Hydrogen Prices

Hydrogen Prices December 2023

The hydrogen prices in the United States for Q4 2023 reached 4825 USD/MT in December. The market experienced bullish price trends primarily due to elevated energy costs. The Department of Energy's initiative to create a clean-hydrogen economy by funding several hydrogen hubs also impacted the market. However, this approach faced criticism for potentially relying on methane-derived hydrogen with carbon capture technologies.

The price trend for hydrogen in the Netherlands for Q4 2023, reached 7215 USD/MT in December. The Netherlands saw positive trends in the hydrogen market during the last quarter of 2023, supported by increased investments and international collaborations aimed at enhancing hydrogen infrastructure. Initiatives for small-scale electrolysis projects, such as the subsidy schemes aimed at sustainable hydrogen production, boosted market optimism.

Hydrogen Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Hydrogen Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of hydrogen pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of hydrogen at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of hydrogen price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing hydrogen price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Hydrogen Market Analysis

The global hydrogen market size reached US$ 182.8 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 286.9 Billion, at a projected CAGR of 5.10% during 2023-2032.

• The market for hydrogen is impacted by persistent concerns about climate change, which are pushing nations and organizations to concentrate on renewable energy sources in an effort to stop global warming. According to recent research published in the Annual Climate Report 2023 by the National Oceanic and Atmospheric Administration (NOAA), since 1982, the rate of warming has increased three times, to 0.20°C every decade.
• Additionally, government initiatives are helping to expand the hydrogen market. For instance, India in January 2023 approve National Green Hydrogen Mission with an aim to become a leading manufacturer of electrolysers and produce 5 Mt of renewable hydrogen by 2030. Moreover, the European Union (EU) has implemented a hydrogen strategy with an aim to produce 10 million tonnes and import 10 million tonnes of renewable hydrogen in the EU by 2030.
• Technological innovations, such as electrolysis technologies, are presenting new opportunities to commercialize hydrogen production. According to the International Energy Agency’s Global Hydrogen Review 2022, the electrolyzer capacity worldwide will exceed its current value of 35 GW in the mid-2020s and reach 134 GW by 2030 based on current project pipelines.
• The market share is also widening due to heightened product demand in the transportation sector. For instance, First Hydrogen has launched a zero emission vehicle that uses hydrogen and fuel cell technology to provide a range of 600 Km to 1000 Km. Also, this modular electric vehicle (EV) takes less than 10 minutes to refuel.
• Increasing demand for low-emission hydrogen production is expected to drive the market further. The International Energy Agency (IEA) has predicted that if all the announced projects are realized successfully, then the annual production of low-emission hydrogen could reach 38 Mt by 2030.

Hydrogen News

The report covers the latest developments, updates, and trends impacting the global hydrogen market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in hydrogen production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the hydrogen price trend.

Latest developments in the hydrogen industry:

• In March 2024, Sterling & Wilson partnered with Tecnicas Reunidas to jointly develop a 1 megawatt electric electrolyser in India to produce green hydrogen.
• In April 2023, Linde Plc. and Evonik signed an agreement to establish a 9 megawatt alkaline electrolyzer facility in Singapore to produce green hydrogen.

Product Description

Hydrogen (H2) refers to the simplest, lightest, and most abundant chemical element found in the universe. It is colorless, tasteless, and odorless and exists in gaseous form at standard temperature and pressure conditions. It is also highly reactive and easily forms compounds with numerous elements on the periodic table.

Hydrogen is commercially produced through the steam methane reforming (SMR) process, which involves a reaction between steam and natural gas at high temperatures. Beyond this, it can also be synthesized through electrolysis, coal gasification, partial oxidation, and biomass gasification processes.

It is used in a number of applications, such as fuel cells, energy storage, power generation, chemical synthesis, transportation, heating, pharmaceuticals, and space exploration. Hydrogen is a clean, versatile, and energy-dense product that facilitates economic growth and reduces dependence on fossil fuels.

Regional Coverage

The report provides a detailed analysis of the hydrogen market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the hydrogen price trend.

Global Hydrogen Price

The report offers a holistic view of the global hydrogen pricing trends in the form of hydrogen price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into hydrogen historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into hydrogen price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed hydrogen demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Hydrogen Price

The European hydrogen market in Q4 2023 was marked by several significant factors affecting market dynamics. Increasing prices for natural gas resulted in higher production costs, resulting in premium hydrogen prices. The slow pace in developing a comprehensive regulatory framework and the rising costs contributed to negative market sentiments. Despite these challenges and the steady international demand, there was an anticipation of a potential decline in prices due to these ongoing issues.

This analysis can be extended to include detailed hydrogen price information for a comprehensive list of countries.

North America Hydrogen Price

In the final quarter of 2023, the North American hydrogen market faced challenges that influenced pricing and market trends. Heightened production costs driven by increased prices for natural gas were a primary factor, elevating hydrogen production expenses. This, combined with relatively scarce market inventories, led to elevated prices. Although demand from global markets remained consistent, the slow progress in regulatory developments and climbing costs fostered a pessimistic outlook. Nonetheless, there is an expectation of declining hydrogen prices moving forward, without any significant plant shutdowns noted during this period.

Specific hydrogen historical data within the United States and Canada can also be provided.

Middle East and Africa Hydrogen Price

The report explores the hydrogen pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on hydrogen prices for countries can also be provided.

Asia Pacific Hydrogen Price

The market in Asia Pacific showed a complicated pricing structure in the last quarter of 2023, which was influenced by the variety of hydrogen types—grey, blue, and green—each with unique pricing dynamics. Grey hydrogen is usually made from fossil fuels, and its price is based on the price of natural gas in the area. Prices for carbon-captured blue hydrogen took into account the expenses related to carbon capture and storage technology as well as the production costs of grey hydrogen. Green hydrogen, meanwhile, was still in its infancy, with infrastructure and renewable energy costs dictating pricing. Government measures such as carbon pricing and subsidies have had an impact on market dynamics, with significant regional differences in prices observed in China, Australia, South Korea, Japan, and South Korea.

This hydrogen price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Hydrogen Price

The analysis of hydrogen prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of hydrogen pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting hydrogen price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The hydrogen price charts ensure our clients remain at the forefront of the industry.