According to Latest Study, the global green hydrogen market size projected to rake around USD 89.18 billion by 2030 and is growing at a CAGR of 54.2% from 2022 to 2030.

Growing government investments and subsidies benefitting clean fuel usage along with hydrogen economy being touted as an environment-friendly alternative to fossil fuel economy are likely to strengthen the demand over the forecast period.

Electrolyzing water molecules produce green hydrogen to separate hydrogen and oxygen atoms using solar and wind energy. It is manufactured without hydrocarbons, resulting in lower carbon emissions. Green hydrogen can reduce pollution by using renewable energy to power water electrolysis, which is abundant and can be produced at less-than-ideal periods. The primary reason driving the global green hydrogen market is the increased demand for alternative energy resources. Furthermore, increased government investments and incentives encouraging renewable fuels, such as hydrogen, have resulted in a significant surge in green hydrogen usage.

The global Green Hydrogen Market gathered revenue around USD 1.9 billion in 2021 and market is set to grow USD 89.18 billion by the end of 2030 and is estimated to expand at a modest CAGR of 54.2% during the prediction period 2022 to 2030.

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Key Industry Insights & Findings from the report:

The alkaline electrolyzer segment accounted for 66.18% of the market in 2021 owing to being the conventional electrolyzer technology used in green hydrogen projects. The alkaline electrolyzer uses the liquid alkaline solution of potassium or sodium hydroxide as its electrolyte and it has higher operating hours than PEM electrolyzers.

Polymer Electrolyte Membrane (PEM) electrolyzer segment is expected to witness the fastest growth rate over the forecast period owing to its lower membrane thickness, high proton conductivity, and lower gas permeability.

The transportation segment was the largest in the application segmentation with it accounting for about 40.61% of the global green hydrogen market in 2021. The transportation industry shifting away from fossil fuels and towards renewable energy such as solar energy and green hydrogen is expected to boost the segment in the forecast period. The power generation segment is also expected to grow at a steady pace owing to reducing costs of green hydrogen production.

Pipeline distribution channel segment accounted for 62.07% of the revenue share in 2021. The lower cost of pipeline distribution coupled with existing pipeline infrastructure is expected to boost the market during the forecast period.

Europe accounted for a dominant revenue share of 49.03% in 2021, owing to the presence of a high number of green hydrogen production plants across the region. In addition, massive government investments are expected to drive the market growth.

North America is estimated to grow at a significant CAGR over the forecast period owing to the implementation of clean energy targets along with growing end-market applications such as green hydrogen being used as a fuel in fuel-cell driven vehicles.

Asia Pacific is expected to grow at the fastest CAGR over the forecast period owing to supporting policies and large-scale green hydrogen projects announced in APAC countries such as Australia and Japan.

Green Hydrogen Market Growth

The market is driven by the proliferating deployment of renewable energy sources in various end-use industries. Green hydrogen is produced through the electrolysis of water, with renewable power generation sources such as wind energy, solar energy, and other renewable energy sources. Furthermore, the growing scale of renewable energy is estimated to result in lowering the cost of clean power generation, thereby positively influencing the market growth over the forecast years.

The market in North America is anticipated to attain a prominent growth rate over the forecast period, with U.S. and Canada leading the region owing to the implementation of clean energy policies. In the U.S., California holds the majority of the market share with the growth driven by aggressive de-carbonization targets, such as phasing out of gas or diesel-powered public buses by 2040.

Major players in the industry are focusing on innovation and technological advancements to reduce the high cost of electrolyzer units, boosting the commercialization of green hydrogen production. In addition, market participants are emphasizing practicing several strategic initiatives such as joint ventures, partnerships, mergers & acquisitions, and others to enhance their foothold in the market over the coming years.

Countries realizing their untapped potential in hydrogen markets are expected to enhance the industry landscape over the coming years. In October 2019, Siemens announced a technical partnership on a 5 GW wind and solar combined energy project in Australia. The company is expected to provide its electrolyzer technology to generate green hydrogen through renewable-powered electrolysis. The clean hydrogen produced is intended to be exported to Asian markets.

Current Trends and Innovations

Renewable hydrogen, as well as Carbon Capture, Utilization, and Storage (CCUS) have a major influence on various trends due to inter-relationship with clean hydrogen production. Biomass gasification among the set of X-to-hydrogen-to-X technologies, provides sustainable method for producing hydrogen, which helps the global green hydrogen market to expand. Other important application of green hydrogen includes Combined Heat and Power (CHP) and green propulsion, which would demonstrate the versatility of hydrogen as an energy carrier. Rising demand for CHP among various industries such as food processing, pharmaceutical, manufacturing, paper production, oil and refinery, hospitals, and utility industries is also driving green hydrogen market revenue growth.

This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Green Hydrogen market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Green Hydrogen market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

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Rising Demand for Green Globe Projects

Green hydrogen is generated using electrolysis process, in which water is separated into hydrogen and oxygen by utilizing electricity generated from renewable resources. Declining cost of both reusable electricity and electrolysis technology would lead to rising demand for green hydrogen, thereby driving green hydrogen market revenue growth.

Many industries, including oil & gas, utility, steel, and fertilizers, among others are opting for green hydrogen for harmonizing intermittency of reusable resources. In addition, this type of hydrogen is being used large scale as an energy substitute for decarbonizing industrial, chemical, and transportation sectors. In addition to these industrial uses, advantage of storing green hydrogen in existing gas pipelines to power household appliances would result in a gradual increase in demand for green hydrogen from households. It converts renewable energy into a carrier such as ammonia and can be used in fuel cell to power anything that functions on electricity such as electric vehicles and electronic devices. The multiple and economical uses of green hydrogen is driving market revenue growth.

Restraints: High Operational Cost

Green hydrogen is incredibly challenging and expensive to store and transport. Since it is highly flammable in nature with a low volumetric density, high investment is required to be put into pipelines and carriers. In addition, lack of skilled workers in another factor restraining expansion and hampering growth of the global green hydrogen market.

By Technology

• Proton Exchange Membrane Electrolyzer


• Alkaline Electrolyzer


• Solid Oxide Electrolyzer

By Application

• Power Generation


• Transport


• Others

By End Use Industry

• Food & Beverages


• Medical


• Chemical


• Petrochemicals


• Glass


• Others

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