Global Green Hydrogen Industry to Witness 61.1% CAGR During 2023-2030: PEM Electrolysis Technology, Solar Energy, Mobility, and the United States are the Lucrative Markets

Dublin, April 29, 2024 (GLOBE NEWSWIRE) -- The "Global Green Hydrogen Market by Technology (Alkaline and PEM), Renewable source (Wind, Solar), End-use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region (North America, Europe, APAC, MEA, & Latin America) - Forecast to 2030" report has been added to's offering.

The green hydrogen market is projected to grow from USD 1.1 billion in 2023 to USD 30.6 billion by 2030, at a CAGR of 61.1% during the forecasted period. The market for green hydrogen is being propelled by several key factors. These include the decreasing cost of renewable energy production from all sources, advancements in electrolysis technologies, and a rising demand from power industry and Fuel Cell Electric Vehicles.

Alkaline electrolysis based green hydrogen accounted for the largest share, in terms of value, of the overall green hydrogen market

The alkaline electrolysis-based green hydrogen segment accounts for the largest share in the market, accounting for 656.7 USD million by value in 2023. This technology is widely preferred for its reliability, scalability, and cost-effectiveness. It uses an electrolyte solution, typically potassium hydroxide, to split water into hydrogen and oxygen. Compared to other electrolysis technologies, alkaline electrolysis produces highly pure hydrogen due to the low diffusion of hydrogen ions into the electrolyte solution. Its ability to efficiently operate with renewable energy sources makes it crucial for the green hydrogen value chain. With a long operating life and suitability for large-scale production, alkaline electrolysis is poised to be a key technology in the green hydrogen market.

The green hydrogen market in the mobility industry is expected to register the highest CAGR between 2023 and 2030

The mobility sector is the largest end-use industry of green hydrogen, utilizing it in various modes of transportation such as rail, road, aviation, and maritime. This industry accounts for the highest CAGR of 63.1% in the green hydrogen market during the forecast period, driven by hydrogen's higher energy content compared to fossil fuels. Fuel Cell Electric Vehicles are emerging as a sustainable alternative, offering longer ranges and shorter refueling times. Green hydrogen is becoming increasingly viable for vehicles in trains, mining, buses, aircraft, and maritime transport making it a crucial medium for achieving zero carbon emission target.

The green hydrogen market in Europe is projected to register the largest region, in terms of value and volume, between 2023 and 2030

Europe dominates the global green hydrogen market as the largest segment in terms of value and volume, with a strong presence of manufacturers and products. Germany, a major contributor, is expected to see significant growth driven by the power industries and mobility. The region's leadership is fueled by ambitious sustainability goals and government support, leading to substantial investments in green hydrogen infrastructure. Countries like Germany, France, and the Netherlands are at the forefront of large-scale projects, reducing emissions, driving innovation, and creating jobs. The European Union's hydrogen strategy and the recovery and resilience facility will further boost the global green hydrogen market.

Research Coverage

This report covers the global green hydrogen market and forecasts the market size until 2028. It includes the following market segmentation; by Technology (Alkaline Electrolysis and PEM Electrolysis, by End-use Industries (Mobility, Chemical, Power, Grid Injection, Industrial and Others), by Renewable Source (Wind Energy, Solar Energy and Others) and Region (North America, APAC, Europe, MEA, Latin America). Porter's Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides competitive strategies and company profiles and adopted by the key players in the global green hydrogen market.

Nel ASA (Norway), Toshiba Energy Systems & Solutions Corporation (Japan), Siemens Energy AG (Germany), H&R Olwerke Schindler GmbH (Germany), Linde plc (Ireland), Cummins Inc. (US), Air Products and Chemicals, Inc. (US), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China), Air Liquide (France), and Wind to Gas Energy GmbH & Co. KG (Germany) are some of the major players operating in the green hydrogen market. These players have adopted strategies such as acquisitions, expansions, and partnerships, and expansions in order to increase their market share business revenue.

Key Attributes

Report AttributeDetails
No. of Pages296
Forecast Period2023-2030
Estimated Market Value (USD) in 2023$1.1 Billion
Forecasted Market Value (USD) by 2030$30.6 Billion
Compound Annual Growth Rate61.1%
Regions CoveredGlobal

Premium Insights

  • Green Hydrogen Market to Witness Significant Growth Between 2023 and 2030
  • PEM Electrolysis Technology Segment to Grow Faster During Forecast Period
  • Solar Energy to Account for Largest Share During Forecast Period
  • Mobility to Account for Largest Market Share During Forecast Period
  • US to Grow at Highest CAGR During Forecast Period

Market Dynamics

  • Drivers
    • Low Variable Electricity Costs
    • Technological Advancements
    • Global Plans for Net-Zero Emissions by 2050
    • High Demand from FCEVs and Power Industry
  • Restraints
    • High Cost of Green Hydrogen
    • Lack of Transportation Infrastructure
    • Energy Loss in Every Stage of Value Chain
    • Sustainability Management
  • Opportunities
    • Decreasing Cost of Electrolyzers
    • Increasing Government Investments
    • Announcement of Large-Capacity Green Hydrogen Projects
    • Favorable Policies for Green Hydrogen
  • Challenges
    • High Initial Investments
    • Under-Developed Market

Technology Analysis

  • Green Hydrogen Technologies
    • Polymer Electrolyte Membrane Electrolyzers
    • Alkaline Electrolyzers
    • Solid Oxide Electrolyzer Cells
    • Anion Exchange Membrane Water Electrolysis

Companies Featured

  • Air Liquide SA
  • Air Products and Chemicals, Inc.
  • Engie SA
  • Uniper SE
  • Siemens Energy AG
  • Lhyfe
  • Toshiba Energy Systems & Solutions Corporation
  • Nel Asa
  • Orsted A/S
  • Bloom Energy
  • Linde PLC
  • Cummins Inc.
  • H&R Olwerke Schindler GmbH
  • Wind to Gas Energy GmbH & Co. KG
  • Sino-Synergy Hydrogen Energy Technology (Jiaxing) Co. Ltd
  • Iberdrola SA
  • Enel Green Power S.P.A
  • Envision Digital
  • Hynamics (Edf)
  • Acwa Power
  • Green Hydrogen Systems
  • The State Atomic Energy Corporation Rosatom
  • Enegix Renewable Energies Ltd.
  • Acme Cleantech Solutions Pvt. Ltd
  • Geopura, Ltd.
  • Iwatani Corporation
  • Ivys Energy Solutions
  • Enapter S.R.L
  • Atawey
  • Hiringa Energy Limited
  • Plug Power, Inc.
  • Itm Power PLC

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Global Green Hydrogen Market

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