Green Hydrogen Market Size

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.

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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.