Home > Energy & Power > Emerging Energy Technologies > Hydrogen > Green Hydrogen Market

Green Hydrogen Market Size

Report ID: GMI5349
Published Date: Sep 2024
Report Format: PDF

Download Free Sample

Green Hydrogen Market Size

The global green hydrogen market was valued at USD 7.7 billion in 2023 and is anticipated to grow at a CAGR of 41.6% 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.

To get key market trends

Download Free Sample

The adoption of green hydrogen is accelerating globally as governments, industries, and investors focus on decarbonization efforts. Green hydrogen, produced through electrolysis powered by renewable energy sources, is emerging as a critical component in achieving net-zero carbon targets and transitioning to a clean energy economy. Global production of green hydrogen is ramping up, with numerous large-scale projects announced across Europe, North America, and the Asia-Pacific region, which is set to boost the industry demand. Further, the cost of producing green hydrogen is expected to decline significantly as electrolyzer technology improves, renewable energy costs fall, and economies of scale are achieved which will further energize the industry dynamics.

Green Hydrogen Market Report Attributes
Report Attribute	Details
Base Year:	2023
Green Hydrogen Market Size in 2023:	USD 7.7 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	41.6%
2024 – 2032 Value Projection:	USD 334.6 Billion
Historical Data for:	2021-2023
No. of Pages:	100
Tables, Charts & Figures:	25
Segments covered:	Technology, Source, Application and Region
Growth Drivers:	Growing measures toward decarbonization Government plans and investments toward hydrogen economy North America & Europe Favourable government initiatives for emission reduction Ongoing investments, funding programs and grants for clean fuel adoption Asia Pacific Strategic alliances and large-scale investments for clean hydrogen economy
Pitfalls & Challenges:	High overall cost

Learn more about the key segments shaping this market

Download Free Sample

The declining cost of wind and solar power is directly influencing green hydrogen production costs. As renewable energy prices continue to drop, the competitiveness of green hydrogen is improving, especially in regions with abundant renewable resources like Australia, Chile, and the Middle East. Governments are introducing policies and strategies to encourage green hydrogen adoption. Additionally, government incentives, including the U.S. Inflation Reduction Act, offer production tax credits for green hydrogen projects are driving the business scenario.

Authors: Ankit Gupta, Sristhi Agrawal

Frequently Asked Questions (FAQ) :

In 2023, the global green hydrogen market was valued at USD 7.7 billion and is projected to grow at a CAGR of 41.6% from 2024 to 2032, driven by government plans and investments in the hydrogen economy.

By 2032, the PEM technology segment is expected to surpass USD 66.5 billion, attributed to its compatibility with renewable energy sources such as wind and solar power.

The wind segment is anticipated to witness more than 50% CAGR through 2032, propelled by its integration with electrolyzer technology, which is crucial for producing green hydrogen and decarbonizing hard-to-abate sectors.

European green hydrogen market is projected to exceed USD 135.4 billion by 2032, on account of the region's strong commitment to decarbonization and its goal of achieving net-zero emissions by 2050.

ACME, Air Products, Air Liquide, CWP Global, Cummins, Engie, Getech Group, GH2, Hiringa Energy Limited, Iberdrola, Lhyfe, Linde, Plug Power, Siemens Energy, Toshiba Energy Systems & Solutions Corporation are some of the major key players operating in the market.