USD 6.23 Billion
Green Hydrogen Market Size, Share, Growth Analysis, By Technology (Alkaline Electrolysis, PEM Electrolysis), By Source, By End-use, By Region -Industry Forecast 2025-2032
Report ID:
SQMIG15E2552 |
Region:
Global |
Published Date: December, 2024
Pages:
162
|Tables:
0
|Figures:
0
Green Hydrogen Market Insights
Green Hydrogen Market size was valued at USD 8.69 Billion in 2023 and is poised to grow from USD 12.12 Billion in 2024 to USD 124.59 Billion by 2032, growing at a CAGR of 39.5% during the forecast period (2025-2032).
Growing emphasis on sustainability and rising demand for clean energy around the world are forecasted to primarily drive green hydrogen market growth in the future. Advancements in electrolysis technologies and the launch of new electrolyzers around the world are also expected to create new opportunities for green hydrogen companies going forward. Rising demand for renewable energy and increasing investments in the adoption of the same are also expected to bolster green hydrogen market development. High investments in decarbonization and advancements in hydrogen fuel cell technologies will also be major green hydrogen market trends to watch out for going forward. Increasing popularity and demand for hydrogen-powered vehicles around the world owing to rising emphasis on vehicle emission reduction will also bolster market development in the future. Developed countries are projected to spearhead the demand for green hydrogen owing to their high spending potential. Increasing awareness regarding benefits of green hydrogen usage is also expected to create new opportunities for green hydrogen providers in the long run. However, lack of proper infrastructure, availability of alternative clean energy solutions, energy losses in conversion, and high costs of production are estimated to dull the green hydrogen market outlook across the forecast period and beyond.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Pipelines
Fastest Growth
transportation
Growth Rate
39.5%
Global Green Hydrogen Market ($ Bn)
Country Share for Europe Region (%)
To get more reports on the above market click here to Buy The Report
Green Hydrogen Market Segmental Analysis
Global Green Hydrogen Market is segmented by Technology, by Source, by End Use and by Region. Based on Technology, the market is segmented into Alkaline Electrolysis, PEM Electrolysis. Based on Source, the market is segmented into Wind Energy, Solar Energy, Others (geothermal, hydropower, and hybrid of wind & solar). Based on End Use, the market is segmented into Wind Energy, Solar Energy, Others (geothermal, hydropower, and hybrid of wind & solar). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Distribution Channel
Pipelines are forecasted to account for a major chunk of the global green hydrogen market share. Growing use of the existing natural gas pipelines to transport green hydrogen is helping this segment maintain its dominant stance. Pipelines allow for the affordable transportation of large volumes of green hydrogen without compromising on security and safety. Moreover, the proven efficacy of existing tested pipelines in transporting gas for several years also incites confidence among green hydrogen producers to use them as a preferred medium of distribution. Easy integration with existing pipeline infrastructure is also expected to help this segment maintain its lead in the global green hydrogen market forecast.
Meanwhile, the transportation of green hydrogen through cargo is also expected to rise at a rapid pace. The absence of pipelines in remote areas and rough terrain is projected to primarily augment the distribution of green hydrogen through cargo over the coming years. Mostly green hydrogen is converted into liquid form for this type of distribution and is highly suitable for high-purity end-use. However, the daily boil-off losses are estimated to hurt the share of this segment in the long run. Trucks and ships are most preferred for cargo distribution of green hydrogen as they are cost-effective modes of transport for short as well as long distances.
Analysis by Application
Transportation is forecasted to emerge as the key application for green hydrogen providers across the forecast period and beyond. Advancements in hydrogen fuel cell technology and growing investments in the development of hydrogen propulsion systems are all expected to aid the dominance of this segment going forward. Rising emphasis on vehicle emission reduction and growing awareness regarding benefits of hydrogen-powered vehicles are slated to create new opportunities for green hydrogen companies focusing on this application segment in the future. CNH, Daimler, DAF, Ford, MAN, Scania, and Volvo are some key companies that are developing hydrogen-based transport vehicles to promote sustainability and reduce emissions from the automotive industry.
On the other hand, the demand for green hydrogen in power generation applications is projected to rise at a robust pace in the future. Rapidly surging demand for renewable energy storage and clean energy around the world to satisfy the growing global energy demand is estimated to offer lucrative opportunities for green hydrogen providers in the long run. Hydrogen is being extensively used in renewable power generation plants to store energy, thereby creating more lucrative opportunities for green hydrogen market players. Increasing investments in the development of hydrogen production infrastructure are also expected to help this segment bring in more revenue for green hydrogen companies in the long run.
Global Green Hydrogen Market By Distribution Channel
To get detailed analysis on other segments, Request For Free Sample Report
Green Hydrogen Market Regional Insights
Europe is forecasted to account for a prominent share of the global green hydrogen demand outlook. High emphasis on sustainability, supportive government initiatives to promote hydrogen production, and growing awareness among consumers in this region are allowing it to spearhead global green hydrogen market outlook. Imposition of stringent mandates to curb emissions and growing use of clean and renewable energy are expected to bolster the demand for green hydrogen in Europe going forward. Sweden, Germany, France, and the United Kingdom are estimated to be key markets for green hydrogen companies looking to make a mark in the European region through 2031.
Asia-Pacific is projected to emerge as the fastest-expanding market for green hydrogen providers in the future. Increasing efforts of governments to promote clean energy, rising investments in the development of new green hydrogen plants, and the launch of new decarbonization technologies are expected to create new opportunities for green hydrogen market players in this region. India, Japan, China, and Australia are estimated to have a substantial contribution to the high green hydrogen market share of this region through 2031. Growing investments in development of new green hydrogen technologies and high demand for hydrogen-based transport are also slated to be key green hydrogen market trends for the Asia Pacific region going forward.
Global Green Hydrogen Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Green Hydrogen Market Dynamics
Drivers
Advancements in Electrolysis Technologies
- Growing demand for eco-friendly production of hydrogen around the world to promote sustainability has led to significant advancements in electrolysis technologies. Innovations like proton exchange membrane (PEM) and solid oxide electrolysis cells (SOECs) are making green hydrogen production more efficient and scalable thereby promoting the green hydrogen industry growth as well.
Rising Use of Hydrogen-powered Propulsion Systems
- To promote sustainability and reduce reliance on fossil fuels, people around the world are focusing on developing hydrogen-powered propulsion systems. Hydrogen fuel cell electric vehicles (FCEVs), including trucks, buses, and trains, offer longer ranges and faster refueling times compared to battery-electric vehicles (BEVs), which is why the demand for green hydrogen is slated to rise at a notable pace in the future.
Restraints
Lack of Infrastructure for Production
- The infrastructure required for green hydrogen production and transport is still in its initial stages of development, which limits the potential for green hydrogen market growth. Building a global hydrogen network requires substantial investment and coordinated efforts between governments, industries, and private investors, which is nearly impossible to achieve in the short term, thereby slowing down the demand for green hydrogen.
Availability of Alternative Clean Energy Solutions
- Battery power and biofuels are some key alternatives that are projected to negatively impact the adoption of green hydrogen as a clean energy alternative. The established and more cost-effective nature of these alternative clean energy technologies is projected to impede the overall green hydrogen market outlook in the long run.
Request Free Customization of this report to help us to meet your business objectives.
Green Hydrogen Market Competitive Landscape
Investing in the development of green hydrogen production and transportation infrastructure is projected to be the top priority of all market players in the future. Collaborations and partnerships will be essential strategies for green hydrogen companies looking to enhance their market presence on a global level. Investing in the development of a new carbon-neutral way to produce green hydrogen will be a major market trend for green hydrogen companies to focus on going forward.
Top Player’s Company Profiles
- Air Liquide
- Air Products Inc.
- Bloom Energy
- Cummins Inc.
- Engie
- Linde plc.
- Nel ASA
- Siemens Energy
- Toshiba Energy Systems & Solutions Corporation
- Uniper SE
- H&r ölwerke schindler gmbh
- Wind to gas energy gmbh & co. Kg
- Sino-synergy hydrogen energy technology (jiaxing) co., ltd
- Iberdrola s.a
- Enel green power s.p.a
- Envision digital
- Hynamics (edf)
- Acwa power
- Green hydrogen systems
- The state atomic energy corporation rosatom
Recent Developments
- In October 2024, Lhyfe, a renowned provider of renewable hydrogen based in France announced the start of construction of its new production facility in the Auvergne-Rhône-Alpes region. When fully operational, the facility is forecasted to produce around 4 tons of renewable hydrogen per day.
- In October 2024, Shuangliang Group, a Chinese company focused on developing eco-friendly solutions announced the launch of the world’s largest alkaline water electrolyzer. The 5000Nm³/h system was unveiled at Shuangliang’s innovation conference as it set a new global standard for green hydrogen production efficiency and takes clean energy to a whole new level.
- In October 2024, an MoU (memorandum of understanding) was signed between to two key green hydrogen companies in India to explore the possibility of green hydrogen production in Gujrat, India. RBM Infracon and Greenzo Energy were the two companies planning to set up green hydrogen production in Gujrat with an investment of around INR 200 crore.
Green Hydrogen Key Market Trends
- Green Hydrogen Blending: Green hydrogen companies are expected to focus on blending green hydrogen with natural gas to reduce its carbon footprint and heating intensity. This trend will allow green hydrogen companies to expand their business scope with current infrastructure and also give them time to develop infrastructure for green hydrogen alone. Hydrogen blending offers a transitional solution as green hydrogen production scales up, allowing the existing gas infrastructure to be utilized while reducing greenhouse gas emissions.
- Development of Hydrogen Fueling Infrastructure: green hydrogen providers should target the development of a robust hydrogen fueling infrastructure just like there is for gas and other fossil fuels. This increased accessibility to hydrogen as a fuel will create new opportunities for green hydrogen companies in the long run and attract more investments to the green hydrogen market as well.
Green Hydrogen Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, surging demand for clean energy and growing investments in the development of renewable energy infrastructure are projected to drive green hydrogen market growth. On the contrary, the lack of infrastructure for green hydrogen production and the availability of alternatives are estimated to impede green hydrogen demand outlook. High consumer awareness and efforts of governments in the European region to promote sustainability allow it to dominate the global market. Using pipelines to transport green hydrogen is slated to emerge as the most rewarding segment for all market players going forward. The use of hydrogen blending is forecasted to create new opportunities for green hydrogen companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.23 Billion |
| Market size value in 2031 | USD 89.31 Billion |
| Growth Rate | 39.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Green Hydrogen Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Green Hydrogen Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Green Hydrogen Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Green Hydrogen Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Green Hydrogen Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Green Hydrogen Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
