Green Hydrogen Market Size Envisaged to Reach USD 58.53 Billion By 2030, Forecasted 39.6% CAGR: Polaris Market Research

[115+ Pages Research Study] According to Polaris Market Research report, the global green hydrogen market size & share expected to generate revenue of USD 58.53 Billion By 2030 and estimated to be valued at USD 3.25 Billion in 2021, at a compound annual growth rate (CAGR) of 39.6% from 2022 to 2030. The top market company profiles included in report with their sales, revenues and strategies are Air Products and Chemicals, Inc., H&R Olwerke Schindler GmbH, Siemens Energy AG, Linde, Toshiba Energy Systems & Solutions Corporation and others.

New York, NY, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Green Hydrogen Market Share, Size, Trends, Industry Analysis Report, By Technology (Alkaline Electrolyze, Polymer Electrolyte Membrane (PEM) Electrolyzer); By Application; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030” in its research database.

According to the research report, the global green hydrogen market size & share was valued at USD 3.25 Billion in 2021 and is expected to reach USD 58.53 Billion By 2030, growing at a CAGR of 39.6% during the forecast period.

What is Green Hydrogen Industry? How Big is Green Hydrogen Market Size & Share

  • Report Overview

Green hydrogen technology is based on the generation of hydrogen, a universal light, and heavy reactive fuel, through a chemical process known as electrolysis. The rapidly rising demand for the green hydrogen market can be attributed to it being a clean energy source that only emits water vapor and leaves no residue on the air, unlike coal and oil.

The presence of favorable government policies pushing toward the hydrogen economy, along with growing environmental concerns regarding increasing carbon emissions from fossil fuel usage, is expected to drive the demand for the hydrogen economy. This trend is anticipated to provide a potential growth landscape for the industry.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report May Includes:

  • 2030 Updated Report Introduction, Overview, and In-depth industry analysis.
  • 115+ Pages Research Report (Inclusion of Updated Research).
  • Provide Chapter-wise guidance on Requests.
  • 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
  • Includes Updated List of tables & figures.
  • Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Key data covered in the market report

  • Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies
  • Create regional and country strategies on the basis of local data and analysis
  • Identify growth segments for investments
  • Outperform competitors using forecast data and drivers and trends shaping the market
  • Understand customers based on the latest market research findings

Some of the Top Market Players Are:

  • Air Products and Chemicals Inc.
  • H&R Olwerke Schindler GmbH
  • Siemens Energy AG
  • Linde
  • Toshiba Energy Systems & Solutions Corporation
  • Nel ASA
  • Wind to Gas Energy GmbH & Co. KG
  • Guangdong Nation-Synergy Hydrogen Power Technologies Co. Ltd.
  • Cummins Inc

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Key factors driving market growth

  • The zero production of greenhouse gases by hydrogen fuel cells push the market

The green hydrogen market size is expanding due to it being an energy carrier. The benefit of employing hydrogen as an energy carrier is that it only produces water and heat when combined with oxygen. The utilization of hydrogen fuel cells produces no greenhouse gases or other pollutants. Hydrogen fuel cells are found to be more efficient than traditional combustion-based power plants. As per the US Department of Energy, a traditional combustion-based power plant generates electricity at 33% to 35% efficiency, but hydrogen-based fuel cell systems can create electricity with up to 60% efficiency.

Increased nuclear and green hydrogen fuel usage recently expanded the green hydrogen industry. The green hydrogen market sales are soaring with the increased adoption of renewable energy in current times to reduce the burden on the environment. The adoption of green hydrogen is being increased, fostering market growth. As per the IREA (International Renewable Energy Agency), around 120 metric tonnes of hydrogen are consumed worldwide, with China consuming around 23.9 metric tonnes of hydrogen, while the USA consumes about 11.2 metric tonnes.

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Recent trends influencing the market

The usage of green hydrogen in electric cars and nuclear power to drive the market

  • The advent of new users and applications for hydrogen could open up new vistas of opportunities for the market. Green hydrogen can now be used in electric cars, nuclear power, sustainable energy, airships, energy storage, water generator, transport and mobility, electrification, ammonia and fertilizers, petroleum products, and the steel industry.
  • The expansion and penetration into newer markets could foster growth in the global industry. For instance, establishing the US and Indian markets, respectively, could improve the hydrogen economy and drive the overall growth of the market.  

Segmentation assessment

  • The alkaline electrolyzer segment accounted for the largest revenue

Based on technology, the alkaline electrolyzer segment accounted for the largest revenue. Alkaline electrolyzers are the traditional electrolyzer technology used in green hydrogen projects. Green hydrogen market demand is on the rise as alkaline electrolyzers have lower power and current densities and a wider operating temperature range of 100 to 105 degrees Celsius.

  • The pipeline segment dominated the market

Based on the distribution channel, the pipeline segment is the most economically viable method to transport. Green hydrogen market trends include transporting GH2 being possible in a variety of ways, including gas in high-pressure containers, a liquid in thermally insulated containers, a processed form such as methanol or ammonia, or as a chemical carrier medium.

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Green Hydrogen Market: Report Scope

Report Attribute Details
Revenue forecast in 2030 USD 58.53 Billion
Market size value in 2021 USD 3.25 Billion
Expected CAGR Growth 39.6% from 2022 - 2030
Base Year 2021
Forecast Year 2022 - 2030
Top Market Players Air Products and Chemicals, Inc., H&R Olwerke Schindler GmbH, Siemens Energy AG, Linde, Toshiba Energy Systems & Solutions Corporation, Nel ASA, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd., and Cummins Inc.
Segments Covered By Technology, By Application, Distribution Channel, By Region
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Geographic Overview

  • The energy transition towards a clean hydrogen-based economy to propel the European market

Europe held the largest green hydrogen market share due to large expenditures made by European economies in pursuit of energy transition towards a clean hydrogen-based economy during the ensuing years. For instance, the UK government revealed a USD 14.8 billion investment plan in August 2019 for a project that is anticipated to utilize 4GW of offshore wind for the generation of GH2 by 2030.

Due to the adoption of clean energy legislation, the North American market is predicted to see a significant CAGR throughout the forecast period, with the US and Canada progressively growing markets. California now controls the bulk of the US market thanks to strong decarbonization goals, including the elimination of gas or diesel-powered public transportation by 2040.

Browse the Detail Report “Green Hydrogen Market Share, Size, Trends, Industry Analysis Report, By Technology (Alkaline Electrolyze, Polymer Electrolyte Membrane (PEM) Electrolyzer); By Application; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030” with in-depth TOC:      

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Polaris Market Research has segmented the Green Hydrogen Market report based on technology type, application, type, distribution channel, and region:

By Technology Outlook

  • Alkaline Electrolyzer
  • Polymer Electrolyte Membrane (PEM) Electrolyzer

By Distribution Channel Outlook

  • Pipeline
  • Cargo

By Application Outlook

  • Power Generation
  • Transportation

By Region Outlook

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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