Pink Hydrogen Market

Pink Hydrogen Market Highlights

The global Pink Hydrogen Market is expected to cross a market size of USD 20.3 Billion by the end of 2033. The market size was valued at USD 196.2 million in 2023 and is expected to expand at a CAGR of 50.3% between 2024-2033.

• Over the mid-term, the growing demand for clean energy is the primary factor anticipated to drive the global Pink Hydrogen Market.
• High costs of nuclear energy is a major factor to challenge the market growth.
• The Asia Pacific Pink Hydrogen Market is projected to dominate the global market.

Pink Hydrogen Market Outlook

The hydrogen that is produced through electrolysis powered by nuclear energy is known as pink hydrogen. During the electrolysis process, water is split into hydrogen and oxygen using an electric current. When this electric current utilized in the electrolytic process is generated using nuclear power, the resulting hydrogen is known as pink hydrogen.

According to our experts at KD Market Insights, one of the major factors anticipated to drive the growth of the pink hydrogen market is the rising demand for clean energy worldwide. As per our researchers, the share of renewables in the global power mix in the year 2022 reached close to 33%, registering an increase by about 11 percentage points from its 2010 level. With the rising focus of companies on setting ambitious decarbonization targets and enacting policies to lower down greenhouse gas emissions (GHGs), the demand for clean energy around the globe is increasing rapidly, which in turn, is projected to contribute to the demand for pink hydrogen. Linde plc, Hydrogenics Corporation, Ballard Power Systems Inc are some of the significant parties in the global market for pink hydrogen market.

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Pink Hydrogen Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global Pink Hydrogen Market are:

• Rising use of hydrogen in fuel cells: The demand for fuel cells that power vehicles is growing rapidly, supported by an increasing demand for hydrogen-powered vehicles. According to our experts, the sales of hydrogen fuel cell electric vehicles worldwide reached near to 20 thousand units in the year 2022, up from about 4 thousand units in the year 2016. With the rising demand for hydrogen fuel cell EVs, the demand for pink hydrogen is projected to increase, and in turn, contribute to the market growth.
• Growing focus of countries on ensuring stable and resilient energy supply: Countries around the globe are increasingly focusing on developing a stable and resilient energy supply, driven by the rising need for different types of energy among end-users. As pink hydrogen offers the end-users an opportunity to lower their reliance on fossil fuels and promote energy diversification, this, in turn, enhances energy security, allowing countries to ensure a stable and resilient energy supply. Such a factor is anticipated to drive the growth of the market during the forecast period.

Which Probable Factors Could Hamper the Growing Pink Hydrogen Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of pink hydrogen market are:

• High costs of nuclear energy: For producing pink hydrogen, nuclear energy is used which is very expensive. Most of these costs are associated with building and maintaining nuclear power plants, along with the cost of safety measures and waste management. These high costs of nuclear energy raise the overall price of producing pink hydrogen, which is expected to limit the market growth.
• Increasing competition from other hydrogen production methods: Due to the high costs associated with producing hydrogen from nuclear energy, the producers of hydrogen are rapidly shifting to other alternatives that has a lower cost of production. This increasing competition for producing hydrogen at a lower price point is therefore expected to limit the market growth in the coming years.

How is the Global Pink Hydrogen Market Segmented?

Our experts at KD Market Insights have segmented the global Pink Hydrogen Market research report as:

What are the Probable Factors Influencing the Asia Pacific Pink Hydrogen Market Forecast?

The Asia Pacific Pink Hydrogen Market is majorly driven by the presence of some of the world’s largest and fastest-growing nuclear power programs that provides a robust foundation for the development of pink hydrogen projects. Moreover, the region is known to have a substantial industrial base with high energy and hydrogen demand, which is also expected to contribute to the rising demand for pink hydrogen in the region. Additionally, the rising number of government initiatives, subsidies, and favorable policies that are aimed at pouring in huge investments for the deployment of pink hydrogen producing setup is also projected to boost the market growth.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific Pink Hydrogen Market growth:

• Sumitomo Corporation
• Toshiba Corporation
• SK Group
• Hyundai Heavy Industries
• Sembcorp Industries

Which Key Players Top the Global Pink Hydrogen Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global pink hydrogen market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with pink hydrogen market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global pink hydrogen market share:

• Linde plc
• Hydrogenics Corporation
• Ballard Power Systems Inc.
• ITM Power plc
• McPhy Energy S.A.
• Nel ASA
• Plug Power Inc.
• Toshiba Energy Systems & Solutions Corporation
• Doosan Fuel Cell America
• Siemens Energy AG

What are the Recent Developments Observed in the Pink Hydrogen Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global Pink Hydrogen Market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

• For instance, Siemens Energy AG and EmBW together initiated the pilot project to use climate-friendly green hydrogen as fuel in future power plants. All the systems in the EnBW strict heating power plant are expected to replace coal with hydrogen as soon as possible.
• Linde plc declared the agreement of a long-term supply of green hydrogen to Evonik to generate methionine which is the primary ingredient for animal feed. The agreement supported the expansion plan of the Evonik facility and promote the reduction of greenhouse gas emissions of Evonik in Singapore.