Global Green Hydrogen Market Report and Forecast 2032

Green Hydrogen Market Insights & Analysis

The Global Green Hydrogen Market is anticipated to register a CAGR of around 15.7% during the forecast period, i.e., 2024-32. The prime factors behind such ascension of the industry are rising emissions of carbon & methane, as well as the negative consequences these emissions have on human health & environmental sustainability. As a renewable hydrogen energy source, green hydrogen is produced by splitting water into hydrogen & oxygen. It is now crucial to the energy transition & requires a faster rollout to affect the decarbonization of current power systems.

The creation, manufacture, and usage of green hydrogen as an alternative to the commonly utilized hydrogen for energy across industries is being encouraged by the rising carbon emission, prompting the governments of various nations to implement favorable laws. Furthermore, the active involvement of numerous national governments in this field significantly contributes to the exploration of the future potential of green hydrogen. Hence, many countries have implemented favorable regulations & policies to promote the development & production of green hydrogen.

In addition, the residential, commercial, and industrial sectors would also increase their usage of green hydrogen as a prominent energy source to run various operations & contribute to the overall market expansion with a greater emphasis on energy efficiency & a paradigm shift toward renewable hydrogen resources for a cost-effective energy supply.

Furthermore, as many nations have rapidly advanced their electrification infrastructure, the market for green hydrogen would grow dramatically, generating profitable opportunities for the leading industry players. Though green hydrogen needs further R&D to obtain universal adoption across multiple industries, the significant requirement for hydrogen indicates its potential to replace traditional fuels & create a solid presence in the future energy landscape.

Given these facts, several prominent corporations are making significant investments in the green hydrogen industry & establishing strategic plans to exploit its benefits in the future years, intending to secure a dominant position across the global market. For example, in 2022, the Indian Oil Corporation, a major player in the petroleum products sector, entered into a partnership with two private companies, L&T (Larsen & Toubro Ltd) and ReNew Power, to establish a joint venture, aimed at advancing green hydrogen initiatives.

Furthermore, with the rising focus on improving energy efficiency and an evolving trend towards renewable hydrogen resources to provide a cost-effective energy supply, the residential, industrial, and commercial sectors are expected to expand the consumption of green hydrogen as a prominent energy source for various purposes, thus adding to the Global Green Hydrogen Market size in the forthcoming years.

Global Green Hydrogen Market FY32

• Study Period: 2024- 2032


• Base Year: 2024


• CAGR(2024-2032): 15.7%


• Market Value YYYY: XX Billion/Million


• Fastest Growing Market: Europe


• Major Players: Linde plc, Air Liquide, Air Products & Chemicals, ENGIE, Uniper Energy Storage GmbH, Wind to Gas Energy GmbH & Co. KG, Shell plc., etc.

Green Hydrogen Market Dynamics

• Rising Focus on Green Hydrogen, Sustainability, and Environmental Awareness to Drive Market Growth

The Global Green Hydrogen Market is expanding rapidly owing to the rising concerns related to the sustainability of the environment and several benefits offered by green hydrogen. These benefits include technological advancements, alignment with energy transition goals globally, industry collaborations, and supporting government policies.

Also, the production of green hydrogen is based on electrolysis, a method that converts water molecules into hydrogen & oxygen without emitting greenhouse gases. Moreover, as green hydrogen is critical for lowering carbon emissions in areas such as power generation, industrial operations, and transportation, thus its demand is predicted to elevate in the future years.

Furthermore, governments across the global scale are recognizing the benefits of green hydrogen & are creating laws to reduce carbon emissions that is being generated by traditional fuels, thus contributing in infusing the economy of green hydrogen in the following years.

• Economic & Technical Hurdles to Pose Challenge for the Green Hydrogen Generation

Despite its benefits in decarbonizing many industries, green hydrogen has several technical & economic challenges due to the enormous volume of water needed, the pre-and post-treatment of that water, and energy losses during production, transportation, and storage of hydrogen.

Additionally, there are fewer suitable locations for installing hydrogen plants due to the usage of water & zero-carbon energy energy sources, as well as a need for more skilled employees. Hence, these factors are creating barriers to the growth of the Green hydrogen Market in the years ahead.

• Rapid Electrification of Infrastructure in Many Nations Opens Up New Avenues for Market Growth

The potential for green hydrogen is dramatically increasing as a result of the rapid electrification of infrastructure in many nations, pointing to lucrative opportunities for the leading players. Green hydrogen also needs more research & development before it can fully gain industry acceptance. However, given the huge demand for hydrogen, it is likely to replace gasoline in the future & keep its place, therefore contributing to creating a positive outlook for the Green Hydrogen Market.

Furthermore, due to these factors, several major players are making significant investments in the sector & developing new strategies to reap the benefits in the coming years & secure a dominant position in the global market.

Green Hydrogen Market Segment-wise Analysis

By Technology:

• Proton Exchange Membrane (PEM) Electrolyzer
• Alkaline Electrolyzer
• Solid Oxide Electrolyzer

With the potential share, Proton Exchange Membrane (PEM) Electrolyzer technology is expected to gain significant momentum in the Global Green Hydrogen Market during 2024-32. As more & more businesses are using PEM electrolyzers to expand their development & production capacities to meet the growing demand for green hydrogen from end users across the world, the demand for this technology is poised to grow.

Additionally, producers are identifying the benefits of PEM electrolyzers over other technologies, like better hydrogen production rates, compact designs, and increased clean energy transition. Thus, numerous companies are expanding their production capacity to satisfy the rising demand for green hydrogen from end users worldwide.

Regional Projection of the Global Green Hydrogen Industry

The Global Green Hydrogen Market is geographically diversified, covering:

• Asia-Pacific
• North America
• South America
• Europe
• The Middle East & Africa

Europe is expected to dominate the Green Hydrogen Market owing to its strong market for zero-carbon energy. Green hydrogen, created by electrolysis with renewable energy resources, is gaining appeal as an alternative to fossil fuels for applications, including power generation, transportation, and industrial processes.

The region has a wide range of manufacturers actively participating in the development & production of green hydrogen, with key companies such as Siemens Energy AG (Germany), Nel ASA (Norway), and Linde plc (Ireland) having a strong presence in the region. For example, in August 2022, Linde Plc, a leading engineering firm and industrial gas supplier, revealed the world's first hydrogen refueling system for passenger trains in Germany's Lower Saxony state. The system could integrate future on-site green hydrogen generation with a total daily capacity of around 1,600 kilograms.

Furthermore, rising production facilities and a favorable regulatory environment in Europe show a significant potential for industry growth in the succeeding years, as the area attempts to fulfill its decarbonization targets and shift to a greener economy during 2024-32.                                                                       

What Does Our Global Green Hydrogen Market Research Study Entail?

• Global Green Hydrogen Market Research Report highlights the forecast growth rate or CAGR by anticipating the market size & share.
• The market analysis puts light upon the primary industry trends, driving aspects, potential opportunities, growth challenges, and other major factors.
• Global Green Hydrogen Market Research Report entails details about the most critical shifts in market share in the prominent regions.
• Considering the statistics & the developments by the primary market competitors, our report also strives to demonstrate the most sought-after strategies of the key players.