Biohydrogen Market to Expand from $73.4 Million in 2023 to $146.7 Million by 2034

The Global Biohydrogen Market (바이오수소 시장) was valued at USD 73.4 million in 2023 and is projected to grow at a CAGR of 6.5%, reaching USD 146.7 million by the end of 2034. This growth is driven by increasing concerns over climate change and dwindling petroleum reserves, which are propelling the demand for sustainable energy alternatives like biohydrogen.

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Analyst Viewpoint

Rising concerns regarding climate change are significantly increasing the demand for biohydrogen. The utilization of fossil fuels is causing global climate change due to the emission of pollutants such as carbon dioxide and nitrous oxide. Biohydrogen serves as an environmentally safe alternative to fossil fuels. Additionally, the foreseeable depletion of limited fossil fuel reserves is promoting the use of green hydrogen to meet increasing global energy needs.

Key players in the global biohydrogen market are focused on producing green hydrogen from renewable sources like wind and solar power for use in various applications, including refinery operations and ammonia production.

Market Introduction

Hydrogen is a promising alternative to fossil fuels, being a clean and environmentally friendly fuel. Conventional methods of hydrogen production include electrolysis of water and steam reformation of natural gas. However, microbial metabolism is gaining traction in hydrogen production, leading to biohydrogen or clean hydrogen. Various renewable energy sources can be employed in biohydrogen production.

There are two basic types of biohydrogen production processes:

Sunlight-driven microbial photosynthetic processes: Use water or organic substrates.
Dark fermentations by heterotrophic bacteria: Employ starches, sugars, and other organic substrates.
Biofuel-derived hydrogen is a clean alternative fuel without carbon gas emissions. Biomass conversion through pyrolysis and/or gasification is a promising method for producing hydrogen. Biomass gasification, a mature controlled process, involves the use of heat, steam, and oxygen to convert biomass to hydrogen.

Market Drivers

Rise in Concerns Regarding Climate Change

Increase in concerns over climate change and the impact of human activity on the environment have led to growth in demand for sustainable energy sources.
Governments are investing in renewable energy to reduce emissions and achieve sustainability targets, contributing significantly to the biohydrogen market.

Renewable energy sources like solar, wind, and hydroelectric power are employed to produce hydrogen gas through electrolysis. Biohydrogen is environmentally friendly as it emits no greenhouse gases during production and use.

Example: Global energy consumption increased from 13,647 Mtoe in 2015 to 14,477 Mtoe in 2021 (IEA).

Dwindling Petroleum Reserves

Fossil fuels like petroleum are limited and production in oil fields is declining. Example: India's domestic oil production is expected to decline from 700 thousand barrels per day (b/d) to 540 thousand b/d by 2030.
The adoption of electric vehicles and improvements in energy efficiency are expected to prevent additional demand, benefiting the biohydrogen market.
High production costs and lack of comprehensive infrastructure for production, storage, and transportation hinder biohydrogen market revenue in developing countries.

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Regional Outlook

Leading Region: Asia Pacific

Asia Pacific held the largest market share in 2023, driven by increased investment in green hydrogen. Governments in several countries, including Australia, New Zealand, China, India, Japan, South Korea, and Singapore, have developed national hydrogen strategies to achieve energy security and climate targets.

Example:
In 2023, Japan revised its Basic Hydrogen Strategy and announced plans to boost the annual supply of hydrogen to 3 million tons by 2030, 12 million tons by 2040, and 20 million tons by 2050.
In April 2024, India launched a green hydrogen pilot project at the 1,500 MW Nathpa Jhakri Hydro Power Station, expected to produce 14 Kg of green hydrogen daily.

Key Players and Developments

Key players in the biohydrogen market include ExxonMobil Corporation, Linde Group, Air Products and Chemicals, Inc., BP, Shell Plc, and Chevron Corporation.

Recent Developments

H2Carrier: In April 2024, applied for permission to build two offshore wind farms in northeastern Norway to produce green hydrogen and ammonia on a floating vessel.

White Martins (Linde): In April 2024, announced plans to build and operate a 5MW pressurized alkaline electrolyzer in São Paulo, Brazil, to supply the local glass industry.

Market Segmentation

By Process

Stream Reforming
Fermentation
Others

By End-use

Food and Beverage
Automotive
Industrial
Pharmaceutical
Others

Regional Coverage

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Key Markets

Countries Covered:
U.S.
Canada
Germany
U.K.
France
Italy
Japan
China
India
Brazil
Mexico
South Africa
GCC

Companies Profiled

ExxonMobil Corporation
Linde Group
Air Products and Chemicals, Inc.
BP
Shell Plc
Chevron Corporation

Market Snapshot

Market Size in 2023: USD 73.4 million
Market Forecast (Value) in 2034: USD 146.7 million
Growth Rate (CAGR): 6.5%
Forecast Period: 2024-2034

Quantitative Units: USD million for value and tons for volume
Market Analysis: Includes segment analysis, regional level analysis, drivers, restraints, opportunities, key trends, Porter's Five Forces Analysis, value chain analysis, and key trend analysis.
Conclusion

The biohydrogen market (Biowasserstoffmarkt) is set for significant growth, driven by concerns over climate change and the depletion of fossil fuel reserves. Asia Pacific leads the market, supported by significant investments in green hydrogen infrastructure. Key players are focusing on sustainable production methods to meet the growing demands of various end-use industries.

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