- Published: January 2024
- Pages: 418
- Tables: 73
- Figures: 115
Demand for hydrogen and its derivatives is increasing, buoyed by sustainability initiatives and government funding. This extensive report examines the emerging global hydrogen market, providing 11-year projections across production, infrastructure, storage, distribution and end-use applications.
It assesses mainstream hydrogen varieties produced from renewable electricity, fossil fuels, and biomass etc. Competitive analysis compares commercial readiness, scalability potential and environmental impact to guide research and adoption roadmaps. Profiles of over 200 companies span electrolyzer manufacturing, hydrogen-based fuel synthesis, CO2 utilization, distribution logistics, dispensing infrastructure, storage vessels and fuel cell development etc.
Regional analysis covers North America, Europe, Asia Pacific and Rest of World markets based on national strategies, resource advantages and de-carbonization commitments driving public and private investments. Falling electrolysis costs, increasing scale manufacturing, maturing synthetic fuel pathways and intensifying policy tailwinds provide strong signals for an expanding role of hydrogen supporting decarbonization of industrial sectors and long-haul transport while providing vital grid balancing via energy storage. However, major challenges exist around achieving fossil independence, infrastructure availability, international standards development and coordinated adoption linkages between producing vs demanding sectors.
The report enables navigation of this complex ecosystem for practitioners through detailed assessments spanning science, industry activity and geopolitics needed for hydrogen to deliver on its immense promise supporting urgent real-economy de-carbonization. Report contents include:
- Assessment of hydrogen production methods - electrolysis, natural gas reforming, coal gasification etc.
- Analysis of hydrogen varieties - green, blue, pink, turquoise etc.
- Profiles of 200+ companies across the hydrogen value chain. Companies profiled include Advanced Ionics, Aker Horizons, C-Zero, Constellation, Dynelectro, Ekona Power, Electric Hydrogen, Enapter, EvoIOH, FuelCell Energy, Heliogen, HiiROC, Hycamite, Hystar, HydrogenPro, Innova Hydrogen, Ionomr Innovations, ITM Power, Jolt Electrodes, McPhy Energy SAS, Monolith Materials, NEL Hydrogen, Ohmium, Parallel Carbon, Plug Power, PowerCell Sweden, Pure Hydrogen Corporation Limited, Sunfire, Syzgy Plasmonics, Thiozen, Thyssenkrupp Nucera and Verdagy.
- Cost evolution analysis, scalability assessments and forecasts
- Technology analysis for hydrogen liquefaction, storage and transportation
- Applications and adoption roadmaps across transport, chemicals, steelmaking etc.
- Hydrogen utilization in fuel cells, internal combustion engines, turbines
- Synthetic fuels manufactured using hydrogen as key feedstocks
- National hydrogen strategies and policy frameworks globally
- Production trends and forecasts across Americas, Europe, Asia Pacific
- Renewable hydrogen for grid balancing and buffering intermittent supply
- Industrial usage for high-grade process heating requirements
- Decarbonization enabler for heavy industries like steel, shipping, aviation
- Market challenges around infrastructure availability, production costs, distribution networks
1 RESEARCH METHODOLOGY 21
2 INTRODUCTION 23
- 2.1 Hydrogen classification 23
- 2.2 Global energy demand and consumption 24
- 2.3 The hydrogen economy and production 24
- 2.4 Removing CO₂ emissions from hydrogen production 27
- 2.5 Hydrogen value chain 27
- 2.5.1 Production 27
- 2.5.2 Transport and storage 28
- 2.5.3 Utilization 28
- 2.6 National hydrogen initiatives 30
- 2.7 Market challenges 31
3 HYDROGEN MARKET ANALYSIS 33
- 3.1 Industry developments 2020-2024 33
- 3.2 Market map 48
- 3.3 Global hydrogen production 50
- 3.3.1 Industrial applications 51
- 3.3.2 Hydrogen energy 52
- 3.3.2.1 Stationary use 52
- 3.3.2.2 Hydrogen for mobility 52
- 3.3.3 Current Annual H2 Production 53
- 3.3.4 Hydrogen production processes 54
- 3.3.4.1 Hydrogen as by-product 55
- 3.3.4.2 Reforming 56
- 3.3.4.2.1 SMR wet method 56
- 3.3.4.2.2 Oxidation of petroleum fractions 56
- 3.3.4.2.3 Coal gasification 56
- 3.3.4.3 Reforming or coal gasification with CO2 capture and storage 56
- 3.3.4.4 Steam reforming of biomethane 57
- 3.3.4.5 Water electrolysis 58
- 3.3.4.6 The "Power-to-Gas" concept 59
- 3.3.4.7 Fuel cell stack 60
- 3.3.4.8 Electrolysers 61
- 3.3.4.9 Other 62
- 3.3.4.9.1 Plasma technologies 62
- 3.3.4.9.2 Photosynthesis 63
- 3.3.4.9.3 Bacterial or biological processes 64
- 3.3.4.9.4 Oxidation (biomimicry) 65
- 3.3.5 Production costs 65
- 3.3.6 Global hydrogen demand forecasts 67
- 3.3.7 Hydrogen Production in the United States 68
- 3.3.7.1 Gulf Coast 68
- 3.3.7.2 California 69
- 3.3.7.3 Midwest 69
- 3.3.7.4 Northeast 69
- 3.3.7.5 Northwest 70
- 3.3.8 DOE Hydorgen Hubs 71
- 3.3.9 US Hydrogen Electrolyzer Capacities, Planned and Installed 71
4 TYPES OF HYDROGEN 75
- 4.1 Comparative analysis 75
- 4.2 Green hydrogen 75
- 4.2.1 Overview 75
- 4.2.2 Role in energy transition 76
- 4.2.3 SWOT analysis 77
- 4.2.4 Electrolyzer technologies 78
- 4.2.4.1 Alkaline water electrolysis (AWE) 80
- 4.2.4.2 Anion exchange membrane (AEM) water electrolysis 81
- 4.2.4.3 PEM water electrolysis 82
- 4.2.4.4 Solid oxide water electrolysis 83
- 4.2.5 Market players 84
- 4.3 Blue hydrogen (low-carbon hydrogen) 86
- 4.3.1 Overview 86
- 4.3.2 Advantages over green hydrogen 86
- 4.3.3 SWOT analysis 87
- 4.3.4 Production technologies 88
- 4.3.4.1 Steam-methane reforming (SMR) 88
- 4.3.4.2 Autothermal reforming (ATR) 89
- 4.3.4.3 Partial oxidation (POX) 90
- 4.3.4.4 Sorption Enhanced Steam Methane Reforming (SE-SMR) 91
- 4.3.4.5 Methane pyrolysis (Turquoise hydrogen) 92
- 4.3.4.6 Coal gasification 94
- 4.3.4.7 Advanced autothermal gasification (AATG) 96
- 4.3.4.8 Biomass processes 97
- 4.3.4.9 Microwave technologies 100
- 4.3.4.10 Dry reforming 100
- 4.3.4.11 Plasma Reforming 100
- 4.3.4.12 Solar SMR 101
- 4.3.4.13 Tri-Reforming of Methane 101
- 4.3.4.14 Membrane-assisted reforming 101
- 4.3.4.15 Catalytic partial oxidation (CPOX) 101
- 4.3.4.16 Chemical looping combustion (CLC) 102
- 4.3.5 Carbon capture 102
- 4.3.5.1 Pre-Combustion vs. Post-Combustion carbon capture 102
- 4.3.5.2 What is CCUS? 103
- 4.3.5.2.1 Carbon Capture 108
- 4.3.5.3 Carbon Utilization 113
- 4.3.5.3.1 CO2 utilization pathways 114
- 4.3.5.4 Carbon storage 115
- 4.3.5.5 Transporting CO2 117
- 4.3.5.5.1 Methods of CO2 transport 117
- 4.3.5.6 Costs 120
- 4.3.5.7 Market map 122
- 4.3.5.8 Point-source carbon capture for blue hydrogen 124
- 4.3.5.8.1 Transportation 125
- 4.3.5.8.2 Global point source CO2 capture capacities 126
- 4.3.5.8.3 By source 127
- 4.3.5.8.4 By endpoint 128
- 4.3.5.8.5 Main carbon capture processes 129
- 4.3.5.9 Carbon utilization 135
- 4.3.5.9.1 Benefits of carbon utilization 139
- 4.3.5.9.2 Market challenges 141
- 4.3.5.9.3 Co2 utilization pathways 142
- 4.3.5.9.4 Conversion processes 145
- 4.3.6 Market players 161
- 4.4 Pink hydrogen 162
- 4.4.1 Overview 162
- 4.4.2 Production 162
- 4.4.3 Applications 163
- 4.4.4 SWOT analysis 163
- 4.4.5 Market players 165
- 4.5 Turquoise hydrogen 165
- 4.5.1 Overview 165
- 4.5.2 Production 165
- 4.5.3 Applications 166
- 4.5.4 SWOT analysis 167
- 4.5.5 Market players 168
5 HYDROGEN STORAGE AND TRANSPORT 169
- 5.1 Market overview 169
- 5.2 Hydrogen transport methods 170
- 5.2.1 Pipeline transportation 171
- 5.2.2 Road or rail transport 171
- 5.2.3 Maritime transportation 171
- 5.2.4 On-board-vehicle transport 171
- 5.3 Hydrogen compression, liquefaction, storage 172
- 5.3.1 Solid storage 172
- 5.3.2 Liquid storage on support 172
- 5.3.3 Underground storage 173
- 5.4 Market players 173
6 HYDROGEN UTILIZATION 175
- 6.1 Hydrogen Fuel Cells 175
- 6.2 Market overview 175
- 6.2.1 PEM fuel cells (PEMFCs) 176
- 6.2.2 Solid oxide fuel cells (SOFCs) 176
- 6.2.3 Alternative fuel cells 176
- 6.3 Alternative fuel production 177
- 6.3.1 Solid Biofuels 178
- 6.3.2 Liquid Biofuels 178
- 6.3.3 Gaseous Biofuels 179
- 6.3.4 Conventional Biofuels 179
- 6.3.5 Advanced Biofuels 179
- 6.3.6 Feedstocks 180
- 6.3.7 Production of biodiesel and other biofuels 182
- 6.3.8 Renewable diesel 183
- 6.3.9 Biojet and sustainable aviation fuel (SAF) 184
- 6.3.10 Electrofuels (E-fuels, power-to-gas/liquids/fuels) 187
- 6.3.10.1 Hydrogen electrolysis 191
- 6.3.10.2 eFuel production facilities, current and planned 194
- 6.4 Hydrogen Vehicles 198
- 6.4.1 Market overview 198
- 6.5 Aviation 199
- 6.5.1 Market overview 199
- 6.6 Ammonia production 200
- 6.6.1 Market overview 200
- 6.6.2 Decarbonisation of ammonia production 201
- 6.6.3 Green ammonia synthesis methods 203
- 6.6.3.1 Haber-Bosch process 203
- 6.6.3.2 Biological nitrogen fixation 204
- 6.6.3.3 Electrochemical production 204
- 6.6.3.4 Chemical looping processes 204
- 6.6.4 Blue ammonia 205
- 6.6.4.1 Blue ammonia projects 205
- 6.6.5 Chemical energy storage 205
- 6.6.5.1 Ammonia fuel cells 205
- 6.6.5.2 Marine fuel 206
- 6.7 Methanol production 210
- 6.8 Market overview 210
- 6.8.1 Methanol-to gasoline technology 210
- 6.8.1.1 Production processes 211
- 6.8.1.1.1 Anaerobic digestion 212
- 6.8.1.1.2 Biomass gasification 213
- 6.8.1.1.3 Power to Methane 213
- 6.8.1.1 Production processes 211
- 6.8.1 Methanol-to gasoline technology 210
- 6.9 Steelmaking 214
- 6.9.1 Market overview 214
- 6.9.2 Comparative analysis 217
- 6.9.3 Hydrogen Direct Reduced Iron (DRI) 218
- 6.10 Power & heat generation 220
- 6.10.1 Market overview 220
- 6.10.1.1 Power generation 220
- 6.10.1.2 Heat Generation 220
- 6.10.1 Market overview 220
- 6.11 Maritime 221
- 6.11.1 Market overview 221
- 6.12 Fuel cell trains 222
- 6.12.1 Market overview 222
7 COMPANY PROFILES 223 (251 company profiles)
8 REFERENCES 415
List of Tables
- Table 1. Hydrogen colour shades, Technology, cost, and CO2 emissions. 23
- Table 2. Main applications of hydrogen. 24
- Table 3. Overview of hydrogen production methods. 25
- Table 4. National hydrogen initiatives. 30
- Table 5. Market challenges in the hydrogen economy and production technologies. 31
- Table 6. Hydrogen industry developments 2020-2024. 33
- Table 7. Market map for hydrogen technology and production. 48
- Table 8. Industrial applications of hydrogen. 51
- Table 9. Hydrogen energy markets and applications. 52
- Table 10. Hydrogen production processes and stage of development. 54
- Table 11. Estimated costs of clean hydrogen production. 66
- Table 12. US Hydrogen Electrolyzer Capacities, current and planned, as of May 2023, by region. 72
- Table 13. Comparison of hydrogen types 75
- Table 14. Characteristics of typical water electrolysis technologies 79
- Table 15. Advantages and disadvantages of water electrolysis technologies. 80
- Table 16. Market players in green hydrogen (electrolyzers). 84
- Table 17. Technology Readiness Levels (TRL) of main production technologies for blue hydrogen. 88
- Table 18. Key players in methane pyrolysis. 93
- Table 19. Commercial coal gasifier technologies. 95
- Table 20. Blue hydrogen projects using CG. 95
- Table 21. Biomass processes summary, process description and TRL. 97
- Table 22. Pathways for hydrogen production from biomass. 99
- Table 23. CO2 utilization and removal pathways 105
- Table 24. Approaches for capturing carbon dioxide (CO2) from point sources. 108
- Table 25. CO2 capture technologies. 110
- Table 26. Advantages and challenges of carbon capture technologies. 111
- Table 27. Overview of commercial materials and processes utilized in carbon capture. 111
- Table 28. Methods of CO2 transport. 118
- Table 29. Carbon capture, transport, and storage cost per unit of CO2 120
- Table 30. Estimated capital costs for commercial-scale carbon capture. 121
- Table 31. Point source examples. 124
- Table 32. Assessment of carbon capture materials 129
- Table 33. Chemical solvents used in post-combustion. 132
- Table 34. Commercially available physical solvents for pre-combustion carbon capture. 135
- Table 35. Carbon utilization revenue forecast by product (US$). 139
- Table 36. CO2 utilization and removal pathways. 139
- Table 37. Market challenges for CO2 utilization. 141
- Table 38. Example CO2 utilization pathways. 142
- Table 39. CO2 derived products via Thermochemical conversion-applications, advantages and disadvantages. 145
- Table 40. Electrochemical CO₂ reduction products. 149
- Table 41. CO2 derived products via electrochemical conversion-applications, advantages and disadvantages. 150
- Table 42. CO2 derived products via biological conversion-applications, advantages and disadvantages. 154
- Table 43. Companies developing and producing CO2-based polymers. 157
- Table 44. Companies developing mineral carbonation technologies. 160
- Table 45. Market players in blue hydrogen. 161
- Table 46. Market players in pink hydrogen. 165
- Table 47. Market players in turquoise hydrogen. 168
- Table 48. Market overview-hydrogen storage and transport. 169
- Table 49. Summary of different methods of hydrogen transport. 170
- Table 50. Market players in hydrogen storage and transport. 173
- Table 51. Market overview hydrogen fuel cells-applications, market players and market challenges. 175
- Table 52. Categories and examples of solid biofuel. 178
- Table 53. Comparison of biofuels and e-fuels to fossil and electricity. 179
- Table 54. Classification of biomass feedstock. 180
- Table 55. Biorefinery feedstocks. 181
- Table 56. Feedstock conversion pathways. 182
- Table 57. Biodiesel production techniques. 182
- Table 58. Advantages and disadvantages of biojet fuel 184
- Table 59. Production pathways for bio-jet fuel. 185
- Table 60. Applications of e-fuels, by type. 189
- Table 61. Overview of e-fuels. 190
- Table 62. Benefits of e-fuels. 190
- Table 63. eFuel production facilities, current and planned. 194
- Table 64. Market overview for hydrogen vehicles-applications, market players and market challenges. 198
- Table 65. Blue ammonia projects. 205
- Table 66. Ammonia fuel cell technologies. 206
- Table 67. Market overview of green ammonia in marine fuel. 207
- Table 68. Summary of marine alternative fuels. 207
- Table 69. Estimated costs for different types of ammonia. 208
- Table 70. Comparison of biogas, biomethane and natural gas. 212
- Table 71. Hydrogen-based steelmaking technologies. 217
- Table 72. Comparison of green steel production technologies. 217
- Table 73. Advantages and disadvantages of each potential hydrogen carrier. 219
List of Figures
- Figure 1. Hydrogen value chain. 29
- Figure 2. Current Annual H2 Production. 54
- Figure 3. Principle of a PEM electrolyser. 58
- Figure 4. Power-to-gas concept. 60
- Figure 5. Schematic of a fuel cell stack. 61
- Figure 6. High pressure electrolyser - 1 MW. 62
- Figure 7. Global hydrogen demand forecast. 67
- Figure 8. U.S. Hydrogen Production by Producer Type. 68
- Figure 9. Segmentation of regional hydrogen production capacities in the US. 70
- Figure 10. Current of planned installations of Electrolyzers over 1MW in the US. 72
- Figure 11. SWOT analysis: green hydrogen. 78
- Figure 12. Types of electrolysis technologies. 78
- Figure 13. Schematic of alkaline water electrolysis working principle. 81
- Figure 14. Schematic of PEM water electrolysis working principle. 83
- Figure 15. Schematic of solid oxide water electrolysis working principle. 84
- Figure 16. SWOT analysis: blue hydrogen. 88
- Figure 17. SMR process flow diagram of steam methane reforming with carbon capture and storage (SMR-CCS). 89
- Figure 18. Process flow diagram of autothermal reforming with a carbon capture and storage (ATR-CCS) plant. 90
- Figure 19. POX process flow diagram. 91
- Figure 20. Process flow diagram for a typical SE-SMR. 92
- Figure 21. HiiROC’s methane pyrolysis reactor. 93
- Figure 22. Coal gasification (CG) process. 94
- Figure 23. Flow diagram of Advanced autothermal gasification (AATG). 97
- Figure 24. Schematic of CCUS process. 104
- Figure 25. Pathways for CO2 utilization and removal. 104
- Figure 26. A pre-combustion capture system. 110
- Figure 27. Carbon dioxide utilization and removal cycle. 114
- Figure 28. Various pathways for CO2 utilization. 115
- Figure 29. Example of underground carbon dioxide storage. 116
- Figure 30. Transport of CCS technologies. 117
- Figure 31. Railroad car for liquid CO₂ transport 120
- Figure 32. Estimated costs of capture of one metric ton of carbon dioxide (Co2) by sector. 121
- Figure 33. CCUS market map. 124
- Figure 34. Global capacity of point-source carbon capture and storage facilities. 126
- Figure 35. Global carbon capture capacity by CO2 source, 2021. 127
- Figure 36. Global carbon capture capacity by CO2 source, 2030. 127
- Figure 37. Global carbon capture capacity by CO2 endpoint, 2022 and 2030. 128
- Figure 38. Post-combustion carbon capture process. 131
- Figure 39. Postcombustion CO2 Capture in a Coal-Fired Power Plant. 131
- Figure 40. Oxy-combustion carbon capture process. 133
- Figure 41. Liquid or supercritical CO2 carbon capture process. 134
- Figure 42. Pre-combustion carbon capture process. 135
- Figure 43. CO2 non-conversion and conversion technology, advantages and disadvantages. 136
- Figure 44. Applications for CO2. 138
- Figure 45. Cost to capture one metric ton of carbon, by sector. 139
- Figure 46. Life cycle of CO2-derived products and services. 141
- Figure 47. Co2 utilization pathways and products. 144
- Figure 48. Plasma technology configurations and their advantages and disadvantages for CO2 conversion. 148
- Figure 49. LanzaTech gas-fermentation process. 153
- Figure 50. Schematic of biological CO2 conversion into e-fuels. 154
- Figure 51. Econic catalyst systems. 157
- Figure 52. Mineral carbonation processes. 159
- Figure 53. Pink hydrogen Production Pathway. 162
- Figure 54. SWOT analysis: pink hydrogen 164
- Figure 55. Turquoise hydrogen Production Pathway. 166
- Figure 56. SWOT analysis: turquoise hydrogen 168
- Figure 57. Process steps in the production of electrofuels. 188
- Figure 58. Mapping storage technologies according to performance characteristics. 189
- Figure 59. Production process for green hydrogen. 191
- Figure 60. E-liquids production routes. 192
- Figure 61. Fischer-Tropsch liquid e-fuel products. 193
- Figure 62. Resources required for liquid e-fuel production. 193
- Figure 63. Levelized cost and fuel-switching CO2 prices of e-fuels. 196
- Figure 64. Cost breakdown for e-fuels. 197
- Figure 65. Hydrogen fuel cell powered EV. 198
- Figure 66. Green ammonia production and use. 201
- Figure 67. Classification and process technology according to carbon emission in ammonia production. 202
- Figure 68. Schematic of the Haber Bosch ammonia synthesis reaction. 203
- Figure 69. Schematic of hydrogen production via steam methane reformation. 204
- Figure 70. Estimated production cost of green ammonia. 209
- Figure 71. Renewable Methanol Production Processes from Different Feedstocks. 211
- Figure 72. Production of biomethane through anaerobic digestion and upgrading. 213
- Figure 73. Production of biomethane through biomass gasification and methanation. 213
- Figure 74. Production of biomethane through the Power to methane process. 214
- Figure 75. Transition to hydrogen-based production. 215
- Figure 76. CO2 emissions from steelmaking (tCO2/ton crude steel). 216
- Figure 77. Hydrogen Direct Reduced Iron (DRI) process. 219
- Figure 78. Three Gorges Hydrogen Boat No. 1. 221
- Figure 79. PESA hydrogen-powered shunting locomotive. 222
- Figure 80. Symbiotic™ technology process. 223
- Figure 81. Alchemr AEM electrolyzer cell. 231
- Figure 82. HyCS® technology system. 233
- Figure 83. Fuel cell module FCwave™. 240
- Figure 84. Direct Air Capture Process. 247
- Figure 85. CRI process. 249
- Figure 86. Croft system. 259
- Figure 87. ECFORM electrolysis reactor schematic. 265
- Figure 88. Domsjö process. 266
- Figure 89. EH Fuel Cell Stack. 269
- Figure 90. Direct MCH® process. 273
- Figure 91. Electriq's dehydrogenation system. 276
- Figure 92. Endua Power Bank. 278
- Figure 93. EL 2.1 AEM Electrolyser. 279
- Figure 94. Enapter – Anion Exchange Membrane (AEM) Water Electrolysis. 280
- Figure 95. Hyundai Class 8 truck fuels at a First Element high capacity mobile refueler. 287
- Figure 96. FuelPositive system. 290
- Figure 97. Using electricity from solar power to produce green hydrogen. 296
- Figure 98. Hydrogen Storage Module. 308
- Figure 99. Plug And Play Stationery Storage Units. 308
- Figure 100. Left: a typical single-stage electrolyzer design, with a membrane separating the hydrogen and oxygen gasses. Right: the two-stage E-TAC process. 311
- Figure 101. Hystar PEM electrolyser. 327
- Figure 102. KEYOU-H2-Technology. 337
- Figure 103. Audi/Krajete unit. 338
- Figure 104. OCOchem’s Carbon Flux Electrolyzer. 357
- Figure 105. CO2 hydrogenation to jet fuel range hydrocarbons process. 361
- Figure 106. The Plagazi ® process. 367
- Figure 107. Proton Exchange Membrane Fuel Cell. 371
- Figure 108. Sunfire process for Blue Crude production. 388
- Figure 109. CALF-20 has been integrated into a rotating CO2 capture machine (left), which operates inside a CO2 plant module (right). 391
- Figure 110. Tevva hydrogen truck. 397
- Figure 111. Topsoe's SynCORTM autothermal reforming technology. 400
- Figure 112. O12 Reactor. 405
- Figure 113. Sunglasses with lenses made from CO2-derived materials. 406
- Figure 114. CO2 made car part. 406
- Figure 115. The Velocys process. 408
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