Middle East & Africa Green Hydrogen Market: Current Analysis and Forecast (2024-2032)
Emphasis on Electrolyzer (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Others); Source (Solar Energy, Wind Energy, Others); End-User (Refining, Ammonia, Others); and Countries
Middle East & Africa Green Hydrogen Market Size & Forecast 2024-32F
The Middle East & Africa Green Hydrogen Market was valued at USD 49.93 Million in 2023 and is expected to grow at a strong CAGR of around 51.8% during the forecast period (2024-2032). This is owing to the development of green hydrogen which has emerged as a priority for multilateral institutions and private funders.
Middle East & Africa Green Hydrogen Market Analysis
The Middle East and Africa are poised to become major players in the burgeoning green hydrogen market, driven by abundant renewable energy resources, government support, and strategic partnerships. The region’s vast solar and wind potential offers a cost-effective pathway to produce green hydrogen through electrolysis, positioning it as a key solution for decarbonizing hard-to-abate sectors like heavy industry and transportation. For instance: In Oman, the HYPORT Duqm project, a collaboration between OQ and DEME Concessions, aims to produce 250-500 megawatts of green hydrogen by 2029, powered by solar and wind energy. Egypt is also emerging as a hub, with the Suez Canal Economic Zone attracting significant investments in green hydrogen projects. For instance, Scatec ASA, Fertiglobe, and the Sovereign Fund of Egypt have partnered to develop a 100-megawatt green hydrogen facility in Ain Sokhna.
Middle East & Africa Green Hydrogen Market Trends
Growing Hydrogen Infrastructure Development in Middle East & Africa.
Several countries in the Middle East and Africa region are rich in renewable energy resources and strategically positioned to become key players in the global green hydrogen market. For example, with its abundant solar resources, Saudi Arabia has announced plans to develop a $5 billion green hydrogen plant in Neom, as part of its broader Vision 2030 strategy to diversify its economy and reduce its reliance on oil exports. Similarly, Morocco, with significant solar and wind potential, has launched the Green Hydrogen consortium to explore opportunities for green hydrogen production and export. The country is also home to the Noor Ouarzazate solar complex, one of the largest concentrated solar power plants in the world, which could potentially be used to power green hydrogen production in the future.
Middle East & Africa Green Hydrogen Market Opportunities
Vast potential for renewable energy generation:
Countries in the region, such as Saudi Arabia, the United Arab Emirates, Morocco, and South Africa, have abundant solar and wind resources that are ideal for producing green hydrogen through the process of electrolysis. By harnessing these natural resources, these countries can establish themselves as key players in the global green hydrogen market and reduce their dependence on fossil fuels. For instance: the United Arab Emirates has launched the Dubai Clean Energy Strategy 2050, which includes the production of green hydrogen as a key pillar in achieving its sustainability goals.
Furthermore, the development of green hydrogen projects in the Middle East and Africa presents an opportunity for economic growth and diversification. By investing in green hydrogen infrastructure, countries in the region can create new job opportunities, attract foreign investment, and foster innovation in the clean energy sector. This can help stimulate economic development and reduce reliance on traditional oil and gas industries.
Saudi Arabia is Expected to Grow with Significant CAGR During Forecast Period
Saudi Arabia has emerged as a key player in the Middle East and Africa green hydrogen market, harnessing its abundant renewable resources and leveraging its strategic position as a global energy powerhouse. The Kingdom has been actively pursuing initiatives aimed at developing a robust green hydrogen ecosystem, contributing significantly to the regional and global efforts towards decarbonization and sustainable energy transitions. For instance: Saudi Arabia Public Investment Fund (SAPIF) aims to invest in several energy projects globally, including a joint venture with Power and Air Products to develop a $5 billion green hydrogen-based ammonia production facility in NEOM, Saudi Arabia. The facility will have a capacity of 1.2 GW and will produce 650 tons of green hydrogen per day.
Middle East & Africa Green Hydrogen Industry Overview
The green hydrogen market is competitive and fragmented, with the presence of several Middle East & African 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 NEOM Helios, Oman Acme Group, Air Product & Chemical Inc, Cummins Inc, Engie SA, L’Air Liquide SA, Linde Plc, Nel ASA, Siemens Energy AG, and Toshiba Energy Systems and Solutions.
Middle East & Africa Green Hydrogen Market News
- In Oman, the HYPORT Duqm project, a collaboration between OQ and DEME Concessions, aims to produce 250-500 megawatts of green hydrogen by 2029, powered by solar and wind energy.
- In 2024, TAQA Morocco owned by the Abu Dhabi National Energy Company announced plans to invest $27.2 billion in a green hydrogen project in Morocco’s Dakhla-Oued El-Dahab region, to accelerate the energy transition in the North African country.
Middle East & Africa 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 Middle East & Africa 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 contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Middle East & Africa Green Hydrogen Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the Middle East & African green hydrogen market were the three major steps undertaken to create and analyze the adoption of green hydrogen in major countries in Middle East & Africa. 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 Middle East & African 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 region.
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 Middle East & Africa 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 varied 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 2032 for different segments and sub-segments across the major markets in the Middle East & Africa. 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 Middle East & Africa 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
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 Middle East & Africa green hydrogen market. Data was split into several segments & sub-segments after studying various parameters and trends in the areas of the electrolyzer, source, and end-user in the Middle East & Africa green hydrogen market.
The main objective of the Middle East & Africa Green Hydrogen Market Study
The current & future market trends of the Middle East & Africa 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 analyze the regulatory framework for the green hydrogen
- 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 countries.
- Major countries of regions studied in the report include Saudi Arabia, UAE, South Africa, and Rest of MEA.
- 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 Middle East & Africa 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 country will dominate the Middle East & African green hydrogen market?
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