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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) & Forecast, 2024 - 2032

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

Green Hydrogen Market Size

Green Hydrogen Market size exceeded USD 9.6 million in 2023 and is projected to grow at over 31% CAGR between 2024 and 2032. The global green hydrogen deployment will reach 150GW by 2030. Mounting concerns over carbon emissions and ongoing efforts to shift to cleaner fuel alternatives will drive the production of green hydrogen.

Green Hydrogen Market

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.

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 propel the industry expansion.

High cost associated with the production, conversion, storage, and transportation of green hydrogen may impede the green hydrogen market 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 prospects.

Green Hydrogen Market Analysis

The wind source segment is anticipated to cross USD 20 billion revenue by 2030. Robust development in offshore and of onshore windfarms across major economies and rising inclination toward cleaner fuel alternatives will sway the market demand.

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.

Global Green Hydrogen Market By Technology

The PEM technology segment is estimated to record a CAGR of more than 70% 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.

Germany Green Hydrogen Market By Source

The Germany green hydrogen market size is poised 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 favor the market expansion. Commencement of large-scale wind powered projects to expand energy sector and favorable government fundings will foster the access to hydrogen production sources.

The revenue of power generation application segment is predicted 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 drive the deployment of green hydrogen.

Green Hydrogen Market Share

Some of the leading players operating in the 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
  • ACME

These companies are utilizing strategic partnerships, acquisition & mergers and developing new projects through closed collaborations to boost their market presence. For example, in July 2022, Iberdrola, S.A. collaborated with BP to decarbonize the transport & industrial sectors and accelerate the EV charging infrastructure & green hydrogen generation hubs in Spain, Portugal, and the UK. The two companies plan to expand green hydrogen production facility with a capacity of up to 600ktpa integrated with renewable power. The agreement will strengthen the company’s position across the industry and contribute to the green energy transition.

The market research report for 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:

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Market, By Technology

  • Alkaline
  • PEM
  • Solid Oxide
  • Others

Market, By Source

  • Solar
  • Wind
  • Others

Market, 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 global market valuation of green hydrogen exceeded USD 9.6 million in 2023 and is projected to grow at over 31% CAGR between 2024 and 2032.

The 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.

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

Some of the leading players in the market include Siemens Energy, Plug Power Inc., Cummins Inc., Air Liquide, Linde plc, Air Products Inc., and Iberdrola, S.A., among a few others.

Green Hydrogen Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 634
  • Countries covered: 17
  • Pages: 400
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