Asia Pacific Green Hydrogen Market Size & Share 2024 – 2032
Market Size by Technology (Alkaline, PEM, Solid Oxide), by Source (Solar, Wind), by Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power), Forecast.
Report ID: GMI11552
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Published Date: September 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Srishti Agarwal
Asia Pacific Green Hydrogen Market Size
Asia Pacific Green Hydrogen Market was valued at USD 4.23 billion in 2023 and is anticipated to grow at a CAGR of 33.5% from 2024 to 2032. Green hydrogen is generated via the electrolysis of water, utilizing electricity sourced from renewables like wind, solar, or hydroelectric power. This approach guarantees zero emissions of carbon dioxide or other greenhouse gases during hydrogen production, positioning it as a sustainable alternative to conventional methods.
Asia Pacific Green Hydrogen Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Ongoing adoption of green hydrogen in sectors including industry, transportation, aviation, and mobility owing to its storability, transportability, and overall viability is set to boost the industry demand. Introduction of stringent government mandates and measures aimed at curbing greenhouse gas emissions coupled with efforts to lessen reliance on fossil fuels will further energize the industry dynamics. Moreover, widespread deployment of clean hydrogen, recognized for its versatility as an energy carrier combined with the global shift towards energy transition will propel the business momentum.
Shift towards zero-emission energy sources and increasing investments from both private and public sectors in zero-emission hydrogen production technologies are driving the market growth. Rising adoption of hydrogen as a clean fuel across various sectors is enhancing the product penetration. Additionally, efforts to reduce greenhouse gas emissions and government initiatives, grants, and exemptions promoting zero-emission fuel sources are driving the business scenario.
Asia Pacific Green Hydrogen Market Trends
Active research and development, coupled with technological advancements, are paving the way for innovative and efficient solutions in green hydrogen production, driving the industry trends. Close collaboration among key industry players is set to amplify clean hydrogen production, positively influencing the market dynamics. Furthermore, the escalating demand for decarbonization across sectors, paired with stringent government measures to combat rising emissions, is set to bolster the business landscape. Pivot towards cost-effective and efficient clean hydrogen production, alongside a surge in manufacturing facilities, is poised to fortify the growth of the hydrogen economy across diverse economies.
Asia Pacific Green Hydrogen Market Analysis
Based on technology, the solid oxide segment is anticipated to cross more than USD 1.1 billion by 2032. Key features including its ability to operate at high temperatures, high efficiency, integration with industries that generate large amounts of heat including refineries and waste-to-energy plants and ongoing adoption in pilot projects will positively impact the technology adoption. SOEC technology is being explored for decentralized green hydrogen production systems, particularly with high renewable energy potential or where the use of waste heat is feasible will drive the business scenario. Moreover, Significant research and development investments are being made to reduce the capital and operational costs of SOEC systems, will foster the industry growth.
Based on source, the solar segment is likely to register more than CAGR 25.5% through 2032, driven by advancements in solar technology, falling costs, and the global push towards decarbonization. Many large-scale solar photovoltaic (PV) plants are being coupled with electrolyzers to produce green hydrogen. The cost of solar PV has dropped significantly in recent years, making it more economical to produce green hydrogen. Increasing adoption of solar power at industrial sites and renewable energy hubs, where solar PV systems are paired with water electrolyzers will significantly fuel the industry statistics.
China green hydrogen market is set to cross over USD 20 billion by 2032, driven by national policies aimed at achieving carbon neutrality by 2060. China has set ambitious goals to achieve peak carbon emissions by 2030 and carbon neutrality by 2060. Green hydrogen is viewed as a critical component of this strategy, particularly in hard-to-decarbonize sectors like heavy industry, transportation, and energy storage. Ongoing investment in large-scale green hydrogen projects along with conducting pilot projects to use green hydrogen in steel production, replacing coal-based processes. Further, the country is heavily promoting the use of green hydrogen in its transportation sector, particularly for heavy-duty vehicles, driving the business momentum.
Asia Pacific Green Hydrogen Market Share
The competitive landscape of the green hydrogen industry is evolving rapidly as countries ramp up investments in renewable energy and hydrogen production to meet decarbonization goals. Several major players, including energy companies, technology providers, and new entrants, are shaping this market through large-scale projects, strategic collaborations, and technological innovations. Strategic alliances between region-based companies and international players are becoming a defining feature of the green hydrogen market. Strategic partnerships, investments in electrolyzer technologies, and large-scale renewable projects are helping to accelerate the adoption of green hydrogen, positioning APAC as a key player in the global hydrogen economy.
Asia Pacific Green Hydrogen Market Companies
Eminent players operating in the Asia Pacific green hydrogen industry are:
Asia Pacific Green Hydrogen Industry News
This Asia Pacific green hydrogen market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:
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Market, By Technology
Market, By Source
Market, By Application
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
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3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
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5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
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Verified data sources
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GMI archive
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Trade data
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Parameters studied & evaluated
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