Prominent player in the green hydrogen sector, producing hydrogen through electrolysis powered by renewable energy, supporting clean energy solutions and the decarbonization of industries. specializes in green hydrogen production and distribution, offering hydrogen solutions for various applications, including transportation and industry, contributing to sustainable energy solutions.
*Disclaimer: List of key companies in no particular order
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October 2023- thyssenkrupp Nucera announces the opening of its Office in the Indian Metropolis Mumbai, growth, and development of the green hydrogen growth area. ThyssenKrupp Nucera continues to press ahead with its growth plans aggressively. The world's prominent provider of extremely effective electrolysis plants for producing green hydrogen has opened a new office in Mumbai, India. The new plant in Vikhroli in northeast Mumbai is recognized for its brilliant location at one of Asia's most notable ports. The available sales and engineering competence center (hub) will also assist Thyssenkrupp Nucera to expand more effectively in India. The core in Mumbai will also back the global deeds of the electrolysis expert in the matters of engineering and project execution– particularly in Asia, the Middle East, and Australia. This is going to ThyssenKrupp nucera's eighth location after Milan (Italy), Tokyo & Okayama (Japan), Houston (USA), Perth (Australia), Shanghai (China), Riyadh (Saudi Arabia), and the company headquarters in Dortmund (Germany). With nearly 30 employees at the beginning and more than 80 within three years, Mumbai will be one of ThyssenKrupp nucera's most rapidly expanding international locations.
October 2023- On October 8, on the eve of World Hydrogen and Fuel Cell Day, celebrated annually, the Indian government took a substantial step towards employing the capacity of green hydrogen as a sustainable energy source. In a half-day event held in New Delhi on October 7, 2023, arranged by the Ministry of New & Renewable Energy in partnership with the Solar Energy Corporation of India Limited, specialists from different sectors converged to explore the boundless possibilities of hydrogen.
Top listed global companies in the industry 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 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 (2024 - 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.Â
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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.
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.
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.
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, 2024 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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 (%)
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.
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 DĂ©fense, 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%.
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 Highlights:
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