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), By Application (Transport, Power Generation, Industries, and Heating), By Location (Onshore and Offshore), And by Region โ€“ Green Hydrogen Market Forecast Till 2030

ID: MRFR/E&P/8605-CR | 188 Pages | Author: Chitranshi Jaiswal | February 2021         

Green Hydrogen Market Speak to Analyst Request a Free Sample

Global Green Hydrogen Market Overview:


Green Hydrogen Market Size was valued at USD 0.28 billion in 2021. The green hydrogen market industry is projected to grow from USD 0.44 billion in 2022 to USD 10.55 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 57.41% during the forecast period (2022 - 2030). Growing demand for renewable energy resources and the need to reduce carbon emissions are the key Green Hydrogen Market drivers enhancing the market growth. 


Green Hydrogen Market1


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Green Hydrogen Market Trends




  • Growth in awareness of hydrogen as an energy carrier and rise in the use of nuclear & green hydrogen fuels to boost the market growth




Because more people are becoming aware of using hydrogen as energy, the global market for green hydrogen is expanding. The advantage of using hydrogen as an energy carrier is that it only reacts with oxygen to produce water and heat. Using hydrogen fuel cells results in no emissions of greenhouse gases or other pollutants. It has been discovered that hydrogen fuel cells are more effective than conventional combustion-based power plants. According to the U.S. Department of Energy, a traditional combustion-based power plant generates electricity at a 33% to 35% efficiency, whereas hydrogen-based fuel cell systems can do so at up to 60% efficiency (and even higher with cogeneration).


Increasing environmental issues have recently driven the industry. The need for green hydrogen and the expansion of its market are driven by the developed and developing global increasing search for alternative energy sources. According to the International Energy Agency, global carbon emissions increased by 4.76% from 31.5 Gt CO2 in 2020 to 33 Gt CO2 in 2021. In the United States of America, carbon emissions were projected to increase by more than 200 Mt CO2 to 4.46 Gt CO2 in 2021.


The green hydrogen sector recently grew as nuclear and green hydrogen fuel utilization increased. The use of green hydrogen has been growing due to the rising adoption of renewable energy in recent years to reduce the environmental burden. According to the IREA (International Renewable Energy Agency), around 120 metric tonnes of hydrogen are consumed globally, with China using approximately 23.9 metric tonnes and the United States using about 11.2 metric tonnes, enhanced the green hydrogen market CAGR across the globe in recent years.


The alarmingly extensive use of fossil fuels and urbanization have been linked to increased global greenhouse gas emissions. The greenhouse gases methane, carbon dioxide, and nitrous oxide all contribute significantly to the increase in heat and subsequent climate change. The last century has seen a rise in global temperatures of one degree. As a result, environmentalists push for the widespread use of hydrogen as a substitute for polluting fossil fuels, another factor driving the growth of the green hydrogen market revenue.


Green Hydrogen Market Segment Insights:




  • Green Hydrogen Technology Insights




Based on technology, the Green Hydrogen Market segmentation includes alkaline electrolyzers, proton exchange membrane electrolyzers, and solid oxide electrolyzers. The alkaline electrolyzers segment held the majority share 2021 of the Green Hydrogen Market revenue because alkaline electrolyzers are the conventional electrolyzer technology used in green hydrogen projects. The alkaline electrolyzer employs a liquid alkaline solution of potassium as its electrolyte and has longer running hours than PEM electrolyzers. Alkaline electrolyzers are also anticipated to rise in popularity since they are more readily available and less expensive than PEM electrolyzers.




  • Green Hydrogen Application Insights




Based on application, the Green Hydrogen Market segmentation includes transport, power generation, industries, and heating. The transport segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. Hydrogen can be utilized in internal combustion engines or fuel cell technology for transportation. Due to its excellent energy efficiency, a hydrogen fuel cell is 2-3 times more effective than a gasoline-powered internal combustion engine. Airbus is also developing hydrogen-powered aircraft and intends to launch commercial operations by 2035, which positively impacts the market growth.




  • Green Hydrogen Location Insights




The Green Hydrogen Market data has been bifurcated by location onshore and offshore. The offshore segment accounted for a significant share of the market in 2021. Offshore wind's production of green hydrogen emerges as a viable way to remove barriers to a carbon-free economy in Europe and beyond. The combination of different electrolyzer placements, technologies, and operation modes is considered while evaluating the economic viability of hydrogen production from offshore wind power hubs.


Figure 2: Green Hydrogen Market by Location, 2021 & 2030 (USD Billion)


Green Hydrogen Market by Location, 2021 & 2030


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Green Hydrogen Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Green Hydrogen market accounted for USD 0.12208 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. It is attributed to implementing clean energy targets and growing end-market applications, such as green hydrogen being used as a fuel in fuel-cell powered vehicles. California currently holds most of the U.S. market owing to aggressive decarbonization targets like eliminating gas or diesel-powered public transportation by 2040.


Further, the significant countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: Green Hydrogen Market Share By Region 2021 (%)


Green Hydrogen Market Share By Region 2021


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's green hydrogen market accounts for the second-largest market share. In Europe, hydrogen serves as the primary energy source. With the European Green Deal, Europe aims to reduce greenhouse gas emissions and prepare its economy for a climate-neutral future. Further, the German green hydrogen market held the largest market share, and the U.K. green hydrogen market was the fastest-growing market in the European Region.


The Asia-Pacific Green Hydrogen Market is expected to grow at the fastest CAGR from 2022 to 2030. The fastest-growing Region is Asia-Pacific, and Japan and Australia are its two biggest contributors. The market is being driven by the increase in energy consumption and expansion, with an emphasis on the production of green energy in the area. For instance, Toshiba is constructing a green hydrogen plant in Japan with a 10 M.W. electrolyzer capacity to produce hydrogen for transportation systems. Moreover, China's green hydrogen market held the largest market share, and the Indian green hydrogen market was the fastest-growing market in the Asia-Pacific region.


Green Hydrogen Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the green hydrogen market grow even more. Market participants are also taking various strategic initiatives to expand their global footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the green hydrogen industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


One of the primary business strategies manufacturers adopt in the global green hydrogen industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the green hydrogen industry has provided hydrogen with some of the most significant benefits. The green hydrogen market major player such as Green Hydrogen Systems (Denmark), Solena Group (U.S.), H2X (Australia), Siemens Gas and Power GmbH & Co. K.G. (Germany), Engie (France), and others are working on expanding the market demand by investing in research and development activities.


Engie is a French multinational utility company with its headquarters in La Défense, Courbevoie, that operates in energy transition, electricity generation and distribution, natural gas, nuclear power, renewable energy, and petroleum. Being an expert in both upstream (engineering, purchasing, operation, and maintenance) and downstream (waste management, dismantling) activities makes it one of the few participants in the industry. In April 2022, Engie and Alstom announced their partnership on a fuel cell system that will use renewable hydrogen for European rail freight. Engie believes the partnership represents a new milestone in the advancement of the hydrogen economy and the creation of renewable hydrogen solutions.


Also, proton exchange membrane (PEM) and water electrolysis-based hydrogen production and fuel cell products are developed and produced by Hydrogenics. OnSite Generation and Power Systems are the two business segments that make up Hydrogenics. In 2019, large portions of Hydrogenics were acquired by Cummins as part of their New Power division. Cummins owns 81% of Hydrogenics, and Air Liquide owns 19%.


Top Listed green hydrogen Companies in the global market are:



  • Green Hydrogen Systems (Denmark)

  • Solena Group (U.S.)

  • H2X (Australia)

  • Siemens Gas and Power GmbH & Co. K.G. (Germany)

  • Engie (France)

  • FuelcellWorks (U.S.)

  • Plug Power (U.S.)

  • Fuelcell Energy (U.S.)

  • Hydrogenics (Canada)

  • Ballard Power Systems (Canada)

  • Nikola Motors (U.S.)

  • Ergosup (France)

  • Loop Energy (Canada)

  • Syzygy Plasmonics (U.S.), among others


Green Hydrogen Industry Developments




  • June 2022: Electric Hydrogen Co. received $198 million in funding to use green or fossil-free hydrogen to decarbonize global industry. With the aid of this funding, the Electric Hydrogen electrolyzer technology may be scaled up, and the essential projects for producing green hydrogen can be manufactured and deployed.




  • June 2022: The joint venture between Air Liquide and Siemens Energy, which is only dedicated to producing sustainable hydrogen electrolyzes throughout Europe, was announced. Siemens will have a 74.9% overall ownership in the joint venture, while Air Liquide will have a 25.1% stake. The headquarters will be in Berlin, and the facility that will make the electrolysis stacks or modules will also be based there.




  • May 2022: Air Products and Chemicals, Inc. announced its collaboration with Schenk Tank transport and Road Transport Project to create hydrogen vehicles and a public hydrogen filling station in Rotterdam. According to Air Products and Chemicals, the new project will allow the business to make even greater contributions to the necessary deployment of hydrogen in heavy-duty road transportation.




Green Hydrogen Market Segmentation:


Clean Hydrogen Technology Outlook



  • Alkaline Electrolyzer

  • Proton Exchange Membrane Electrolyzer

  • Solid Oxide Electrolyzer


Green Hydrogen Application Outlook



  • Transport

  • Power Generation

  • Industries

  • Heating


Green Hydrogen Location Outlook



  • Onshore

  • Offshore


Green Hydrogen Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 0.28 billion
Market Size 2022 USD 0.44 billion
Market Size 2030 USD 10.55 billion
Compound Annual Growth Rate (CAGR) 57.41% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Application, Location, and Region
Geographies Covered North America, Europe, Asia-Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Green Hydrogen Systems (Denmark), Solena Group (U.S.), H2X (Australia), Siemens Gas and Power GmbH & Co. K.G. (Germany), Engie (France), FuelcellWorks (U.S.), Plug Power (U.S.), Fuelcell Energy (U.S.), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (U.S.), Ergosup (France), Loop Energy (Canada), and Syzygy Plasmonics (U.S.)
Key Market Opportunities The high initial cost of setting up a hydrogen infrastructure
Key Market Dynamics A rise in environmental concerns to curb carbon emissions Switch to cleaner fuels to attain sustainable development




Frequently Asked Questions (FAQ) :

The Green Hydrogen Market size was valued at USD 0.28 Billion in 2021.

The global market is projected to grow at a CAGR of 57.41% during the forecast period 2022-2030.

North America had the largest share of the global market.

The key players in the market are Green Hydrogen Systems (Denmark), Solena Group (U.S.), H2X (Australia), Siemens Gas and Power GmbH & Co. K.G. (Germany), Engie (France), FuelcellWorks (U.S.), Plug Power (U.S.), Fuelcell Energy (U.S.), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (U.S.), Ergosup (France), Loop Energy (Canada), and Syzygy Plasmonics (U.S.).

The alkaline electrolyzer category dominated the green hydrogen industry in 2021.

The transport application had the largest share of the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major playersโ€™ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid