According to a new report by UnivDatos Market Insights, Pink Hydrogen Market is expected to reach USD 27.67 Billion in 2030 by growing at a CAGR of 31%. Hydrogen is a crucial element in achieving net zero emissions by 2050. However, the current production methods are expensive and emit a significant number of emissions. Fortunately, pink hydrogen has emerged as a cost-effective and emission-free solution, providing a promising future for the hydrogen industry.
With the increasing generation of electricity from variable renewable sources such as wind and PV, hydrogen is becoming a popular long-term storage option for surplus electricity. Currently, hydrogen is primarily used in various industrial applications such as refining, steel, ammonia, and methanol production. Over the past few years, demand for hydrogen has consistently increased, and in the future, it is expected to be much higher for all applications. Due to the rising emissions from the transport sector, as well as the rapid increase in the use of renewable energy sources in electricity generation, interest in hydrogen use for mobility is increasing again. Green hydrogen can contribute to the decarbonization of the transport sector.
Request To Download Sample of This Strategic Report - https://univdatos.com/get-a-free-sample-form-php/?product_id=51207
Pink Hydrogen Investment around the world
As of January 2023, more than 1,040 large-scale hydrogen projects (plants with over 1 MW of electrolysis) have been announced globally, marking an increase of 350 new proposals since May 2022, according to the Hydrogen Council. Approximately 15% of the announced projects are in North America, with 135 expected to be fully or partially commissioned by 2030, as per the Hydrogen Council's Hydrogen Insights 2023 report. Further the total direct investments of all North American hydrogen projects through 2030 amount to $46 billion, up from $29 billion recorded last year.
The Department of Energy (DOE) has announced $7 billion in funding for seven regional clean hydrogen hubs throughout the United States in 2023. The new Infrastructure Investment and Jobs Act (IIJA) provides $7 billion in funding for the DOE to establish six to ten regional clean hydrogen hubs across America. The goal for these hubs is to create collaborative networks of hydrogen producers, consumers, and local infrastructure, thereby improving the accessibility of hydrogen as a fuel source.
Government Subsidies on Pink Hydrogen Production Cost
Subsidized hydrogen produced through electrolysis from renewable (green) or nuclear power (pink) can be produced for under $2/kg in the United States. The levelized cost of hydrogen (LCOH) for pink hydrogen with PEM electrolyzers ranges from $0.83 to $2.83 with subsidies, and from $3.79 to $5.78 without subsidies. Meanwhile, LCOH for pink hydrogen with alkaline electrolyzers ranges from $1.68 to $4.28 with subsidies and $4.77 to $7.37 without subsidies.
The Australian Renewable Energy Agency (ARENA) recently announced AUD 50 million ($34 million) for two funding rounds targeting research and development for renewable hydrogen and low-emission iron and steel. In addition, according to Lazard's modeling, electrolyzers powered by nuclear generation capacity could deliver hydrogen more cheaply in the United States than green H2 facilities hooked up to renewable energy.
This is because green hydrogen plants were only able to achieve capacity factors of 55%, compared to 95% for pink hydrogen facilities due to the steady baseload power profile of nuclear power compared to the variable and intermittent power supply from renewables. As a result, a pink hydrogen plant would be able to produce around 63% more hydrogen per installed kWh of electrolyzer capacity than a green H2 facility.
Ask for Report Customization - https://univdatos.com/get-a-free-sample-form-php/?product_id=51207
Browse Related Reports:
· Carbon Offset and Carbon Credit Trading Service Market
· India Gas Insulated Switchgear Market
Conclusion:
Pink hydrogen, a type of hydrogen produced using nuclear power, has the potential to play a significant role in the United States' clean energy future. The U.S. government has shown support for pink hydrogen through various initiatives and subsidies to lower the cost of its production, making it more competitive with other forms of hydrogen and fossil fuels in various industries, such as power generation and heating. However, the development of pink hydrogen faces challenges such as public perception of nuclear energy and the high initial capital costs. Moreover, the future of pink hydrogen production in the U.S. is uncertain due to the potential limiting of tax credits by the Biden administration.
