in the market include Cummins, NEI ASA, and Toshiba Energy System &
Solution Corporation. These small-size vendors focus on capitalizing on their
product portfolio that best suits the domestic requirements.
Over the past decade, several companies have engaged in mergers and acquisitions
to establish their presence in the market. Mergers and acquisitions offer several
benefits, such as better access to procuring raw materials, distribution, and R&D, and
are largely driven by consolidation.
Due to the highly competitive and volatile environment in the market, companies
have started focusing on sustainability with a commitment to generate more value
from fewer resources. Also, several companies focus on turning environmental
challenges and societal concerns into product innovations. Key players such as Linde
and Air Liquide are involved in several ongoing suitability partnerships.
Sustainability has emerged as a fundamental strategic approach for vendors to gain
a competitive edge in the market.
Companies with better technical and financial resources can develop innovative
products that could pose a threat to competitor products, making them non-
competitive or obsolete before they can recover R&D and commercialization costs.
Therefore, vendors have to develop new technologies and need to remain abreast
with upcoming innovations to have a competitive advantage over other vendors. The

existing global players are increasing their investment in R&D initiatives to ensure
continuous customer-centric product innovations.
Many vendors also consistently face the challenge of investing monetary resources
in new technology deployment, component manufacturing, and other R&D
activities. Cost is considered to be a major hindrance to adopting clean hydrogen in
developing markets. However, better warranty, after-sales service and maintenance,
and seasonal discounts can accelerate the demand for clean hydrogen products.
Further, reducing the installation costs by partnering with the local rebate system
and incentive schemes can work out well for accelerating the adoption in the
underdeveloped clean hydrogen markets.
The stringent regulations related to energy assessment and conservation have

contributed to the development of products that vary in design and specifications as
per the latest frameworks. The success of clean hydrogen is highly dependent on its
production cost during the forecast period, especially in the APAC region. Vendors
must always keep pace with the latest industry regulations for manufacturing clean
hydrogen to avoid penalties and criminal sanctions. The demand for clean hydrogen
is expected to accelerate due to the decarbonization benefits and potential to increase
renewables deployment.
Several countries in APAC, such as China and India, have more opportunities to
adopt clean hydrogen due to a significant increase in industrial activities in the
region. Factors such as rising foreign investment activities, easy accessibility to raw
materials, and availability of cheap labor have encouraged major industrial
manufacturers to establish their plants in APAC. Thus, the adoption of clean
hydrogen by players in the industrial sector in APAC will counter global warming
effects in the region.
Despite being the third-largest market, the room for market expansion is immense in
APAC. The region has countries with considerably large populations that frequently
travel for various purposes, significantly increasing vehicular emissions from the
transport industry. Therefore, the use of clean hydrogen in the transport industry in
APAC will provide an environment-friendly fuel alternative. Acquiring profitable
dealers and distributors for product penetration can be crucial in the densely
populated regions of APAC and Latin America. However, the acceptance level for

clean hydrogen can be higher in several Latin American countries such as Peru,
Colombia, and Chile due to pre-existing interests and numerous applications of
renewable energy sources. Also, success in these Latin American markets can depend
on supply chain strength and transparency.

25 KEY COMPANY PROFILES

25.1 LINDE PLC
Business Overview
Headquartered in the UK, the company is a leading global manufacturer of industrial

gases and engineering technologies. The primary products of the company include
industrial and atmospheric gases (oxygen, nitrogen, argon, and other rare gases). The
company also designs and builds equipment that produces industrial gases for
internal use. The company serves various end markets, including chemical and
refining, food and beverage, electronics, healthcare, manufacturing, and primary
metals. The company’s industrial gases can be used in many applications, including
life-saving oxygen for hospitals, high-purity and specialty gases for electronics
manufacturing, and hydrogen for clean fuels.
Key Strategies
› The company aims to promote environment-friendly products
› The company aims to embed diversity and inclusion in all aspects of human resource
policies and processes
Key Strengths
› The company offers industrial gases as well as process gases
› The company serves a diverse group of industries across more than 100 countries and has
79,886 employees worldwide
Key Opportunities
› The company has growth opportunities in all the region and diverse end markets

25.2 AIR LIQUIDE

Business Overview
The company is a world leader in gases, technologies, and services for industry and
health. Established in 1902, the company is headquartered in Paris. The company has
a presence in 80 countries, with approximately 6,600 employees serving more than
3.6 million customers and patients. The company's ambition is to be a leader in its
industry, deliver long-term performance, and contribute to sustainability. The
company relies on operational excellence, selective investments, and open
innovations to expand its presence in the market.
Key Strategies
› The company has acquired Airgas to expand its size, both geographically and in terms of
market
› The company’s four strategic pillars include operational excellence, selective investments,
open innovations, and skilled network organizations
Key Strengths
› The company has a robust, profitable, regular, and responsible growth model
› The company has a strong product portfolio that includes medical oxygen cylinders,
smartphones, energy solutions, and food products
› The company has a strong presence across several geographies
Key Opportunities
› The development of new patient-centric technologies and healthcare systems in emerging

economies offers a tremendous growth opportunity for the company

25.3 ENGIE
Business Overview
The company is a publicly listed organization and specializes in low-carbon energy

and services. Headquartered in Paris, the company specializes in renewable energies,
services, gas, and electricity and offers competitive solutions to customers. The
company has its presence in almost 70 countries and five continents. The company is
a key player in Europe and a leader in energy transitions.
Key Strategies
› The company wants to enable business and local authorities to make the transition to
carbon neutrality. Hence the company has a strong positioning in the renewable energies
and low-carbon thermal energy production sector
› It is focusing on the development of renewable energies and investing in advanced

technologies
Key Strengths
› The company has a strong presence across five continents
› It is committed to accelerating the transition to a carbon-neutral world
Key Opportunities
› The company can work on reducing the price of electrolysis

25.4 UNIPER SE
Business Overview
Established in 2016, the company ranks among large power generation and trading
companies in Europe and is headquartered in Germany. The company specializes in
power generation, global commodities, energy storage, energy sales, commodity
trading, engineering services, energy service, energy solutions, energy technologies,
OEM independence, asset management, industrial and manufacturing plants, and
nuclear energy.
Key Strategies
› The company operates in adherence with the EC’s European Green Deal for climate-
neutrality in Europe by 2050.
› The company is committed to substantially contribute to the decarbonization of the

German and European energy systems by reducing carbon dioxide emissions
Key Strengths
› The company is a major player in the European region and is focused on reducing carbon
dioxide emissions
Key Opportunities
› The company can expand its business in other geographic locations

25.5 SIEMENS ENERGY

Business Overview
Siemens Energy is one of the leading energy technology companies and works with
customers and partners on energy systems for the future. The company covers almost
all the energy value chain- from power generation and transmission to storage. The
company's product portfolio includes conventional and renewable energy
technology, such as gas and steam turbines, hybrid power plants operated with
hydrogen, and power generators and transformers.
Key Strategies
› The company’s strategy is to empower the customer to meet the growing global demand
for energy while transitioning to a more sustainable world
› It has innovative technologies, extensive energy experience, and an ambitious strategy to

decarbonize the global energy system
Key Strengths
› The company employs 91,000 people worldwide in more than 90 countries
› It specializes in industrial applications, power generation and transmission, industrial

applications, and renewables
Key Opportunities
› The company can work on highly efficient gas turbines

26 OTHER PROMINENT VENDORS

26.1 AIR PRODUCTS INC
Business Overview
Air Products is an industrial gases company that was established in 1940.

Headquartered in the US, the company is focused on serving the environment and
the energy and other emerging markets. The company offers essential industrial
gases-related equipment and applications expertise to several industries, including
refining, chemical, metals, electronics, manufacturing, and food & beverages. The
company is also a global leader in the supply of liquified natural gas process
technology and equipment. The company develops, engineers, builds, and operates
some of the world's largest industrial gas projects.
26.2 CLEAN HYDROGEN SYSTEM

Business Overview
The company was founded in 2007 and is headquartered in Denmark. The company
provides efficient, standardized, and modular electrolyzers that produce clean
hydrogen using renewable energy at the lowest cost. The company’s technology is
already in use in North America and Europe. The company’s rapidly emerging
OEMs segment is an area of particular focus of its future growth. The company
manufactures electrolyzers, hydrogen, hydrogen refueling stations, automotive
hydrogen, clean gensets, and bus hydrogen refueling stations.
26.3 CUMMINS INC

Business Overview
Cummins is an industry leader in designing, manufacturing, building, and installing

industrial and commercial hydrogen systems. The company has over 70 years of
experience. Also, the company has over 500 electrolyzers in operation and over 2,000
fuel cells powering hundreds of vehicles. The company provides hydrogen
generators for industrial processes and fueling stations, hydrogen fuel cells for
electric vehicles, and hydrogen storage and power systems for optimizing renewable
energy systems such as wind, solar, and hydropower.

26.4 TOSHIBA ENERGY SYSTEMS & SOLUTIONS

CORPORATION
Business Overview
Toshiba Energy Systems & Solutions Corporation was established in 2017 and is a
part of the Toshiba Group. The company develops, manufactures, and sells energy
business products, systems, and services. The company has achieved in its power
system business the shipments of turbines with a cumulative of 200.000 megawatts
output capacity.
26.5 NEL ASA

Business Overview
NEL ASA is a Norwegian company based in Oslo. The company was established in
1927 and is headquartered in Norway. NEL ASA is a dedicated hydrogen company
that delivers optimal solutions to produce, store, and distribute hydrogen from
renewable energy. The company serves industries such as energy and gas companies
with leading hydrogen technology. The company provides hydrogen solutions that
cover hydrogen production technologies and hydrogen fueling stations. The
company’s solutions enable industries to transition to green hydrogen and
manufacture long-range FCEVs with the same efficiency as conventional fossil-
fueled vehicles.
The company believes renewable hydrogen will emerge as the ideal fossil fuel
alternative in the future due to the following reasons:
› An emission-free energy carrier that can replace oil and gas
› Hydrogen is the element with the highest energy density
› Hydrogen can be easily produced from water and renewable energy through electrolysis
› Large scale introduction of renewable energy is dependent on energy storage solutions
Key Highlight of Organization
› In 1922, the first small electrolyzer was installed in Norway, which was testing for pure
hydrogen to fertilizer production

› In 1940, the largest installation in the world of water electrolyzer was installed in Norway.
The electrolyzer had a capacity of 30,000 Nm3/hour from hydropower
› In 1974, the renowned electrolyzer technology made available for other companies and
other industries
› In 1988, the world first electrolyzer supplied to non-asbestos alkali electrolyzer
› In 2001, the company introduced the first pressurized electrolyzer into the market
› In 2003, the company opened the world's first hydrogen fueling stations in Iceland
› In 2004, the company became the first 100% hydrogen company listed on the Oslo stock
exchange
› In 2015, the company acquired H2 logic, which was the leading hydrogen fueling
technology to the product portfolio
› In 2017, the company acquired Proton Onsite, which was leading PEM electrolysis
technology to product portfolio, and becomes the world's largest electrolyzer company
› In 2018, the company completed the construction of the world's largest manufacturing
plant for hydrogen fueling stations, with a capacity of 300 units per year
› In 2020, the company launched its first H2 station in Korea.
26.6 SGH2 ENERGY

Business Overview
The company is part of the Solena Group, which is a multinational company. The
main focus of the company is the gasification of waste into hydrogen. Also, the
company holds the exclusive rights to build, own, and operate Solena Plasma
Enhanced Gasification (SPEG) technology to produce green hydrogen. SGH2 has
ongoing projects worldwide in several countries, such as Australia, the UK, China,
South Korea, and Japan.
Key Highlights of Organization
Following are a few strategic partners of the company:
› Fluor is one of the world’s largest publicly-traded, engineering, procurement

construction, and management company

› Munich Re is a leading global provider of reinsurance, primary insurance, and insurance-

related risk solutions
› Stork, a Fluor company, delivers a complete portfolio of operation maintenance,

modification, and set integrity solutions, covering the entire asset lifecycle
26.7 SUN GREEN H2

Business Overview
SunGreenH2 was established in 2020 and is headquartered in Singapore. The

company is transforming green hydrogen production using the electrolysis method
with patented and highly innovative electrodes made from nanostructured
materials. The company is building a modular and high efficiency electrolyzer
system without using any platinum group metals. The company is providing
sustainable hydrogen production for energy storage, building heat, and mobility
sectors.
The company is enabling sustainable hydrogen production for fuel cell applications
in the transport, buildings, remote heat, and power sectors. The company focuses on
100% on-site generation of green hydrogen instead of buying and transporting a large
amount of hydrogen. SunGreenH2’s low-cost, efficient, modulate, and scalable
technology is the most cost-effective way for customers with fuel cell applications to
meet their green hydrogen needs and sustainability goals.
› The company is generating green hydrogen by using solar energy and water to produce
zero emissions hydrogen
› Its patented technology is a result of five years of cutting-edge research and innovation
born out of a vision for decarbonized energy sources
› SungreenH2’s green hydrogen panel enables sustainable hydrogen production for

transport, buildings, and specialty chemical sectors

26.8 GREEN HYDROGEN

Business Overview
Established in 2007, Green Hydrogen is headquartered in Denmark. The company

provides efficient, standardized, and modular electrolyzers to produce green
hydrogen using renewable energy at the lowest cost. Green hydrogen plays a key
role in the ongoing fundamental shift in our energy system toward a net-zero
emission society by 2050.
› The company has more than 10 years of development and commercially proven and cost-
competitive electrolysis technology, endorsed by leading wind energy companies
› The company combines ultra-efficient, standardized, and modular electrolysis

technology with an onsite production approach to bring the cost-competitive green
hydrogen to producers of hydrogen fueling stations.
› Its technology is already used in Northern Europe. The rapidly emerging OEMs segment
is a particular area of focus for the company’s future growth
› In 2020, the company inaugurated a new combined manufacturing plant with R&D and
office facilities in Kolding, Denmark. This modern production and testing facility is
equipped with equipment and technology to optimize manufacturing and provide the
highest levels of quality and safety. The 4,500 square meter facility with a production
capacity of 75 MW has completed the first phase of the company’s expansion plan
26.9 FUEL CELL ENERGY

Business Overview
Established in 1969, the company is headquartered in the US. The company provides
efficient, affordable, and clean solutions for the supply, recovery, and storage of
energy. The company designs, manufactures, undertakes project development,
installs, operates, and maintains megawatt-scale fuel cell systems. The company
caters to utilities and industrial and large municipal power users. The company’s
power plants are not considered hydrogen fuel cells because their feedstock is not
pure hydrogen and byproducts of electric generation include carbon dioxide.

› The company is a global leader with environmentally friendly, responsible power

solutions
› The company’s headquarters are located in Danbury, Connecticut
› The company serves the European market from Germany and the Asian market from
South Korea
› The company operates the world's largest fuel-cell park called Gyeonggi Green Energy
Fuel Cell Park, located in South Korea. Overall the company operates 50 plants
› The company operates the largest fuel-cell park in North America, consisting of five 2.8
MW power plants
26.10 PLUG POWER

Business Overview
Plug Power is an American company that was established in 1997 as a joint venture
between DTE Energy and Mechanical Technologies. The company is the leading
provider of comprehensive, turnkey hydrogen fuel cell solutions. Amid an ongoing
paradigm shift to address climate change, the company's innovative technology
provides energy gains and enables it to meet sustainability goals.
› In 2017, the company announced its first shipments of ProGen fuel cell energy designed
for electric delivery vehicles and the adoption of its GenDrive system
› In 2020, the company introduced 125 kW of ProGen fuel cell engines for heavy-duty off-
road equipment
› In 2021, the company has signed a memorandum with French automobile manufacturer
Renault
› The company is the largest buyer of liquid hydrogen and has built more hydrogen
refueling stations globally

26.11 MCPHY
Business Overview
Established in 2008, the company is headquartered in France. The company is a

leading supplier of hydrogen production and distribution equipment. Also, the
company contributes to the development of clean hydrogen throughout the world.
The company supplies electrolyzers to produce hydrogen from water and electricity
from the grid or wind farms, or solar power plants. The McPhy group specializes in
designing, producing, and integrating high-pressure alkaline electrolyzer and
hydrogen stations.
› The company has 35 stations and 45 MW of high-power electrolysis in operation. McPhy

is the key player to support the decarbonization of industry, mobility, and energy
› The company has three development, engineering, and production units in France, Italy,
and Germany
› The company is a leading supplier of hydrogen production and distribution equipment
› The company has established itself as a world leader in the production and distribution
of zero-carbon hydrogen equipment
26.12 ARKEMA
Business Overview
Arkema is a France-based company that was established in 2004. The company is

headquartered in Colombes, France, and specializes in specialty chemicals and
advanced materials. The company operates under three business segments: high-
performance materials, coating solutions, and industrial chemicals. The high-
performance material segment includes the following business units: technical
polymers, filtration and absorption, and organic peroxide. The industrial chemicals
segment includes thiochemicals, fluorochemicals, polymethyl methacrylate, and
hydrogen peroxide business units.

› The company has a presence in more than 55 countries and employs around 20,000 people
worldwide
› The company has 13 research centers worldwide, including France, the US, and China,
and 144 production plants in Europe, North America, and the rest of the world
› The company is a global leader in manufacturing and supplying chemical products
› The company also provides hydrogen tanks for fuel cell electric vehicles
26.13 SYMBIO
Business Overview
The company was established in 2010 and is headquartered in France. The company
designs fuel cell kits that can be incorporated into various different types of electric
vehicles (utility vehicles, vans, buses, heavy goods vehicles, and boats). Also, the
company is associated with a wide range of digital services, such as vehicle repairs,
remote fleet management. The company specializes in fuel cell systems, vehicle fuel
cell system integration, hydrogen, zero-emission, air quality, and electric vehicles.
› The company aims to become a world leader in hydrogen mobility by developing,

producing, and marketing hydrogen fuel cell systems for light vehicles, commercial
vehicles, buses, and trucks
› The company has a patented technology and a proven capacity for industrialization
› The company is committed to setting new production standards by 2023 and produce
200,00 units by 2030 to unlock massive opportunities in fuel cell development for
sustainable and easy mobility
26.14 ACWA POWER

Business Overview
The ACWA Power was established in 2004 and is headquartered in Saudi Arabia.
The company is a developer, investor, and operator of power generation and
desalinated water production plants. The company’s portfolio includes 62 assets with

an investment value of $62.6 billion, which produce 38.9 GW of power and 5.8 million
m3/day of desalinated water. The company specializes in renewable energy and
desalination.
› The company has a presence in Middle East & Africa, South Africa, and Southeast Asia
› The company's energy portfolio includes efficient combined cycle power plants, solar and
concentrated solar power, geothermal, wind, waste-to-energy, and coal pollution
mitigation
› The company is the largest power and water developer in the GCC region. The company
has a presence in 13 countries
26.15 CWP GLOBAL

Business Overview
CWP global is a renewable energy development company that is active in Europe

and Australia. The company was established in 2007 as a joint venture of Continental
Winds Partners and Wind Prospect. The company is an innovator in renewable
energy development, inspired to provide energy solutions to build a sustainable
future. The company recognizes that wind and solar energy are viable and an
economically compelling pathway to powering the world without a cost to the
environment.
› The company has wind and solar plants with a capacity of 1.4 GW, which is under
development in Bulgaria, Romania, and Serbia
› CWP global and Partners Group formed the Grassroots Renewable Energy trust to create
the largest renewable energy portfolio in Australia
› In 2020, the company got approval from the Western Australian Government to install a
15 GW hybrid of solar and wind plants

26.16 HYPOINT
Business Overview
The company was established in 2018 and is a US-based start-up. The company is
developing a next-generation hydrogen fuel cell system with zero carbon dioxide
emissions and game-changing energy performance for the air transportation and
urban air mobility markets. The company’s solutions increase the operational time
by five times and utilization rate by ten times while decreasing the total cost of
ownership of any flying platform.
› The company aims to build the next-generation hydrogen fuel system that can cater to
the aircraft manufacturers’ needs for high specific power and density
› The company’s patented technology can deliver a revolutionary lightweight climate-

independent fuel cell with an extended life span
26.17 ENAPTER
Business Overview
Enapter is a German start-up that was established in 2017. The company is building
a patented modular hydrogen generator that is ready to use across various industrial
and mobility applications. The company develops the AEM electrolyzers for
hydrogen production from water and electrical energy. Hydrogen is the most
important element to replace hydrocarbons such as gas, oil, coal, and all fossil fuels.
The company produces electrolyzers designed to be stacked, allowing for flexible

and modular deployment of any size. The aim is to convert excess energy produced
by renewable sources to power Enapter electrolyzers. The company specializes in
energy management systems, hydrogen electrolysis, AEM electrolyzer, green
hydrogen, electrolyzer, and hydrogen generation.
› The company is the fastest-growing start-up in Italy, with offices in Germany, Thailand,
and Russia

› The company designs and manufactures highly efficient hydrogen generators. The core
technology is built on unique and patented Anion Exchange Membrane electrolysis
› Enapter’s AEM electrolyzers are deployed in over 33 countries. The company has offices
across Europe and Asia
26.18 HYTECH POWER

Business Overview
Hytech Power is a US-based Startup that offers hydrogen energy solutions for
internal combustion engine-based vehicles. The company was established in 2018
and is headquartered in the US. The company provides hydrogen power solutions
dedicated to creating clean, efficient, and renewable energy solutions. Initially, the
company delivered fuel efficiency products to the US diesel retrofit market using
unique and patented software and hardware technology. The new Hitch Power, LLC
has been formed to make yet another impactful leap in fuel, emissions, and overall
engine performance, while providing users considerable benefits to their bottom line.
› The company provides hydrogen solutions for internal combustion engine-based vehicles
26.19 HYON
Business Overview
Hyon is a joint venture company formed by three hydrogen energy solution

providers. The company is a joint venture owned by Nel ASA, Hexagon Composites,
and Power cell Sweden and was established in 2017. The company develops and
delivers turnkey solutions for the complete hydrogen value chain, from production
to utilization. The company also delivers products to the power-to-power sector,
renewable energy storage, and fuel cell solutions.
› The company is equally owned by Nel, Hexagon Pururs and PowerCell
› The company manages and develops projects for effectively integrated and optimal zero-
emissions power solutions for the customer

26.20 BALLARD POWER SYSTEM

Business Overview
The company is a developer and manufacturer of Proton Exchange Membrane fuel

cell products for markets such as heavy-duty motive. The company was established
in 1979 and is headquartered in Canada. The company products and services are
used in various markets, from heavy-duty motive power to materials handling,
backup power, UAV, marine, and rail applications.
› The company offers a wide range of benefits for several markets, which include lowering
the cost of energy use, longer operating lifetimes, and positive environmental impact
› The company’s vision is to become a world leader in the development, manufacture,

sales, and servicing of hydrogen fuel cell power systems
26.21 BLOOM ENERGY

Business Overview
The company was established in 2001 and is headquartered in the US. The company's
mission is to make clean, reliable energy affordable for everyone in the world. The
company manufactures and markets solid oxide fuel cells that produce electricity on
site. Bloom Energy is a distributed electric power solution to build for the digital age
and deliver highly reliable, clean, and sustainable energy solutions.
› The company’s power generation system is the most efficient on the planet, providing
significantly reduced operating costs and producing dramatically lower greenhouse gas
emissions
› Some of the largest companies in the world trust Bloom Energy to power their business
with clean, reliable, and resilient energy. The company’s customers include many fortune
100 companies and leaders in manufacturing, data centers, healthcare, retail, higher
educations, utilities, and other industries.

26.22 ROUGE H2 ENGINEERING GMBH

Business Overview
Established in 2015, the company is headquartered in Austria. The company

specializes in producing hydrogen and solid-state storage and systems for cleaner,
greener, smarter, and more efficient cities globally. The company's mission is to
empower everyone to build a more sustainable, circular, efficient hydrogen economy
locally.
› The company's priority is to implement systems that produce no air pollution, zero
emissions, or significantly fewer emissions for customers, and better world

REPORT SUMMARY
27 REPORT SUMMARY
27.1 KEY TAKEAWAYS
› In 2020, the global clean hydrogen market was valued at $2,098.44 million, which is
expected to grow at a CAGR of 14.01% during the forecast period
› A major growth driver for the market is a considerable increase in carbon dioxide
emissions from the transport, industrial, and power generation sectors. Clean hydrogen
ensures zero emission of carbon dioxide in the environment
› Alkaline electrolyzers are widely adopted owing to their low price, which lowers the
production cost associated with clean hydrogen
› Based on technology type, the alkaline electrolyzer is the largest segment and accounts
for a market share of 58.75%, followed by the PEM electrolyzer segment with 34.72%
› The clean hydrogen produced using an alkaline electrolyzer will be the fastest growing
technology during the forecast period owing to its low price
› The PEM electrolyzer technology segment is expected to grow at a CAGR of 13.93%

during the forecast period
› In 2020, the transport segment of the market accounted for the largest revenue share. The
segment is expected to emerge as the largest end-user segment of the market during the
forecast period
› In 2020, Europe dominated the global clean hydrogen market. Several European countries
have pledged to decarbonize their economies and achieve carbon neutrality by 2050. Such
decarbonization initiatives worldwide are accelerating the demand for clean hydrogen as
a low-carbon alternative for oil, gas, and fossil fuels
› The clean hydrogen market in APAC will grow at a CAGR of 12.67% during the forecast
period. Factors such as easy accessibility to raw materials and cheap labor have attracted
foreign investment in APAC, which has supported the growth of the industrial, transport,
and power generation sectors in the region
› Factors such as low dependency on oil and gas, investments in the construction and
infrastructure sector, and favorable government policies will boost the market in the

27.2 STRATEGIC RECOMMENDATIONS
› Clean hydrogen manufacturers have tremendous opportunities in APAC due to

increasing foreign investment, which has boosted the industrial and transport sectors in
the region. Thus, manufacturers can launch their plants in the region to cater to the
increasing use of clean hydrogen in these sectors
› Clean hydrogen manufacturers must focus on alternatives as the manufacturing process

for clean hydrogen is relatively costlier than that for grey or blue hydrogen
› Companies must focus on balanced geographic expansion in emerging markets
› Companies must invest in R&D activities to ensure their success and a sustainable
presence in the market
› Other prominent vendors need to increase their presence and market share in both
developing and developed countries through business expansion plans or acquiring
regional vendors
› Owing to rising global warming, the demand for alternatives for oil, gas, diesel, and fossil
fuel will increase in the future. Hydrogen is the best alternative to fossil fuels and will
play an instrumental role in decarbonizing economies worldwide. Thus, companies must
focus on developing clean hydrogen products at relatively lower prices
› The highly competitive environment is likely to intensify further with the increase in
technological innovations and strategic acquisitions. Therefore, new and emerging
players must focus on developing innovative technologies in the market

28 QUANTITATIVE SUMMARY
28.1 MARKET BY GEOGRAPHY
REGION 2020 2021 2022 2023 2024 2025 2026 CAGR
NORTH AMERICA 182.83 203.79 228.45 257.67 293.04 336.20 388.16 13.37%
EUROPE 539.79 610.01 691.99 793.62 917.02 1,063.78 1,243.52 14.92%
APAC 146.03 162.06 180.39 202.07 228.32 259.65 298.79 12.67%
MIDDLE EAST & AFRICA 56.67 62.23 68.48 76.19 85.35 96.54 109.68 11.63%
LATIN AMERICA 30.39 33.27 36.54 40.43 45.27 51.14 58.29 30.39
TOTAL 955.72 1,071.34 1,205.85 1,369.99 1,569.00 1,807.30 2,098.44 14.01%
Source: Arizton
28.2 EUROPE
By Technology
TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026 CAGR
ALKALINE ELECTROLYZER 316.32 360.64 412.37 476.11 554.56 647.69 759.50 15.72%
PEM ELECTROLYZER 187.85 211.37 238.90 273.68 315.04 364.48 427.54 14.69%
SO ELECTROLYZER 35.63 38.00 40.71 43.82 47.42 51.60 56.48 7.98%
TOTAL 539.79 610.01 691.99 793.62 917.02 1,063.78 1,243.52 14.92%
Source: Arizton

TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026
ALKALINE ELECTROLYZER 58.60% 59.12% 59.59% 59.99% 60.47% 60.89% 61.08%
PEM ELECTROLYZER 34.80% 34.65% 34.52% 34.49% 34.35% 34.26% 34.38%
SO ELECTROLYZER 6.60% 6.23% 5.88% 5.52% 5.17% 4.85% 4.54%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton
By End-user
END-USER 2020 2021 2022 2023 2024 2025 2026 CAGR
TRANSPORT 243.72 280.24 321.56 374.51 438.50 514.46 607.15 16.43%
POWER GENERATION 140.89 159.01 181.14 207.29 239.04 277.45 325.43 14.97%
INDUSTRIAL 116.59 128.90 143.46 161.09 182.77 208.33 239.33 12.73%
OTHERS 38.59 41.86 45.83 50.73 56.72 63.54 71.61 10.85%
TOTAL 539.79 610.01 691.99 793.62 917.02 1063.78 1243.52 14.92%
Source: Arizton
END-USER 2020 2021 2022 2023 2024 2025 2026
TRANSPORT 45.15% 45.94% 46.47% 47.19% 47.82% 48.36% 48.83%
POWER GENERATION 26.10% 26.07% 26.18% 26.12% 26.07% 26.08% 26.17%
INDUSTRIAL 21.60% 21.13% 20.73% 20.30% 19.93% 19.58% 19.25%
OTHERS 7.15% 6.86% 6.62% 6.39% 6.19% 5.97% 5.76%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton

28.3 NORTH AMERICA

By Technology
TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026 CAGR
SO ELECTROLYZER 12.10 12.75 13.45 14.35 15.35 16.54 17.93 6.77%
TOTAL 182.83 203.79 228.45 257.67 293.04 336.20 388.16 13.37%
Source: Arizton
TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026
SO ELECTROLYZER 6.62% 6.26% 5.89% 5.57% 5.24% 4.92% 4.62%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton
By End-user
END-USER 2020 2021 2022 2023 2024 2025 2026 CAGR
TRANSPORT 83.52 94.00 106.12 120.33 137.85 158.91 184.56 14.13%
INDUSTRIAL 38.98 43.05 47.81 53.83 60.92 69.72 80.20 12.78%
OTHERS 12.91 14.06 15.36 17.00 18.89 21.26 24.04 10.92%
TOTAL 182.83 203.79 228.45 257.67 293.04 336.20 388.16 13.37%
Source: Arizton

END-USER 2020 2021 2022 2023 2024 2025 2026
TRANSPORT 45.68% 46.13% 46.45% 46.70% 47.04% 47.27% 47.55%
INDUSTRIAL 21.32% 21.12% 20.93% 20.89% 20.79% 20.74% 20.66%
OTHERS 7.06% 6.90% 6.72% 6.60% 6.45% 6.32% 6.19%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton
28.4 APAC
By Technology
TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026 CAGR
SO ELECTROLYZER 9.42 9.90 10.45 11.07 11.77 12.58 13.51 6.19%
TOTAL 146.03 162.06 180.39 202.07 228.32 259.65 298.79 12.67%
Source: Arizton
TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026
SO ELECTROLYZER 6.45% 6.11% 5.79% 5.48% 5.16% 4.84% 4.52%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton

By End-user
END-USER 2020 2021 2022 2023 2024 2025 2026 CAGR
TRANSPORT 67.39 75.79 84.85 95.36 108.50 124.31 144.97 13.62%
INDUSTRIAL 30.86 33.97 37.66 42.10 47.26 53.36 60.81 11.97%
OTHERS 10.19 11.08 12.14 13.39 14.83 16.56 18.62 10.56%
TOTAL 146.03 162.06 180.39 202.07 228.32 259.65 298.79 12.67%
Source: Arizton
END-USER 2020 2021 2022 2023 2024 2025 2026
TRANSPORT 46.15% 46.77% 47.04% 47.19% 47.52% 47.88% 48.52%
INDUSTRIAL 21.13% 20.96% 20.88% 20.83% 20.70% 20.55% 20.35%
OTHERS 6.98% 6.84% 6.73% 6.63% 6.50% 6.38% 6.23%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton

28.5 MIDDLE EAST & AFRICA

By Technology
TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026 CAGR
SO ELECTROLYZER 3.42 3.56 3.73 3.93 4.16 4.43 4.75 5.66%
TOTAL 56.67 62.23 68.48 76.19 85.35 96.54 109.68 11.63%
Source: Arizton
TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026
SO ELECTROLYZER 6.03% 5.72% 5.45% 5.15% 4.87% 4.59% 4.33%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton
By End-user
END-USER 2020 2021 2022 2023 2024 2025 2026 CAGR
TRANSPORT 26.35 29.09 32.03 35.85 40.42 46.12 52.65 12.23%
INDUSTRIAL 11.89 13.00 14.31 15.86 17.69 19.88 22.54 11.24%
OTHERS 3.90 4.23 4.60 5.02 5.49 6.03 6.64 9.28%
TOTAL 56.67 62.23 68.48 76.19 85.35 96.54 109.68 11.63%
Source: Arizton

END-USER 2020 2021 2022 2023 2024 2025 2026
TRANSPORT 46.50% 46.75% 46.78% 47.05% 47.36% 47.77% 48.00%
INDUSTRIAL 20.98% 20.89% 20.90% 20.81% 20.72% 20.60% 20.55%
OTHERS 6.88% 6.80% 6.72% 6.59% 6.44% 6.25% 6.06%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton
28.6 LATIN AMERICA

By Technology
TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026 CAGR
SO ELECTROLYZER 1.90 1.97 2.05 2.15 2.26 2.39 2.55 5.07%
TOTAL 30.39 33.27 36.54 40.43 45.27 51.14 58.29 11.46%
Source: Arizton
TECHNOLOGY 2020 2021 2022 2023 2024 2025 2026
SO ELECTROLYZER 6.24% 5.92% 5.61% 5.31% 5.00% 4.68% 4.38%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton

By End-User
END-USER 2020 2021 2022 2023 2024 2025 2026 CAGR
TRANSPORT 14.24 15.63 17.15 18.96 21.38 24.37 28.05 11.95%
INDUSTRIAL 6.32 6.90 7.58 8.39 9.33 10.46 11.82 10.98%
OTHERS 2.06 2.23 2.43 2.65 2.90 3.19 3.51 9.30%
TOTAL 30.39 33.27 36.54 40.43 45.27 51.14 58.29 11.46%
Source: Arizton
END-USER 2020 2021 2022 2023 2024 2025 2026
TRANSPORT 46.87% 47.00% 46.94% 46.91% 47.24% 47.65% 48.12%
INDUSTRIAL 20.81% 20.74% 20.75% 20.75% 20.62% 20.45% 20.28%
OTHERS 6.78% 6.71% 6.65% 6.56% 6.41% 6.23% 6.03%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton

28.7 TECHNOLOGY
Alkaline Electrolyzer
REGION 2020 2021 2022 2023 2024 2025 2026 CAGR
EUROPE 316.32 360.64 412.37 476.11 554.56 647.69 759.50 15.72%
NORTH AMERICA 107.19 120.73 136.25 154.71 177.21 204.24 236.92 14.13%
APAC 86.04 96.13 107.67 120.92 137.38 156.53 180.43 13.14%
LATIN AMERICA 18.01 19.75 21.73 23.99 26.83 30.41 34.60 11.49%
TOTAL 561.45 634.54 719.10 821.44 947.32 1,097.03 1,277.41 14.68%
Source: Arizton
REGION 2020 2021 2022 2023 2024 2025 2026
EUROPE 56.34% 56.83% 57.35% 57.96% 58.54% 59.04% 59.46%
NORTH AMERICA 19.09% 19.03% 18.95% 18.83% 18.71% 18.62% 18.55%
APAC 15.33% 15.15% 14.97% 14.72% 14.50% 14.27% 14.12%
MIDDLE EAST & AFRICA 6.04% 5.88% 5.71% 5.57% 5.42% 5.30% 5.16%
LATIN AMERICA 3.21% 3.11% 3.02% 2.92% 2.83% 2.77% 2.71%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton
PEM Electrolyzer
REGION 2020 2021 2022 2023 2024 2025 2026 CAGR
EUROPE 187.85 211.37 238.90 273.68 315.04 364.48 427.54 14.69%
NORTH AMERICA 63.53 70.31 78.75 88.62 100.48 115.42 133.31 13.15%
APAC 50.57 56.03 62.28 70.09 79.17 90.54 104.85 12.92%
LATIN AMERICA 19.37 21.37 23.66 26.55 29.86 33.94 38.96 12.35%
TOTAL 331.80 370.62 416.36 473.23 540.72 622.73 725.81 13.93%
Source: Arizton

REGION 2020 2021 2022 2023 2024 2025 2026
EUROPE 56.61% 57.03% 57.38% 57.83% 58.26% 58.53% 58.91%
NORTH AMERICA 19.15% 18.97% 18.91% 18.73% 18.58% 18.53% 18.37%
APAC 15.24% 15.12% 14.96% 14.81% 14.64% 14.54% 14.45%
LATIN AMERICA 5.84% 5.77% 5.68% 5.61% 5.52% 5.45% 5.37%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton
SO Electrolyzer
REGION 2020 2021 2022 2023 2024 2025 2026 CAGR
EUROPE 35.63 38.00 40.71 43.82 47.42 51.60 56.48 7.98%
NORTH AMERICA 12.10 12.75 13.45 14.35 15.35 16.54 17.93 6.77%
APAC 9.42 9.90 10.45 11.07 11.77 12.58 13.51 6.19%
LATIN AMERICA 3.42 3.56 3.73 3.93 4.16 4.43 4.75 5.66%
TOTAL 62.46 66.18 70.39 75.31 80.96 87.54 95.22 7.28%
Source: Arizton
REGION 2020 2021 2022 2023 2024 2025 2026
EUROPE 57.04% 57.42% 57.83% 58.19% 58.57% 58.95% 59.31%
NORTH AMERICA 19.38% 19.26% 19.11% 19.05% 18.96% 18.89% 18.83%
APAC 15.08% 14.96% 14.84% 14.69% 14.54% 14.37% 14.18%
LATIN AMERICA 5.47% 5.38% 5.30% 5.21% 5.13% 5.06% 4.99%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton

28.8 END-USER
Transport
REGION 2020 2021 2022 2023 2024 2025 2026 CAGR
EUROPE 243.72 280.24 321.56 374.51 438.50 514.46 607.15 16.43%
NORTH AMERICA 83.52 94.00 106.12 120.33 137.85 158.91 184.56 14.13%
APAC 67.39 75.79 84.85 95.36 108.50 124.31 144.97 13.62%
LATIN AMERICA 14.24 15.63 17.15 18.96 21.38 24.37 28.05 11.95%
TOTAL 435.22 494.76 561.71 645.01 746.64 868.17 1,017.38 15.20%
Source: Arizton
REGION 2020 2021 2022 2023 2024 2025 2026
EUROPE 56.00% 56.64% 57.25% 58.06% 58.73% 59.26% 59.68%
NORTH AMERICA 19.19% 19.00% 18.89% 18.66% 18.46% 18.30% 18.14%
APAC 15.49% 15.32% 15.11% 14.78% 14.53% 14.32% 14.25%
LATIN AMERICA 3.27% 3.16% 3.05% 2.94% 2.86% 2.81% 2.76%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton
Power Generation
REGION 2020 2021 2022 2023 2024 2025 2026 CAGR
EUROPE 140.89 159.01 181.14 207.29 239.04 277.45 325.43 14.97%
NORTH AMERICA 47.43 52.68 59.16 66.51 75.38 86.31 99.37 13.12%
APAC 37.59 41.21 45.74 51.22 57.73 65.42 74.38 12.05%
LATIN AMERICA 7.76 8.50 9.38 10.42 11.65 13.12 14.91 11.49%
TOTAL 248.19 277.31 312.96 354.90 405.54 466.80 541.94 13.90%
Source: Arizton

REGION 2020 2021 2022 2023 2024 2025 2026
EUROPE 56.76% 57.34% 57.88% 58.41% 58.94% 59.44% 60.05%
NORTH AMERICA 19.11% 19.00% 18.90% 18.74% 18.59% 18.49% 18.34%
APAC 15.15% 14.86% 14.62% 14.43% 14.23% 14.01% 13.73%
LATIN AMERICA 3.13% 3.07% 3.00% 2.94% 2.87% 2.81% 2.75%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton
Industrial
REGION 2020 2021 2022 2023 2024 2025 2026 CAGR
EUROPE 116.59 128.90 143.46 161.09 182.77 208.33 239.33 12.73%
NORTH AMERICA 38.98 43.05 47.81 53.83 60.92 69.72 80.20 12.78%
APAC 30.86 33.97 37.66 42.10 47.26 53.36 60.81 11.97%
LATIN AMERICA 6.32 6.90 7.58 8.39 9.33 10.46 11.82 10.98%
TOTAL 204.65 225.82 250.82 281.27 317.97 361.74 414.70 12.49%
Source: Arizton
REGION 2020 2021 2022 2023 2024 2025 2026
EUROPE 56.97% 46.48% 45.84% 45.39% 45.07% 44.63% 44.16%
NORTH AMERICA 19.05% 15.52% 15.28% 15.17% 15.02% 14.94% 14.80%
APAC 15.08% 12.25% 12.03% 11.86% 11.65% 11.43% 11.22%
LATIN AMERICA 3.09% 2.49% 2.42% 2.36% 2.30% 2.24% 2.18%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton

Others
Global Clean Hydrogen Market by Others 2020–2026 ($ million)
REGION 2020 2021 2022 2023 2024 2025 2026 CAGR
EUROPE 38.59 41.86 45.83 50.73 56.72 63.54 71.61 10.85%
NORTH AMERICA 12.91 14.06 15.36 17.00 18.89 21.26 24.04 10.92%
APAC 10.19 11.08 12.14 13.39 14.83 16.56 18.62 10.56%
LATIN AMERICA 2.06 2.23 2.43 2.65 2.90 3.19 3.51 9.30%
TOTAL 67.66 73.46 80.36 88.80 98.84 110.58 124.42 10.69%
Source: Arizton
REGION 2020 2021 2022 2023 2024 2025 2026
EUROPE 57.05% 56.99% 57.03% 57.13% 57.38% 57.46% 57.56%
NORTH AMERICA 19.08% 19.13% 19.12% 19.15% 19.11% 19.23% 19.32%
APAC 15.07% 15.08% 15.10% 15.08% 15.01% 14.98% 14.97%
LATIN AMERICA 3.05% 3.04% 3.02% 2.99% 2.94% 2.88% 2.82%
TOTAL 100% 100% 100% 100% 100% 100% 100%
Source: Arizton

29 APPENDIX
29.1 ABBREVIATIONS
› UKHFCA UK Hydrogen and Fuel Cell Association
› APAC Asia Pacific
› MEA Middle East and Africa
› FH2R Fukushima Hydrogen Energy Research
› KEEI Korea Energy Economics Institute
› MW Mega Watt
› GW Giga Watt
› IRSEN Institute on Solar Energy and New Energies
› OPEZ Public Authority for Special Economic Zones and Free Zones
› AMH Mexican Hydrogen group association
› IPCC Intergovernmental Panel on Climate Change
› SMR Steam Methane Reforming
› ATR Auto Thermal Reforming
› DEWA Dubai Electricity and Water Authority
› IEA International Energy Agency
› FCEV Fuel Cell Electric Vehicles
› ENTSO-E European Network of Transmission System Operators for Electricity

DISCLAIMER
Arizton Advisory & Intelligence (Arizton) is an informative market research company involved in sharing
market-related insights. The analyses and graphics contained in our research reports or on www.arizton.com are
obtained from authentic sources, which are analyzed, and cross-validated by Key Opinion Leaders (KOLs) in the
respective industries. The quantitative information contained in Arizton’s reports are primarily based on
interviews and therefore, can be subject to fluctuation. Arizton takes no responsibility for any incorrect
information supplied by manufacturers, users, or other entities.
Market research reports from Arizton are intended for customers’ internal use only and not for general
publication or disclosure to third parties.
No part of the reports or services may be resold, circulated, lent, or disclosed to non-customers without the
written permission of Arizton. Furthermore, no part may be reproduced, or transmitted in any form or by any
means, electronic, photocopying, mechanical, recording, or otherwise without the permission of the publisher,
i.e., Arizton Advisory & Intelligence.
All trademarks, copyrights, and other forms of intellectual property belong to their respective owners and may
be protected by copyright laws. Under no circumstance can any of the copyrighted material be reproduced in
any form without the prior written agreement of their owner.
All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not
necessarily reflect formal positions or views of Arizton Advisory & Intelligence. The information used, and
statements of fact made are not guarantees, warranties, or representations as to their completeness or accuracy.
Arizton Advisory & Intelligence assumes no liability for any short-term or long-term decisions made by any
client, based on the analysis included in our reports.
For more information regarding permissions, reach out to us at info@arizton.com

For regional, country-specific reports for the same market or

custom requirements, please reach out to us at
info@arizton.com
CONTACT US Fax : +1 312 276 8383
AMERICAS : +1 (312) 235 2040

APAC : +65 3163 2660
Please visit us at
216 www.arizton.com
www.arizton.com Arizton 2021

Clean Hydrogen Market Global Outlook Forecast 2021-2026 Arizton

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Clean Hydrogen Market Global Outlook Forecast 2021-2026 Arizton

Uploaded by

Copyright:

Available Formats

LEGAL STATEMENT

The Information contained within the Service is either licensed from

Except as otherwise permitted in the agreement (if any) between

GLOBAL OUTLOOK & FORECAST

EMISPDF co-univalle03 from 45.5.164.17 on 2023-05-31 11:13:36 BST. DownloadPDF.

2 RESEARCH OBJECTIVES ................................................................................................................................. 16

4 SCOPE & COVERAGE....................................................................................................................................... 18

4.1 MARKET DEFINITION ...................................................................................................................................................................18

MARKET ESTIMATION CAVEATS ...........................................................................................................................18

4.2 BASE YEAR ........................................................................................................................................................................................19

4.3 SCOPE OF THE STUDY ..................................................................................................................................................................20

MARKET SEGMENTATION BY GEOGRAPHY ......................................................................................................21

5 REPORT ASSUMPTIONS & CAVEATS ......................................................................................................... 22

5.1 KEY CAVEATS ..................................................................................................................................................................................22

5.2 CURRENCY CONVERSION ..........................................................................................................................................................23

5.3 MARKET DERIVATION .................................................................................................................................................................24

7.1 OVERVIEW ........................................................................................................................................................................................40

7.2 DIFFERENT TYPES OF HYDROGEN ..........................................................................................................................................41

7.3 CLEAN OR GREEN HYDROGEN ................................................................................................................................................42

CHALLENGES FOR CLEAN HYDROGEN ..............................................................................................................43

7.4 REQUIREMENT OF CLEAN HYDROGEN ................................................................................................................................44

7.5 COST ANALYSIS ..............................................................................................................................................................................46

7.6 QUADRANT ANALYSIS OF CONSUMPTION AND PRODUCTION OF GREEN HYDROGEN ...............................48

SELF SUFFICIENT ...........................................................................................................................................................48

LIMITED POTENTIAL ...................................................................................................................................................51

8 GROWTH OPPORTUNITY BY SEGMENT .................................................................................................... 53

8.1 BY TECHNOLOGY ...........................................................................................................................................................................53

8.2 BY END-USER ...................................................................................................................................................................................55

8.3 BY REGION ........................................................................................................................................................................................56

9 IMPACT OF COVID-19 ..................................................................................................................................... 58

10 FREQUENTLY ASKED QUESTIONS .............................................................................................................. 60

10.1 HOW BIG IS THE CLEAN HYDROGEN MARKET? ...............................................................................................................60

2 www.arizton.com Arizton 2021

10.4 WHO ARE THE KEY PLAYERS IN THE MARET?...................................................................................................................60

11 MAJOR CLEAN HYDROGEN PROJECT SUMMARY .................................................................................. 61

SAUDI ARABIA ...............................................................................................................................................................62

12 MARKET OPPORTUNITIES & TRENDS ....................................................................................................... 65

12.1 ADVANTAGES OF CLEAN HYDROGEN .................................................................................................................................65

12.2 COST COMPETITIVENESS ............................................................................................................................................................68

13 MARKET GROWTH ENABLERS..................................................................................................................... 73

13.1 SUPPORTIVE GOVERNMENT POLICIES .................................................................................................................................73

14.1 PHYSICAL & CHEMICAL PROPERTIES OF CLEAN HYDROGEN ...................................................................................76

14.2 HIGH PRODUCTION COST ..........................................................................................................................................................78

15 MARKET LANDSCAPE .................................................................................................................................... 81

15.1 MARKET OVERVIEW .....................................................................................................................................................................81

15.2 MARKET SIZE & FORECAST ........................................................................................................................................................82

15.3 FIVE FORCES ANALYSIS ...............................................................................................................................................................84

THREAT OF NEW ENTRANTS ...................................................................................................................................85

BARGAINING POWER OF SUPPLIERS ....................................................................................................................85

BARGAINING POWER OF BUYERS ..........................................................................................................................85

THREAT OF SUBSTITUTES ..........................................................................................................................................85

COMPETITIVE RIVALRY ..............................................................................................................................................85

16.1 MARKET SNAPSHOT & GROWTH ENGINE ...........................................................................................................................87

16.2 MARKET OVERVIEW .....................................................................................................................................................................88

16.3 ALKALINE ELECTROLYZER........................................................................................................................................................90

MARKET OVERVIEW ....................................................................................................................................................90

MARKET SIZE & FORECAST .......................................................................................................................................92

MARKET BY GEOGRAPHY .........................................................................................................................................92

3 www.arizton.com Arizton 2021

16.4 PEM ELECTROLYZER.....................................................................................................................................................................93

MARKET OVERVIEW ....................................................................................................................................................93

MARKET SIZE & FORECAST .......................................................................................................................................94

MARKET BY GEOGRAPHY .........................................................................................................................................95

16.5 SO ELECTROLYZER ........................................................................................................................................................................96