The global green hydrogen market valued at USD 9.09 billion in 2024, is projected to surge to USD 134.86 billion by 2030, registering a remarkable CAGR of 56.75% during the forecast period, according to Arizton latest research.

 

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Report Scope:

Market Size (2030): USD 134.86 Billion

Market Size (2024): USD 9.09 Billion

CAGR (2024-2030): 56.75%

HISTORIC YEAR: 2023

BASE YEAR: 2024

FORECAST YEAR: 2025-2030

LARGEST REGION (2024): Europe

FASTEST-GROWING REGION: APAC

MARKET SEGMENTATION: Technology, Source, End-User, and Geography

GEOGRAPHIC ANALYSIS: North America, Europe, APAC, Latin America, and the Middle East & Africa

 

Europe Dominates Green Hydrogen Market While APAC Surges Ahead

In 2024, Europe captured over 41% of the global green hydrogen market, driven by ambitious climate goals under the European Green Deal and the REPowerEU Strategy. With targets of 10 million tonnes each of domestic production and imports by 2030, Europe is advancing a cross-border hydrogen economy through strategic projects such as H2Med and solar-powered facilities like Iberdrola’s in Spain, converting surplus renewable energy into storable, clean hydrogen.

Europe’s expanding renewable energy capacity generates surplus electricity from wind and solar, which is increasingly being converted into green hydrogen. Initiatives like Iberdrola’s solar-powered hydrogen facility in Spain demonstrate how hydrogen supports grid stability and maximizes clean energy utilization.

Meanwhile, the APAC region is emerging as the fastest-growing market, with a projected CAGR of over 63% during the forecast period. Rapid development is led by China, Japan, South Korea, and Australia. China is investing heavily in electrolyzer manufacturing and hydrogen hubs, aligning with its dual carbon goals, while Japan and South Korea focus on hydrogen mobility through fuel cell vehicles and refuelling infrastructure.

Energy security and decarbonization are key drivers in APAC, particularly for energy-importing nations like South Korea. Heavy industries, including steel, chemicals, and cement, are also adopting green hydrogen to reduce emissions. Notably, Baowu Steel in China is piloting hydrogen-based reduction in steelmaking, exemplifying industrial-scale hydrogen adoption.

 

PEM and SOEM Systems Emerging as Strategic Growth Levers

The global green hydrogen market is being reshaped by next-generation electrolyzer technologies, with PEM and SOEC systems emerging as strategic growth levers for industrial-scale deployment. These innovations are driving higher efficiency, lower operational costs, and seamless integration with renewable energy, enabling large-scale hydrogen production to become commercially viable. PEM electrolyzers are accelerating adoption by pairing effectively with variable renewables such as solar and wind, exemplified by Nel ASA’s advanced platform and Plug Power’s multi-megawatt installations.

Simultaneously, SOECs leverage high-temperature operations to optimize energy use for industrial applications, highlighted by Bloom Energy’s 80 MW single-site deployment with SK Eternix. These advancements are not only lowering the cost of green hydrogen but also enabling its integration into power generation, heavy industry, and transportation, signaling a market poised for accelerated growth and industrial transformation.

 

Green Hydrogen Market Soars Amid Government Initiatives and Mega Projects

The global green hydrogen market is rapidly evolving as industries and governments prioritize sustainable energy solutions. Growing demand for low-carbon power and industrial applications is driving innovation in electrolyzer technologies, enabling large-scale and cost-effective hydrogen production. Industry leaders such as Siemens Energy and Air Liquide are responding by expanding gigawatt-scale manufacturing, supporting landmark projects like Europe’s 200 MW Normandy plant. This industrial expansion is reinforced by strong government backing, with tax incentives, subsidies, and national hydrogen strategies providing clear long-term direction.

Major initiatives, including Element Resources’ $1.85 billion Lancaster Clean Energy Center in California, highlight how green hydrogen is moving from concept to large-scale reality, positioning the market for sustained growth across energy, transport, and industrial applications.

 

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Key Vendors

• Air Products and Chemicals

• Bloom Energy

• Engie

• ITM Power

• Linde

• Nel

• Siemens Energy

 

Other Prominent Vendors

• ACWA Power

• Aramco

• Ballard Power Systems

• Beijing SinoHy Energy

• bp

• Cummins

• Elcogen

• Enapter

• Enel Green Power

• Equinor

• ExxonMobil

• Fuelcell Energy

• Fusion Fuel

• Genvia

• Green Hydrogen Systems

• H&R Group

• H2 Green

• H2Pro

• HydrogenPro

• Iberdrola

• Jiangsu Guofu Hydrogen Energy Equipment

• John Cockerill Group

• Kohodo Hydrogen Energy

• Lhyfe

• LONGi

• Loop Energy

• McPhy Energy

• Messer

• Ørsted

• Plug Power

• Sinopec

• Sunfire

• Sungrow Power Supply

• thyssenkrupp nucera

• Topsoe

• Toshiba Energy Systems & Solutions Corporation

 

Market Segmentation & Forecasts

By Technology

• Alkaline Electrolysis

• Proton Exchange Membrane

• Others

By Source

• Wind Energy

• Solar Energy

• Others

By End-User

• Refining

• Ammonia

• Others

By Geography

Europe

• Germany

• Spain

• France

• Portugal

• Italy

APAC

• China

• India

• Australia

• Japan

• South Korea

North America

• US

• Canada

Middle East & Africa

• Egypt

• Morocco

• South Africa

Latin America

• Chile

• Brazil

• Mexico

 

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What Key Findings Will Our Research Analysis Reveal?    

• How big is the global green hydrogen market?

• What is the growth rate of the global green hydrogen market?

• Which region dominates the global green hydrogen market?

• What are the factors driving the global green hydrogen market growth?

• Who are the major players in the global green hydrogen market?

 

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