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Green Hydrogen Market

Green Hydrogen Market

Green Hydrogen Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

Base Year:



Jun - 2023



Report Code:


Segments Covered
  • By Technology By Technology Proton Exchange Membrane Electrolysers, Alkaline Electrolysers, Solid Oxide Electrolysers
  • By Application By Application Power Generation, Transport, Other Applications
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 3.5 Billion
Revenue 2030Revenue 2030: USD 36.5 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 39.8%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): Europe
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Green Hydrogen Market Share

The global Green Hydrogen Market is valued at USD 3.5 Billion in 2022 and is projected to reach a value of USD 36.5 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 39.8% between 2023 and 2030.

Premium Insights

The Green Hydrogen market refers to the production, storage, and distribution of hydrogen fuel that is produced using renewable energy sources, such as solar, wind, and hydropower, as opposed to conventional methods that rely on non-renewable fossil fuels. The increasing demand for clean and sustainable energy solutions, coupled with the growing concerns over climate change and the need to reduce greenhouse gas emissions, is driving the growth of the Green Hydrogen market.

Green Hydrogen Market Size, 2022 To 2030 (USD Billion)

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The Green Hydrogen market has various applications, including transportation, power generation, and industrial processes. Transportation is expected to be the largest application segment due to the increasing demand for zero-emission vehicles and the development of hydrogen fuel cell infrastructure. In addition, the Green Hydrogen market is also segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Europe is expected to be the largest market for Green Hydrogen, driven by the region’s ambitious targets to reduce greenhouse gas emissions and increase the share of renewable energy in the energy mix.

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The ongoing conflict between Russia and Ukraine may impact the Green Hydrogen market in several ways. First, if the tension between the two countries disrupts the natural gas supply from Russia to Europe, it could accelerate the shift towards renewable energy sources like Green Hydrogen. This could increase demand for Green Hydrogen as an alternative to traditional fossil fuels. Second, the political instability in the region may also lead to a decrease in investments in the Green Hydrogen industry. Investors may be hesitant to invest in politically unstable countries, which could slow down the industry's growth.

Top Market Trends

  1. Rise in government initiatives and investments: Governments worldwide are encouraging the production and use of Green Hydrogen by providing subsidies, tax incentives, and grants. For example, the European Union has proposed a Green Hydrogen strategy to produce 40GW of electrolyzers and 10 million tonnes of hydrogen by 2030. Similarly, the US Department of Energy has launched the H2@Scale initiative to promote the research and development of hydrogen technologies.
  2. Increased partnerships and collaborations: Companies are partnering with each other to accelerate the growth of the Green Hydrogen industry. For example, BP and Ørsted have partnered to develop a hydrogen electrolysis project in Germany, while Toyota and Eneos have joined forces to promote the use of hydrogen-powered cars in Japan. In addition, technological advancements have led to the development of more efficient and cost-effective electrolyzers. For instance, ITM Power has developed a new electrolyzer that operates at high pressures and reduces the cost of hydrogen production.
  3. Growing demand in industrial sectors: The demand for Green Hydrogen is growing in industrial sectors like the chemical, refining, and steel industries, which are seeking to reduce their carbon footprint. For example, Thyssenkrupp Steel Europe has announced plans to use hydrogen instead of coal in its steelmaking process.

Market Segmentation

The global Green Hydrogen market can be categorized on the following: Technology, Application, and Region. Based on Technology, the market can be categorized into Proton Exchange Membrane Electrolyzers, Alkaline Electrolyzers, and Solid Oxide Electrolyzers. Additionally, based on Application, the market can be split between Power Generation, Transport, and Other Applications. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Technology

Alkaline Electrolyzer to Lead Maximum Market Share Due to Growing Demand for Renewable Energy

In 2022, alkaline electrolyzers dominated the market. With the increasing demand for clean and sustainable energy, renewable energy sources like wind and solar are being widely adopted. Alkaline electrolyzer technology has a significant advantage in using renewable energy sources directly, without incurring additional costs. This feature has been driving the demand for this technology in the Green Hydrogen market. In addition, governments across various nations are also promoting Green Hydrogen and other renewable energy sources to combat climate change and reduce their dependence on fossil fuels. This has led to various initiatives and policies that encourage using renewable energy sources, including Green Hydrogen production.

Based on Application

Power Generation to Mention Dominion Owing to Decarbonization of Power Generation

The power sector is a major contributor to greenhouse gas emissions, and Green Hydrogen can help to decarbonize the sector. By replacing fossil fuels like coal and natural gas in power generation, Green Hydrogen can reduce emissions and help achieve climate goals. In addition, Green Hydrogen can also help integrate renewable energy sources like wind and solar into the power grid. Since electricity generated from renewable sources can be intermittent, the stored Green Hydrogen can serve as an energy reservoir during periods of low availability of electricity from renewables. This can help to improve grid stability and reduce reliance on fossil fuels for backup power generation.

Based on Region

Asia Pacific to Dominate Global Sales Owing to Changing Lifestyles and Increasing Popularity

The EU has launched several initiatives and funding programs to support the growth of the Green Hydrogen industry in Europe. For example, the European Commission has set aside €750 billion for the ‘Next Generation EU’ recovery plan, which includes funding for developing Green Hydrogen. The EU has also launched the European Clean Hydrogen Alliance, which brings together industry stakeholders to develop a hydrogen ecosystem in Europe. Several European countries are also investing in the development of Green Hydrogen. Germany, for example, has launched a National Hydrogen Strategy, which aims to expand the domestic market for hydrogen and create a framework for developing a hydrogen economy. Spain has also announced plans to become a leader in Green Hydrogen production, aiming to produce 4 GW of electrolysis capacity by 2030.

The growth of the Green Hydrogen industry in North America is poised to accelerate in the coming years due to increased government support, technological advancements, and growing demand for decarbonization solutions. Numerous private sector companies have also invested in Green Hydrogen technologies, contributing to the industry's growth. In 2020, Plug Power, a leading hydrogen fuel cell solutions provider, announced its plans to build the first North American Green Hydrogen production plant in New York. Moreover, major energy companies like ExxonMobil and Shell have also announced plans to invest in Green Hydrogen.

Competitive Landscape

Players such as venture capitalists, private equity firms, and institutional investors play a significant role in the growth of the Green Hydrogen industry by investing capital in the development of Green Hydrogen production technologies and infrastructure. They help provide companies with the necessary funds to develop, test, and commercialize their Green Hydrogen products and services.

The key players in the global Green Hydrogen market include - Linde PLC (Ireland), Air Products Inc. (U.S.), Air Liquide (France), Cummins Inc. (U.S.), Engie SA (France), Nel ASA (Norway), Siemens Energy (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Uniper SE (Germany), Bloom Energy (U.S.) among others.

Recent Market Developments

  • June 2022: Air Liquide S.A. and Siemens Energy have formed a joint venture in Europe to produce industrial-scale renewable hydrogen electrolyzers in series. This Franco-German collaboration will enable the emergence of a sustainable hydrogen economy in Europe and foster a European ecosystem for electrolysis and hydrogen technology by combining the expertise of two of the world's leading companies in their respective fields. Production is expected to begin in the second half of 2023, with a capacity of three gigatons per year by 2025.
  • May 2022: Air Liquide S.A., CaetanoBus, and Toyota Motor Europe have agreed to collaborate on developing integrated hydrogen solutions. This will include infrastructure development and vehicle fleets to accelerate the spread of hydrogen mobility for both light- and heavy-duty vehicles.
  • April 2022: Lhyfe and WPD collaborated for the large-scale production of renewable Green Hydrogen at Storgrundet offshore wind farm, Soderhamn municipality (Sweden) facility.

Segmentation of the Global Green Hydrogen Market

Parameter Details
Segments Covered

By Technology

  • Proton Exchange Membrane Electrolysers
  • Alkaline Electrolysers
  • Solid Oxide Electrolysers

By Application

  • Power Generation
  • Transport
  • Other Applications

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Linde PLC (Ireland)
  • Air Products Inc. (U.S.)
  • Air Liquide (France)
  • Cummins Inc. (U.S.)
  • Engie SA (France)
  • Nel ASA (Norway)
  • Siemens Energy (Germany)
  • Toshiba Energy Systems & Solutions Corporation (Japan)
  • Uniper SE (Germany)
  • Bloom Energy (U.S.)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Frequently Asked Question
  • The global Green Hydrogen valued at USD 3.5 Billion in 2022 and is expected to reach USD 36.5 Billion in 2030 growing at a CAGR of 39.8%.

  • The prominent players in the market are Linde PLC (Ireland), Air Products Inc. (U.S.), Air Liquide (France), Cummins Inc. (U.S.), Engie SA (France), Nel ASA (Norway), Siemens Energy (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Uniper SE (Germany), Bloom Energy (U.S.).

  • The market is project to grow at a CAGR of 39.8% between 2023 and 2030.

  • The driving factors of the Green Hydrogen include

    • Low variable electricity costs

  • Europe was the leading regional segment of the Green Hydrogen in 2022.