Green Hydrogen Market, By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), By Application (Power Generation, Transport, and Others), and By End-Use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI489722 | Publish Date: February 2024 | No. of Pages: 180

Green Hydrogen Market Overview

Green Hydrogen Market was valued at US$ 1.5 Billion in 2024 and is projected to grow at a CAGR of 42.10% to reach US$ 51.7 Billion by 2034.

Green hydrogen is produced by electrolyzing water with renewable energy. Natural gas industry, transportation, heating, and the production of green ammonia are all industries that employ green hydrogen. The planet's lightest element is hydrogen. Compared to other fuels, green hydrogen is a more useful energy source and has a wide range of industrial uses, including the production of steel, petrochemical products, and fine chemicals. Water is electrolyzed using renewable energy sources to create green hydrogen. Using electric current and grey hydrogen produced from fossil fuels, the electrolyze process separates water into hydrogen and oxygen (like natural gas). When compared to grey hydrogen, which is created by steam-improvement of natural gas and accounts for the bulk of the hydrogen market, green hydrogen emits much fewer carbon emissions. Growing demand for green hydrogen and the advancement of electrolysis technology will fuel the expansion of the global market for green hydrogen. The fundamental reason for the low utilization of green hydrogen is the high cost of manufacture. Even still, the market for hydrogen is anticipated to expand as some predictions indicate that the price of producing hydrogen will drop from $6/kg in 2015 to about $2/kg by 2025. Green hydrogen can be utilized to create green ammonia as well as be mixed into the current natural gas pipes. Green hydrogen is produced by electrolyzing water with renewable energy. Natural gas industry, transportation, heating, and the production of green ammonia are all industries that employ green hydrogen. The planet's lightest element is hydrogen. Compared to other fuels, green hydrogen is a more useful energy source and has a wide range of industrial uses, including the production of steel, petrochemical products, and fine chemicals. Water is electrolyzed using renewable energy sources to create green hydrogen. Using electric current and grey hydrogen produced from fossil fuels, the electrolyze process separates water into hydrogen and oxygen (like natural gas). When compared to grey hydrogen, which is created by steam-improvement of natural gas and accounts for the bulk of the hydrogen market, green hydrogen emits much fewer carbon emissions. Growing demand for green hydrogen and the advancement of electrolysis technology will fuel the expansion of the global market for green hydrogen. The fundamental reason for the low utilization of green hydrogen is the high cost of manufacture. Even still, the market for hydrogen is anticipated to expand as some predictions indicate that the price of producing hydrogen will drop from $6/kg in 2015 to about $2/kg by 2025. Green hydrogen can be utilized to create green ammonia as well as be mixed into the current natural gas pipes.

Green Hydrogen Market Size

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Green Hydrogen Market Dynamics

                                                Driver for global green hydrogen market

Maximum use of green hydrogen in the mobility industry. The mobility industry is developing vehicles that would resort hydrogen directly in fuel cells or in internal combustion engines. Many countries are planning to more than double the number of such hydrogen based vehicles by 2030

                                               Restraint for global green hydrogen market

High initial cost in establishing green hydrogen plant is a major market restraint. The initial cost of production of green hydrogen is very high, while the lack of infrastructure to transport and store green hydrogen, the fixed cost required to set up the production plant.  Average rate of green hydrogen costs nearly 2–3 times compare to grey hydrogen. Application technology adds in the costs. Fuel cells cost nearly 1.5 to 2 times more than fossil fuel co-ordinate, Even as cost of synthetic fuel is nearly 5–7 times more than fossil jet fuel.

                                            Technological advancement

Renewables-based hydrogen can be used as an important raw material in a product for the chemical sector and as fuel in fuel cells where the only by-product is water. It can also replace fossil sources in artificial fuels, for example, when combined with captured carbon. When number of green hydrogen technologies already exist, there is ongoing research and development for new technological for "green hydrogen". In 2020, developed micro-droplets for algal cells or synergistic algal-bacterial multicellular spheroid microbial reactors useful to producing oxygen as well as hydrogen. Infrastructure for green hydrogen is being created by the governments of various affluent nations. Europe and Asia are where most of this is happening. As manufacturers increase their capacity and reach, they will be better able to reduce the cost of green hydrogen. This will be made possible by the expansion of infrastructure.

Green Hydrogen Market Segmentation

The green hydrogen segmented based on Technology, Application and Region.

On the basis of Technology, the Green Hydrogen Market is segmented into Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer. On the basis of application Power Generation, Transport, and Others, and by End-Use Industry Food & Beverages, Medical, Chemical, Petrochemicals, Glass, and Others.

Regional Insights:

Green Hydrogen Market  Regional Insights

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

On Region the Hydrogen Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market North America has been increase investments in new type of hydrogen, such as transportation, green fuels, and power, in line with the global trend toward the hydrogen as a clean energy transition fuel. In a converse of the global trend towards green hydrogen, 85% of on-coming low-carbon hydrogen capacity North America is blue hydrogen. Blue hydrogen production in North America is some of the cheapest in the world due to low natural gas prices and an exuberance of appropriate sites for geological carbon storage.

Green Hydrogen Market Report Scope:

Attribute

Details

Base year for estimation

2023

Forecast period

2024– 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Technology - Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer.

By Application – Power Generation, Transport, and Others

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Global Green Hydrogen Market report based on Technology, Application and Region:

Green Hydrogen Market, By Technology:

  • Proton Exchange Membrane Electrolyzer
  • Alkaline Electrolyzer
  • Solid Oxide Electrolyzer

Green Hydrogen Market, By Application:

  • Power Generation
  • Transport

Green Hydrogen Market, By Region:

  • North America
    • Middle East & Africa
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa
    • Latin America
        • Brazil
        • Mexico
        • Rest of Latin America
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Europe
        • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
      • U.S.
      • Canada

Green Hydrogen Market Key Players

The key players operating the Green Hydrogen Market includes Siemens Energy AG, Linde ,Toshiba Energy Systems & Solutions Corporation, Air Liquide, Nel ASA ,Air Products and Chemicals, Inc. H&R Olwerke Schindler GmbH ,Wind to Gas Energy GmbH & Co. KG ,Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd.,Phillips

Green Hydrogen Market Company Profile

  • Siemens Energy AG*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Linde
  • Toshiba Energy Systems & Solutions Corporation
  • Air Liquide
  • Nel ASA
  • Air Products and Chemicals, Inc.
  • H&R Olwerke Schindler GmbH
  • Wind to Gas Energy GmbH & Co. KG
  • Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd.
  • Phillips

“*” marked represents similar segmentation in other categories in the respective section

Green Hydrogen Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Preview
    • Executive Summary
    • Key Findings—Outlook for medical carts Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Technology
      • Market Snippet, By Application
      • Market Snippet, By End User
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Market Segmentation, By Technology
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
      • Y-o-Y Growth Analysis (%), 2024 – 2034
      • Segment Trends
  • Proton Exchange Membrane Electrolyzer
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
  • Alkaline Electrolyzer
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
  • Solid Oxide Electrolyzer
    •  
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
  1. Market Segmentation, By Application, 2024 – 2034, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
      • Y-o-Y Growth Analysis (%), 2024 – 2034
      • Segment Trends
    • Power Generation
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
    • Transport
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
    • Others
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
  2. Market Segmentation, By End User 2024 – 2034, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
      • Y-o-Y Growth Analysis (%), 2024 – 2034
      • Segment Trends
    • Food &Beverage
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
    • Medical
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
    • Chemical
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
    • Petrochemicals
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
    • Glass
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
    • Others
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
  3. Global Market, By Region, 2024 – 2034, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
      • Y-o-Y Growth Analysis (%), 2024 – 2034
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By End User, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By End User, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By End User, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By End User, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By End User, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East
  4. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  5. Company Profiles
  • Siemens Energy AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Linde
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Toshiba Energy Systems & Solutions Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Air Liquide
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Nel ASA
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Air Products and Chemicals, Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • H&R Olwerke Schindler GmbH &Co.KG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Cummins Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Wind to Gas Energy GmbH&Co.KG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies

The Last Word

  • Future Impact
  • About Us
  • Contact

FAQs

The Green Hydrogen Market is segmented into basis of Technology, Application and Region.

Growing demand for green hydrogen and the advancement of electrolysis technology will fuel the expansion of the global market for green hydrogen.

By region, The North America market North America has been increase investments in new type of hydrogen, such as transportation, green fuels, and power, in line with the global trend toward the hydrogen as a clean energy transition fuel

The Key players operating in the Green Hydrogen Market Siemens Energy AG, Linde ,Toshiba Energy Systems & Solutions Corporation, Air Liquide, Nel ASA ,Air Products and Chemicals, Inc. H&R Olwerke Schindler GmbH ,Wind to Gas Energy GmbH & Co. KG ,Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd.