The green hydrogen market size has grown exponentially in recent years. It will grow from $2.46 billion in 2024 to $3.83 billion in 2025 at a compound annual growth rate (CAGR) of 55.4%. The growth in the historic period can be attributed to emerging markets growth, low interest rate environment, high environment impact of conventional power generation sources and increased demand from the chemical industry.
The green hydrogen market size is expected to see exponential growth in the next few years. It will grow to $16.65 billion in 2029 at a compound annual growth rate (CAGR) of 44.4%. The growth in the forecast period can be attributed to faster economic growth, government initiatives, global population growth and urbanization, rising investment for renewable power generation, focus on reducing foreign oil dependence, growing demand from end-use industries and global collaborations for environmental protection. Major trends in the forecast period include implementing AI technology to increase operational efficiency, offering IoT-related advisory solutions to increase operational efficiency, implementing digital twin technology solutions to reduce the risks, implementing smart meters to accurately measure the flow rate and concentration of hydrogen gas, increasing investments to capitalize on the growing demand and focusing on growth strategies and formulate a collaborative approach to grow market share.
The anticipated growth of the green hydrogen market in the forecast period is driven by increasing environmental concerns. Green hydrogen, a hydrogen-based fuel, is produced through water electrolysis using electricity from low-carbon sources, contributing to carbon emissions reduction and environmental care. Notably, the International Energy Agency (IEA) targets achieving global energy-related carbon dioxide emissions net zero by 2050. Fossil fuels, responsible for 80% of worldwide energy, significantly contribute to poor air quality, with IEA estimating around 1.77 million premature deaths due to indoor air pollution and 4.97 million due to outdoor air pollution by 2050. The World Health Organization reports that 4.2 to 7 million people die annually from air pollution, emphasizing the role of green hydrogen in addressing these concerns.
The global population's growth is expected to fuel the demand for utilities and transportation. The UN projects a world population of 9.8 billion by 2050, necessitating increased services such as power distribution, air conditioning, and transportation, further driving the green hydrogen market. Urbanization is a key factor, with the United Nations estimating that 68% of the world's population will reside in urban areas by 2050. The International Energy Agency predicts a 25% to 30% increase in global energy demand by 2040, particularly in developing economies experiencing rapid urbanization and population growth, presenting opportunities for the green hydrogen market.
Major companies in the green hydrogen market are increasingly focused on establishing Green Hydrogen Electrolyzer Gigafactories to support global efforts in achieving carbon neutrality and sustainable energy systems. A Green Hydrogen Electrolyzer Gigafactory is a large-scale manufacturing facility dedicated to producing electrolyzers, which are essential for generating green hydrogen through electrolysis. For instance, in October 2023, Ohmium International announced the launch of India’s first Green Hydrogen Electrolyzer Gigafactory. This facility will initially produce 500 MW of Proton Exchange Membrane (PEM) hydrogen electrolyzers per year, with plans to scale up production to 2 GW. The gigafactory aims to reduce India's dependence on imported electrolyzers and facilitate the production of green hydrogen, a zero-carbon fuel applicable across various industries, including fertilizer and steel production.
Companies in the green hydrogen market are increasingly pursuing significant collaborations to enhance their market reach and improve their product offerings. Partnerships between the industry and government play a crucial role in assessing the economic viability and environmental benefits of sustainable practices. Over the past decade, the market has seen numerous collaborations among companies. For instance, in January 2022, the Indian Ministry of New and Renewable Energy partnered with the International Renewable Energy Agency (IRENA) to collaborate with industry stakeholders in accelerating green hydrogen production and energy transformation. Additionally, in January 2022, Hero Future Energies (HFE), a developer of solar, wind, and hybrid/BESS projects, teamed up with Ohmium International. This partnership aims to establish and develop 1,000 MW of green hydrogen production facilities in India, the UK, and Europe.
In November 2024, ANDRITZ AG, a U.S.-based international technology company, acquired a 13.8% stake in HydrogenPro AS for an undisclosed amount. This acquisition aims to enhance ANDRITZ AG's capabilities in the green hydrogen sector by integrating HydrogenPro AS's advanced electrolyzer technology into its portfolio. This move will strengthen ANDRITZ AG's position as a leading provider of engineering, procurement, and construction (EPC) services for green hydrogen production, addressing the growing demand for renewable energy solutions. HydrogenPro AS is a Norway-based company specializing in green hydrogen.
Major companies operating in the green hydrogen market include Linde, Siemens Energy AG, Air Liquide, Toshiba Energy Systems & Solutions Corporation, Engie, Ballard Power Systems, Cummins Inc., Green Hydrogen Systems, Larsen & Toubro (L&T), Engie Renewables, ATCO Australia, ITOCHU Corporation, Sojitz Corp, Shell, ReNew Power, Sinopec, RES, Octopus, OMV AG, TotalEnergies, Ineos, Axpo, ABB, Enel Green Power, Saras Group, Macquarie Green Investment Group, Hidroelectrica, PKN Orlen SA, Grupa Azoty S.A, Mitsubishi Power, Entergy Corporation, Enapter, Nikola Motors, Plug Power, SGH2 Energy Global LLC, Siemens Gas and Power GmbH & Co. KG, Air Products Canada, Quadrogen Power Systems Inc, Casa dos Ventos, Enegix Energy, Matthes company, Dii Desert Energy, Bluenergy Revolution, Cheranna Energy, HDF Energy.
Europe was the largest region in the green hydrogen market in 2024. The regions covered in the green hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the green hydrogen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Green hydrogen gas is generated by splitting water into hydrogen and oxygen through an electrolyzer powered by renewable energy sources. This environmentally friendly hydrogen variant is capable of being stored and converted back to energy or heat as needed.
The primary technologies associated with green hydrogen include alkaline electrolyzers, proton exchange membrane electrolyzers, and solid oxide electrolyzers. Alkaline electrolyzers operate by transporting hydroxide ions from the cathode to the anode through the electrolyte, resulting in hydrogen production on the cathode side. This technology finds applications in power generation, transportation, and various other sectors such as petrochemicals, food and beverages, medical, chemical, glass, and more.
The green hydrogen market research report is one of a series of new reports that provides green hydrogen market statistics, including green hydrogen industry global market size, regional shares, competitors with a green hydrogen market share, detailed green hydrogen market segments, market trends and opportunities, and any further data you may need to thrive in the green hydrogen industry. This green hydrogen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The green hydrogen market consists of sales of various electrolyzers such as atmospheric alkaline electrolyzers and pressurized alkaline electrolyzers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The green hydrogen market size is expected to see exponential growth in the next few years. It will grow to $16.65 billion in 2029 at a compound annual growth rate (CAGR) of 44.4%. The growth in the forecast period can be attributed to faster economic growth, government initiatives, global population growth and urbanization, rising investment for renewable power generation, focus on reducing foreign oil dependence, growing demand from end-use industries and global collaborations for environmental protection. Major trends in the forecast period include implementing AI technology to increase operational efficiency, offering IoT-related advisory solutions to increase operational efficiency, implementing digital twin technology solutions to reduce the risks, implementing smart meters to accurately measure the flow rate and concentration of hydrogen gas, increasing investments to capitalize on the growing demand and focusing on growth strategies and formulate a collaborative approach to grow market share.
The anticipated growth of the green hydrogen market in the forecast period is driven by increasing environmental concerns. Green hydrogen, a hydrogen-based fuel, is produced through water electrolysis using electricity from low-carbon sources, contributing to carbon emissions reduction and environmental care. Notably, the International Energy Agency (IEA) targets achieving global energy-related carbon dioxide emissions net zero by 2050. Fossil fuels, responsible for 80% of worldwide energy, significantly contribute to poor air quality, with IEA estimating around 1.77 million premature deaths due to indoor air pollution and 4.97 million due to outdoor air pollution by 2050. The World Health Organization reports that 4.2 to 7 million people die annually from air pollution, emphasizing the role of green hydrogen in addressing these concerns.
The global population's growth is expected to fuel the demand for utilities and transportation. The UN projects a world population of 9.8 billion by 2050, necessitating increased services such as power distribution, air conditioning, and transportation, further driving the green hydrogen market. Urbanization is a key factor, with the United Nations estimating that 68% of the world's population will reside in urban areas by 2050. The International Energy Agency predicts a 25% to 30% increase in global energy demand by 2040, particularly in developing economies experiencing rapid urbanization and population growth, presenting opportunities for the green hydrogen market.
Major companies in the green hydrogen market are increasingly focused on establishing Green Hydrogen Electrolyzer Gigafactories to support global efforts in achieving carbon neutrality and sustainable energy systems. A Green Hydrogen Electrolyzer Gigafactory is a large-scale manufacturing facility dedicated to producing electrolyzers, which are essential for generating green hydrogen through electrolysis. For instance, in October 2023, Ohmium International announced the launch of India’s first Green Hydrogen Electrolyzer Gigafactory. This facility will initially produce 500 MW of Proton Exchange Membrane (PEM) hydrogen electrolyzers per year, with plans to scale up production to 2 GW. The gigafactory aims to reduce India's dependence on imported electrolyzers and facilitate the production of green hydrogen, a zero-carbon fuel applicable across various industries, including fertilizer and steel production.
Companies in the green hydrogen market are increasingly pursuing significant collaborations to enhance their market reach and improve their product offerings. Partnerships between the industry and government play a crucial role in assessing the economic viability and environmental benefits of sustainable practices. Over the past decade, the market has seen numerous collaborations among companies. For instance, in January 2022, the Indian Ministry of New and Renewable Energy partnered with the International Renewable Energy Agency (IRENA) to collaborate with industry stakeholders in accelerating green hydrogen production and energy transformation. Additionally, in January 2022, Hero Future Energies (HFE), a developer of solar, wind, and hybrid/BESS projects, teamed up with Ohmium International. This partnership aims to establish and develop 1,000 MW of green hydrogen production facilities in India, the UK, and Europe.
In November 2024, ANDRITZ AG, a U.S.-based international technology company, acquired a 13.8% stake in HydrogenPro AS for an undisclosed amount. This acquisition aims to enhance ANDRITZ AG's capabilities in the green hydrogen sector by integrating HydrogenPro AS's advanced electrolyzer technology into its portfolio. This move will strengthen ANDRITZ AG's position as a leading provider of engineering, procurement, and construction (EPC) services for green hydrogen production, addressing the growing demand for renewable energy solutions. HydrogenPro AS is a Norway-based company specializing in green hydrogen.
Major companies operating in the green hydrogen market include Linde, Siemens Energy AG, Air Liquide, Toshiba Energy Systems & Solutions Corporation, Engie, Ballard Power Systems, Cummins Inc., Green Hydrogen Systems, Larsen & Toubro (L&T), Engie Renewables, ATCO Australia, ITOCHU Corporation, Sojitz Corp, Shell, ReNew Power, Sinopec, RES, Octopus, OMV AG, TotalEnergies, Ineos, Axpo, ABB, Enel Green Power, Saras Group, Macquarie Green Investment Group, Hidroelectrica, PKN Orlen SA, Grupa Azoty S.A, Mitsubishi Power, Entergy Corporation, Enapter, Nikola Motors, Plug Power, SGH2 Energy Global LLC, Siemens Gas and Power GmbH & Co. KG, Air Products Canada, Quadrogen Power Systems Inc, Casa dos Ventos, Enegix Energy, Matthes company, Dii Desert Energy, Bluenergy Revolution, Cheranna Energy, HDF Energy.
Europe was the largest region in the green hydrogen market in 2024. The regions covered in the green hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the green hydrogen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Green hydrogen gas is generated by splitting water into hydrogen and oxygen through an electrolyzer powered by renewable energy sources. This environmentally friendly hydrogen variant is capable of being stored and converted back to energy or heat as needed.
The primary technologies associated with green hydrogen include alkaline electrolyzers, proton exchange membrane electrolyzers, and solid oxide electrolyzers. Alkaline electrolyzers operate by transporting hydroxide ions from the cathode to the anode through the electrolyte, resulting in hydrogen production on the cathode side. This technology finds applications in power generation, transportation, and various other sectors such as petrochemicals, food and beverages, medical, chemical, glass, and more.
The green hydrogen market research report is one of a series of new reports that provides green hydrogen market statistics, including green hydrogen industry global market size, regional shares, competitors with a green hydrogen market share, detailed green hydrogen market segments, market trends and opportunities, and any further data you may need to thrive in the green hydrogen industry. This green hydrogen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The green hydrogen market consists of sales of various electrolyzers such as atmospheric alkaline electrolyzers and pressurized alkaline electrolyzers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Green Hydrogen Market Characteristics3. Green Hydrogen Market Trends and Strategies4. Green Hydrogen Market - Macro Economic Scenario including the impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market32. Global Green Hydrogen Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Green Hydrogen Market34. Recent Developments in the Green Hydrogen Market
5. Global Green Hydrogen Growth Analysis and Strategic Analysis Framework
6. Green Hydrogen Market Segmentation
7. Green Hydrogen Market Regional and Country Analysis
8. Asia-Pacific Green Hydrogen Market
9. China Green Hydrogen Market
10. India Green Hydrogen Market
11. Japan Green Hydrogen Market
12. Australia Green Hydrogen Market
13. Indonesia Green Hydrogen Market
14. South Korea Green Hydrogen Market
15. Western Europe Green Hydrogen Market
16. UK Green Hydrogen Market
17. Germany Green Hydrogen Market
18. France Green Hydrogen Market
19. Italy Green Hydrogen Market
20. Spain Green Hydrogen Market
21. Eastern Europe Green Hydrogen Market
22. Russia Green Hydrogen Market
23. North America Green Hydrogen Market
24. USA Green Hydrogen Market
25. Canada Green Hydrogen Market
26. South America Green Hydrogen Market
27. Brazil Green Hydrogen Market
28. Middle East Green Hydrogen Market
29. Africa Green Hydrogen Market
30. Green Hydrogen Market Competitive Landscape and Company Profiles
31. Green Hydrogen Market Other Major and Innovative Companies
35. Green Hydrogen Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Green Hydrogen Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on green hydrogen market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for green hydrogen? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The green hydrogen market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Technology: Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide Electrolyzer2) By Application: Power Generation, Transport, Other Applications
3) By End User Industry: Petrochemicals, Food and Beverages, Medical, Chemical, Glass, Other End-Use Industries
Subsegments:
1) By Alkaline Electrolyzer: Low-Pressure Alkaline Electrolyzers; High-Pressure Alkaline Electrolyzers2) By Proton Exchange Membrane Electrolyzer (PEM): Standard PEM Electrolyzers; High-Temperature PEM Electrolyzers
3) By Solid Oxide Electrolyzer: Intermediate Temperature Solid Oxide Electrolyzers; High-Temperature Solid Oxide Electrolyzers
Key Companies Mentioned: Linde; Siemens Energy AG; Air Liquide; Toshiba Energy Systems & Solutions Corporation; Engie
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Linde
- Siemens Energy AG
- Air Liquide
- Toshiba Energy Systems & Solutions Corporation
- Engie
- Ballard Power Systems
- Cummins Inc.
- Green Hydrogen Systems
- Larsen & Toubro (L&T)
- Engie Renewables
- ATCO Australia
- ITOCHU Corporation
- Sojitz Corp
- Shell
- ReNew Power
- Sinopec
- RES
- Octopus
- OMV AG
- TotalEnergies
- Ineos
- Axpo
- ABB
- Enel Green Power
- Saras Group
- Macquarie Green Investment Group
- Hidroelectrica
- PKN Orlen SA
- Grupa Azoty S.A
- Mitsubishi Power
- Entergy Corporation
- Enapter
- Nikola Motors
- Plug Power
- SGH2 Energy Global LLC
- Siemens Gas and Power GmbH & Co. KG
- Air Products Canada
- Quadrogen Power Systems Inc
- Casa dos Ventos
- Enegix Energy
- Matthes company
- Dii Desert Energy
- Bluenergy Revolution
- Cheranna Energy
- HDF Energy
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | March 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 3.83 Billion |
Forecasted Market Value ( USD | $ 16.65 Billion |
Compound Annual Growth Rate | 44.4% |
Regions Covered | Global |
No. of Companies Mentioned | 45 |