Green Hydrogen Market Analysis by Technology (Alkaline Electrolyzer, Solid Oxide Electrolyzer, Proton Exchange Membrane Electrolyzer), By Application (Power Generation, Transport), By End User (Food & Beverages, Medical, Mobility, Industrial, Glass, Grid Injection, Petrochemicals, Power, Chemical), By Renewable Source (Wind, Solar) and by Region: Global Forecast, 2024 - 2033

  • 2023-10-23
  • 310
  • Energy & Power

Market Overview

The Green Hydrogen market is predicted to develop at a compound annual growth rate (CAGR) of 39.3% from 2024 to 2033, when it is projected to reach USD 135.2 billion, based on an average growth pattern. The market is estimated to reach a value of USD 7.82 billion in 2024.



SOURCE: We Market Research

The fast growing green hydrogen market in the energy sector depends on the production and utilization of hydrogen derived from renewable resources. In contrast to conventional hydrogen manufacturing, green hydrogen is created by the use of renewable energy sources like wind, sun, or hydropower. In this process, water is electrolyzed to separate the hydrogen from the oxygen, with the hydrogen serving as a clean, sustainable energy source. The market is expanding as a result of expanding global attempts to decarbonize sectors and achieve carbon neutrality. Because more money is being invested in renewable technology, the Green Hydrogen Market is crucial to creating sustainable energy solutions and reducing climate change.

The market for green hydrogen is being driven by several significant variables. First, the global shift to renewable energy sources and decarbonization is creating an increasing demand for green hydrogen as a sustainable fuel. Government actions and supportive policies, such subsidies and incentives, further boost market growth. The costs and efficiency of manufacturing green hydrogen have increased due to advancements in electrolysis and renewable energy infrastructure, making it more attractive. The industry's awareness of environmental responsibility and corporate commitments to becoming carbon neutral further contribute to the market's growth. When combined, the aforementioned traits create an environment that is conducive to the development and widespread application of green hydrogen technology.

  Market Scope

Report Attributes


Market Size in 2024

USD 7.82 Billion

Market Forecast in 2033

USD 135.2 Billion

CAGR % 2024-2033


Base Year


Historic Data


Forecast Period


Report USP


Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Technology, By Application, By End User, By Renewable Source and By Region

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria


Green Hydrogen Industry: Dynamics & Restrains

Market Drivers

Renewable Energy Advancements - Innovations in renewable energy are a major factor propelling the growing green hydrogen market. Technological advancements in solar, wind, and hydropower boost electricity generation's efficiency and cost-effectiveness, which is important because energy powers the electrolysis procedures used to produce green hydrogen. Green hydrogen production becomes increasingly cost-competitive with conventional hydrogen as renewable energy becomes more widely available and more reasonably priced. Green hydrogen and renewable energy work together to strengthen the sustainable energy environment and accelerate the shift to a low-carbon future. Green hydrogen's scalability and economic viability are enhanced by the changing landscape of renewable energy options, establishing it as a major actor in the global energy transition.

Growing Demand from Various Industries - Demand from a wide range of sectors looking for sustainable alternatives is driving the growth of the green hydrogen market. Green hydrogen is becoming more widely acknowledged by the transportation, industry, and energy sectors as a clean energy source that is essential to achieving decarbonization targets. This demand is being driven by stricter restrictions and growing environmental consciousness, which is encouraging industries like chemical and refining—which rely significantly on hydrogen—to adopt more environmentally friendly operations. The market is growing as a result of companies adopting green hydrogen for industrial processes and power generation, spurred by a shared desire to lower carbon footprints. The need for green hydrogen is expanding across sectors, making it a crucial component of the global transition to cleaner energy sources.


Market restrains

Infrastructure Development Challenges - One of the most significant barriers to the green hydrogen market's expansion is the state of infrastructural development. Building a complete and functional hydrogen infrastructure, encompassing production, storage, and distribution networks, will need significant financial investments. The lack of common infrastructure and the need for specialized storage and transportation options increase logistical issues and deployment costs. Insufficient infrastructure possesses the capability to deter investors and hinder the growth of green hydrogen projects. In order to get over these challenges, coordinated efforts are required to construct a robust, networked hydrogen infrastructure, which will ensure a seamless integration into the present energy systems and promote the widespread application of green hydrogen in a variety of industries.

We Market Research: Green Hydrogen Dashboard


Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool  

Green Hydrogen Segmentation

Market- By Technology Analysis

By Technology, the Green Hydrogen Market is Categories into Alkaline Electrolyzer, Solid Oxide Electrolyzer, Proton Exchange Membrane Electrolyzer. The Alkaline Electrolyzer segment accounts for the largest share of around 41% in 2023.


The main factors driving alkaline electrolysis technology's quick growth and domination in the industry are its benefits over alternative manufacturing techniques. A variety of commonly available and reasonably priced electrolytes are used in alkaline electrolysis.

The following segments are part of an in-depth analysis of the global Green Hydrogen market:

Market Segments


By   Application

·         Power Generation

·         Transport

By   Renewable Source

·         Wind

·         Solar

By End User

·         Food & Beverages

·         Medical

·         Mobility

·         Industrial

·         Glass

·         Grid Injection

·         Petrochemicals

·         Power

·         Chemical


Green Hydrogen Industry: Regional Analysis

Europe Market Forecast

Europe dominate the Green Hydrogen Market with the highest revenue generating market with share of more than 47%. Europe is currently the world's largest market for green hydrogen, due to significant investments being made in this area by countries like Germany, France, and the Netherlands. The production and consumption of green hydrogen are subject to ambitious targets set by the European Union, which is also providing billions of euros in subsidies to support the market's expansion.

Asia Pacific Market Statistics

Asia Pacific is the second-largest market for Green Hydrogen. The Asia Pacific region is predicted to be the fastest growing green hydrogen industry in the future years. Concerns over air pollution are becoming more pressing, and China, Japan, and South Korea are investing in this sector as a way to reduce their dependency on imported fossil fuels. 


North America Market Forecasts

North America is expected to be the fastest-growing market for Green Hydrogen during the forecast period. The green hydrogen industry in North America is expected to grow rapidly in the upcoming years, despite the fact that it is still in its early stages. The commercial sector is growing more interested in investing in the green hydrogen industry as a result of the US's stringent rules governing its production and use.

Key Market Players

The Green Hydrogen Market is dominated by a few large companies, such as

·         PowerCell Sweden AB

·         Green Hydrogen Systems

·         BayoTech

·         Ballard Power Systems

·         Cummins Inc.

·         Siemens Energy

·         Nel ASA

·         Plug Power Inc.

·         Enapter S.r.l.

·         Areva H2Gen

·         HydrogenPro

·         Linde plc

·         ENGIE SA 

·         Kawasaki Heavy Industries, Ltd.

·         Others

Recent Developments:

·         June 2022, A joint venture between Air Liquide S.A. and Siemens Energy has been established in Europe to manufacture series renewable hydrogen electrolyzers at industrial scale. By combining the knowledge and experience of two of the top businesses in the world for electrolysis and hydrogen technology, this Franco-German partnership will facilitate the development of a sustainable hydrogen economy in Europe and support an ecosystem for hydrogen technology across the continent. It is anticipated that production will start in the second half of 2023 and reach a capacity of three gigatons annually by 2025.

·         May 2022, Toyota Motor Europe, Air Liquide S.A., and CaetanoBus have decided to work together on integrated hydrogen solution development. This will involve building out fleets of cars and developing infrastructure to hasten the adoption of hydrogen-powered transportation for both light- and heavy-duty vehicles.

1.      Global Green Hydrogen Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Green Hydrogen Market Scope and Market Estimation

1.2.1. Global Green Hydrogen Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2. Global Green Hydrogen Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1. Component of Global Green Hydrogen Market

1.3.2. Technology of Global Green Hydrogen Market

1.3.3. Renewable Source of Global Green Hydrogen Market

1.3.4. Region of Global Green Hydrogen Market

2.      Executive Summary

2.1.    Global Green Hydrogen Market Industry Trends under COVID-19 Outbreak

2.1.1. Global COVID-19 Status Overview

2.1.2. Influence of COVID-19 Outbreak on Global Green Hydrogen Market Industry Development

2.2.    Market Dynamics

2.2.1. Drivers

2.2.2. Limitations

2.2.3. Opportunities

2.2.4. Impact Analysis of Drivers and Restraints

2.3.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.4.    Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.5.    Porter’s Five Forces Analysis

2.5.1. Bargaining Power of Suppliers

2.5.2. Bargaining Power of Buyers

2.5.3. Threat of Substitutes

2.5.4. Threat of New Entrants

2.5.5. Competitive Rivalry

2.6.    Value Chain / Ecosystem Analysis

2.7.    Russia-Ukraine War Impacts Analysis

2.8.    Economic Downturn Analysis

2.9.      Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.      Global Green Hydrogen Market Estimates & Historical Trend Analysis (2019 - 2022)

4.      Global Green Hydrogen Market Estimates & Forecast Trend Analysis, by TECHNOLOGY

4.1.    Global Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, by TECHNOLOGY, 2019 to 2033

4.1.1. Alkaline Electrolyzer

4.1.2. Solid Oxide Electrolyzer

4.1.3. Proton Exchange Membrane Electrolyzer

5.      Global Green Hydrogen Market Estimates & Forecast Trend Analysis, by Application

5.1.    Global Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, by Application, 2019 to 2033

5.1.1. Power Generation

5.1.2. Transport

6.      Global Green Hydrogen Market Estimates & Forecast Trend Analysis, by Renewable Source

6.1.    Global Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, by Renewable Source, 2019 to 2033

6.1.1. Hospital

6.1.2. speciality Clinics

7.      Global Green Hydrogen Market Estimates & Forecast Trend Analysis, by END USER

7.1.    Global Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, by Renewable Source, 2019 to 2033

7.1.1. Food & Beverages

7.1.2. Medical

7.1.3. Mobility

7.1.4. Industrial

7.1.5. Glass

7.1.6. Grid Injection

7.1.7. Petrochemicals

7.1.8. Power

7.1.9. Chemical

8.      Global Green Hydrogen Market Estimates & Forecast Trend Analysis, by Region

8.1.    Global Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2033

8.1.1. North America

8.1.2. Europe

8.1.3. Asia Pacific

8.1.4. Middle East & Africa

8.1.5. South America

9.      North America Green Hydrogen Market: Estimates & Forecast Trend Analysis

9.1.    North America Green Hydrogen Market Assessments & Key Findings

9.1.1. North America Green Hydrogen Market Introduction

9.1.2. North America Green Hydrogen Market Size Estimates and Forecast (US$ Million) (2019 – 2033)   By TECHNOLOGY   By Application   By Renewable Source   By END USER   By Country     The U.S.     Canada     Mexico

10.  Europe Green Hydrogen Market: Estimates & Forecast Trend Analysis

10.1.  Europe Green Hydrogen Market Assessments & Key Findings

10.1.1.   Europe Green Hydrogen Market Introduction

10.1.2.   Europe Green Hydrogen Market Size Estimates and Forecast (US$ Million) (2019 – 2033)    By TECHNOLOGY    By Application    By Renewable Source    By END USER    By Country Germany U.K. France Italy Spain Russia Rest of Europe

11.  Asia Pacific Green Hydrogen Market: Estimates & Forecast Trend Analysis

11.1.  Asia Pacific Market Assessments & Key Findings

11.1.1.   Asia Pacific Green Hydrogen Market Introduction

11.1.2.   Asia Pacific Green Hydrogen Market Size Estimates and Forecast (US$ Million) (2019 – 2033)    By TECHNOLOGY    By Application    By Renewable Source    By END USER    By Country China Japan India Australia South Korea ASEAN Rest of Asia Pacific

12.  Middle East & Africa Green Hydrogen Market: Estimates & Forecast Trend Analysis

12.1.  Middle East & Africa Market Assessments & Key Findings

12.1.1.   Middle East & Africa Green Hydrogen Market Introduction

12.1.2.   Middle East & Africa Green Hydrogen Market Size Estimates and Forecast (US$ Million) (2019 – 2033)    By TECHNOLOGY    By Application    By Renewable Source    By END USER    By Country U.A.E. Saudi Arabia Egypt South Africa Rest of Middle East & Africa

13.  South America Green Hydrogen Market: Estimates & Forecast Trend Analysis

13.1.  South America Market Assessments & Key Findings

13.1.1.   South America Green Hydrogen Market Introduction

13.1.2.   South America Green Hydrogen Market Size Estimates and Forecast (US$ Million) (2019 – 2033)    By TECHNOLOGY    By Application    By Renewable Source    By END USER    By Country Brazil Argentina Colombia Rest of South America

14.  Competition Landscape

14.1.  Global Green Hydrogen Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

14.2.  Global Green Hydrogen Market Competition White Space Analysis, By Renewable Source

14.3.  Global Green Hydrogen Market Competition Heat Map Analysis, By Renewable Source

14.4.  Global Green Hydrogen Market Concentration & Company Market Shares (%) Analysis, 2022

15.  Company Profiles

15.1.                     PowerCell Sweden AB

15.1.1.   Company Overview & Key Stats

15.1.2.   Financial Performance & KPIs

15.1.3.   Product Portfolio

15.1.4.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

15.2.      Green Hydrogen Systems

15.3.      BayoTech

15.4.      Ballard Power Systems

15.5.      Cummins Inc.

15.6.      Siemens Energy

15.7.      Nel ASA

15.8.      Plug Power Inc.

15.9.      Enapter S.r.l.

15.10.  Areva H2Gen

15.11.  HydrogenPro

15.12.  Linde plc

15.13.  ENGIE SA 

15.14.  Kawasaki Heavy Industries, Ltd.

15.15.  Others

16.  Research Methodology

16.1.  External Transportations / Databases

16.2.  Internal Proprietary Database

16.3.  Primary Research

16.4.  Secondary Research

16.5.  Assumptions

16.6.  Limitations

16.7.  Report FAQs

17.  Research Findings & Conclusion

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).


The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.

Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Green Hydrogen Market in 2024?

Green Hydrogen Market was valued at USD 7.82 Billion in 2024.

What is the growth rate for the Green Hydrogen Market?

Green Hydrogen Market size will increase at approximate CAGR of 39.3% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the Green Hydrogen Market are PowerCell Sweden AB, Green Hydrogen Systems, BayoTech, Ballard Power Systems, Cummins Inc, Siemens Energy, Nel ASA, Plug Power Inc, Enapter S.r.l., Areva H2Gen, HydrogenPro, Linde plc, ENGIE SA, Kawasaki Heavy Industries, Ltd. and Other.

Which region dominates the Green Hydrogen Market?

Europe dominates the market with an active share of 47%.


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