1. What is the projected Compound Annual Growth Rate (CAGR) of the Green Hydrogen Market?
The projected CAGR is approximately 41.6%.
Market
Insights
Reports delivered globally, covering a wide range of industries and sectors.
Clients who trust our expertise and rely on our insights for business decisions.
Managed Reports, ensuring seamless updates and premium service.
Satisfied Customers, committed to delivering exceptional value and quality.
Green Hydrogen Market by Technology (Alkaline, PEM, Solid Oxide, Others), by Source (Solar, Wind, Others), by Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power, Others), by North America (U.S., Canada), by Europe (Germany, UK, France, Italy, Netherlands, Spain, Denmark, Norway), by Asia Pacific (China, Japan, India, Australia, South Korea) Forecast 2025-2033
The Green Hydrogen Market exhibits moderate concentration, with key players holding a significant market share. Innovation is a core characteristic, driven by research and development efforts to enhance hydrogen production efficiency, reduce costs, and optimize electrolyzer technologies.
Regulations related to renewable energy and carbon emissions impact market growth. Product substitutes like fossil fuels and biofuels influence market dynamics. End-user concentration is notable in industries with high energy consumption, such as power generation and transportation.
The market witnesses a surge in demand for green hydrogen from various industries seeking to decarbonize their operations. Technological advancements in electrolyzer systems, such as higher efficiency and durability, drive cost reductions and market penetration.
Government incentives and subsidies foster green hydrogen production and consumption, while partnerships and collaborations among industry leaders accelerate project development. The growing awareness of sustainability and the need for clean energy sources further propel market growth.
Regions with High Growth Potential: The green hydrogen market is experiencing a surge in growth across several key regions, driven by ambitious climate targets and increasing energy demands. Europe continues to lead the way, fueled by its robust renewable energy policies and stringent carbon reduction commitments. Significant expansion is also observed in the Asia-Pacific region, particularly in China and India, where burgeoning energy needs and supportive government initiatives are accelerating market adoption. North America is also witnessing substantial growth, driven by investments in renewable energy infrastructure and a focus on reducing reliance on fossil fuels. Furthermore, emerging economies in regions like Latin America and Africa show promising potential as they leverage their abundant renewable resources and strive towards sustainable development.
Dominating Segments: Several key segments are shaping the trajectory of the green hydrogen market.
The report provides comprehensive insights into the Green Hydrogen Market, including:
Market Size and Growth: The green hydrogen market is witnessing exponential growth. Valued at approximately $7.7 billion in 2023, it is projected to reach a remarkable $127.3 billion by 2030, exhibiting a significant compound annual growth rate (CAGR) of 41.6%. This rapid expansion is fueled by increasing investments, supportive government policies, and a growing awareness of the urgent need for clean energy solutions.
Market Share: While Europe currently holds a leading market share, competition is intensifying. Asia-Pacific and North America are rapidly expanding their market presence, driven by significant investments in renewable energy and hydrogen infrastructure. The global distribution of market share is expected to evolve further as various regions develop their respective hydrogen economies.
North America: U.S. and Canada drive market growth due to government incentives and technological advancements.
Europe: Germany, UK, and France are prominent markets with ambitious renewable energy targets.
Asia-Pacific: China and India lead the region with strong demand for green hydrogen in industries and transportation.
Technology:
Source:
Application:
June 2024: Total Energies and Air Products signed a deal for the annual supply of 70,000 tons of green hydrogen in Europe, commencing in 2030.
December 2022: Cummins provided a 35-MW electrolyzer to Linde's green hydrogen facility in Niagara Falls, Canada, marking a significant milestone in the green hydrogen economy.
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 41.6% from 2019-2033 |
Segmentation |
|
Note* : In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 41.6%.
Key companies in the market include ACME, Air Products, Air Liquide, CWP Global, Cummins, Engie, Getech Group, GH2, Hiringa Energy Limited, Iberdrola, Lhyfe, Linde, Plug Power, Siemens Energy, Toshiba Energy Systems & Solutions Corporation.
The market segments include Technology, Source, Application.
The market size is estimated to be USD 7.7 Billion as of 2022.
Growing measures toward decarbonization. Government plans and investments toward hydrogen economy. North America & Europe. Favourable government initiatives for emission reduction. Ongoing investments. funding programs and grants for clean fuel adoption. Asia Pacific Strategic alliances and large-scale investments for clean hydrogen economy. Strategic alliances and large-scale investments for clean hydrogen economy.
N/A
High overall cost.
In June 2024, Total Energies inked a deal with Air Products to supply 70,000 tons of green hydrogen annually in Europe, commencing in 2030. This initiative is a pivotal move towards the company's goal of slashing net greenhouse gas emissions from its oil and gas operations (Scope 1+2) by 40% by 2030, relative to 2015 benchmarks.
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4,850, USD 5,350, and USD 8,350 respectively.
The market size is provided in terms of value, measured in Billion.
Yes, the market keyword associated with the report is "Green Hydrogen Market," which aids in identifying and referencing the specific market segment covered.
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
To stay informed about further developments, trends, and reports in the Green Hydrogen Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
See the similar reports
Market Insights Reports offers comprehensive market research reports and analysis, giving businesses important information about their clients, rivals, and sector to help them make well-informed decisions on operations, marketing, and business strategy. We offer a variety of services in addition to market research, data analysis, and strategy planning. In order to find opportunities and learn more about our competitors and the industry at large, we employ competitive analysis. To identify areas for development, we also evaluate our performance against that of our rivals. We can determine the places at which we can offer our clients the most value by performing value chain analysis.
Additionally, clients receive a thorough overview of their industry business environment. We can find trends that help us forecast future possibilities and threats by examining global macroeconomic dynamics and consumer behavior patterns. By analyzing their features and advantages, contrasting them with comparable items on the market, and evaluating both their quantitative and qualitative performance, we comprehensively evaluate our clients' products. This allows us to assist customers in determining how their goods compare to those of their rivals and in creating successful marketing plans. Our group has been successful in gaining a thorough grasp of our clients' requirements and offering them creative solutions. We currently provide services to more than 50 nations in Europe, the Middle East, Africa, Latin America, Asia Pacific, and North America. Because of our global reach, we have been able to establish trusting bonds with our partners and clients in various nations, improving customer service and forging a more cohesive worldwide presence.
We use cookies to enhance your experience.
By clicking "Accept All", you consent to the use of all cookies.
Customize your preferences or read our Cookie Policy.