Green Hydrogen Market Research Report - Global Forecast till 2030

Green Hydrogen Market Research Report: Information by Technology (Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, and Solid Oxide Electrolyzer), Application (Transport, Power Generation, Industries,and Heating), Location (Onshore and Offshore), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast till 2030

ID: MRFR/E&P/8605-CR | February 2021 | Region: Global | 188 pages         

Green Hydrogen Market

Green Hydrogen Market share is expected to reach USD 10.22 billion in valuation, representing a compound annual growth rate of a CAGR of 57.41%.


By Technology Alkaline Electrolyzer Proton Exchange Membrane Electrolyzer Solid Oxide Electrolyzer
By Application Transport Power Generation Industries Heating
By Location Onshore Offshore

Key Players

  • Green Hydrogen Systems (Denmark)
  • Solena Group (US)
  • H2X (Australia)
  • Siemens Gas and Power GmbH & Co. KG (Germany)
  • Engie (France)
  • FuelcellWorks (US)
  • Plug Power (US)
  • Fuelcell Energy (US)
  • Hydrogenics (Canada)
  • Ballard Power Systems (Canada)
  • Nikola Motors (US)
  • Ergosup (France)
  • Loop Energy (Canada)
  • Syzygy Plasmonics (US)


  • High initial cost of setting up hydrogen infrastructure
  • Growing demand for renewable energy resources
  • Increasing significantly due to the increasing government investments and subsidies promoting clean fuel usage
  • including hydrogen
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Green Hydrogen Market Overview

According to the latest research report, during the projected timeframe, the Green Hydrogen Market size is expected to reach USD 10.22 billion in valuation, representing a compound annual growth rate of a CAGR of 57.41%. In 2020, the market accounted for us$ 0.41 billion. Green hydrogen is produced without the need for fossil fuels by using renewable energy sources. When characterizing a colorless chemical, there is a wide selection of colors. Coal, Natural gas, and oil may all be substituted for this in a broad range of uses without sacrificing quality or reliability.

Hydrolysis of water yields green hydrogen, produced by using power to generate it. Wind and solar power are two examples of renewable energy sources that may be used to generate these. The worldwide market is expected to grow at an incredibly rapid pace. There is a growing demand for green technology, and government attempts to encourage the widespread use of zero-emission systems are helping to fuel this growth. Since the need for hydrogen has grown across many industries, the worldwide market focuses on new approaches that can lower expenses and enhance infrastructure.

This report contains all the information on the global Green Hydrogen Market analysis and the market strengths. In addition, the report also includes the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global Green Hydrogen Market forecast for 2030 is also included in the report.

Covid 19 Analysis

Markets worldwide have been impacted significantly by this epidemic since the first incidence was discovered in December of 2019. By 2028, there will be substantial growth prospects in the global green hydrogen market, thanks to the fact that it is now operational in several critical regions throughout the globe. Several nations are still grappling with the repercussions of the epidemic, including China, the United States, Italy, and the United Kingdom. It is also becoming more difficult for the world's rapidly expanding economy to fulfill the demands of the global marketplace. A decrease in power consumptionSIEMENS has occurred during the epidemic. Nevertheless, residential building consumption has expanded significantly.

Market Dynamic

  • Drivers

Global greenhouse gas emissions have been linked to the extensive and alarming usage of fossil fuels and urbanization. Methane, Carbon dioxide, and nitrous oxide all play a significant part in turning up the plants' heat and causing climate change. Global temperatures have risen by one degree during the previous century. As a result, environmentalists push people to quit using polluting fossil fuels and urge green hydrogen to be widely used as a substitute. As a result, there is a lot of interest in emission control technology in various fields.

  • Opportunities

Water electrolysis and steam methane reforming are now utilized to create hydrogen throughout the world. The vast majority of hydrogen generated today is utilized in petroleum refining and the production of fertilizers. Almost all of it originates from the reformation of fossil fuels, which has been the most cost-effective approach. Yet, as CO2 is produced throughout the process, this has no meaningful positive impact on the climate. Green hydrogen is produced through the electrolysis of water, a renewable energy source.

  • Restraints

It is possible to store hydrogen in three different ways. The stored hydrogen may be utilized to generate energy, but around outcome measures, it is employed at a lesser rate than other methods of storing technologies. Comparatively, the cost of hydrogen storage is higher than for other fossil fuels. In comparison to hydrogen, the concentration of liquid hydrogen is much higher, and the procedure of liquefaction is required to get it there. A mechanical plant with a very intricate design must be used for this system to operate. This results in a rise in total expenses.

  • Challenges

Hydrogen automobiles are more common in South Korea and Japan. These nations' governments subsidize these automobiles. They also fund the essential infrastructure. California offers incentives for the usage of fuel cell automobiles. Even though hydrogen-powered automobiles are promising platforms in the present world, scientists say they need the usage of fossil fuels to produce.

In comparison, electric automobiles use batteries and are more eco-friendly than hydrogen cars. On tries to utilize renewable hydrogen. Tank refueling infrastructure is also lacking, posing a problem for the capitalist markets.

  • Cumulative Growth Analysis

Market segmentation is based on numerous end-uses such as chemicals, heat generation, transportation fuel, etc. By 2035, the Green Hydrogen industry is expected to be dominated by electricity generation. Green Hydrogen is an option for nations that use costly imported and harmful fuels. It is inexpensive and can be transformed into energy using giant fuel cells in local power plants. Green Hydrogen-powered fuel cells eliminate the need for traditional fossil fuels such as oil or gas. As a result, a country's dependence on hydrocarbon imports may be reduced.

  • Value Chain Analysis

According to the performance of several market sectors, the green hydrogen market growth is expected to expand significantly in the following years. It is equipped with a proton exchange membrane electrolyzer, an alkaline electrolyzer, and a solid oxide electrolyzer, all of which are technologically advanced. It is classified into four categories: transportation, electricity production, industry, and heating. In addition, it is divided into two categories: onshore and offshore.

The hydrogen generating market has been classified into two types: captive and merchant, based on production and supply. The merchant market will likely grow as large-scale hydrogen generation using water electrolysis and oil and gas processes becomes more prevalent. Natural gas and water electrolysis are two methods for producing merchant hydrogen. It is less expensive to use this technology since it decreases the demand for fuel transportation and, therefore, the requirement for additional hydrogen-producing infrastructure. But because of its restricted capacity, its hydrogen costs are much greater than those associated with confined hydrogen generation.

  • Segmentation Overview

The market is segmented based on the technology, application, location, and region. The global green hydrogen market trends are expected to witness decent growth during the forecast period.

By Application

The market is segmented into transport, power generation, industries, and heating.

By end-users

The market is segmented into an alkaline electrolyzer, proton exchange membrane electrolyzer, and solid oxide electrolyzer based on the propulsion types.

Regional Analysis

Market industry movements for environmentally friendly hydrogen are successfully taking root in six critical areas: Europe, Asia Pacific, Africa, North America, the Middle East, and South America. According to analysts, during the projection period, the area of Europe is anticipated to see enormous development. One of the reasons for this is the availability of a robust, long-term infrastructure and a large number of prospects in the marketplace. In addition, the price of renewable energy production is decreasing, which will be another factor contributing to its expansion in the following years. Because of its ability to build massive facilities for storing green hydrogen, North America will be the quickest area of the worldwide green hydrogen market share in the foreseeable future. The United States will play a significant role in expanding the market in this area.

Competitive landscape

Corporations are using many different inorganics and organic tactics to strengthen their position within the green hydrogen sector. Therefore, a detailed competition analysis of these top competitors in the green hydrogen market value is included in the report. This covers their necessary details, recent advancements, and effective market strategies, among other information.

Major Key Players

  • SEIMENS (Germany)

  • UNIPER SE (Germany)

  • ENGIE (France)

  • Cummins Inc. (US)

  • Air LIQUIDE (France)

  • Toshiba Corporation (Japan)

  • NEL ASA (Norway)

  • Air Products Inc. (US)

  • LINDE (UK)

  • Messer Group GMBH (Germany)

  • MC PHY Energy (France)

  • Plug Power Inc. (US)

  • ITM Power (UK).

Report Overview

The following report comprises of –

  • Market overview

  • Covid 19 Analysis

  • Market Dynamic

  • Drivers

  • Opportunities

  • Restraints

  • Challenges

  • Cumulative Growth Analysis

  • Value Chain Analysis

Segmentation Overview

  • By Application

  • By End-Users

  • Regional Analysis

  • Competitive landscape

Recent Developments

  • GN-Hydrogen Power Technology Co., Ltd. introduced a new fuel cell stack in October 2020, building on its current array of products. In addition, multi-dimensional stack design, foldable graphite plate technology, and ultra-thin CCM innovation are also implemented.

  • This container-based Proton PEM electrolyzer was released in May 2019 by Nel ASA. The conventional 1 and 2 MW containerized versions of the M Series were provided. One of the most important considerations throughout the development process was the ability to scale from the 1 MW platforms to the 2 MW platforms and to connect numerous units simply in the field. The corporation aimed to address the market needs with this particular model.

By Technology

  • Proton exchange membrane electrolyzer

  • Alkaline electrolyzer

  • Solid oxide electrolyzer

By Application

  • Power generation

  • Transport

  • Others

By End-use industry

  • Food & beverages

  • Medical

  • Chemical

  • Petrochemicals

  • Glass

  • Others

By Region

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • Spain

    • UK

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia-Pacific


    • Brazil

    • Saudi Arabia

    • South Africa

    • Rest of LAMEA

Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2028: USD 10.22 billion
  • 2030 : Significant Value
  •   CAGR   57.41% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Technology, Application and End-Use Industry
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Green Hydrogen Systems (Denmark), Solena Group (US), H2X (Australia), Siemens Gas and Power GmbH & Co. KG (Germany), Engie (France), FuelcellWorks (US), Plug Power (US), Fuelcell Energy (US), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (US), Ergosup (France), Loop Energy (Canada) and Syzygy Plasmonics (US)
      Key Market Opportunities   High initial cost of setting up hydrogen infrastructure
      Key Market Drivers

  • Growing demand for renewable energy resources
  • Increasing significantly due to the increasing government investments and subsidies promoting clean fuel usage, including hydrogen

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    Frequently Asked Questions (FAQ) :

    Europe will lead the global green hydrogen market.

    Need to reduce carbon emissions is driving the global green hydrogen market growth.

    High set up cost may limit the global green hydrogen market.

    Key contenders profiled in the global green hydrogen market include Green Hydrogen Systems (Denmark), Solena Group (US), H2X (Australia), Siemens Gas and Power GmbH & Co. KG (Germany), Engie (France), FuelcellWorks (US), Plug Power (US), Fuelcell Energy (US), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (US), Ergosup (France), Loop Energy (Canada) and Syzygy Plasmonics (US).

    Green hydrogen - generated via electrolysis driven by renewable electricity.