Pink Hydrogen Market to Surpass USD 5.8 Bn by 2031, Expanding at 43.2 % CAGR - Transparency Market Research, Inc.

The global pink hydrogen market is set to experience extraordinary growth over the next few years, driven by the increasing demand for clean energy and the urgent need to reduce greenhouse gas emissions. Valued at US$ 160.0 Mn in 2022, the market is forecast to expand at a compound annual growth rate (CAGR) of 43.2% from 2023 to 2031, reaching US$ 5.8 Bn by 2031. Pink hydrogen, produced via electrolysis powered by renewable energy sources, is emerging as a sustainable fuel option that supports decarbonization in sectors such as transportation, chemical production, petrochemicals, steel, and domestic applications.

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Analysts' Viewpoint

The pink hydrogen market is witnessing strong momentum due to rising concerns over climate change and the global shift toward renewable energy. With limited resources available for traditional battery materials like graphite and lithium, significant R&D efforts have been directed towards alternative energy storage and fuel solutions. Pink hydrogen stands out for its environmental benefits, rapid production scalability via polymer electrolyte membrane (PEM) electrolysis, and its potential to reduce carbon emissions. This surge in demand for clean energy, driven by stringent government regulations and rising investment in renewable infrastructure, is expected to unlock substantial opportunities in the market. Additionally, increasing adoption across the transportation and chemical sectors is reinforcing its growth potential.

Market Introduction

Pink hydrogen is produced through the electrolysis of water using renewable energy sources such as wind, solar, and hydropower. Unlike conventional hydrogen production from fossil fuels, pink hydrogen minimizes environmental impact by utilizing green electricity. Two primary technologies used in its production are polymer electrolyte membrane (PEM) electrolysis and alkaline electrolysis, with PEM electrolysis dominating the market due to its efficiency, low operating temperatures, and high purity output. As countries implement robust policies to reduce carbon emissions and invest in sustainable energy solutions, pink hydrogen is becoming a critical component in the global energy mix.

Key Market Drivers

Increase in Demand for Clean Energy

Environmental Sustainability: As governments worldwide commit to net-zero emissions targets, pink hydrogen is emerging as a crucial clean energy source capable of reducing carbon footprints.

Versatile Applications: Its use in transportation, chemical production, and industrial processes offers a sustainable alternative to fossil fuels, bolstering its market potential.

Rise in Usage of Hydrogen Fuel

Energy Transition: With over 120 countries announcing net-zero emission goals, there is an escalating demand for clean hydrogen solutions. Pink hydrogen, with its low carbon footprint, is becoming integral to achieving these targets.
Supportive Policies: Initiatives such as the European Green Deal and partnerships like the Australia-U.S. Net Zero Technology Acceleration Partnership are accelerating the production and adoption of renewable hydrogen.

Dominance of PEM Electrolyzer Technology

Efficiency and Purity: PEM electrolyzers, which held 75.3% market share in 2022, are favored for their operational efficiency, low operating temperature, and high purity hydrogen production. These advantages help drive down costs and improve overall system performance.

Scalability: The efficiency of PEM technology supports the rapid scaling of pink hydrogen production, meeting the growing demands of various industrial sectors.

Extensive Usage in the Chemical Sector

Raw Material for Chemicals: Hydrogen is a key feedstock in the production of ammonia, methanol, and other chemicals. Adoption of pink hydrogen can substantially reduce the carbon footprint of chemical and petrochemical industries, driving market growth.

Regional Outlook

Europe

Europe is estimated to dominate the pink hydrogen market, holding the largest share in 2022 at 56.8%. Stringent energy regulations, robust government support, and significant investments in renewable energy projects are driving market growth in the region.

Asia Pacific

Asia Pacific holds a key market share of 20.1% due to aggressive investments in clean energy technologies and increasing government initiatives to reduce GHG emissions. Countries such as China and India are expected to play pivotal roles in expanding pink hydrogen production capacities.

Other regions, including North America, Latin America, and the Middle East & Africa, also present substantial opportunities as they increase their focus on sustainable energy solutions and infrastructure development.

Analysis of Key Players

The pink hydrogen market is moderately consolidated, with a few major players dominating the landscape. Leading companies are investing heavily in R&D to enhance production efficiency and reduce costs while expanding their product portfolios.

Key players include:

Siemens Energy
Air Products and Chemicals, Inc.
OKG Aktiebolag
Linde plc
Exelon Corporation
Air Liquide
Nel ASA
Hydrogen Systems
Iberdrola, S.A.
SGH2 Energy

These vendors are profiled based on parameters such as company overview, product portfolio, financial performance, and recent strategic developments aimed at expanding their market presence globally.

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Key Developments

January 2022: OKG Aktiebolag inked a significant deal with Linde Gas AB for the supply of pink hydrogen, signaling strong industry collaboration and a commitment to scale production.

2021: Exelon Generation announced plans to produce pink hydrogen as a byproduct of nuclear energy, receiving a U.S. Department of Energy grant to investigate on-site hydrogen production at the Nine Mile Point nuclear plant, demonstrating the technology's versatility and potential.

Market Segmentation

By Form:

Liquid
Gas

By Technology:

Polymer Electrolyte Membrane (PEM) Electrolyzer
Alkaline Electrolyzer

By End-use:

Transportation
Chemical
Petrochemical
Steel
Domestic
Others

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

By Country (Select):

Europe: Germany, U.K., France, Italy, Spain, Russia & CIS
Asia Pacific: China, Japan, India, ASEAN
Others: U.S., Canada, Brazil, Mexico, South Africa, GCC

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