Green Hydrogen Market

Market Study on Green Hydrogen: Focus on Reducing Carbon Emissions and Sustainable Energy to Skyrocket Revenues in the Green Hydrogen Industry!

Report ID: PMRREP33420

Number of Pages: 250

Format: PPT*, PDF, EXCEL

Industry: Chemicals and Materials

Published Date: April-2023

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Green Hydrogen Market Outlook (2023 to 2033)

Global Market Sales surpassed a valuation of US$ 4.5 billion in 2022. Over the forecast period, demand for green hydrogen is set to rise at 31.3% CAGR.

The global market size will expand from US$ 6.2 billion in 2023 to US$ 94 billion by 2033.

Alkaline electrolyzer will remain the dominant technology in the market. A CAGR of around 31.2% from 2023 to 2033 has been predicted by Persistence Market Research (PMR) for this segment. This is due to rising usage of alkaline electrolyzers for producing green hydrogen.

Decarbonizing Earth is one of the primary goals that governments worldwide have set for 2050. To achieve this, decarbonizing production processes of elements such as hydrogen is one of the keys.

Green hydrogen is emerging as a promising alternative for enabling energy transition and decarbonizing the planet. It is the cleanest and the most sustainable hydrogen.

Hydrogen that is generated by renewable energy or from low carbon power is known as green hydrogen or clean hydrogen. It is gaining wider popularity due to its various advantages. For instance, as compared to grey hydrogen, green hydrogen significantly lowers carbon emissions.

Green hydrogen is produced by splitting water into oxygen and hydrogen using renewable energy or electricity. It has a different pathway from both grey hydrogen and blue hydrogen. As green hydrogen is generated using renewable energy, it has become the most important circular carbon economy (CCE) approaches.

Key advantages of green hydrogen:

  • It is 100% sustainable, which means it does not emit polluting gasses during production or combustion
  • It is versatile and thus can be transformed into synthetic gas or electricity
  • It is storable and can be used at times other than immediately after its production

Increasing usage of green hydrogen in transportation, power generation, green ammonia production, and other applications will boost the market over the next ten years.

Green hydrogen is being increasingly used as a hydrogen fuel for internal combustion engines or fuel cells. Hence, growing usage of green hydrogen in automotive will boost the market.

Hydrogen-powered aircraft are being developed by companies such as Airbus. This will create lucrative opportunities for green hydrogen manufacturers over the next ten years.

Green hydrogen is also used for producing green ammonia which is the main constituent of fertilizer production. Thus, growing demand for green ammonia worldwide will fuel green hydrogen sales.

Various initiatives taken by governments and organizations such as the Green Hydrogen Catapult will boost the market.

For instance, to reduce prices of green hydrogen, the Green Hydrogen Catapult announced that it will nearly double its goal for green electrolyzers from 25 GWs to 45 GWs by 2027.

Attributes Key Insights

Estimated Global Green Hydrogen Market Size (2023)

US$ 6.2 billion

Projected Market Value (2033)

US$ 94 billion

Value-based CAGR (2023 to 2033)


United States of America Market CAGR (2023 to 2033)


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2018 to 2022 Green Hydrogen Market Sales Outlook Compared to Demand Forecast from 2023 to 2033

Global sales of green hydrogen increased at around 39.2% CAGR during the historical period from 2018 to 2022. Over the projection period, global green hydrogen demand is forecast to increase at 31.3% CAGR. The worldwide market for green hydrogen will generate an absolute $ opportunity of US$ 87.8 billion through 2033.

Rising usage of green hydrogen in mobility and power generation sectors will drive the global market forward.

Due to its capacity to lower carbon pollution, green hydrogen has recently been in high demand. It helps to satisfy the world's rising energy demand. Since it is a renewable energy source, its use is likely to rise at an impressive pace in the coming years.

The worldwide industry is anticipated to expand as awareness of hydrogen's potential as an energy source increases.

Increasing environmental concerns, which emphasize the need for pure, green energy production to lower emission levels will elevate green hydrogen demand. Additionally, the business of green hydrogen is expanding due to the increased use of nuclear power and green hydrogen.

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Green Hydrogen Market Key Trends:

  • Rising applications of green hydrogen in power generation and mobility sectors will drive the global market.
  • Growing demand for clean energy sources to boost green hydrogen sales.
  • Decreasing cost of producing green hydrogen using renewable energy would favor market expansion.
  • Favorable government policies for the green hydrogen ecosystem will create lucrative opportunities for manufacturers
  • Increasing environmental concerns regarding rising carbon emissions from fossil fuels will push global transition towards utilizing green hydrogen.
  • Advancements in electrolyzers will boost the green hydrogen industry by driving a slump in prices.
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Which Factors are Propelling Market Demand for Green Hydrogen Market?

Key factors that are increasing the demand for green hydrogen are the increasing demand for energy storage and the rising need for decarbonization.

The need to lower carbon pollution to fight climate change is becoming increasingly obvious to everyone. As a result, there is a rising need for decarbonized energy sources such as renewable hydrogen.

These can be used in a various industries and power-production applications. This will elevate demand for green hydrogen.

There is also growing need to decrease greenhouse gas emissions as the world becomes more conscious of its effects. To decrease pollution and achieve climate objectives, green hydrogen is an eco-friendly and sustainable fuel.

Technology advancements have increased the efficiency and cost-effectiveness of green hydrogen generation, making it a more desirable choice for businesses and governments. This in turn is creating conducive environment for the development of the worldwide green hydrogen industry.

Which Factors are Restraining Proliferation in the Green Hydrogen Market Industry?

The factors restraining growth in the green hydrogen industry are the high production costs involved and the lack of infrastructure.

The cost of green hydrogen is currently higher than that of producing hydrogen using conventional fuels. This price discrepancy is primarily caused by the high expense of green energy sources used in the manufacturing process, such as wind and solar power.

There is currently a lack of adequate infrastructure for hydrogen storage, distribution, and transportation. This makes it is challenging to incorporate renewable hydrogen into existing energy systems.

The total expense of producing and distributing green hydrogen is increasing as a result of this infrastructure gap and this restrains growth in the market.

It is challenging for businesses to engage in the production of green hydrogen due to the absence of uniform policies and regulations across various areas and nations. The creation of green hydrogen requires sizeable amounts of renewable energy sources. This further hampers market expansion.

As a result, the difficulty in distribution and transportation and the high costs involved significantly hinder growth of the green hydrogen industry.

Country-wise Insights:

Why is the United States of America Considered a Prominent Hub for Green Hydrogen Sales?

The United States of America green hydrogen market is forecast to expand at 29.9% CAGR through 2033 in comparison to 37.3% CAGR registered from 2018 to 2022. Overall green hydrogen sales revenue in the country will total around US$ 19.9 billion by 2033.

Growing environmental concerns and increasing demand for alternative fuels will drive the United States of America market forward during the projection period.

In recent years, there has been a rapid transition from conventional fuels to more eco-friendly ones across the United States of America. Both mobility and power generation sectors are showing a keen interest in using fuels such as green hydrogen. This in turn is boosting green hydrogen sales.

Strong presence of leading green hydrogen manufacturers is another factor boosting the United States of America market. These United States of America companies are using various strategies to increase their sales and strengthen their presence.

The solid oxide electrolyzer from Bloom Energy operates at high efficiencies compared to PEM and alkaline electrolyzer technologies. This makes it ideally positioned to produce pure, affordable hydrogen at the size required for a net-zero economy.

Compared to current low-temperature electrolyzers on the market, Bloom Energy's high-temperature electrolyzer uses less energy to produce hydrogen.

What Makes Japan a Promising Green Hydrogen Market?

Green hydrogen demand in Japan increased at 38.2% CAGR from 2018 to 2022. Over the next decade, Japan market is set to thrive at 30.6% CAGR. It is anticipated to reach a valuation of US$ 5.3 billion by 2033.

Government's support for the implementation of fuel cell cars and the construction of hydrogen infrastructure are main factors boosting green hydrogen industry in Japan.

By 2030, the government hopes to have 800,000 fuel-cell cars on the road. This will create high demand for green hydrogen and will motivate green hydrogen suppliers to increase their production.

Overall, strong government backing, a strong renewable energy sector, and the participation of important domestic and foreign actors will fuel market expansion in Japan.

Category-wise Insights:

Which is the Technology in the Green Hydrogen Market Industry Will Lead Revenue?

As per Persistence Market Research (PMR), alkaline electrolyzer will remain the predominantly used technology for green hydrogen production. The segment grew at around 38.7% CAGR from 2018 to 2022. Over the projection period, it will register a growth rate of 31.2%.

The alkaline electrolyzer operates for a longer period than PEM electrolyzers. This is because it employs a liquid alkaline mix of sodium or potassium hydroxide as its electrolyte.

It also uses inexpensive catalysts in comparison to the platinum metal group based catalysts utilized for PEM water electrolysis.

With a working temperature range of 100 to 105 , alkaline electrolyzers have less power and current densities than PEM electrolyzers. The latter generally has a range of 70 to 90 .

Alkaline electrolyzers are also anticipated to increase in popularity due to their availability at lower prices than PEM electrolyzers.

Over the projection period, demand for PEM electrolyzers will rise quickly. Comparing the PEM electrolyzer to its alkaline cousin, the existence of solid specialty plastic material-based electrolytes allows for greater practical versatility.

High proton conductivity, reduced gas permeability, and thinner proton exchange membranes explain the significant increase in the market.

To improve the power efficiency of the green hydrogen generation process, industry actors are consistently concentrating on the market deployment of PEM electrolyzer technology.

Competitive Landscape:

Leading green hydrogen producing companies are focusing on increasing their production capacities to meet growing demand for alternative fuels. They are also using strategies such as mergers, partnerships, acquisitions, and acquisitions to solidify their positions.

Recent developments:

  • In January 2023, to meet rising demand from mobility market, Linde announced that it will increase the production of green hydrogen in California. To expand its hydrogen capacity, the company will construct, own, and run the first of several proposed five-megawatt PEM (proton exchange membrane) electrolyzers.
  • In January 2021, Linde announced that it will construct, own, and operate the world's largest PEM Electrolyzer plant for green hydrogen production. Green hydrogen will be produced by the new 24-megawatt electrolyzer and supplied to Linde's industrial clients through its current conduit network.

Green Hydrogen Market Report Scope:

Attribute Details

Estimated Market Size (2023)

US$ 6.2 billion

Projected Market Value (2033)

US$ 94.0 billion

Anticipated Growth Rate (2023 to 2033)

31.3% CAGR

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Industry Analysis

  • US$ Billion for Value
  • Kilo Tons for Volume

Key Countries Covered

  • Germany
  • Italy
  • France
  • United Kingdom
  • Spain
  • Poland
  • Hungary
  • Romania
  • Czech Republic
  • Bosnia
  • Herzegovina
  • Bulgaria
  • Croatia
  • Rest of Europe

Key Segments Covered

  • Technology
  • Application
  • Distribution Channel
  • Region

Key Companies Profiled

  • Linde plc
  • Air Product Inc.
  • Air Liquide
  • Cummins Inc.
  • Engie
  • Nel ASA
  • Siemens Energy
  • Toshiba Energy Systems
  • Solutions Corporation
  • Uniper SE
  • Bloom Energy

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics
  • Challenges
  • Strategic Growth Initiatives

Green Hydrogen Market Segmentation:

By Technology:

  • Alkaline Electrolyzer
  • Polymer Electrolyte Membrane Electrolyzer

By Application:

  • Power Generation
  • Transportation

By Distribution Channel:

  • Pipeline
  • Cargo

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

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Companies Covered in This Report

  • Linde plc.
  • Air Products Inc.
  • Air Liquide
  • Cummins Inc.
  • Engie
  • Nel ASA
  • Siemens Energy
  • Toshiba Energy Systems & Solutions Corporation
  • Uniper SE
  • Bloom Energy

Frequently Asked Questions

The global market size reached US$ 4.5 billion in 2022.

The global green hydrogen market value is set to reach US$ 6.2 billion in 2023.

The global green hydrogen industry will exceed a valuation of US$ 94 billion by 2033.

The worldwide market for green hydrogen registered a CAGR of 39.2% over the historical period.

Global green hydrogen demand is forecast to rise at a CAGR of 31.3% from 2023 to 2033.

Alkaline electrolyzer technology segment will lead the market through 2033.

Green hydrogen sales in China would increase at a CAGR of around 32.5% through 2033.

The United States market will expand at a CAGR of around 29.9% through 2033.

Green hydrogen demand in South Korea and Japan will rise at 31.8% and 30.6% CAGRs respectively.

Pipeline will remain the most lucrative distribution channel segment, expanding at 31.1% CAGR through 2033.

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