Green Hydrogen Market: Current Analysis and Forecast (2023-2030)
Emphasis on Electrolyzer (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Others); Source (Solar Energy, Wind Energy, Others); End-User (Refining, Ammonia, Others); and Region/Country
Green hydrogen Market Size & Forecast
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.
Green hydrogen Market Analysis
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.
Green hydrogen Market Trends
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.
Green hydrogen Industry Overview
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.
Green hydrogen Market News
- In January 2023, Nel and Statkraft signed a contract for delivery of 40 MW of electrolyser equipment with aim to create a strong value chain for production of green hydrogen in Norway.
- In May 2023, Siemens Energy Partnered with Edify Energy to develop a 100% green hydrogen production facility in Queensland.
- In October 2023, Engie and Posco have signed an agreement to collaborate on a major green hydrogen project in the Pilbara region of Western Australia.
Green hydrogen Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global green hydrogen market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Green hydrogen Market Analysis (2023-2030)
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:
Analysis of Historical Market Size
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 Size Estimate & Forecast
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:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the green hydrogen market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global green hydrogen market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
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.
Split of Primary Participants in Different Regions
Green hydrogen Market
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 main objective of the Global Green hydrogen Market Study
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:
- Analyze the current and forecast market size of the green hydrogen market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the electrolyzer, source and end-user
- Define and analysis of the regulatory framework for the green hydrogen industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the green hydrogen market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the green hydrogen market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
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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