[New Report 2023] Green Hydrogen Market Is Booming Worldwide At A CAGR of 51.6% | Top Players Covered are Air Products Inc., Ballard Power Systems, ENGIE, Green Hydrogen, Cummins Inc., Linde Plc, Nel ASA, Nikola Corporation, HORIBA


The global Green Hydrogen Market size was estimated at USD 1.2 billion in 2021. The global market is projected to grow USD 9.8 Bn in 2028, at a CAGR of 51.6% in the forecast period. One of the varieties of hydrogen created from water through electrolysis is “green hydrogen.” Several procedures can produce green hydrogen, including hydrogen separation, water-gas-shift reactions, and biogas reforming. It may be stored and converted into energy or heat as needed, and hydrogen is non-toxic to the environment.

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On account of its capacity to lower CO2 emissions, green hydrogen has witnessed a recent surge in demand. Moreover, it contributes to meeting the growing global demand for electricity. The global market for green hydrogen is expanding as a result of consumer knowledge of the advantages of using hydrogen as a fuel. Additionally, the market is expanding and placing more emphasis on the need for the production of renewable or clean energy in order to reduce emissions. Additionally, the market for green hydrogen is expanding owing to the increased use of nuclear and green hydrogen fuels.

Some of the prominent companies profiled in the global green hydrogen market include

  • Air Products Inc.
  • Ballard Power Systems
  • Green Hydrogen
  • Cummins Inc.
  • Linde Plc
  • Nel ASA
  • Nikola Corporation
  • Siemens AB
  • Solena Group

Prominent companies in the green hydrogen market use both organic and inorganic strategies to gain a competitive edge. These companies’ main strategies include R&D advancements and governmental initiatives that also fuel market expansion.

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By Technology

  • Proton Exchange Membrane (PEM) Electrolysis
  • Alkaline Electrolysis
  • Solid Oxide Electrolysis
  • Anion Exchange Membrane (AEM) Electrolysis

Owing to its popularity and various application options, the Proton Exchange Membrane (PEM) Electrolysis sector led the global market for green hydrogen.

The benefit of PEM electrolysis is its ability to quickly adapt to the fluctuations typical in producing renewable energy. This technology is commonly used for dispersed systems since it is low-maintenance and produces high-quality gas. They have a much smaller environmental impact than alkaline water electrolysis and are better suited to handle the erratic nature of electricity from solar or wind sources.

By Application

  • Offshore
  • Onshore

By End-Use

  • Power & Energy
  • Transportation
  • Chemical
  • Industrial
  • Manufacturing
  • Others

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Many industries, including oil and gas, utilities, steel, and fertilisers, are shifting to green hydrogen to counterbalance the periodic use of reusable resources. Additionally, this form of hydrogen is widely used as a carbon-free energy source in the transportation, chemical, and industrial sectors. Beyond these industrial applications, a steady increase in consumer demand for green hydrogen would result from the potential to store green hydrogen to power home appliances in already-existing gas pipes.

It converts renewable energy into a fuel, like ammonia, that can be used in a fuel cell to drive anything that uses electricity, like electric motors and electronics. Applications for green hydrogen are varied and economical, which is boosting global revenue development.

Recent Key Development

  • In February 2022, Ballard Power Systems stated that it would sign an MOU with Adani to commercialize fuel cells in different industrial and transportation applications in India.

The Europe area is predicted to hold a dominant market share due to significant expenditures being made in green hydrogen advancements and the presence of major automakers who are concentrating on changing the perception of IC engines while also producing lightweight and fuel-efficient engines. Additionally, the area is putting more renewable energy policies into effect.

The highest CAGR is anticipated to be recorded during the projected period in Asia Pacific, owing to the region’s expanding infrastructure development capacities for storing green hydrogen. For instance, a poll conducted in 2020 found that among Asian nations, Korea and Japan are establishing standards for investment in green hydrogen projects. Both nations are pioneering hydrogen fuel cell technology as one of the numerous viable sustainable transportation choices, especially their industrial behemoths like Toyota and Hyundai.

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Key Points from TOC:

Chapter 1. Executive Summary

Chapter 2. Research Methodology

2.1. Research approach

2.2. Scope, definition, and assumptions

2.3. Data Component

2.3.1. Secondary Component Preliminary data mining

2.3.2. Primary Component Statistical Model Data Triangulation Research Objective

Chapter 3. Market Outlook

3.1. Introduction

3.2. Key trends

3.2.1. Growing Number of Green Hydrogen Development Projects

3.3. Market drivers

3.3.1. Rising Demand of Decarbonizing Around the World

3.3.2. Increasing Usage of Green Hydrogen Among Different Applications

3.4. Market restraints

3.4.1. High Manufacturing Cost in Generating Green Hydrogen

3.5. Market opportunities

3.5.1. Rising Government Initiatives to Support the Green Hydrogen Market

3.6. Market Challenges

3.6.1. Concerns Pertaining to Production of Green Hydrogen

3.7. Porter’s Five Forces’ analysis

3.7.1. Bargaining Application of Suppliers

3.7.2. Bargaining Application of Buyers

3.7.3. Threat of New Entrant

3.7.4. Threat of Substitutes

3.7.5. High Competitive Rivalry

3.8. Value chain analysis

Chapter 4. COVID-19 Impact On Global Green Hydrogen Market

Chapter 5. Global Green Hydrogen Market Overview, By Technology, 2015 – 2028(USD Million)

5.1. Global Green Hydrogen Market Share, By Technology, 2015 – 2028 (USD Million)

5.1.1. Proton Exchange Membrane (PEM) Electrolysis Market Size and Projections,2015 – 2028 (USD Million) Market Size and Projections, by Region, 2015 – 2028 (USD Million)

5.1.2. Alkaline Electrolysis Market Size and Projections,2015 – 2028 (USD Million) Market Size and Projections, by Region, 2015 – 2028 (USD Million)

5.1.3. Solid Oxide Electrolysis Market Size and Projections,2015 – 2028 (USD Million) Market Size and Projections, by Region, 2015 – 2028 (USD Million)

5.1.4. Anion Exchange Membrane (AEM) Electrolysis Market Size and Projections,2015 – 2028 (USD Million) Market Size and Projections, by Region, 2015 – 2028 (USD Million)

Chapter 6. Global Green Hydrogen Market Overview, By Application, 2015 – 2028(USD Million)

6.1. Global Green Hydrogen Market Share, By Application, 2015 – 2028 (USD Million)

6.1.1. Offshore Market Size and Projections,2015 – 2028 (USD Million) Market Size and Projections, by Region, 2015 – 2028 (USD Million)

6.1.2. Onshore Market Size and Projections, 2015 – 2028 (USD Million) Market Size and Projections, by Region, 2015 – 2028 (USD Million)

Chapter 7. Global Green Hydrogen Market Overview, By End-Use, 2015 – 2028(USD Million)


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