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Green Hydrogen Market

Green Hydrogen Market Size, Share & Trends Analysis Report By renewable source(wind energy, solar energy, other renewable sources), by technology (alkaline electrolysis, PEM electrolysis), by end-use (mobility, chemical, power, grid injection, and industrial), By Region, And Segment Forecasts, 2025-2034

Report ID : 1541 | Published : 2025-04-07 | Pages: 180 | Format: PDF/EXCEL/Power BI Dashbord

Global Green Hydrogen Market Size is valued at USD  1.5 Billion in 2024 and is predicted to reach USD  169.9 Billion by the year 2034 at a 59.8% CAGR during the forecast period for 2025-2034.

green hydrogen

The green hydrogen industry expands as nuclear and green hydrogen fuel utilization rises. The main factor influencing the worldwide market for green hydrogen is the rising desire for alternative sources of electricity. The market will increase due to escalating environmental concerns highlighting the necessity of producing clean energy to minimize emissions.

Key Industry Insights & Findings from the report:

  • When water is electrolyzed, green hydrogen is created. This process uses electricity produced by renewable energy sources like solar or wind power.
  • The increasing carbon emissions from fossil fuel usage is expected to drive industry growth.
  • Europe dominated the market and accounted for a revenue share of global revenue in 2024.
  • One of the significant concerns restraining industry growth is the high initial capital costs.

Furthermore, there will be many chances for green hydrogen due to the ubiquitous usage of hydrogen across many industries. The market for green hydrogen will experience an increase in revenue as regulations and laws supporting green hydrogen in the energy sector increase.

In addition, environmental concerns over rising carbon emissions from the usage of fossil fuels are intensifying. The growing number of hydrogen projects will also increase the market's international reach. The capacity to efficiently store green hydrogen and use it later will further fuel the market's expansion during the projected period. Wind farms make extensive use of green hydrogen. Wind turbines are frequently found both onshore and offshore. Offshore plants produce consistently all year long in contrast to onshore installations. Costs of renewable power have decreased over the past few decades, and this element has improved wind energy's adoption as a green hydrogen source. Both onshore and offshore wind farms now produce power to produce green hydrogen products.

However, the most significant problems preventing the expansion of the green hydrogen market are the initial investment necessary to build up hydrogen infrastructure and the prohibitive maintenance expenses. 

Competitive Landscape:

Some of the primary key players in the Green Hydrogen market are:

  • Linde
  • Air Liquide
  • Air Products Inc.
  • ENGIE
  • Uniper SE
  • Siemens Energy
  • Green Hydrogen
  • Cummins Inc
  • Toshiba Energy Systems & Solutions Corporation
  • Nel ASA
  • SGH2 Energy Global LLC
  • PLUG POWER INC
  • Aker Horizons
  • HY2GEN AG
  • Fusion-Fuel
  • Loop Energy Inc
  • Ergosup
  • Ballard Power Systems 

Market Segmentation:

The Green Hydrogen market is segmented by renewable source, technology, and the end-use industry. Based on renewable source, the market is segmented as wind energy, solar energy, other renewable sources. The market is segmented by technology as alkaline electrolysis, PEM electrolysis. The market is segmented by end-use industry as mobility, chemical, power, grid injection, and industrial.

Based on the Technology, the PEM Electrolysis Segment Accounts For A Major Contributor In The Green Methanol Market

Proton Exchange Membrane (PEM) electrolysis is on the rise as the greenest growing technology in the green hydrogen industry, revolutionizing clean hydrogen production. This technology possesses some benefits over classical alkaline electrolysis like better efficiency and smaller system that easily integrate with renewable energy sources. This renders it more desirable for industries and governments looking for sustainable energy options. While governments globally make efforts to cut down carbon emissions and shift towards a sustainable energy age, PEM electrolysis is expected to be an important driver for the development of the green hydrogen market.

The Power Segment Witnessed Growth At A Rapid Rate

The power industry is the fastest-growing end-use segment in the green hydrogen market, driven by its ability to store excess renewable energy and serve as a clean fuel for power generation. Produced from renewable sources like solar and wind, green hydrogen aligns with the industry's shift toward sustainable energy solutions. Government initiatives supporting renewable energy and carbon emission reduction further accelerate its adoption in the power sector. This trend highlights a broader transition to cleaner energy sources, positioning green hydrogen as a key player in the global energy landscape.

The North American Green Hydrogen Market Holds a Significant Regional Revenue Share

The North American green hydrogen market is expected to record the highest market share in revenue soon. This is because more investments have been made in creating renewable technologies for generating electricity, such as solar and wind. Players have implemented approaches such as upgrading and expanding the scope of green hydrogen projects globally through tie-ups, developing contemporary and cleaner energy systems through contractual partnership provisions, concentrating on joint venture agreements, and investigating the production of green hydrogen through collaborative relationships in this region. In addition, Europe is projected to grow rapidly in the global green hydrogen market. This increase is a result of governments' increased efforts to hasten the adoption of green hydrogen in their economies. The cost of producing renewable energy is also decreasing, yet another factor is promoting its rise. Furthermore, significant R&D spending in the hydrogen sector is anticipated to support the expansion of the green hydrogen market in Europe.

Recent Developments:

  • In June 2022, A joint venture between Siemens Energy and Air Liquide was established for manufacturing large-scale renewable hydrogen electrolyzes in Europe. By fostering a European ecosystem for electrolysis and hydrogen sources, this alliance will likely make Europe's sustainable hydrogen economy possible. Production is anticipated to start in the second half of 2023 and build up to a three-gigawatt annual production capacity by 2025. In the joint venture, Siemens Energy would own 74.9%, with Air Liquide presumably holding 25.1%.
  • In Nov 2020, The Adani Group announced intentions to invest US$ 70 billion in green energy, and it is anticipated that this investment will be crucial to India's shift to green energy.

Green Hydrogen Market Report Scope:

Report Attribute

Specifications

Market size value in 2024

USD 1.5 Billion 

Revenue forecast in 2034

USD 169.9 Billion 

Growth rate CAGR

CAGR of 59.8% from 2025 to 2034

Quantitative units

Representation of revenue in US$ Bn, Volume in Kilotons and CAGR from 2025 to 2034

Historic Year

2021 to 2024

Forecast Year

2025 -2034

Report coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments covered

Renewable source, Technology and End-Use Industry

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia

Competitive Landscape

Linde, Air Liquide, Air Products Inc., ENGIE, Uniper SE, Siemens Energy, Green Hydrogen, Cummins Inc., Toshiba Energy Systems & Solutions Corporation, Nel ASA, SGH2 Energy Global, LLC, PLUG POWER INC., Loop Energy Inc., Ergosup, Ballard Power Systems

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Green Hydrogen Market Snapshot

Chapter 4. Global Green Hydrogen Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Renewable Source Estimates & Trend Analysis
5.1. by Renewable Source & Market Share, 2024 & 2034
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Renewable Source:

5.2.1. Wind energy
5.2.2. Solar energy
5.2.3. Other renewable sources

Chapter 6. Market Segmentation 2: by Technology Estimates & Trend Analysis
6.1. by Technology & Market Share, 2024 & 2034
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Technology:

6.2.1. Alkaline electrolysis
6.2.2. PEM electrolysis

Chapter 7. Market Segmentation 3: by End-Use Industry Estimates & Trend Analysis
7.1. by End-user & Market Share, 2024 & 2034
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2021 to 2034 for the following by End-user:

7.2.1. Mobility
7.2.2. Chemical
7.2.3. Power
7.2.4. Grid Injection
7.2.5. Industrial

Chapter 8. Green Hydrogen Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Renewable Source, 2021-2034
8.1.2. North America Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2021-2034
8.1.3. North America Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by End-Use Industry, 2021-2034
8.1.4. North America Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.2. Europe
8.2.1. Europe Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Renewable Source, 2021-2034
8.2.2. Europe Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2021-2034
8.2.3. Europe Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by End-Use Industry, 2021-2034
8.2.4. Europe Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.3. Asia Pacific
8.3.1. Asia Pacific Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Renewable Source, 2021-2034
8.3.2. Asia Pacific Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2021-2034
8.3.3. Asia-Pacific Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by End-Use Industry, 2021-2034
8.3.4. Asia Pacific Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.4. Latin America
8.4.1. Latin America Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Renewable Source, 2021-2034
8.4.2. Latin America Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2021-2034
8.4.3. Latin America Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by End-Use Industry, 2021-2034
8.4.4. Latin America Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.5. Middle East & Africa
8.5.1. Middle East & Africa Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Renewable Source, 2021-2034
8.5.2. Middle East & Africa Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2021-2034
8.5.3. Middle East & Africa Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by End-Use Industry, 2021-2034
8.5.4. Middle East & Africa Green Hydrogen Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034

Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles

9.2.1. Linde
9.2.2. Air Liquide
9.2.3. Air Products Inc.
9.2.4. ENGIE
9.2.5. Uniper SE
9.2.6. Siemens Energy
9.2.7. Green Hydrogen
9.2.8. Cummins Inc
9.2.9. Toshiba Energy Systems & Solutions Corporation
9.2.10. Nel ASA
9.2.11. SGH2 Energy Global LLC
9.2.12. PLUG POWER INC
9.2.13. Aker Horizons
9.2.14. HY2GEN AG
9.2.15. Fusion-Fuel
9.2.16. Loop Energy Inc
9.2.17. Ergosup
9.2.18. Ballard Power Systems
9.2.19. Other Prominent Players

Segmentation of Green Hydrogen Market-

Green Hydrogen Market By Renewable Source-

  • Wind energy
  • Solar energy
  • Other renewable sources

green hydrogen

Green Hydrogen Market By Technology-

  • Alkaline electrolysis
  • PEM electrolysis

Green Hydrogen Market By End-Use Industry:

  • Mobility
  • Chemical
  • Power
  • Grid Injection
  • Industrial

Green Hydrogen Market By Region-

North America-

  • The US
  • Canada

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Green Hydrogen Market?

Green Hydrogen Market expected to grow at 59.8% CAGR during the forecast period for 2025-2034

Linde, Air Liquide, Air Products Inc., ENGIE, Uniper SE, Siemens Energy, Green Hydrogen, Cummins Inc., Toshiba Energy Systems & Solutions Corporation,

Renewable Source, Technology and End-Use Industry are the key segments of the Green Hydrogen Market.

North America region is leading the Green Hydrogen Market.

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