Asia Pacific Green Hydrogen Market Size - By Technology (Alkaline, PEM, Solid Oxide), By Source (Solar, Wind), By Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power), Forecast, 2024 – 2032

Asia Pacific Green Hydrogen Market Size

Asia Pacific Green Hydrogen Market was valued at USD 4.23 billion in 2023 and is anticipated to grow at a CAGR of 33.5% from 2024 to 2032. Green hydrogen is generated via the electrolysis of water, utilizing electricity sourced from renewables like wind, solar, or hydroelectric power. This approach guarantees zero emissions of carbon dioxide or other greenhouse gases during hydrogen production, positioning it as a sustainable alternative to conventional methods.
 

Ongoing adoption of green hydrogen in sectors including industry, transportation, aviation, and mobility owing to its storability, transportability, and overall viability is set to boost the industry demand. Introduction of stringent government mandates and measures aimed at curbing greenhouse gas emissions coupled with efforts to lessen reliance on fossil fuels will further energize the industry dynamics. Moreover, widespread deployment of clean hydrogen, recognized for its versatility as an energy carrier combined with the global shift towards energy transition will propel the business momentum.

Shift towards zero-emission energy sources and increasing investments from both private and public sectors in zero-emission hydrogen production technologies are driving the market growth. Rising adoption of hydrogen as a clean fuel across various sectors is enhancing the product penetration. Additionally, efforts to reduce greenhouse gas emissions and government initiatives, grants, and exemptions promoting zero-emission fuel sources are driving the business scenario.
 

Asia Pacific Green Hydrogen Market Trends

Active research and development, coupled with technological advancements, are paving the way for innovative and efficient solutions in green hydrogen production, driving the industry trends. Close collaboration among key industry players is set to amplify clean hydrogen production, positively influencing the market dynamics. Furthermore, the escalating demand for decarbonization across sectors, paired with stringent government measures to combat rising emissions, is set to bolster the business landscape. Pivot towards cost-effective and efficient clean hydrogen production, alongside a surge in manufacturing facilities, is poised to fortify the growth of the hydrogen economy across diverse economies.
 

Asia Pacific Green Hydrogen Market Analysis

Based on technology, the solid oxide segment is anticipated to cross more than USD 1.1 billion by 2032. Key features including its ability to operate at high temperatures, high efficiency, integration with industries that generate large amounts of heat including refineries and waste-to-energy plants and ongoing adoption in pilot projects will positively impact the technology adoption. SOEC technology is being explored for decentralized green hydrogen production systems, particularly with high renewable energy potential or where the use of waste heat is feasible will drive the business scenario. Moreover, Significant research and development investments are being made to reduce the capital and operational costs of SOEC systems, will foster the industry growth.
 

Based on source, the solar segment is likely to register more than CAGR 25.5% through 2032, driven by advancements in solar technology, falling costs, and the global push towards decarbonization. Many large-scale solar photovoltaic (PV) plants are being coupled with electrolyzers to produce green hydrogen. The cost of solar PV has dropped significantly in recent years, making it more economical to produce green hydrogen. Increasing adoption of solar power at industrial sites and renewable energy hubs, where solar PV systems are paired with water electrolyzers will significantly fuel the industry statistics.
 

China green hydrogen market is set to cross over USD 20 billion by 2032, driven by national policies aimed at achieving carbon neutrality by 2060. China has set ambitious goals to achieve peak carbon emissions by 2030 and carbon neutrality by 2060. Green hydrogen is viewed as a critical component of this strategy, particularly in hard-to-decarbonize sectors like heavy industry, transportation, and energy storage. Ongoing investment in large-scale green hydrogen projects along with conducting pilot projects to use green hydrogen in steel production, replacing coal-based processes. Further, the country is heavily promoting the use of green hydrogen in its transportation sector, particularly for heavy-duty vehicles, driving the business momentum.
 

Asia Pacific Green Hydrogen Market Share

The competitive landscape of the green hydrogen industry is evolving rapidly as countries ramp up investments in renewable energy and hydrogen production to meet decarbonization goals. Several major players, including energy companies, technology providers, and new entrants, are shaping this market through large-scale projects, strategic collaborations, and technological innovations. Strategic alliances between region-based companies and international players are becoming a defining feature of the green hydrogen market. Strategic partnerships, investments in electrolyzer technologies, and large-scale renewable projects are helping to accelerate the adoption of green hydrogen, positioning APAC as a key player in the global hydrogen economy.
 

Asia Pacific Green Hydrogen Market Companies

Eminent players operating in the Asia Pacific green hydrogen industry are:

• Air Products
• ACME
• Air Liquide
• Cummins
• Iwatani Corporation
• Kawasaki Heavy Industries
• Linde
• Plug Power
• Siemens Energy
• Toshiba Energy Solutions

Asia Pacific Green Hydrogen Industry News

• In February 2024, Toshiba Energy Systems and Solutions Corporation and Bekaert entered into a partnership including a strategic cooperation agreement, along with a manufacturing technology license for membrane electrode assemblies.  It will support the PEM technology to accelerate the advance towards green hydrogen production.
   
• In January 2023, Edify Energy along with Siemens Energy, secured grant funding through the Australian German HyGATE initiative. The project is the initial stage of the planned 1 GW green hydrogen production facility that will export hydrogen globally through the Port of Townsville.
   

This Asia Pacific green hydrogen market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:

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Market, By Technology

• Alkaline
• PEM
• Solid Oxide
• Others

Market, By Source

• Solar
• Wind
• Others

Market, By Application

• Power Generation
• Transportation
• Industry Energy
• Industry Feedstock
• Building Heat & Power
• Others

The above information has been provided for the following countries:

• China
• Japan
• India
• Australia
• South Korea