Market Overview 

Green Hydrogen market was valued at 681.5 million US$ in 2022 and is projected to reach 23297.9 million US$ by 2030, at a CAGR of 55.5% during the forecast period. Green hydrogen is hydrogen that is produced through the electrolysis of water using renewable energy sources such as solar, wind, or hydroelectric power. The process of electrolysis splits water molecules into hydrogen and oxygen. The hydrogen can be used for various applications such as transportation, power generation and industrial usage.  Green hydrogen is considered a clean and sustainable energy source because it does not produce greenhouse gas emissions during its production or use. In contrast, traditional hydrogen is typically produced from fossil fuels such as natural gas, which results in emissions of carbon dioxide and other pollutants.  Green hydrogen is seen as a crucia enabler of the decarbonization of different sectors such as transportation and industry, as well as a major role to play in the integration of variable renewable energy sources into the grid. It is also a way to store energy in large scale, which is vital to the integration of renewable energy in the energy mix.  There are different methods to produce green hydrogen, such as Alkaline water electrolysis, Proton exchange membrane (PEM) water electrolysis, and Solid oxide electrolysis (SOE). The most widely used method is PEM electrolysis, which is more efficient, compact and less sensitive to impurities than other methods. 

Green Hydrogen market was valued at 681.5 million US$ in 2022 and is projected to reach 23297.9 million US$ by 2030, at a CAGR of 55.5% during the forecast period  

Market Determinants 

The increased awareness of using hydrogen as an energy carrier and low variable electricity cost are key driving factors of the market. The growing focus on reducing dependency on fossil fuel-based sources of energy for general activities would further propel product demand and market growth prospects during the forecast period. However, high costs in setting up and maintenance and high energy requirement in compressed hydrogen storage, due to low specific gravity, might hamper the market growth. The decreasing costs of electrolyzers would provide lucrative opportunities for the market in coming years. 

Market Segmentation/Report Scope 

The global Green Hydrogen market is mainly classified based on Technology Type, Application, and Distribution. 

Technology Type is further segmented into Alkaline Electrolyzer, Polymer Electrolyte Membrane (PEM) Electrolyzer, and Solid Oxide.  

By Application the market is divided into Power Generation and Transportation.  

By Distribution the market is further divided into Pipeline and Cargo. 

Regional Analysis 

Based on geography, the global Green Hydrogen market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa. 

Competitive landscape 

Key players operating in the Green Hydrogen industry include Air Liquide, Air Products Inc., Bloom Energy, Cummins Inc., Engie, Indian Oil Corporation Ltd, LARSEN & TOUBRO LIMITED, Linde plc., Nel ASA, NTPC REL, Reliance Industries Limited, Siemens Energy, Suzhou Green Hydrogen Energy Co., Ltd, Toshiba Energy Systems & Solutions Corporation, and Uniper SE. 

Green Hydrogen Market Key Segments: 

By Technology Type 

• Alkaline Electrolyzer 
• Polymer Electrolyte Membrane (PEM) Electrolyzer 

• Solid Oxide 

By Application 

• Power Generation 
• Transportation 

By Distribution 

• Pipeline 
• Cargo 

Key Global Green Hydrogen Industry Players 

• Air Liquide 
• Air Products Inc. 
• Bloom Energy 
• Cummins Inc. 
• Engie 
• Indian Oil Corporation Ltd 
• LARSEN & TOUBRO LIMITED 
• Linde plc. 
• Nel ASA 
• NTPC REL 
• Reliance Industries Limited 
• Siemens Energy 
• Suzhou Green Hydrogen Energy Co., Ltd 
• Toshiba Energy Systems & Solutions Corporation 
• Uniper SE 

What Report Provides 

• Full in-depth analysis of the parent Industry 
• Important changes in market and its dynamics 
• Segmentation details of the market 
• Former, on-going, and projected market analysis in terms of volume and value 
• Assessment of niche industry developments 
• Market share analysis 
• Key strategies of major players 
• Emerging segments and regional growth potential