Emphasis on Electrolyzer (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Others); Source (Solar Energy, Wind Energy, Others); End-User (Refining, Ammonia, Others); and Region/Country
The Green Hydrogen Market was valued at USD 317.12 Million and is expected to grow at a strong CAGR of around 65.7% during the forecast period (2023-2030) owing to the net zero emissions targets set by countries across the globe for 2030 to stimulate the renewable energy transition.
The Global Green Hydrogen Market caters to significant market demand in the past few years. Factors that are driving its growth are the net zero emissions targets set by countries across the globe for 2030 to stimulate the renewable energy transition. Moreover, the supportive government policies, schemes, subsidies, and investment in green hydrogen production plants are further accelerating the market size of green hydrogen across the globe. In addition, various key players in the renewable sector are collaborating to reduce the price of electrolyzes which will eventually reduce the overall cost of green hydrogen production. For instance: In 2024, Schneider Electric partnered with Hy Stor Energy to support the development of the Mississippi Clean Hydrogen Hub (MCHH) and its wider U.S. development platform.
Increasing investments and commitments from governments, to scale up green hydrogen production and infrastructure
One of the notable examples of this trend is the European Union’s ambitious hydrogen strategy unveiled in 2020, which aims to develop a green hydrogen economy to help achieve carbon neutrality by 2050. The EU has committed to investing heavily in green hydrogen production and infrastructure, including the establishment of hydrogen valleys and the development of electrolyzer capacity. In 2021, the EU continued to make strides in this direction with various initiatives and funding programs to support the growth of the green hydrogen market.
Another key development in the green hydrogen market in 2021 was the growing collaboration between governments, industries, and other stakeholders to advance the adoption of green hydrogen. For instance, several countries formed strategic partnerships and alliances to promote the production, distribution, and utilization of green hydrogen. One such example is the formation of the Green Hydrogen Catapult initiative by a coalition of energy companies and governments, aiming to drive down the cost of green hydrogen to enable its widespread deployment.
Furthermore, 2021 saw a surge in investments in green hydrogen projects and technologies as stakeholders recognized the immense potential of green hydrogen as a key enabler of the energy transition. Several high-profile projects were announced or commenced in 2021, demonstrating the increasing commercial viability and scalability of green hydrogen. For example, the AquaVentus project in Germany, one of the world’s largest offshore wind-to-hydrogen projects, received substantial funding and support to develop a large-scale green hydrogen production facility using offshore wind power.
North America is Expected to Grow With Significant CAGR During Forecast Period
The Green Hydrogen Market in North America has been witnessing significant growth in recent years. It is mainly due to the ongoing operational green hydrogen plant that aims to fufill the demand for green hydrogen, particularly for transportation applications. For instance: In 2024, H2B2 Electrolysis Technologies, an international green hydrogen producer, started operations of SoHyCal, the largest green hydrogen production plant powered entirely by renewable energy in North America. Furthermore, key players in the region are collaborating to support the development of green hydrogen plants. For instance: In 2024, Hy Stor Energy and Schneider Electric collaborated to Advance Integrated, Off-Grid Green Hydrogen Production and Energy Storage at Scale. In this partnership, Schneider Electric and Hy Stor Energy are solving large-scale energy and sustainability challenges that are required to transition to a renewable and fossil-free energy system. Similarly, In 2024, StormFisher Hydrogen and kiwi AG have entered into a partnership to advance the development of green H2-related projects in North America and Europe.
The Green Hydrogen Market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are NEL ASA, ITM Power, Engie, Seimens, Air Products Inc., Messer Group GMBH, Plug Power Inc., Cummins Inc., Air Liquide, And Linde.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Green Hydrogen Market Revenue (usd Bn), 2020-2030f
6. Market Insights By Electrolyzer
7. Market Insights By Source
8. Market Insights By End-user
9. Market Insights By Region
10. Green Hydrogen Market Dynamics
11. Green Hydrogen Market Opportunities
12. Green Hydrogen Market Trends
13. Demand And Supply-side Analysis
14. Value Chain Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Analyzing the historical market, estimating the current market, and forecasting the future market of the global green hydrogen market were the three major steps undertaken to create and analyze the adoption of green hydrogen in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global green hydrogen market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the green hydrogen market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the green hydrogen market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as electrolyzer, source and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the green hydrogen market. Further, we conducted factor analysis using dependent and independent variables such as electrolyzer, source and end-user of the green hydrogen market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the green hydrogen market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global green hydrogen market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global green hydrogen market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the electrolyzer, source and end-user in the global green hydrogen market.
The current & future market trends of the global green hydrogen market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the green hydrogen market?
Q2: What are the driving factors for the growth of the green hydrogen market?
Q3: Which segment has the largest share of the green hydrogen market by Electrolyzer?
Q4: What are the emerging technologies and trends in the green hydrogen market?
Q5: Which region will dominate the green hydrogen market?
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