info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Low Carbon Hydrogen Market Research Report Information By Process (Steam Methane Reforming (SMR), Autothermal Reforming Biomass Reforming, Electrolysis, Photo Electric Chemical (PEC) Water Splitting, Thermochemical Water Splitting, Biomass Gasification, Coal Gasification, And Methane Pyrolysis), By Energy Source (Natural Gas, Solar, Wind, Hybrid, Biomass, Geothermal, Hydro Energy, and Tidal), By End-Product (Hydrogen, Ammonia, Liquified Hydrogen, Methane, and Methanol), By Region (North America, Europe, Asia-Pacific, And Rest Of The World)


ID: MRFR/CnM/14615-HCR | 128 Pages | Author: Anshula Mandaokar| June 2024

Global Low Carbon Hydrogen Market Overview


Low Carbon Hydrogen Market Size was valued at USD 22.73 Billion in 2023. The low carbon hydrogen industry is projected to grow from USD 27.06  Billion in 2024 to USD 109.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.00% during the forecast period (2024 - 2032). One important market driver fueling the growth of the low carbon hydrogen market is the increased focus on decarbonization and sustainable energy solutions.
Low Carbon Hydrogen Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Low Carbon Hydrogen Market Trends




  • Requirements to Achieve Net Zero Emissions Reduced-Carbon Hydrogen Alternatives will Boost the Market Growth




Demand for hydrogen is anticipated to come from a number of applications. Nowadays, the main industrial processes that employ hydrogen as an input are those that produce ammonia fertilizer and refine petrochemicals. In order to decarbonize these processes and create new chemicals and goods like green steel and polymers, low-carbon hydrogen can be utilized. Low-carbon hydrogen solutions are therefore necessary to meet the growing need for net zero emissions. The fact that hydrogen is three times more energy dense than gasoline and emits no direct emissions makes it an extremely promising sustainable energy source.3.4 Hydrogen may also be produced in an environmentally responsible manner, which further distinguishes it from other fuel sources like natural gas. Electrolyzers driven by renewable energy sources are specifically used to produce green hydrogen with zero emissions. With the use of carbon capture, utilization, and storage (CCUS) technology, steam methane reformation (SMR) produces blue hydrogen with low emissions. According to the International Energy Agency (IEA), given the existing climate promises made by governments, the demand for hydrogen might increase by about 40% to 130 million metric tons by 2030. More than 25% of this demand might be satisfied by low-carbon hydrogen production. However, the production of low-carbon hydrogen and the worldwide demand for hydrogen must increase if we are to meet our targets of net zero emissions by 2050. By 2030, the demand for hydrogen must reach 180 mt, with more than half coming from green and blue hydrogen, in order to achieve net zero emissions. It is expected that this will accelerate market growth.


The emphasis on hydrogen hubs, which is another prevalent trend in the worldwide project pipeline, is something experts anticipate will be crucial in propelling the low-carbon hydrogen market's expansion. A hydrogen hub is an area that comprises nearby connected transport and storage infrastructure, local hydrogen production, and hydrogen demand. Additionally, it is expected that the majority of these hydrogen hub projects will be developed in regions with substantial concentrations of industrial activity and diesel and natural gas-powered vehicles. This development approach may reduce the requirement for support infrastructure, ease shipping and storage concerns, and create a strong workforce of hydrogen workers. For instance, as of February 2023, over 415 large-scale low-carbon hydrogen projects were reportedly under development worldwide. Only roughly 320 projects were in the pipeline six months ago, demonstrating the continued rapidity of project planning. Though there are a few noteworthy blue hydrogen initiatives, green hydrogen projects make about 95% of the low-carbon project pipeline. Furthermore, the nations with the greatest number of ongoing projects—Australia, Germany, the United Kingdom, the United States, Spain, Egypt, Chile, and India—also have some of the strongest legislative incentives and low-carbon hydrogen plans. Thus, driving the low carbon hydrogen market revenue.


Low Carbon Hydrogen Market Segment Insights


Low Carbon Hydrogen Process Insights


The low carbon hydrogen market segmentation, based on process includes Steam Methane Reforming (SMR), Autothermal Reforming Biomass Reforming, Electrolysis, Photo Electric Chemical (PEC) Water Splitting, Thermochemical Water Splitting, Biomass Gasification, Coal Gasification, And Methane Pyrolysis. The steam methane reforming (SMR) segment dominated the market. Methane, such as natural gas, is converted into carbon monoxide, pure hydrogen, and a negligible amount of carbon dioxide in the SMR process using high-temperature steam. The hydrogen generated is refined to the level required by the client. SMR is the most popular and cost-effective method for creating hydrogen, which is needed for many chemical reactions, energy production, oil refinement, and other industrial uses.


Low Carbon Hydrogen Energy Source Insights


The low carbon hydrogen market segmentation, based on energy source, includes Natural Gas, Solar, Wind, Hybrid, Biomass, Geothermal, Hydro Energy, and Tidal. The biomass category generated the most income because it has the potential to be a renewable feedstock for the synthesis of hydrogen. Because it produces hydrogen through thermochemical or biological processes using organic materials like forestry waste, agricultural wastes, or special energy crops, biomass-derived hydrogen is regarded as low carbon.


Low Carbon Hydrogen End-Product Insights


The low carbon hydrogen market segmentation, based on end-product, includes Hydrogen, Ammonia, Liquified Hydrogen, Methane, and Methanol. The hydrogen category generated the most income. Hydrogen is becoming more and more in demand as a sustainable energy source across a number of industries, including power generation, transportation, and industrial. Because of its adaptability, hydrogen is a very attractive choice for industrial operations and fuel cells in automobiles. In addition, the hydrogen category is growing due to technological breakthroughs in hydrogen manufacturing, particularly those that use renewable energy sources like solar and wind power.


Figure 1: Low Carbon Hydrogen Market, by End-Product, 2022 & 2032 (USD Billion)Low Carbon Hydrogen Market, by End-Product, 2022 & 2032Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Low Carbon Hydrogen Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American low carbon hydrogen market area will dominate this market. There have been more investments and initiatives in the low carbon hydrogen sector as a result of the region's commitment to lowering greenhouse gas emissions and switching to sustainable energy sources. In addition, government regulations and assistance are also important in determining how the market functions. Regulations and incentives have been put in place by a number of states and nations in North America to promote the creation and uptake of low carbon hydrogen technology.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: LOW CARBON HYDROGEN MARKET SHARE BY REGION 2022 (USD Billion)LOW CARBON HYDROGEN MARKET SHARE BY REGION 2022Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe low carbon hydrogen market accounts for the second-largest market share. With significant investments and coordinated efforts to position hydrogen as a crucial element of the region's clean energy transition, Europe is well-positioned to emerge as a major participant in the low carbon hydrogen landscape. Additionally, the European industrial sector is realizing the promise of hydrogen as a clean energy carrier, especially in sectors like chemicals and steel where emissions are difficult to reduce. The low carbon hydrogen market is growing because of this industrial demand. Further, the German low carbon hydrogen market held the largest market share, and the UK low carbon hydrogen market was the fastest growing market in the European region


The Asia-Pacific Low Carbon Hydrogen Market is expected to grow at the fastest CAGR from 2023 to 2032. Several nations in the area, such as South Korea, Australia, China, Japan, and South Korea, have big plans to include hydrogen with minimal carbon emissions into their energy systems. These programs support the overarching objectives of cutting greenhouse gas emissions and reaching carbon neutrality. Moreover, investments in the Asia-Pacific low carbon hydrogen industry are being driven by favorable government policies and incentives. Moreover, China’s low carbon hydrogen market held the largest market share, and the Indian low carbon hydrogen market was the fastest growing market in the Asia-Pacific region.


Low Carbon Hydrogen Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the low carbon hydrogen market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, low carbon hydrogen industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the low carbon hydrogen industry to benefit clients and increase the market sector. In recent years, the low carbon hydrogen industry has offered some of the most significant advantages to medicine. Major players in the low carbon hydrogen market are attempting to increase market demand by investing in research and development operations includes Green Hydrogen International, Intercontinental Energy Corp, H2 Clean Energy, and Fortescue Future Industries Pty Ltd.


The goal of InterContinental Energy (ICE) is to expedite the energy transition by providing green hydrogen at scale. Through the utilization of the planet's rich natural resources, such as coastal deserts, seawater, ideal sunshine during the day, and strong nighttime winds, ICE and its network of partners are setting the standard for giga-scale production of green hydrogen. Moreover, green electrons can be used to create green hydrogen and synfuels like ammonia. These goods can then be shipped internationally, with ammonia and possibly other synfuels, and supplied locally to green surrounding companies. ICE is the initiator and collaborator of the Western Green Energy Hub (WGEH), Green Energy Oman (GEO), the Saudi Arabia Green Energy Hub (SAREH), and the Australian Renewable Energy Hub (AREH) in Western Australia.


Fortescue Metals Group Ltd., also known as Fortescue, is a world leader in the resources sector and was founded in 2003. Acknowledged for its innovative culture and industry-leading advancements in mining and infrastructure development, the firm is currently leveraging its experience to transform into a premier provider of resources and renewable energy. The Fortescue Metals Group subsidiary is called Fortescue Future Industries. In order to assist the development of green energy and product sectors in Australia and around the world, Fortescue is building a portfolio of large-scale, inexpensive hydropower, geothermal, solar, and wind assets.


Key Companies in the low carbon hydrogen market include



Low Carbon Hydrogen Market Segmentation


Low Carbon Hydrogen Process Outlook




  • Steam Methane Reforming (SMR)




  • Autothermal Reforming Biomass Reforming




  • Electrolysis




  • Photo Electric Chemical (PEC) Water Splitting




  • Thermochemical Water Splitting




  • Biomass Gasification




  • Coal Gasification




  • Methane Pyrolysis




Low Carbon Hydrogen Energy Source Outlook




  • Natural Gas




  • Solar




  • Wind




  • Hybrid




  • Biomass




  • Geothermal




  • Hydro Energy




  • Tidal




Low Carbon Hydrogen End-Product Outlook




  • Hydrogen




  • Ammonia




  • Liquified Hydrogen




  • Methane




  • Methanol




Low Carbon Hydrogen Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • UK

    • Italy

    • France

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea



  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America



  • Middle East & Africa

    • GCC Countries

    • South Africa

    • Rest of Middle East & Africa



Report Attribute/Metric Details
Market Size 2023 USD 22.73 Billion
Market Size 2024 USD 27.6 Billion
Market Size 2032 USD 109.2 Billion
Compound Annual Growth Rate (CAGR) 16.00% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Process, Energy Source, End-Product, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Green Hydrogen International, Intercontinental Energy Corp, H2 Clean Energy, and Fortescue Future Industries Pty Ltd
Key Market Opportunities Increasing adoption of greener energy sources
Key Market Dynamics Increasing focus on green energy options Supporting governmental initiatives and rising demand in sectors such as industry and transportation


Frequently Asked Questions (FAQ) :

The low carbon hydrogen market size was valued at USD 22.73 Billion in 2023.

The market is projected to grow at a CAGR of 16.00% during the forecast period, 2024-2032.

North America had the largest share in the market

The key players in the market are Green Hydrogen International, Intercontinental Energy Corp, H2 Clean Energy, and Fortescue Future Industries Pty Ltd.

The steam methane reforming (SMR) category dominated the market in 2023.

The hydrogen category had the largest share in the market.

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.