Global Green Hydrogen Market Size, Share, Growth Analysis Report - Forecast 2034

Green Hydrogen Market: Industry Perspective

The global green hydrogen market size was worth around USD 1.19 Billion in 2024 and is predicted to grow to around USD 61.34 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 43.2% between 2025 and 2034. The report analyzes the global green hydrogen market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the green hydrogen industry.

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Green Hydrogen Market: Overview

Green hydrogen is hydrogen manufactured completely from renewable sources of energy. Reportedly, green hydrogen emits lower carbon dioxide in comparison to grey hydrogen which is made through steam reforming natural gas and contributes nearly more than 90% of the global hydrogen market revenue. Reportedly, green power can be transformed into a transportation fuel and can also be used as a feedstock in industrial operations through the use of green hydrogen as a link between them.  

Key Insights

• As per the analysis shared by our research analyst, the global green hydrogen market is estimated to grow annually at a CAGR of around 43.2% over the forecast period (2025-2034).
• Regarding revenue, the global green hydrogen market size was valued at around USD 1.19 Billion in 2024 and is projected to reach USD 61.34 Billion by 2034.
• The green hydrogen market is projected to grow at a significant rate due to Rising focus on decarbonization and renewable energy integration drives market growth. Government support and investment in hydrogen infrastructure further fuel demand.
• Based on technology, the alkaline electrolyzer segment is expected to lead the global market.
• On the basis of application, the power generation segment is growing at a high rate and will continue to dominate the global market.
• Based on the end-use inustry, the power segment is projected to swipe the largest market share.
• By renewable source, the solar segment is expected to dominate the global market.
• Based on region, Europe is predicted to dominate the global market during the forecast period.

Green Hydrogen Market: Growth Factors

Humungous sustainable energy trends to scale up the business growth globally by 2030

Escalating demand for renewable energy sources and the requirement to reduce carbon emissions are predicted to boost the global green hydrogen market trends. Rising environmental concerns are predicted to spur the expansion of the global market. Moreover, an increase in the use of fossil fuels along with growing urbanization has led to an increase in GHG emissions and this is likely to translate into a humungous surge in the global market elevation in the coming years. The low cost of manufacturing renewable energy along with the humungous demand for electrolysis systems will enlarge the scope of the global market. Apart from this, the massive popularity of fuel cell electric cars and the thriving power sector is projected to contribute majorly towards the global market size. New launches are predicted to steer the growth of the global market in the ensuing years. In November 2022, ABB Limited, a key player in the infrastructural sector, launched a power management system referred to as ABB Ability™ OPTIMAX® for the green hydrogen sector. The strategic move is predicted to reduce production costs by facilitating real-time know-how of power consumption in a slew of operations. Moreover, setting up new units for producing green hydrogen will also provide impetus to the expansion of the market globally. In August 2021, Ohmium International, a key firm manufacturing cost-efficient green hydrogen electrolyzers, introduced its first green electrolyzer giga factory in Bangalore, India.  

Green Hydrogen Market: Restraints

Huge installation costs at the preliminary stage can restrict the expansion of the global industry over 2023-2030

The huge initial costs of deploying green hydrogen units and the need for sustainability management can restrict the growth of the global green hydrogen industry in the near future. Huge production costs and fluctuating renewable energy output can put brakes on the global industry surge. 

Green Hydrogen Market: Opportunities

Lesser costs of sources of green energy can open new growth opportunities for the global market

Low costs of green hydrogen electrolyzers are expected to generate new growth opportunities for the global green hydrogen market. Reduced costs of renewable energy sources are predicted to open new growth avenues for the global market.  

Green Hydrogen Market: Challenges

Less awareness about green hydrogen in developing countries can pose a huge challenge to global industry expansion

The lack of demand for green hydrogen in emerging economies due to low awareness of the product is predicted to pose a huge challenge for the global green hydrogen industry in the ensuing years. A large number of green hydrogen technologies are not commercially available and this can prove to be a big deterrence for the global industry.    

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Green Hydrogen Market: Segmentation

The global green hydrogen market is segmented based on technology, application, end-use industry, renewable source, and region.

In technology terms, the green hydrogen market across the globe is segregated into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. Furthermore, the alkaline electrolyzer segment, which acquired nearly 66% of the global market revenue in 2024, is predicted to accrue the highest gains over the forecast timeframe. The expansion of the segment during 2025-2034 can be due to the ability of an alkaline electrolyzer to use a liquid alkaline solution of either sodium hydroxide or potassium hydroxide as an electrolyte. Moreover, it has higher operating hours in comparison to PEM electrolyzers.  

On the basis of Application, the global green hydrogen market is bifurcated into Power Generation, Transport, Industry Energy, Building Heating, Others.

Based on the end-use industry, the global green hydrogen industry is sectored into mobility, grid injection, power, industrial, and chemical segments. Additionally, the power segment, which acquired a key share of the global industry share in 2024, is predicted to lead the industry growth in the next eight years. The segmental expansion can be subject to the use of green hydrogen to supply power to the power grid with the help of gas turbines.  With renewable energy replacing conventional fossil fuels, it is more likely that the demand for green hydrogen will increase in the power segment.  

In terms of Renewable Source, the global green hydrogen market is categorized into Solar, Wind, Hydropower, Others.

Green Hydrogen Market: Report Scope

Green Hydrogen Market: Regional Insights

Europe is predicted to retain its leading position in the global green hydrogen market over the forecast timespan

Europe, which contributed about 50% of the global green hydrogen market revenue in 2022, will be a leading region over the forecast timeline. Moreover, the regional market surge over the coming eight years can be due to the presence of a large number of product manufacturers in countries such as Germany, Lithuania, the UK, and France. For instance, the continent includes key product manufacturers such as Air Liquide S.A., Siemens Energy AG, Nel ASA, H & R Olwerke Schindler GmbH, Linde plc, and Wind to Gas Energy GmbH & Co. KG. Apart from this, a surge in the investment made by European countries with a purpose of clean energy transition will boost the regional market trends. For the record, in the second half of 2019, the UK government declared an investment plan of nearly $14.9 billion for a venture that is set to make use of 4 GW of green hydrogen production by 2030.  

The North American green hydrogen industry is set to record the highest CAGR in the next couple of years can be subject to the successful execution of green energy policies by governments of Canada and the U.S. Furthermore, decarbonization goals such as phasing out of diesel-driven buses set by U.S. government will further steer the growth of the industry in the region. Moreover, Air Liquide, a leader in the service, gas, and technology sector across the globe, is developing a large PEM electrolyzer with having 20 MW capacity that can produce green hydrogen by using hydropower in Canada. The move will supplement the expansion of the green hydrogen sector in Canada in the upcoming years.  

Furthermore, the Asia-Pacific green hydrogen market is slated to expand by leaps & bounds over the forecasting period. The elevation of the market in the region can be credited to the rise in the setting up of green hydrogen plants and renewable energy in countries such as Japan, China, and Australia. Reportedly, Toshiba Company of Japan has decided to construct a green hydrogen unit in the country. Moreover, it will possess nearly 10 MW electrolyzer capacity.  

Green Hydrogen Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the green hydrogen market on a global and regional basis.

The global green hydrogen market is dominated by players like:

• Air Liquide
• Cummins Inc.
• Bloom Energy
• Engie SA
• Linde plc
• Siemens Energy
• Uniper SE
• Air Products Inc.
• Toshiba Energy Systems & Solutions Corporation
• Nel ASA.

The global green hydrogen market is segmented as follows:

By Technology

• Proton Exchange Membrane Electrolyzer
• Alkaline Electrolyzer
• Solid Oxide Electrolyzer

By Application

• Power Generation
• Transport
• Industry Energy
• Building Heating
• Others

By End-Use Inustry

• Mobility
• Grid Injection
• Power
• Industrial
• Chemical

By Renewable Source

• Solar
• Wind
• Hydropower
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa