Pink Hydrogen Market: Current Analysis and Forecast (2023-2030)

Pink hydrogen is a form of hydrogen produced by using water electrolysis powered by nuclear energy. It is considered environmentally friendly and known to be green due to its non-production of CO2 emissions. Pink hydrogen is becoming a promising alternative to fossil fuels in many industries, including cement, steel, aviation, and heavy transportation. It can be used as a feedstock and energy source without producing any greenhouse gas emissions. Green hydrogen produced through nuclear power has several advantages compared to conventional methods, including reduced production costs and emissions, making it a more sustainable and cost-effective alternative. Furthermore, key players are investing in the production research & and development of pink hydrogen, which is further accelerating its market growth.

For instance, Swedish power company OKG has signed a commercial deal to sell pink hydrogen to industrial gas company Linde Gas, marking the first-ever commercial agreement for nuclear-derived hydrogen. Currently producing 12 kg of pink hydrogen daily, OKG plans to sell excess hydrogen to Linde, with the initial volumes sold being small.

Based on the form, the pink hydrogen market is bifurcated into liquid and gas. The liquid segment is expected to cater to significant demand in the projected years. It is mainly owing to the rising demand for liquid hydrogen used in fuel cells applied in automobiles, rails, planes, and ships is propelling the market size of pink hydrogen.

Based on application, the pink hydrogen market is categorized into transportation, petrochemical, steel, domestic, and chemical. The chemical segment holds a major share of this market. Hydrogen is the feedstock of the chemical and plastic industry and is used in the production of ammonia, methanol, and other chemicals.

For a better understanding of the market adoption of the pink hydrogen industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Norway, Rest of Europe), Asia-Pacific (China, Australia, Rest of Asia-Pacific), Rest of World. Asia Pacific is expected to experience the highest share in the Pink Hydrogen market. Factors such as soaring investment in clean energy and government initiatives to decrease carbon footprints are increasing the market size of pink hydrogen. Further, countries such as India, Japan, and others are planning to produce hydrogen to meet the demand accelerating pink hydrogen market growth. Japan's Clean Energy Strategy estimates a domestic hydrogen demand of 3 million tons in 2030 and 20 million tons in 2050. Presently, 2 million tons of hydrogen are produced as by-products from oil refineries. The strategy aims to increase the production of hydrogen by tenfold by 2050.

Some of the major players operating in the market include: Siemens Energy AG, Linde Plc, Hydrogenics Corporation, Ballard Power Systems Inc., ITM Power plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Toshiba Energy Systems & Solution Corporation, and Doosan Fuel Cell America.