Green Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy Source (Wind, Hydropower), Application (Fueling, Feedstock), End User (Transportation, Chemical Production, Power Generation), and Geography - Global Forecast to 2030

The Green Hydrogen Market is projected to reach $12.8 billion by 2030, at a CAGR of 40.9% during the forecast period of 2024 to 2030. 

The growth of this market is driven by the increasing green hydrogen demand in fuel cell electric vehicles (FCEVs), growing demand for green hydrogen in chemical production, and rising government initiatives for net zero-emission. However, the high cost of production restrains the growth of this market. Furthermore, increasing investment by market players for the development of electrolysis and the growing adoption of green hydrogen due to its zero-carbon footprint is expected to create market growth opportunities. However, the complex and expensive storage and transportation is a major challenge for the players in this market. The latest trends in the green hydrogen market are the increasing use of water and electricity for green hydrogen production.

Increasing Green Hydrogen Demandin Fuel Cell Electric Vehicles (FCEVs)

In transportation, green hydrogen is used as fuel to provide a sustainable mobility alternative. Fuel cells make vehicles more efficient and quieter; using green hydrogen allows vehicles to travel longer distances with less refueling. The increase in demand for green hydrogen is also due to growing government initiatives for reducing air pollution by encouraging the use of cleaner and low-emission fuel. Hence, several automobile companies have started manufacturing hydrogen-powered fuel cell electric vehicles (FCEVs) to achieve zero-carbon emissions. For instance, in May 2024, HYVIA (France) launched the Renault Master Van H2-TECH, a green hydrogen-powered van designed to accelerate the decarbonization of mobility on the roads. Thus, the growing need to improve vehicle efficiency, reduce fuel cost, minimize pollution levels, and develop hydrogen-powered fuel cell electric vehicles helps to increase the growth of the green hydrogen market.

Click here to: Get Free Sample Pages of this Report 

The Proton Exchange Membrane Electrolysis Segment to Register the Highest CAGR During the Forecast Period

Based on generation process, the proton exchange membrane electrolysis is projected to register the highest CAGR during the forecast period. The rising use of PEM due to its environmental-friendly nature, being more effective than existing alternatives, rapidly growing low-carbon hydrogen production projects, and the increasing focus on fuel cell technology, are expected to support the growth of this segment.

The Hydropower Segment to Register the Highest CAGR During the Forecast Period

Based on energy source, the hydropower segment is projected to register the highest CAGR during the forecast period. The increasing adoption of renewable energy, rising global electricity consumption, and the growing government initiatives to reduce the dependency on fossil fuels for power generation are expected to support the growth of this segment.

The Fueling Segment to Register the Highest CAGR During the Forecast Period

Based on application, the fueling segment is projected to register the highest CAGR during the forecast period. The increasing adoption of green hydrogen, less smoke during combustion, and increasing government initiatives for clean energy sources to support zero-carbon energy are expected to support the growth of this segment.

The Transportation Segment to Register the Highest CAGR During the Forecast Period

Based on end user, the transportation segment is projected to register the highest CAGR during the forecast period. The increasing adoption of green hydrogen to produce less greenhouse gas emissions, reduce oil dependence and lower air pollutants; rising demand for green hydrogen to reduce carbon emission, and growing fueling solutions for a range of transportation and motive power applications, are expected to support the growth of this segment.

Asia-Pacific to be the Fastest-growing Regional Market

In 2024, North America is expected to account for the largest share of the green hydrogen market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific is slated to record the highest growth rate during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India, the rapid growth of regional economies, the growing technological advancements, increasing investment by market players for the development of electrolysis, the growing strategic alliances and large-scale investment for a clean hydrogen economy, and growing government initiatives contribute to the rapid growth of this regional market.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the green hydrogen market in the last three to four years. The key players profiled in the green hydrogen market report are FuelCell Energy, Inc. (U.S.), Bloom Energy Corporation (U.S.), Plug Power Inc. (U.S.), Air Products and Chemicals, Inc. (U.S.), China Petrochemical Corporation. (China), L’AIR LIQUIDE S.A. (France), Linde plc (Ireland), Green Hydrogen Systems A/S (Denmark), McPhy Energy (France), ITM Power PLC (U.K.), Nel ASA (Norway), Ballard Power Systems Inc. (Canada), ENGIE SA (France), Repsol S.A. (Spain), and Iberdrola, S.A. (Spain).

Scope of the report:

Green Hydrogen Market Assessment, by Generation Process                                    

• Proton Exchange Membrane Electrolysis         
• Alkaline Electrolysis            
• Solid Oxide Electrolysis      

Green Hydrogen Market Assessment, by Energy Source             

• Wind

• Solar
• Hydropower
• Other Energy Sources

Green Hydrogen Market Assessment, by Application   

• Fueling
• Feedstock
• Heat Processing
• Energy Storage
• Other Applications

Green Hydrogen Market Assessment, by End User       

• Transportation
  • Shipping
  • Aviation
  • Cars
  • Railway
  • Trucks
• Chemical Production
• Healthcare
• Steel Production
• Petroleum Refinery
• Power Generation
• Other End Users

Green Hydrogen Market Assessment, by Geography                    

• North America      

  • U.S.
  • Canada
• Europe   
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Netherland
  • Poland
  • Rest of Europe
• Asia-Pacific           
  • Japan
  • China
  • India
  • South Korea
  • Singapore
  • Australia & New Zealand
  • Indonesia
  • Rest of Asia-Pacific
• Latin America       
• Middle East & Africa            

Key questions answered in the report: