Green Hydrogen Market size was valued at USD 790.56 Million in 2024 and is projected to reach USD 9,912 Million by 2035, growing at a CAGR of 59.8 % from 2025 to 2035.
The Green Hydrogen market has witnessed a tremendous increase in the previous few years due to the increasing demand from the pharmaceutical industry. The Global Green Hydrogen Market report delivers a holistic market evaluation. The report comprehensively analyzes critical segments, restraints, trends, drivers, competitive landscape, and factors that play a significant role in the market.
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Green Hydrogen Market, By Technology
Alkaline Electrolyzer
Polymer Electrolyte Membrane (PEM) Electrolyzer
Based on Technology, The Green Hydrogen Market is classified into Alkaline Electrolyzer and Polymer Electrolyte Membrane (PEM) Electrolyzer. The alkaline electrolyzer segment dominated with a high revenue share of about 65% in 2021 due to its traditional electrolyzer technology used in green hydrogen projects. The alkaline electrolyzer makes use of a liquid alkaline solution of potassium or sodium hydroxide as its electrolyte. It has more operating hours than PEM electrolyzers. However, alkaline electrolyzers are less in power and current density with an operating temperature range between 100 to 105 degrees Celsius as against 70-to-90-degree Celsius ranges of PEM electrolyzers. Additionally, alkaline electrolyzes are forecasted to experience a rise due to availability at a reduced price as compared to PEM electrolyzers.
Green Hydrogen Market, By Application
Power Generation
Transportation
Others
According to the Application, The Green Hydrogen Market is segmented into Power Generation, Transportation, and Others. The transportation segment had the highest revenue share of close to 41% in 2021. Hydrogen can be used in fuel cells or internal combustion engines in transport. Due to its energy efficiency, a hydrogen fuel cell is approximately two to three times more efficient compared to an internal combustion engine powered by gasoline. While, combustion of hydrogen in internal combustion engines creates nitrogen oxide emissions and is relatively less efficient than utilization in fuel cells. In 2020, key European automobile giants like Daimler, CNH, DAF, MAN, Ford, Scania, and Volvo announced that they will transition their fleets of trucks to hydrogen by 2040. Airbus is also making plans for hydrogen-powered airplanes and is working to operate commercial flights by 2035.
Green Hydrogen Market, By Distribution Channel
Pipeline
Cargo
On the basis of the Distribution Channel, The Green Hydrogen Market is segmented into Pipeline and Cargo. The pipeline segment had a close to 62% revenue share of the Green Hydrogen Market in 2021. Green hydrogen can be transported as a liquid in thermally insulated tanks, a gas in high-pressure tanks, processed as methanol or ammonia, or in a chemical carrier medium. However, the most economically viable means to ship high volumes over long distances is a pipeline. In September 2020, German pipeline operators Nowega, Gascade, and Siemens Energy published a white paper in common discussing the feasibility of using existing natural gas pipelines for subsequent hydrogen transportation.
Green Hydrogen Market, By Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
According to Geography, The Green Hydrogen Market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa on the basis of the regional analysis. Throughout the forecasting period, the Europe region will have a substantial share in the Global Green Hydrogen Market as a result of the huge investments by the European economies in pursuit of a shift towards an energy transition in a clean hydrogen-based economy within the next few years.
For example, the U.K. government in August 2019 announced an investment plan of $ 14.8 billion for a program that is projected to use 4 GW of offshore wind power for green hydrogen production by 2030. Moreover, the North American market is also anticipated to register high CAGR throughout the forecast period, with the United States and Canada enhancing the green hydrogen market with the implementation of clean energy policies. In the United States, California is the largest demand share, and the growth is driven by aggressive de-carbonization ambitions like phasing out gas or diesel-fueled public transports like buses by 2040.
Key Players
The “Global Green Hydrogen Market” market report study will deliver beneficial information with focus on the international market involving some of the biggest companies like Siemens Energy AG, Linde plc, Air Liquide S.A., Plug Power Inc., Nel ASA, ITM Power plc, Hydrogenics Corporation, McPhy Energy S.A., ENGIE SA, Toshiba Energy Systems & Solutions Corporation, Ballard Power Systems Inc., Cummins Inc., Doosan Corporation, Enapter AG, and Green Hydrogen Systems A/S.
Our market research also includes a section that is exclusively devoted to such key players where our analysts give an overview of the financial statements of all the key players, product benchmarking, and SWOT analysis. The competitive landscape section also comprises key development strategies, market share, and market ranking analysis of the aforementioned players worldwide.
Key Developments
In April 2020, Siemens Gas and Power and Uniper SE announced a joint agreement on the execution of projects that both produce and utilize green hydrogen from renewable sources.
In March 2022, Siemens Energy and Air Liquide announced together that they will be developing a green hydrogen manufacturing plant in France. The plant will have a capacity of 30 MW and will be fueled by renewable energy sources.
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Drivers, Opportunities & Restraints
The industry is growing fast, owing to a number of main drivers. First and foremost, there is an increased global effort to decrease carbon emissions, and this has resulted in enhanced government incentives and investments into green hydrogen production technologies and green hydrogen infrastructure.
Green hydrogen market offers great prospects due to numerous factors. With worldwide efforts for attaining net-zero emissions, nations are making large investments in green hydrogen production to use as a source of clean energy. For example, India is planning to be a major player in this field by 2030, while planning to have a five-million-metric-ton production capacity per annum, backed by large government support and incentives.
Application Insights
By application, transport segment dominated the market with the highest revenue share of 43.39% in 2024. Hydrogen may be utilized in fuel cells or internal combustion engines in transportation. Due to its energy efficiency, a hydrogen fuel cell is twice to thrice as efficient as an internal combustion engine running on gasoline. However, combustion of hydrogen in internal combustion engines leads to nitrogen oxide emissions and is not as efficient as utilization in fuel cells. In 2020, prominent European automotive firms such as CNH, Daimler, DAF, Ford, MAN, Scania, and Volvo signed up to replace their truck fleets with hydrogen-powered vehicles by 2040. Additionally, Airbus is working on hydrogen-powered airplanes and intends to operate commercial flights by 2035.
North America Green Hydrogen Market Trends
The North American green hydrogen market is being propelled by a cluster of drivers, which focus on sustainability and innovation. A major driver is growing ambition to reach net-zero emissions, which is driving government and private investments in green hydrogen technologies. There is also accelerating demand for fuel cell electric vehicles (FCEVs) and the desire for cleaner sources of energy in a range of industries, including transport and power generation.
U.S. Green Hydrogen Market Trends
The U.S. green hydrogen industry is being driven by some of the main drivers that highlight sustainability and innovation. One major driver is the increasing focus on net-zero emissions, which has prompted more government funding and investment in renewable energy initiatives, specifically in the production of hydrogen. The increasing demand for fuel cell electric vehicles (FCEVs) also drives the market because green hydrogen is a clean alternative fuel that meets environmental objectives
UK Green Hydrogen Market Trends
The UK green hydrogen market is powered by a number of driving factors that prioritize sustainability and energy self-reliance. One main driver is the government’s focus on reaching net-zero carbon emissions by 2050, which has resulted in the development of an overarching Hydrogen Strategy to increase production and infrastructure scale-up. This involves major investments in CCUS and electrolytic hydrogen production technologies, backed by financing programs that promote private sector investment in hydrogen projects.
Asia Pacific Green Hydrogen Market Trends
The Asia Pacific green hydrogen market is set for dramatic expansion, fueled by a mix of global decarbonization ambitions, high investments in renewable energy, and the growing need for clean fuel substitutes. The region’s countries, including Australia, Japan, and South Korea, are making green hydrogen a central part of their energy agendas to minimize carbon emissions and improve energy security. The development of big-scale green hydrogen production plants and partnerships between international and local businesses further support this market.
Recent Developments
In September 2024, Thermax has collaborated with Ceres Power to produce large-scale Solid Oxide Electrolysis Cells (SOEC) for low-cost green hydrogen production, specifically using industrial waste heat. This partnership will help develop efficient systems for industries like steel and refineries. Thermax aims to set up a manufacturing facility and localize parts, which is a major development in India’s green hydrogen industry.
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Jindal Steel (JSPL) and Jindal Renewables (JRPL) announced tie-up in September 2024. The tie-up reflects both firms’ high level of dedication to decarbonization and dominance in green energy in India’s steel industry. JSPL is going to include green hydrogen into its Direct Reduced Iron (DRI) plants at the Angul plant in Odisha, which is a major step toward low-carbon steel production.
