Green Hydrogen Market 2024: Trends, Analysis, and Future Outlook

Green Hydrogen Market 2024: Trends, Analysis, and Future Outlook
Green Hydrogen Market
“Green Hydrogen Market” in terms of revenue was estimated to be worth $5.99 billion in 2023 and is poised to reach $81.65 billion by 2031, growing at a CAGR of 38.96% from 2024 to 2031 according to a new report by InsightAce Analytic.

“Green Hydrogen Market” in terms of revenue was estimated to be worth $5.99 billion in 2023 and is poised to reach $81.65 billion by 2031, growing at a CAGR of 38.96% from 2024 to 2031 according to a new report by InsightAce Analytic.


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Latest Drivers Restraint and Opportunities Market Snapshot:


Key factors influencing the global Green Hydrogen market are:

  • Surging Global Demand for Clean Energy
  • Advancements in Electrolysis Technology
  • Supportive Government Policies and Incentives


The following are the primary obstacles to the Green Hydrogen market’s expansion:

  • High Initial Capital Costs
  • Limited Infrastructure for Green Hydrogen Production
  • Technical Challenges in Scaling Up Production


Future expansion opportunities for the global Green Hydrogen market include:

  • Expanding Applications in Industrial and Transportation Sectors
  • International Collaboration for Research and Development
  • Increasing Investment in Renewable Energy Projects



Market Analysis:

The demand for the green hydrogen is anticipated to be driven by the existence of supportive government policies that encourage the hydrogen economy as well as growing environmental concerns about rising carbon emissions from the use of fossil fuels. It is expected that this tendency will offer the industry a possible growth environment.


List of Prominent Players in the Green Hydrogen Market:

  • LindeAir
  • Liquide
  • Air Products Inc.
  • Uniper SE
  • Siemens Energy
  • Green Hydrogen
  • Cummins Inc
  • Toshiba Energy Systems & Solutions Corporation
  • Nel ASA
  • SGH2 Energy Global LLC
  • Aker HorizonsHY2GEN AG
  • Fusion-Fuel
  • Loop Energy Inc
  • Ergosup
  • Ballard Power Systems


Green Hydrogen Market Scope:


Report Attribute


Market size value in 2023

USD 5.9 Bn

Revenue forecast in 2031

USD 81.6 Bn

Growth rate CAGR

CAGR of 38.9% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Bn, Volume in Kilotons and CAGR from 2023 to 2031

Historic Year

2019 to 2023

Forecast Year


Report coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments covered

Technology and Application

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa


Recent Developments:

  • In June 2022, In order to employ green or fossil-free hydrogen to decarbonize global industry, Electric Hydrogen Co. was awarded $198 million in funding. The technology for electric hydrogen electrolyzers may be expanded with the help of this money, and the necessary initiatives for the production of green hydrogen can be produced and implemented.
  • June 2022, It was reported that Air Liquide and Siemens Energy would form a joint venture devoted solely to the production of sustainable hydrogen electrolyzes across Europe. Air Liquide will own a 25.1% share in the joint venture, with Siemens holding a 74.9% overall ownership. Berlin will serve as both the corporate headquarters and the location of the factory that will create the electrolysis stacks or modules.


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Green Hydrogen Market Dynamics:

Market Drivers: Growing Government Initiative

Governments are essential in developing laws and policy frameworks that support the green hydrogen market and give it long-term stability and predictability. The demand for green hydrogen is being stimulated by governments’ worldwide attention on enacting carbon price mechanisms, reducing emissions targets, and setting targets for renewable energy. Regulations that encourage the incorporation of green hydrogen into current energy systems—for example, by allowing fuel cell technology or combining it with natural gas in pipelines—also contribute to the market’s expansion. To decarbonize the country by creating clean energy sources, the Indian Union Cabinet approved “The National Green Hydrogen Mission” in January 2022. The goal of the government’s plan is to position the country as a leader in the world of green hydrogen generation. The mission is anticipated to produce at least 5 million metric tons of green hydrogen annually.

Challenges: High Cost of Production

Electrolyzers are the main source of expense in green hydrogen production since they break water molecules. The development of electrolyzer technology is still in its infancy and is not yet at a mature stage. Because of this, the economies of scale have not been fully realized, and the present generation of electrolyzers is expensive. The establishment of a strong green hydrogen market necessitates large infrastructural investments. This entails constructing hydrogen storage and delivery infrastructure, creating electrolysis facilities, and constructing new or retrofitting pipelines. These upfront infrastructural requirements further exacerbate the high production costs. As a result, the cost of production acts as a significant barrier to the market’s growth, impeding its expansion.

Europe Is Expected To Grow With The Highest CAGR During The Forecast Period

The Europe Green Hydrogen Market is likely to register a significant revenue share and develop at a rapid CAGR soon. Hydrogen is used as the main energy source in Europe. By implementing the European Green Deal, Europe hopes to cut greenhouse gas emissions and get its economy ready for a future without fossil fuels. Furthermore, the biggest market share of the green hydrogen market in the European Region belonged to Germany, while the market with the quickest growth was the one in the United Kingdom. Additionally, because of the significant investments made by the European economies, a clean hydrogen-based economy is the goal for the energy transition in the upcoming years. For example, the U.K. government announced in August 2019 an investment proposal worth USD 14.8 billion for a project that by 2030 will employ 4 GW of offshore wind to produce green hydrogen.


Segmentation of Green Hydrogen Market-

By Application-

  • Oil and Gas
    • Hydrocracking
    • Hydroisomerization
    • Hydrodealkylation
    • Hydrodesulfurization
    • Industrial Feedstock
      • Ammonia
      • Methanol
      • Steel
      • Others
      • Mobility
      • Power Generation
      • Others

By Technology-

  • Proton Exchange Membrane Electrolyzer
  • Alkaline Electrolyzer
  • Anion Exchange Membrane
  • Solid Oxide Electrolyzer

By Region-

North America-

  • The US
  • Canada
  • Mexico


  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe


  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa


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