Green Hydrogen Global Market Report 2024

The green hydrogen market size has grown exponentially in recent years. It will grow from $1.59 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 55.7%. The expansion observed in the historical period can be attributed to the growth of emerging markets, a low-interest-rate environment, the substantial environmental impact of conventional power generation sources, and an 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 $11.74 billion in 2028 at a compound annual growth rate (CAGR) of 47.6%. The anticipated growth in the forecast period can be ascribed to accelerated economic growth, governmental initiatives, global population growth, and urbanization. Additionally, factors such as increased investment in renewable power generation, a concerted effort to reduce foreign oil dependence, growing demand from end-use industries, and international collaborations for environmental protection contribute to this growth. Prominent trends in the forecast period include the implementation of AI technology to enhance operational efficiency, the provision of IoT-related advisory solutions for increased operational efficiency, the adoption of digital twin technology solutions to mitigate risks, the deployment of smart meters for precise measurement of hydrogen gas flow rate and concentration, heightened investments to capitalize on growing demand, and a strategic focus on growth initiatives and collaborative approaches to expand 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.

An emerging trend in the green hydrogen market is the scaling up of technologies, incorporating advanced analytics for business intelligence and actionable insights. Analytics can address challenges and enhance efficiency in green hydrogen production. Companies such as Kaiserwetter are leveraging analytics to forecast failures and prevent energy losses. Blockchain solutions are also being employed for green hydrogen tracking, as seen with Acciona's GreenH2chain platform launched in February 2021.

Companies in the green hydrogen market are actively pursuing collaborations to expand their market reach and improve their product portfolios. Industry-government collaborations, such as the partnership between the Indian Ministry of New and Renewable Energy and the International Renewable Energy Agency, aim to accelerate green hydrogen production and energy transformation. Other notable collaborations include Hero Future Energies partnering with Ohmium International to develop 1000 MW of green hydrogen production facilities and Larsen & Toubro Ltd. collaborating with ReNew Power to tap green hydrogen opportunities in India.

In July 2021, PowerTap Hydrogen Capital Corp., a Canadian hydrogen production and dispensing company, acquired a 49% stake in AES-100 Inc., a green hydrogen technology company. This strategic move is expected to facilitate the global deployment of PowerTap's hydrogen refueling stations, emphasizing the industry's commitment to advancing green hydrogen technologies.

Major companies operating in the green hydrogen market report are Linde, Siemens Energy AG, Air Liquide, Air Products and Chemicals Inc., Royal Dutch Shell PLC, 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, Air Liquide, 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, Hydrogenics, 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 2023. 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.

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.