Green Hydrogen Market Size & Growth Analysis to 2030

The global green hydrogen market size is expected to grow at a robust CAGR during the forecast period from 2021 to 2027 and was estimated at around USD 1 billion in 2020. The increasing demand for green energy and the increasing environmental concern across the globe are some major factors driving the market growth. Furthermore, the stringent government regulation regarding carbon emission is further anticipated to fuel the market over the forecast period. Moreover, the rapid expansion of technologies and government initiatives for zero-emission is expected to boost the market. However, the high cost of production and limited transportation infrastructure are some factors to restrain the market growth.

Market Drivers:

Renewable energy transition: The global shift towards renewable energy sources, such as solar and wind power, is a major driving factor for the green hydrogen market. Green hydrogen is produced through the process of electrolysis, using renewable electricity to split water molecules into hydrogen and oxygen. As countries and industries strive to reduce their carbon footprint and achieve decarbonization goals, the demand for green hydrogen as a clean energy carrier is increasing.

Government support and policies: Many governments around the world are implementing supportive policies and incentives to promote the production, adoption, and utilization of green hydrogen. These policies often include renewable energy targets, carbon reduction goals, financial incentives, and regulatory frameworks that encourage investment in green hydrogen infrastructure and technologies. Government support plays a crucial role in driving the growth of the green hydrogen market.

Technological advancements: Advances in electrolysis technologies, such as proton exchange membrane (PEM) electrolysis and solid oxide electrolysis, are making green hydrogen production more efficient and cost-effective. Continuous research and development efforts are focused on improving electrolyzer efficiency, durability, and scalability. Technological advancements are driving down the costs of green hydrogen production, making it increasingly competitive with conventional hydrogen production methods.

Decarbonization of industries: Various industries, including transportation, manufacturing, and energy sectors, are seeking ways to decarbonize their operations and reduce greenhouse gas emissions. Green hydrogen offers a versatile and zero-emission energy source that can be used for power generation, fuel cell vehicles, industrial processes, and energy storage. As industries prioritize decarbonization, the demand for green hydrogen as a sustainable solution is growing.

International collaborations and partnerships: Collaboration among governments, industries, and research institutions at the international level is playing a crucial role in driving the growth of the green hydrogen market. Joint research initiatives, knowledge sharing, and investment partnerships are facilitating the development of green hydrogen infrastructure, technology advancements, and cost reductions. International collaborations are accelerating the adoption of green hydrogen and driving its market expansion.

Increasing public awareness and environmental consciousness: The general public’s growing awareness of environmental issues, climate change, and the need for sustainable energy solutions is influencing market dynamics. Consumers, communities, and investors are increasingly demanding cleaner energy alternatives, and green hydrogen represents a viable option for decarbonizing various sectors. This increased environmental consciousness is driving the demand for green hydrogen and shaping market trends.

Energy storage applications: Green hydrogen can also serve as a means of energy storage, addressing the intermittent nature of renewable energy sources. Excess electricity generated from renewable sources can be used to produce green hydrogen, which can then be stored and converted back into electricity through fuel cells or other applications when needed. The growing need for reliable and scalable energy storage solutions is driving the demand for green hydrogen in this context.

Market Outlook:

Market Insights:

The global green hydrogen market is bifurcated into technology, end-user, and geography. On the basis of technology, the market is further segmented into alkaline electrolyzer, PEM electrolyzer, and olid oxide electrolyzer. The alkaline electrolyzer segment dominated the global market in 2020 and accounted to hold the largest revenue share of over half of the market. The low cost compares with other electrolyzers is expected to drive the segment growth over the forecast period.

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The green hydrogen comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

Global green hydrogen market size and forecast were obtained by using “Bottom-up” and “Top-down” approaches. Extensive secondary research was conducted to understand the market insights and trends, followed by primary interviews to further validate the information sourced. The report provides both, qualitative and quantitative analyses of the market, the competitive landscape, and the preferred development strategies of key players which help to formulate competitive market strategies and make informed decisions.

The green hydrogen market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Technology:

• Alkaline Electrolyzer
• Polymer Electrolyte Membrane (PEM) Electrolyzer
• Solid Oxide Electrolyzer

By End-User:

• Automotive
• Metal & Mining
• Power & Energy
• Others

By Region:

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

Geographic Coverage:

Geographically, Europe dominated the global green hydrogen market in 2020 and accounted to hold the largest revenue share of over half of the market share. Growing awareness about clean energy and increasing investment by the European government are major factors driving the market growth in this sector.  In contrast, North America is expected to grow at a significant growth rate over the forecast period. The government’s favorable policies regarding low-emission transportation are expected to drive market growth in North America.

Competition Assessment:

Some of the major players operating in the global green hydrogen market are Linde, Air Products Inc., Air Liquide, Uniper SE, and ENGIE. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Linde
• Air Products Inc.
• Air Liquide
• Uniper SE
• ENGIE
• Siemens Energy
• Cummins Inc.
• Green Hydrogen
• SGH2 Energy Global, LLC
• Nel ASA

Key Questions Answered by Green Hydrogen Market Report

• Global green hydrogen market forecasts from 2021-2027
• Regional green hydrogen market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Green hydrogen submarket forecasts from 2021-2027 covering the market by technology, by end-user, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the green hydrogen market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level green hydrogen markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the green hydrogen market