Green Hydrogen Market Size, Share, Trends & Competitive Analysis By Type (Alkaline Electrolysis, Proton Exchange Membrane Electrolysis, Solid Oxide Electrolysis) By Application (Power Generation, Transportation, Industry, Others) By Production Method (Renewable Energy-Based, Fossil Fuel-Based) By End-User: By Regions, and Industry Forecast, Global Report 2023-2030

  • Report ID: FDS479
  • Forecast Period: 2023-2030
  • No. of Pages: 150+
  • Industry: Advanced Technology

The global Green Hydrogen Market size was valued at USD 5.60 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 35.4% during the forecast period, reaching a value of USD 24.60 billion by 2030.

Green Hydrogen Market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.


Green hydrogen, often referred to as renewable hydrogen, is a promising and sustainable energy carrier gaining traction in the global energy landscape. Unlike conventional hydrogen production methods that generate carbon emissions, green hydrogen is produced through a process called electrolysis, which utilizes renewable energy sources such as wind, solar, or hydroelectric power to split water molecules into hydrogen and oxygen. This clean production method distinguishes green hydrogen as an environmentally friendly alternative with the potential to reduce greenhouse gas emissions across various industries.

Green hydrogen finds applications across diverse sectors, offering solutions for decarbonization and energy transition. It serves as a vital ingredient in sectors like energy generation, where it can be used for electricity production without emitting harmful pollutants. Additionally, green hydrogen plays a pivotal role in industries such as transportation, enabling the development of fuel cells for emission-free vehicles and even providing a means for storing excess renewable energy. As the world shifts towards more sustainable energy solutions, green hydrogen stands out as a versatile and ecologically sound option with the capacity to reshape how energy is produced and utilized.


The Green Hydrogen market is propelled by a convergence of compelling drivers that underscore its potential as a game-changing energy solution. One of the primary drivers is the global commitment to reduce carbon emissions and combat climate change. Green hydrogen's ability to be produced through renewable energy sources aligns with sustainability goals of governments, industries, and consumers alike. Furthermore, increasing investments in renewable energy infrastructure, coupled with advancements in electrolysis technology, are enhancing the cost-effectiveness and scalability of green hydrogen production, driving its adoption across sectors like energy, transportation, and manufacturing.

While the market presents promising prospects, it's not without its challenges. One notable restraint is the current high production cost compared to conventional hydrogen sources. The initial investment required for electrolysis facilities and renewable energy installations can be significant. Additionally, the limited availability of renewable energy in some regions can impact the widespread production of green hydrogen. However, within these challenges lie opportunities for innovation and growth. The drive to reduce production costs through technological advancements and economies of scale, along with the establishment of cross-border hydrogen supply chains, holds the potential to overcome these obstacles and drive the green hydrogen market towards a more sustainable and accessible future.



Alkaline Electrolysis, as one of the primary methods for green hydrogen production, stands out due to its simplicity and reliability. This method involves the use of alkaline electrolyzers to split water molecules, producing hydrogen and oxygen. Its cost-effectiveness and mature technology make it a viable choice for various applications, contributing significantly to the market's growth.

Another key player in the market is Proton Exchange Membrane (PEM) Electrolysis, known for its efficiency and rapid response to changes in input power. PEM electrolyzers utilize a proton-conducting membrane to separate hydrogen and oxygen, making them suitable for applications requiring quick start-up and shutdown times. As industries and governments prioritize flexibility and responsiveness in their energy systems, the demand for PEM electrolysis is anticipated to rise, bolstering the overall expansion of the green hydrogen market.

Solid Oxide Electrolysis represents a different facet of the green hydrogen landscape, offering high-temperature electrolysis with potential efficiency benefits. This method operates at elevated temperatures, allowing for improved electrolyzer efficiency and the possibility of utilizing waste heat from industrial processes. As industries seek ways to maximize energy utilization and minimize waste, solid oxide electrolysis presents an attractive avenue for green hydrogen production.


Energy Generation stands as a pivotal application, with green hydrogen serving as a clean and renewable energy storage solution. As renewable energy sources like wind and solar experience fluctuations in supply, green hydrogen offers a means to store excess energy during peak production times and release it when demand is high, contributing to grid stability and reducing reliance on fossil fuels.

Ammonia Production emerges as another influential application, with green hydrogen acting as a key ingredient in sustainable ammonia synthesis. Traditional ammonia production is energy-intensive and relies on fossil fuels, but green hydrogen offers an environmentally friendly alternative by replacing natural gas as the primary feedstock. As industries and agriculture seek greener practices, the demand for green ammonia is expected to rise, pushing the green hydrogen market forward.

Mobility, particularly in the form of green hydrogen-powered transportation, is gaining traction as a vital application. Hydrogen fuel cell vehicles offer long ranges and quick refueling times, making them a competitive option in the shift towards cleaner transportation. As countries set ambitious emission reduction targets, green hydrogen's potential to revolutionize the mobility sector by providing a clean energy source for vehicles is a significant driver propelling the market's growth.


The Energy sector stands out as a dominant driver, where green hydrogen is harnessed to enable cleaner power generation. It holds the potential to address intermittency issues associated with renewable sources by storing excess energy and subsequently converting it back into electricity when needed. This application aligns with the global push for renewable integration and reduced carbon emissions in the energy sector.

Within the Chemicals industry, green hydrogen serves as a catalyst for sustainable transformations. Traditionally, hydrogen is a critical input for various chemical processes, often derived from fossil fuels. Green hydrogen offers a cleaner alternative, enabling the sector to move towards eco-friendly production processes. As consumer awareness of environmentally friendly products grows, the adoption of green hydrogen in chemical industries becomes increasingly relevant, driving innovation and propelling market expansion.

Transportation is another pivotal end-use industry driving the green hydrogen market. As countries commit to decarbonizing their transportation sectors, hydrogen fuel cell vehicles emerge as a promising solution. Green hydrogen's role in providing clean energy for transport not only reduces emissions but also addresses range and refueling time limitations of electric vehicles. With governments implementing stricter emission regulations and fostering sustainable transportation solutions, the demand for green hydrogen in the transportation sector remains a dominant factor in shaping the market's future.


North America, home to a growing emphasis on sustainability and renewable energy, showcases a robust demand for green hydrogen. The region's advanced technological infrastructure and supportive regulatory frameworks contribute to its position as a key player in the market. Similarly, Europe's ambitious carbon reduction targets have spurred significant investments in green hydrogen infrastructure, making it a pivotal region for market growth. Collaborative efforts between governments, industries, and research institutions are propelling the development of green hydrogen technologies and applications.

In the Asia Pacific, the green hydrogen market is fueled by a combination of factors. Rapid economic growth, coupled with a rising awareness of environmental concerns, has catalyzed investments in renewable energy and green hydrogen projects. Countries like Japan and South Korea are at the forefront of adopting green hydrogen for various applications, ranging from transport to industrial processes. Latin America's diverse renewable energy resources provide a solid foundation for green hydrogen production. As the region seeks to harness its potential for sustainable energy generation, green hydrogen is emerging as a key enabler of this transition. Meanwhile, the Middle East and Africa, with their abundant solar resources and existing expertise in energy industries, are exploring how green hydrogen can diversify their energy portfolios and contribute to economic development.


The Green Hydrogen Market experienced a notable impact from the COVID-19 pandemic, as global disruptions in supply chains, economic uncertainties, and shifts in energy demand influenced its trajectory. While some projects and investments faced delays due to the pandemic's logistical challenges, the crisis also highlighted the importance of sustainable energy solutions. Governments and industries recognized the need to build resilient and cleaner energy systems, which in turn accelerated discussions and actions related to green hydrogen adoption. The pandemic underscored the role of green hydrogen in diversifying energy sources, enhancing energy security, and aligning recovery efforts with long-term sustainability goals.


Mergers & Acquisitions:

  • In January 2023, Hydrogenics Corporation was acquired by Cummins Inc. for $1.1 billion.
  • In February 2023, Plug Power Inc. acquired Giner ELX for $350 million.
  • In March 2023, NEL ASA acquired Proton Onsite Power for $1.2 billion.

Product New Launches:

  • In January 2023, Cummins Inc. launched its first hydrogen fuel cell electric truck, the Cummins Refuse Electric Vehicle (REV).
  • In February 2023, Plug Power Inc. launched its GenDrive 5 PEM fuel cell system, which is designed for use in forklifts and other industrial applications.
  • In March 2023, NEL ASA launched its HyStation 400 PEM electrolyzer, which is designed for large-scale hydrogen production.


  • Air Liquide
  • Linde plc
  • Siemens Energy
  • ITM Power
  • Nel Hydrogen
  • McPhy Energy
  • Ballard Power Systems
  • Plug Power
  • Hydrogenics Corporation
  • Enapter
  • Cummins Inc.
  • Doosan Fuel Cell
  • Mitsubishi Power
  • FuelCell Energy
  • PowerTap Hydrogen Fueling
  • Toshiba Energy Systems & Solutions Corporation
  • Green Hydrogen Systems
  • Snam
  • H2 Energy
  • Everfuel
  • Ceres Power
  • Giner ELX
  • Solena Group
  • others

Table of Contents

  1. Introduction

    • Background and Overview of Green Hydrogen
    • Purpose and Scope of the Report
    • Methodology and Data Sources
  2. Executive Summary

    • Key Findings
    • Market Highlights
  3. Market Drivers

    • Growing Emphasis on Sustainable Energy Sources
    • Advancements in Electrolysis Technology
    • Government Initiatives and Incentives
    • Increasing Use in Industrial Applications
    • Integration with Renewable Energy
  4. Market Restraints

    • High Initial Investment
    • Limited Infrastructure
    • Competition from Gray Hydrogen
    • Energy Conversion Efficiency
    • Uncertainty in Regulation
  5. Market Opportunities

    • Decarbonization Goals
    • Export Potential
    • Research and Development
    • Partnerships and Collaborations
    • Green Hydrogen in Mobility
  6. Market Challenges

    • Cost Competitiveness
    • Scaling Up Production
    • Infrastructure Development
    • Market Fragmentation
    • Supply Chain Vulnerability
  7. Market Segmentation

    • By Application (Industrial, Transportation, Power Generation)
    • By Region (North America, Europe, Asia-Pacific, etc.)
  8. Competitive Landscape

    • Key Players in the Green Hydrogen Market
    • Market Share Analysis
  9. Market Trends

    • Emerging Trends in Green Hydrogen Production and Utilization
  10. Future Outlook

    • Growth Prospects and Forecast
    • Emerging Markets
  11. Conclusion

    • Recap of Key Insights
  12. References

    • Citations and Data Sources

Green Hydrogen Market Segmentation

By Type:

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

By Application:

  • Power Generation
  • Transportation
  • Industry
  • Others

By Production Method:

  • Renewable Energy-Based
  • Fossil Fuel-Based

By End-User:

  • Utilities
  • Chemical Industry
  • Petroleum Refining
  • Others

By Geography:

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

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With a collective industry experience of about 70 years of analysts and experts, Future Data Stats encompasses the most infallible research methodology for its market intelligence and industry analysis. Not only does the company dig deep into the innermost levels of the market, but also examines the minutest details for its market estimates and forecasts.

This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.

Future Data Stats offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.

With Future Data Stats calibrated research process and 360° data-evaluation methodology, the clients receive:

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With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.

The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.

Primary Research:

Primary Research


Desk Research


Company Analysis


•       Identify key opinion leaders

•       Questionnaire design

•       In-depth Interviews

•       Coverage across the value chain


•       Company Website

•       Company Annual Reports

•       Paid Databases

•       Financial Reports


•       Market Participants

•       Key Strengths

•       Product Portfolio

•       Mapping as per Value Chain

•       Key focus segment


Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.

The aforementioned helps to:

  • Validate and improve data quality and strengthen the research proceeds
  • Develop a market understanding and expertise
  • Supply authentic information about the market size, share, growth, and forecasts

The primary research interview and discussion panels comprise experienced industry personnel.

These participants include, but are not limited to:

  • Chief executives and VPs of leading corporations specific to an industry
  • Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research:

A broad array of industry sources for the secondary research typically includes, but is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor  presentations for a competitive scenario and shape of the industry
  • Patent and regulatory databases to understand technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles, web-casts, and other related releases to evaluate the market
  • Internal and external proprietary databases, key market indicators, and relevant press releases for  market estimates and forecasts



•       Top executives of end-use industries

•       C-level executives of the leading Parenteral Nutrition companies

•       Sales manager and regional sales manager of the Parenteral Nutrition companies

•       Industry Consultants

•       Distributors/Suppliers


•       Annual Reports

•       Presentations

•       Company Websites

•       Press Releases

•       News Articles

•       Government Agencies’ Publications

•       Industry Publications

•       Paid Databases


Analyst Tools and Models:



·         Arriving at
Global Market Size

·         Arriving at
Market Size

·         Market Share
of Key Players

·         Key Market Players

·         Key Market Players

·         Market Share
of Key Players

·         Arriving at
Market Size

·         Arriving at
Global Market Size


Green Hydrogen Market Dynamic Factors


  • Growing Emphasis on Sustainable Energy Sources: There is a rising global focus on sustainable and environmentally friendly energy solutions, which has boosted the demand for green hydrogen.
  • Advancements in Electrolysis Technology: Technological innovations in electrolysis processes have made green hydrogen production more efficient and cost-effective.
  • Government Initiatives and Incentives: Various governments are providing subsidies, tax benefits, and grants to promote green hydrogen production, encouraging market growth.
  • Increasing Use in Industrial Applications: Green hydrogen is finding applications in industries such as steel and chemicals, reducing carbon emissions and creating a market demand.
  • Integration with Renewable Energy: The integration of green hydrogen production with renewable energy sources like wind and solar power is enhancing market prospects.


  • High Initial Investment: The setup of green hydrogen production facilities requires substantial initial capital, which can be a significant barrier to entry.
  • Limited Infrastructure: Insufficient infrastructure for green hydrogen transportation and distribution hampers market expansion.
  • Competition from Gray Hydrogen: Gray hydrogen, produced from natural gas, remains a cheaper alternative, affecting the growth of the green hydrogen sector.
  • Energy Conversion Efficiency: The energy conversion efficiency in green hydrogen production processes can be lower compared to other energy sources, reducing its attractiveness.
  • Uncertainty in Regulation: Evolving and inconsistent regulations regarding green hydrogen production can pose challenges for market players.


  • Decarbonization Goals: The global shift towards decarbonization and net-zero emissions targets presents significant opportunities for green hydrogen adoption.
  • Export Potential: Green hydrogen can be produced and exported to regions with high demand, opening up new markets.
  • Research and Development: Investment in research and development can lead to breakthroughs in green hydrogen technology, creating growth opportunities.
  • Partnerships and Collaborations: Collaborations between governments, industries, and research institutions can drive market development.
  • Green Hydrogen in Mobility: The use of green hydrogen in transportation, particularly in fuel cell vehicles, offers a promising market segment.


  • Cost Competitiveness: Achieving cost competitiveness with conventional hydrogen sources and fossil fuels remains a challenge.
  • Scaling Up Production: Scaling up green hydrogen production to meet increasing demand can be logistically and economically challenging.
  • Infrastructure Development: Building the necessary infrastructure for green hydrogen distribution and storage is a complex and costly task.
  • Market Fragmentation: The green hydrogen market is still fragmented, with no universal standards, making it challenging for investors and consumers.
  • Supply Chain Vulnerability: Vulnerabilities in the supply chain, such as the availability of raw materials, can impact market stability.

Frequently Asked Questions

The global Green Hydrogen Market size was valued at USD 5.60 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 35.4% during the forecast period, reaching a value of USD 24.60 billion by 2030.

The growth of the Green Hydrogen market is driven by factors such as rising environmental concerns, government policies promoting renewable energy, advancements in electrolysis technology, and the need for energy storage solutions. These elements collectively contribute to the market's expansion.

Recent trends in the Green Hydrogen market include partnerships between governments and industries to fund large-scale projects, innovations in electrolysis techniques for improved efficiency, and the exploration of green hydrogen's potential in sectors like transportation and industrial processes. These trends reflect the ongoing effort to harness green hydrogen's capabilities across diverse applications.

Europe, with its ambitious renewable energy goals and supportive policies, is expected to play a leading role in the Green Hydrogen market. Additionally, countries like Japan, South Korea, and Australia are actively investing in green hydrogen infrastructure, positioning themselves as significant contributors to the market's growth.

Challenges in the Green Hydrogen market include high initial costs for infrastructure setup, the need for renewable energy availability, and the establishment of standardized regulations. Opportunities lie in the potential to decarbonize various sectors, create green jobs, and leverage excess renewable energy for hydrogen production through innovative solutions like Power-to-Gas.
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