Home > Energy, Mining, Oil & Gas > Green Hydrogen Market

Green Hydrogen Market Size By Technology (Alkaline, PEM, Solid Oxide), By Source (Solar, Wind), By Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5349
  • Published Date: Sep 2022
  • Report Format: PDF

Industry Forecast

Green Hydrogen Market size exceeded USD 450 million in 2021 and is projected to record over 60% CAGR from 2022 to 2030.

Mounting concerns over carbon emissions and ongoing efforts to shift to cleaner fuel alternatives will drive the production of green hydrogen. Stringent emission norms imposed by countries worldwide to combat climate change has elevated the significance of zero emission energy sources. Green hydrogen is derived by splitting water into hydrogen and oxygen using the renewable electricity that is generated from solar, offshore/onshore wind, and hydropower, among others.

Green Hydrogen Market

Get more details on this report - Request Free Sample PDF

Both private and public sectors are making robust investments to support the advancement of new hydrogen production technologies and infrastructure. Efforts to reduce carbon footprint and meet ambitious emission reduction targets will accelerate the use of green hydrogen in the automotive and aerospace sector. Rapid development of efficient solar power generation equipment will enhance the green hydrogen market outlook.

High cost associated with the production, conversion, storage, and transportation of green hydrogen may impede the industry growth to some extent. The overall cost of the hydrogen processing is currently high, given the increased price of electrolyzers, stacks & other components, which could create hurdles for green hydrogen manufacturers. However, favorable government investments and ongoing research & development activities that aim to develop low cost & efficient hydrogen production technologies may stimulate the market expansion.

Robust developments in wind power generation to support green hydrogen production

The green hydrogen market share from wind source segment is set to exceed USD 20 billion by 2030. Robust development in offshore and of onshore windfarms across major economies and a rising inclination toward cleaner fuel alternatives will sway the industry trends. Offshore wind is a promising energy source for green hydrogen production.

Advancements in electrolyzer projects along with new strategic initiatives among industry players and governments will support the use of wind energy to produce clean hydrogen. In 2022, Nova Scotia became the first province in Canada to build industrial-scale wind energy plant off its shores, with plans to bring 5GW online by decade’s-end to support green hydrogen production in the region.

Advancements in PEM technology to fuel green hydrogen market growth

Global Green Hydrogen Market By Technology

Get more details on this report - Request Free Sample PDF

The PEM technology segment is estimated to witness more than 70% gains through 2030. Hydrogen produced using electrolysis can generate zero GHG emissions. The International Energy Agency (IEA) estimates that the electrolysis process to obtain green hydrogen can save around 830 million tons of CO2 that is emitted annually when the gas is produced using fossil fuels.

Proton exchange membrane (PEM) electrolyzers use renewable electricity and water to produce clean hydrogen. Development of new hydrogen production projects and significant government fundings will foster the adoption of PEM electrolysis technology. Features like desirable power reliability, high production rate, low temperature operation, high flexibility, compact design, and quick response at the time of fluctuations will positively influence the technology adoption.

High demand for electricity to boost use of green hydrogen in power generation

The green hydrogen market revenue from power generation application is anticipated to reach USD 40 billion by 2030. As per latest estimates by the IEA, global energy demand is likely to increase by 30% until 2040. Rising need to adopt clean energy sources and ongoing efforts to reduce the dependency on fossil fuel will foster hydrogen use in the energy sector.

New initiatives by industry players to decarbonize the power generation sector will support the adoption of green hydrogen. For instance, Iberdrola is developing several projects that will enable the decarbonization of power sector. The company has more than 60 green hydrogen projects in eight countries including Spain, United Kingdom, Brazil, United States, among others.

New government investments to accelerate the demand in Germany

Germany Green Hydrogen Market By Source

Get more details on this report - Request Free Sample PDF

The Germany green hydrogen market size is predicted to surpass USD 6 billion by 2030. Introduction of new initiatives, policies, and laws by government bodies to boost the adoption of clean energy sources will augment the market statistics. Commencement of large-scale wind powered projects to expand energy sector and favorable government fundings will foster the access to hydrogen production sources. In 2021, Shell announced that it has started operations of Europe’s largest polymer electrolyte membrane (PEM) electrolyzers, for producing green hydrogen at its Energy and Chemicals Park Rhineland in Germany.

Construction of new green hydrogen projects influence the competitive dynamics

Some of the leading players in green hydrogen market include Siemens Energy, Plug Power Inc., Cummins Inc., Air Liquide, Linde plc, Air Products Inc., Iberdrola, S.A., Hiringa Energy Limited, Engie, Lhyfe, GH2, CWP Global and ACME, amongst others. These companies are utilizing strategic partnerships, acquisition & mergers and developing new projects through closed collaborations to boost their market presence.

For example, in March 2021, ACME signed a USD 2.5 billion agreement with the Oman Company to develop the Special Economic Zone to construct a large-scale green hydrogen & green ammonia production facility in Oman. The agreement aims to produce clean hydrogen through electrolysis to develop clean infrastructure across the country.

Impact of COVID-19 outbreak on green hydrogen market trends

The COVID-19 pandemic had a significant impact on the industry as imposition of strict lockdown restrictions raised challenges for the adoption of renewable hydrogen across numerous sectors. However, the market is expected to record robust growth on account of new regulatory measures for reducing carbon emission in the commercial and industrial sectors. Efforts to accelerate decarbonization of the energy sector and a focus towards the adoption of eco-friendlier alternatives will boost the demand for green hydrogen in the post-COVID 19 era.

This market research report on green hydrogen includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2018 to 2030, for the following segments:

Market Forecast, By Technology

  • Alkaline
  • PEM
  • Solid Oxide
  • Others

Market Statistics, By Source

  • Solar
  • Wind
  • Others

Market Insights, By Application

  • Power Generation
  • Transportation
  • Industry Energy
  • Industry Feedstock
  • Building Heat & Power
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Netherland
    • Denmark
    • Spain
    • Norway
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Rest of World
    • Oman
    • Saudi Arabia
    • UAE


Authors: Ankit Gupta, Sristhi Agrawal

Frequently Asked Questions (FAQ) :

The market for green hydrogen was valued at $450 million in 2021 and is poised to observe around 60% CAGR during 2022 to 2030, says this GMI analysis report.

In Germany, the industry size is projected to cross USD 6 billion by 2030, supported by the new government initiatives to boost the adoption of clean energy sources.

The green hydrogen industry share from PEM technology is estimated to grow at a rate of over 70% through 2022-2030, as the technology uses renewable electricity and water to produce green hydrogen.

Some of the largest producers of green hydrogen are Siemens Energy, Plug Power Inc., Cummins Inc., Air Liquide, Linde plc, Air Products Inc., and Iberdrola.

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

  • Base Year: 2021
  • Companies covered: 15
  • Tables & Figures: 634
  • Countries covered: 17
  • Pages: 400

Get a report that explains COVID-19 impact on this market

 Request Free Sample

Budget constraints? Get in touch with us for special pricing

Request Discount