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.
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. |
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