Report Code: CMI20867

Published Date: November 2022

Pages: 220+

Category: Energy And Power

Description for Reports

Global Green Hydrogen Market is anticipated to witness significant growth from 2024 to 2033, driven by the increasing focus on decarbonization, renewable energy integration, and sustainable development goals globally.

Green hydrogen, produced through electrolysis using renewable energy sources such as wind and solar power, offers a clean, versatile energy carrier that can be used for various applications including power generation, transportation, and industrial processes.

The market is projected to grow at a Compound Annual Growth Rate (CAGR) of approximately 15.8% during the forecast period, with the market size estimated at USD 2.5 Billion in 2024 and expected to reach USD 12.9 Billion by 2033.

Technological advancements in electrolysis technologies, renewable energy deployment, and hydrogen infrastructure drive the adoption of green hydrogen solutions, enabling decarbonization of hard-to-abate sectors, reduction of greenhouse gas emissions, and promotion of energy transition towards a low-carbon economy.

The Green Hydrogen Market encompasses a range of components and technologies, including electrolyzers for hydrogen production, renewable energy sources for power generation, and hydrogen storage and distribution infrastructure.

Alkaline electrolysis, proton exchange membrane (PEM) electrolysis, and solid oxide electrolysis are key electrolyzer technologies within the green hydrogen market, each offering unique advantages in terms of efficiency, scalability, and cost-effectiveness.

Green hydrogen finds applications across various end-user sectors, including power generation, transportation, and industrial processes, offering solutions for decarbonization and energy transition. In the power generation sector, green hydrogen can be used for grid balancing, energy storage, and renewable energy integration, enhancing grid stability and reliability.

In transportation, green hydrogen serves as a zero-emission fuel for fuel cell vehicles, buses, trucks, and ships, enabling long-range, fast refueling, and zero-emission mobility. In industrial processes, green hydrogen is utilized as a clean energy source for manufacturing, chemical production, and refinery operations, replacing fossil fuels and reducing carbon emissions.

Green Hydrogen Market: Overview

The Green Hydrogen Market comprises components and technologies aimed at producing hydrogen through electrolysis using renewable energy sources such as wind, solar, and hydroelectric power. Green hydrogen production involves the electrolysis of water, splitting it into hydrogen and oxygen, using electricity generated from renewable sources, without emitting greenhouse gases or other pollutants.

Key components of green hydrogen production systems include electrolyzers, which convert electrical energy into hydrogen through water electrolysis, and renewable energy sources such as wind turbines and solar panels, which provide clean electricity for electrolysis.

Hydrogen produced through green electrolysis is considered a sustainable, carbon-neutral energy carrier that can be stored, transported, and utilized for various applications in power generation, transportation, and industrial processes, contributing to decarbonization, energy transition, and climate change mitigation efforts.

Green Hydrogen Market: Growth Factors

  • Decarbonization and Climate Action: Growing awareness of climate change, air pollution, and carbon emissions drive demand for green hydrogen as a clean, renewable energy carrier for decarbonizing hard-to-abate sectors such as industry, transportation, and power generation, contributing to global climate goals and sustainability objectives.
  • Renewable Energy Integration and Grid Balancing: Increasing deployment of wind, solar, and hydroelectric power plants creates opportunities for green hydrogen production through electrolysis, providing grid balancing, energy storage, and renewable energy integration solutions to enhance grid stability, reliability, and flexibility.
  • Technological Innovation and Cost Reduction: Technological advancements in electrolyzer efficiency, renewable energy generation, and hydrogen storage technologies drive down the cost of green hydrogen production, making it increasingly competitive with conventional fossil fuels and grey hydrogen derived from natural gas.
  • Electrolyzer Scale-Up and Manufacturing Scale: Scaling up electrolyzer manufacturing capacity, standardizing production processes, and reducing manufacturing costs enable economies of scale, mass production, and cost competitiveness for green hydrogen production, accelerating market growth and adoption.
  • Policy Support and Market Incentives: Government policies, regulations, and financial incentives promote investment in green hydrogen infrastructure, research, and deployment, fostering market growth, innovation, and industry collaboration in the green hydrogen value chain.
  • Energy Security and Independence: Green hydrogen offers energy security, independence, and resilience by diversifying energy sources, reducing dependency on fossil fuels, and mitigating risks associated with energy supply disruptions, geopolitical tensions, and volatile oil prices.
  • Hydrogen Economy Development and Infrastructure Investment: Growing interest in hydrogen as a key enabler of the energy transition and circular economy drives investment in hydrogen infrastructure, storage facilities, and distribution networks, laying the foundation for a sustainable hydrogen economy.
  • Industrial Decarbonization and Emissions Reduction: Industries seeking to decarbonize operations, reduce emissions, and comply with environmental regulations adopt green hydrogen as a clean energy source for manufacturing, chemical production, and refinery processes, driving demand for green hydrogen solutions.
  • Transportation Electrification and Fuel Cell Adoption: Transportation sectors such as automotive, aviation, and maritime industries embrace green hydrogen as a zero-emission fuel for fuel cell vehicles, buses, trucks, and ships, promoting electrification and decarbonization of mobility solutions.
  • Global Collaboration and Knowledge Sharing: International cooperation, public-private partnerships, and industry alliances facilitate knowledge sharing, technology transfer, and best practices exchange in green hydrogen production, distribution, and utilization, accelerating market growth and innovation.
  • Economic Benefits and Job Creation: Green hydrogen investments generate economic benefits, create jobs, and stimulate economic growth in regions with abundant renewable energy resources, promoting local manufacturing, infrastructure development, and value-added services in the green hydrogen value chain.

Green Hydrogen Market: Key Trends

  • Technology Advancements: Continued advancements in electrolysis technologies, renewable energy integration, and hydrogen infrastructure drive improvements in efficiency, scalability, and cost-effectiveness for green hydrogen production, enabling widespread adoption and market growth.
  • Industry Collaboration: Increasing collaboration between government agencies, utilities, industry stakeholders, and research institutions fosters innovation, investment, and market development in the green hydrogen value chain, promoting sector coupling and energy transition.
  • Market Expansion: Growing investment, market expansion, and international cooperation drive the global expansion of green hydrogen projects, infrastructure, and supply chains, creating new opportunities for renewable energy deployment and economic development.
  • Policy Support: Supportive policies, regulatory frameworks, and market incentives encourage investment, innovation, and adoption of green hydrogen technologies, driving market growth, sustainability, and decarbonization efforts worldwide.
  • Regional Leadership: Leading regions such as Europe, North America, and Asia-Pacific demonstrate leadership in green hydrogen deployment, policy support, and market development, shaping global trends, standards, and best practices for the hydrogen economy.
  • Market Integration: Integration of green hydrogen into existing energy systems, transportation networks, and industrial processes enables sector coupling, grid balancing, and renewable energy integration, promoting energy transition and climate resilience.
  • Economic Viability: Improvements in electrolyzer efficiency, renewable energy costs, and hydrogen infrastructure reduce the cost of green hydrogen production, enhancing economic viability, market competitiveness, and investment attractiveness.
  • Sustainability Focus: Emphasis on sustainability, environmental stewardship, and carbon reduction drives demand for green hydrogen as a clean, renewable energy solution, supporting climate goals, corporate sustainability commitments, and societal expectations.

Green Hydrogen Market: Recent Developments

  • Plug Power Inc. announced plans to build one of the world’s largest green hydrogen production facilities in the United States, leveraging renewable energy sources and electrolysis technology to produce clean hydrogen for industrial, transportation, and energy applications.
  • Nel ASA unveiled a next-generation alkaline electrolyzer platform with improved efficiency, scalability, and cost-effectiveness for green hydrogen production, targeting industrial, mobility, and energy sector applications worldwide.
  • ITM Power plc collaborated with a consortium of partners to develop a green hydrogen refueling network for fuel cell vehicles in Europe, deploying hydrogen refueling stations powered by renewable energy sources to support zero-emission mobility solutions.
  • McPhy Energy S.A. introduced a solid oxide electrolysis system for green hydrogen production with high efficiency, durability, and flexibility, enabling decentralized hydrogen generation for industrial, transportation, and energy applications.
  • Linde plc announced plans to invest in green hydrogen infrastructure and production capacity in Asia-Pacific, partnering with local governments, utilities, and industrial customers to promote hydrogen adoption and decarbonization efforts in the region.
  • Siemens Energy AG developed a proton exchange membrane (PEM) electrolyzer platform for green hydrogen production, integrating renewable energy sources, grid services, and hydrogen storage solutions to enable renewable energy integration and sector coupling.
  • Hydrogenics Corporation deployed a green hydrogen production facility in Canada, using surplus renewable energy from wind and solar power plants to produce hydrogen through electrolysis, providing energy storage and grid balancing solutions.
  • Air Liquide S.A. launched a green hydrogen production project in the Middle East, leveraging renewable energy sources and electrolysis technology to produce hydrogen for industrial, mobility, and energy sector applications in the region.
  • ENGIE SA partnered with local governments and industrial customers to develop green hydrogen ecosystems in Europe, deploying electrolyzers, hydrogen refueling stations, and hydrogen-powered vehicles to promote decarbonization and energy transition.
  • Ørsted A/S announced plans to invest in offshore wind-to-hydrogen projects in the North Sea, harnessing wind energy to produce green hydrogen through electrolysis, providing energy storage, grid services, and zero-emission fuel solutions for transportation and industry.
  • Ballard Power Systems Inc. introduced a next-generation fuel cell system for heavy-duty transportation applications, using green hydrogen as a clean fuel source for fuel cell buses, trucks, and trains, reducing emissions and promoting sustainable mobility solutions.
  • Enapter AG developed a modular electrolyzer system for decentralized green hydrogen production, enabling off-grid applications, remote communities, and industrial sites to produce hydrogen from renewable energy sources, reducing reliance on fossil fuels.
  • Green Hydrogen Systems A/S deployed a green hydrogen production facility in Scandinavia, using renewable energy sources and electrolysis technology to produce hydrogen for industrial, mobility, and energy sector applications in the region.
  • Cummins Inc. announced plans to expand its green hydrogen production capacity in North America, leveraging renewable energy sources and electrolysis technology to produce hydrogen for transportation, industry, and energy storage applications.
  • Adelaide H2U Pty Ltd. launched a green hydrogen production project in Australia, using renewable energy from solar power plants and electrolysis technology to produce hydrogen for industrial, mobility, and energy sector applications in the country.
  • Sunfire GmbH developed a high-temperature electrolysis system for green hydrogen production, utilizing renewable energy sources such as concentrated solar power (CSP) and biomass to produce hydrogen with high efficiency and low environmental impact.
  • NextEra Energy, Inc. announced plans to invest in green hydrogen infrastructure and production capacity in the United States, leveraging surplus renewable energy from wind and solar power plants to produce hydrogen for energy storage and grid balancing applications.
  • Solaris Green Energy deployed a green hydrogen production facility in South America, using renewable energy sources and electrolysis technology to produce hydrogen for industrial, mobility, and energy sector applications in the region.
  • Electrochaea GmbH developed a biological methanation process for green hydrogen storage and conversion, utilizing renewable energy sources and microorganisms to produce methane from hydrogen, providing renewable gas solutions for energy storage and grid balancing.
  • thyssenkrupp AG announced plans to invest in green hydrogen production projects in Europe, leveraging renewable energy sources and electrolysis technology to produce hydrogen for industrial, mobility, and energy sector applications in the region.

Green Hydrogen Market: Restraints and Challenges

  • Renewable Energy Integration and Grid Stability: Intermittency, variability, and grid compatibility challenges associated with renewable energy sources may affect the reliability, stability, and economics of green hydrogen production and integration into existing energy systems.
  • Electrolyzer Efficiency and Cost Competitiveness: Electrolyzer efficiency, capital costs, and operational expenses influence the cost competitiveness and scalability of green hydrogen production, requiring advancements in technology, manufacturing, and economies of scale.
  • Hydrogen Infrastructure Deployment and Investment: Lack of hydrogen infrastructure, storage facilities, and distribution networks may limit market growth and adoption of green hydrogen solutions, requiring investment in infrastructure development, regulatory frameworks, and market incentives.
  • Policy Support and Market Frameworks: Regulatory barriers, policy inconsistencies, and market frameworks may hinder investment, innovation, and deployment of green hydrogen projects, delaying market growth and limiting scalability in some regions and markets.
  • Energy Transition and Sector Coupling: Integration of green hydrogen into energy systems, transportation networks, and industrial processes requires sector coupling, policy coordination, and stakeholder collaboration to overcome technical, economic, and regulatory challenges.
  • Supply Chain Resilience and Resource Availability: Supply chain disruptions, material shortages, and resource constraints may affect the availability, cost, and scalability of electrolyzer components, renewable energy technologies, and critical materials for green hydrogen production.
  • Environmental Impact and Sustainability: Environmental considerations, life cycle emissions, and ecological impacts of green hydrogen production, including land use, water consumption, and resource extraction, require assessment and mitigation to ensure environmentally responsible practices and sustainable development.
  • Technological Innovation and R&D Investment: Research and development (R&D) investment, innovation funding, and technology collaboration are essential for advancing electrolysis technologies, renewable energy integration, and hydrogen storage solutions to improve performance, efficiency, and cost-effectiveness.
  • Market Competition and Industry Consolidation: Intensifying competition, market consolidation, and industry dynamics in the green hydrogen market may lead to price pressures, margin compression, and market disruptions, impacting profitability, investment, and business models.
  • Economic Viability and Market Acceptance: Economic viability, business case development, and market acceptance are critical considerations for green hydrogen projects, requiring clear demonstration of cost competitiveness, financial returns, and long-term value creation for investors, customers, and stakeholders.
  • Regional Disparities and Market Access: Regional disparities in renewable energy resources, policy frameworks, and market conditions may create challenges for green hydrogen deployment and market access, requiring tailored strategies, partnerships, and market entry approaches for different regions and markets.
  • Public Awareness and Stakeholder Engagement: Limited public awareness, stakeholder engagement, and community acceptance about green hydrogen benefits, technologies, and applications may hinder market growth and deployment, highlighting the importance of education, outreach, and communication initiatives.

Green Hydrogen Market: Segmentation Analysis

By Component:

The Green Hydrogen Market is segmented into electrolyzers and renewable energy sources. Among these components, electrolyzers emerged as the dominant segment in 2023 and are projected to maintain their lead throughout the forecast period.

This dominance is attributed to the increasing demand for electrolysis technology for green hydrogen production, driven by advancements in efficiency, scalability, and cost-effectiveness. However, the renewable energy sources segment is poised to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period.

This growth is fueled by the expansion of renewable energy capacity, deployment of wind and solar power plants, and integration of green hydrogen production with renewable energy generation.

By Technology:

The Green Hydrogen Market is segmented into alkaline electrolysis, proton exchange membrane (PEM) electrolysis, and solid oxide electrolysis technologies. Among these technologies, PEM electrolysis emerged as the dominant player in 2023 and is projected to maintain its lead throughout the forecast period.

This dominance is attributed to the high efficiency, flexibility, and scalability of PEM electrolyzers for green hydrogen production, suitable for various applications including transportation, industry, and energy storage.

However, solid oxide electrolysis technology segment is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is fueled by advancements in solid oxide electrolyzer stack design, materials innovation, and system integration for high-temperature electrolysis applications.

By End User:

The Green Hydrogen Market is segmented into power generation, transportation, and industrial sectors. In 2022, the power generation sector captured the largest share of the market and is anticipated to maintain its dominance throughout the forecast period.

This dominance can be attributed to the increasing adoption of green hydrogen for grid balancing, energy storage, and renewable energy integration, promoting decarbonization and sustainability in the power sector. However, the transportation sector is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period.

This growth is fueled by the demand for zero-emission fuel solutions for fuel cell vehicles, buses, trucks, and ships, driving adoption of green hydrogen as a clean energy source for transportation electrification and decarbonization initiatives.

Report Scope

Feature of the Report Details
Market Size in 2024 USD 2.5 Billion
Projected Market Size in 2033 USD 12.9 Billion
Market Size in 2023 USD 2.1 Billion
CAGR Growth Rate 15.8% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Component, Technology, End User and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Green Hydrogen Market: Regional Analysis

North America:

  • North America is a key region in the green hydrogen market, driven by renewable energy deployment, decarbonization initiatives, and energy transition efforts in the United States and Canada.
  • The United States leads in green hydrogen projects, investments, and policy support, with initiatives to develop hydrogen infrastructure, promote electrolyzer manufacturing, and support renewable energy integration.
  • Canada showcases green hydrogen leadership, with projects in Alberta, British Columbia, and Quebec leveraging abundant renewable energy resources, hydropower capacity, and carbon capture technologies.
  • Increasing collaboration between government agencies, utilities, and industry stakeholders accelerates market growth, innovation, and investment in green hydrogen projects, fostering a sustainable hydrogen economy in North America.

Europe:

  • Europe holds a significant share in the global green hydrogen market, with countries like Germany, Denmark, Netherlands, and Spain leading in hydrogen production, deployment, and policy support.
  • The European Union (EU) promotes green hydrogen as a key element of its hydrogen strategy, with initiatives to develop electrolyzer capacity, hydrogen refueling infrastructure, and cross-border hydrogen trade.
  • Government funding, public-private partnerships, and regulatory frameworks support investment in green hydrogen projects, research, and innovation, driving market growth, technology development, and industry collaboration in Europe.
  • Technological innovation, market incentives, and carbon pricing mechanisms facilitate green hydrogen adoption across various sectors, including power generation, transportation, and industrial applications in Europe.

Asia-Pacific:

  • The Asia-Pacific region exhibits promising growth opportunities in the green hydrogen market, driven by renewable energy deployment, industrialization, and energy transition initiatives in countries like China, Japan, Australia, and South Korea.
  • China leads in electrolyzer manufacturing, green hydrogen projects, and renewable energy deployment, with investments in hydrogen infrastructure, hydrogen-powered vehicles, and hydrogen refueling stations.
  • Japan showcases hydrogen leadership, with initiatives such as the Hydrogen Society Roadmap, Fukushima Hydrogen Energy Research Field, and Kawasaki Hydrogen Supply Chain Project promoting hydrogen production, utilization, and export.
  • Government policies, market incentives, and industry partnerships accelerate green hydrogen adoption, innovation, and investment in the Asia-Pacific region, fostering regional cooperation and collaboration in the hydrogen value chain.

Latin America:

  • Latin America shows growing interest in the green hydrogen market, driven by renewable energy potential, decarbonization goals, and energy transition efforts in countries like Brazil, Chile, and Argentina.
  • Brazil focuses on green hydrogen projects, utilizing abundant renewable energy sources such as hydropower, wind, and solar power for hydrogen production, storage, and export to global markets.
  • Chile showcases hydrogen leadership, with projects in Atacama Desert leveraging solar power, electrolysis technology, and hydrogen storage solutions to produce green hydrogen for domestic and export markets.
  • Regional cooperation, investment incentives, and technology partnerships promote green hydrogen adoption, innovation, and market development in Latin America, fostering sustainable development and economic growth.

Middle East and Africa:

  • The Middle East and Africa region demonstrate potential for green hydrogen production, leveraging solar energy, wind power, and desalination technologies for hydrogen production, export, and energy transition.
  • Countries like Saudi Arabia, United Arab Emirates (UAE), and Morocco explore green hydrogen projects, utilizing solar power, electrolysis technology, and water resources for hydrogen production, storage, and export.
  • Saudi Arabia aims to become a global leader in green hydrogen, with projects like NEOM Hydrogen Hub, Green Ammonia Plant, and The Helios Green Fuels Project targeting hydrogen production, utilization, and export to global markets.
  • Regional cooperation, investment partnerships, and technology collaborations promote green hydrogen adoption, innovation, and market development in the Middle East and Africa, fostering sustainable development and economic diversification.

Green Hydrogen Market: Key Strategies

  • Product Development: Key players in the green hydrogen market focus on developing advanced electrolyzers, renewable energy systems, and hydrogen storage solutions to improve performance, efficiency, and cost-effectiveness for green hydrogen production and utilization.
  • Partnerships and Collaborations: Industry collaborations, technology partnerships, and joint ventures enable players to leverage complementary strengths, resources, and expertise to accelerate innovation, scale-up production, and expand market reach in the green hydrogen market.
  • Investments and Funding: Strategic investments, venture capital funding, and government grants support research, development, and commercialization of green hydrogen technologies, driving innovation, market growth, and industry collaboration.
  • Market Expansion: Key players expand their market presence, geographical footprint, and customer base through acquisitions, mergers, and market entry strategies to capitalize on growth opportunities and strengthen their position in the green hydrogen market.
  • Sustainability and Corporate Responsibility: Companies prioritize sustainability, environmental stewardship, and corporate responsibility by investing in green hydrogen projects, carbon reduction initiatives, and renewable energy solutions to address climate change and promote sustainable development.
  • Policy Advocacy and Regulatory Engagement: Industry associations, advocacy groups, and key stakeholders engage with policymakers, regulators, and government agencies to advocate for supportive policies, incentives, and market frameworks that promote green hydrogen adoption and investment.
  • Technology Innovation and R&D Investment: Research and development (R&D) investment, technology innovation, and intellectual property development drive advancements in green hydrogen technologies, materials science, and manufacturing processes to improve efficiency, reliability, and affordability.
  • Market Education and Awareness: Companies engage in market education, outreach, and awareness initiatives to educate stakeholders, customers, and the public about the benefits, applications, and opportunities of green hydrogen, fostering market acceptance and adoption.

Green Hydrogen Market: Future Outlook

The Green Hydrogen Market is poised for significant growth and expansion in the coming years, driven by increasing global demand for clean, renewable energy solutions, decarbonization imperatives, and energy transition initiatives.

Green hydrogen, produced through electrolysis using renewable energy sources such as wind, solar, and hydroelectric power, offers a versatile, sustainable energy carrier that can be used for various applications including power generation, transportation, and industrial processes.

Technological advancements, policy support, market incentives, and industry collaboration are expected to accelerate green hydrogen adoption, innovation, and investment, paving the way for a sustainable hydrogen economy and a low-carbon future.

List of the prominent players in the Green Hydrogen Market:

  • Plug Power Inc.
  • Nel ASA
  • ITM Power plc
  • McPhy Energy S.A.
  • Linde plc
  • Siemens Energy AG
  • Hydrogenics Corporation
  • Air Liquide S.A.
  • ENGIE SA
  • Ørsted A/S
  • Ballard Power Systems Inc.
  • Enapter AG
  • Green Hydrogen Systems A/S
  • Cummins Inc.
  • Adelaide H2U Pty Ltd.
  • Sunfire GmbH
  • NextEra Energy Inc.
  • Solaris Green Energy
  • Electrochaea GmbH
  • thyssenkrupp AG
  • Others

The Green Hydrogen Market is segmented as follows:

By Component

  • Electrolyzers
  • Renewable Energy Sources

By Technology

  • Alkaline Electrolysis
  • Proton Exchange Membrane Electrolysis
  • Solid Oxide Electrolysis

By End User

  • Power Generation
  • Transportation
  • Industrial

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Green Hydrogen Market, (2024 – 2033) (USD Billion)
    • 2.2 Global Green Hydrogen Market : snapshot
  • Chapter 3. Global Green Hydrogen Market – Industry Analysis
    • 3.1 Green Hydrogen Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Decarbonization and Climate Action
      • 3.2.2 Renewable Energy Integration and Grid Balancing
      • 3.2.3 Technological Innovation and Cost Reduction
      • 3.2.4 Electrolyzer Scale-Up and Manufacturing Scale
      • 3.2.5 Policy Support and Market Incentives
      • 3.2.6 Energy Security and Independence
      • 3.2.7 Hydrogen Economy Development and Infrastructure Investment
      • 3.2.8 Industrial Decarbonization and Emissions Reduction
      • 3.2.9 Transportation Electrification and Fuel Cell Adoption
      • 3.2.10 Global Collaboration and Knowledge Sharing
      • 3.2.11 Economic Benefits and Job Creation.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Component
      • 3.7.2 Market attractiveness analysis By Technology
      • 3.7.3 Market attractiveness analysis By End User
  • Chapter 4. Global Green Hydrogen Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Green Hydrogen Market: company market share, 2023
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Green Hydrogen Market – Component Analysis
    • 5.1 Global Green Hydrogen Market overview: By Component
      • 5.1.1 Global Green Hydrogen Market share, By Component, 2023 and 2033
    • 5.2 Electrolyzers
      • 5.2.1 Global Green Hydrogen Market by Electrolyzers, 2024 – 2033 (USD Billion)
    • 5.3 Renewable Energy Sources
      • 5.3.1 Global Green Hydrogen Market by Renewable Energy Sources, 2024 – 2033 (USD Billion)
  • Chapter 6. Global Green Hydrogen Market – Technology Analysis
    • 6.1 Global Green Hydrogen Market overview: By Technology
      • 6.1.1 Global Green Hydrogen Market share, By Technology , 2023 and 2033
    • 6.2 Alkaline Electrolysis
      • 6.2.1 Global Green Hydrogen Market by Alkaline Electrolysis, 2024 – 2033 (USD Billion)
    • 6.3 Proton Exchange Membrane Electrolysis
      • 6.3.1 Global Green Hydrogen Market by Proton Exchange Membrane Electrolysis , 2024 – 2033 (USD Billion)
    • 6.4 Solid Oxide Electrolysis
      • 6.4.1 Global Green Hydrogen Market by Solid Oxide Electrolysis, 2024 – 2033 (USD Billion)
  • Chapter 7. Global Green Hydrogen Market – End User Analysis
    • 7.1 Global Green Hydrogen Market overview: By End User
      • 7.1.1 Global Green Hydrogen Market share, By End User, 2023 and 2033
    • 7.2 Power Generation
      • 7.2.1 Global Green Hydrogen Market by Power Generation , 2024 – 2033 (USD Billion)
    • 7.3 Transportation
      • 7.3.1 Global Green Hydrogen Market by Transportation , 2024 – 2033 (USD Billion)
    • 7.4 Industrial
      • 7.4.1 Global Green Hydrogen Market by Industrial, 2024 – 2033 (USD Billion)
  • Chapter 8. Green Hydrogen Market – Regional Analysis
    • 8.1 Global Green Hydrogen Market Regional Overview
    • 8.2 Global Green Hydrogen Market Share, by Region, 2023 & 2033 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Green Hydrogen Market, 2024 – 2033 (USD Billion)
        • 8.3.1.1 North America Green Hydrogen Market, by Country, 2024 – 2033 (USD Billion)
    • 8.4 North America Green Hydrogen Market, by Component, 2024 – 2033
      • 8.4.1 North America Green Hydrogen Market, by Component, 2024 – 2033 (USD Billion)
    • 8.5 North America Green Hydrogen Market, by Technology , 2024 – 2033
      • 8.5.1 North America Green Hydrogen Market, by Technology , 2024 – 2033 (USD Billion)
    • 8.6 North America Green Hydrogen Market, by End User, 2024 – 2033
      • 8.6.1 North America Green Hydrogen Market, by End User, 2024 – 2033 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Green Hydrogen Market, 2024 – 2033 (USD Billion)
        • 8.7.1.1 Europe Green Hydrogen Market, by Country, 2024 – 2033 (USD Billion)
    • 8.8 Europe Green Hydrogen Market, by Component, 2024 – 2033
      • 8.8.1 Europe Green Hydrogen Market, by Component, 2024 – 2033 (USD Billion)
    • 8.9 Europe Green Hydrogen Market, by Technology , 2024 – 2033
      • 8.9.1 Europe Green Hydrogen Market, by Technology , 2024 – 2033 (USD Billion)
    • 8.10 Europe Green Hydrogen Market, by End User, 2024 – 2033
      • 8.10.1 Europe Green Hydrogen Market, by End User, 2024 – 2033 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Green Hydrogen Market, 2024 – 2033 (USD Billion)
        • 8.11.1.1 Asia Pacific Green Hydrogen Market, by Country, 2024 – 2033 (USD Billion)
    • 8.12 Asia Pacific Green Hydrogen Market, by Component, 2024 – 2033
      • 8.12.1 Asia Pacific Green Hydrogen Market, by Component, 2024 – 2033 (USD Billion)
    • 8.13 Asia Pacific Green Hydrogen Market, by Technology , 2024 – 2033
      • 8.13.1 Asia Pacific Green Hydrogen Market, by Technology , 2024 – 2033 (USD Billion)
    • 8.14 Asia Pacific Green Hydrogen Market, by End User, 2024 – 2033
      • 8.14.1 Asia Pacific Green Hydrogen Market, by End User, 2024 – 2033 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Green Hydrogen Market, 2024 – 2033 (USD Billion)
        • 8.15.1.1 Latin America Green Hydrogen Market, by Country, 2024 – 2033 (USD Billion)
    • 8.16 Latin America Green Hydrogen Market, by Component, 2024 – 2033
      • 8.16.1 Latin America Green Hydrogen Market, by Component, 2024 – 2033 (USD Billion)
    • 8.17 Latin America Green Hydrogen Market, by Technology , 2024 – 2033
      • 8.17.1 Latin America Green Hydrogen Market, by Technology , 2024 – 2033 (USD Billion)
    • 8.18 Latin America Green Hydrogen Market, by End User, 2024 – 2033
      • 8.18.1 Latin America Green Hydrogen Market, by End User, 2024 – 2033 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Green Hydrogen Market, 2024 – 2033 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Green Hydrogen Market, by Country, 2024 – 2033 (USD Billion)
    • 8.20 The Middle-East and Africa Green Hydrogen Market, by Component, 2024 – 2033
      • 8.20.1 The Middle-East and Africa Green Hydrogen Market, by Component, 2024 – 2033 (USD Billion)
    • 8.21 The Middle-East and Africa Green Hydrogen Market, by Technology , 2024 – 2033
      • 8.21.1 The Middle-East and Africa Green Hydrogen Market, by Technology , 2024 – 2033 (USD Billion)
    • 8.22 The Middle-East and Africa Green Hydrogen Market, by End User, 2024 – 2033
      • 8.22.1 The Middle-East and Africa Green Hydrogen Market, by End User, 2024 – 2033 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Plug Power Inc.
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Nel ASA
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 ITM Power plc
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 McPhy Energy S.A.
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Linde plc
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Siemens Energy AG
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Hydrogenics Corporation
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Air Liquide S.A.
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 ENGIE SA
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Ørsted A/S
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Ballard Power Systems Inc.
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Enapter AG
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Green Hydrogen Systems A/S
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 Cummins Inc.
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 Adelaide H2U Pty Ltd.
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 Sunfire GmbH
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments
    • 9.17 NextEra Energy Inc.
      • 9.17.1 Overview
      • 9.17.2 Financials
      • 9.17.3 Product Portfolio
      • 9.17.4 Business Strategy
      • 9.17.5 Recent Developments
    • 9.18 Solaris Green Energy
      • 9.18.1 Overview
      • 9.18.2 Financials
      • 9.18.3 Product Portfolio
      • 9.18.4 Business Strategy
      • 9.18.5 Recent Developments
    • 9.19 Electrochaea GmbH
      • 9.19.1 Overview
      • 9.19.2 Financials
      • 9.19.3 Product Portfolio
      • 9.19.4 Business Strategy
      • 9.19.5 Recent Developments
    • 9.20 thyssenkrupp AG
      • 9.20.1 Overview
      • 9.20.2 Financials
      • 9.20.3 Product Portfolio
      • 9.20.4 Business Strategy
      • 9.20.5 Recent Developments
    • 9.21 Others.
      • 9.21.1 Overview
      • 9.21.2 Financials
      • 9.21.3 Product Portfolio
      • 9.21.4 Business Strategy
      • 9.21.5 Recent Developments
List Of Figures

Figures No 1 to 24

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Players:

  • Plug Power Inc.
  • Nel ASA
  • ITM Power plc
  • McPhy Energy S.A.
  • Linde plc
  • Siemens Energy AG
  • Hydrogenics Corporation
  • Air Liquide S.A.
  • ENGIE SA
  • Ørsted A/S
  • Ballard Power Systems Inc.
  • Enapter AG
  • Green Hydrogen Systems A/S
  • Cummins Inc.
  • Adelaide H2U Pty Ltd.
  • Sunfire GmbH
  • NextEra Energy Inc.
  • Solaris Green Energy
  • Electrochaea GmbH
  • thyssenkrupp AG
  • Others

FAQs

The key factors driving the Market are Decarbonization and Climate Action, Renewable Energy Integration and Grid Balancing, Technological Innovation and Cost Reduction, Electrolyzer Scale-Up and Manufacturing Scale, Policy Support and Market Incentives, Energy Security and Independence, Hydrogen Economy Development and Infrastructure Investment, Industrial Decarbonization and Emissions Reduction, Transportation Electrification and Fuel Cell Adoption, Global Collaboration and Knowledge Sharing, Economic Benefits and Job Creation.

The “Electrolyzers” category dominated the market in 2023.

The key players in the market are Plug Power Inc., Nel ASA, ITM Power plc, McPhy Energy S.A., Linde plc, Siemens Energy AG, Hydrogenics Corporation, Air Liquide S.A., ENGIE SA, Ørsted A/S, Ballard Power Systems Inc., Enapter AG, Green Hydrogen Systems A/S, Cummins Inc., Adelaide H2U Pty Ltd., Sunfire GmbH, NextEra Energy Inc., Solaris Green Energy, Electrochaea GmbH, thyssenkrupp AG, Others.

“Europe” had the largest share in the Green Hydrogen Market.

The global market is projected to grow at a CAGR of 15.8% during the forecast period, 2024-2033.

The Green Hydrogen Market size was valued at USD 2.5 Billion in 2024.

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