The green hydrogen market size is expected to grow from US$ 4,061.21 million in 2022 to US$ 88,055.64 million by 2030; it is estimated to record a CAGR of 46.9% from 2022 to 2030.
Analyst Perspective:
Many countries and organizations have set ambitious decarbonization goals, aiming to achieve net-zero emissions by 2050 or earlier. For instance, in October 2022, the government of Singapore announced its plan to achieve carbon neutrality by 2050 and increase hydrogen utilization as a major power source. According to The Deputy Prime Minister of Singapore, the carbon emission of the country is likely to reach 60 metric ton by 2030, a reduction of 5 metric ton compared to 2022. Green hydrogen is a key component of these goals, as it can be used as a clean energy carrier across various sectors, including transportation, industrial, and power generation. Similarly, in October 2022, the Minister of Energy and Mineral of Oman announced its plan to implement a green hydrogen strategy to fulfill the country’s climate change commitments. The country aims to reach net-zero emissions by 2050, in line with the Paris Agreement’s objectives of reducing global warming to 1.5°C compared to pre-industrial levels. Thus, the rising global plans for achieving net-zero emissions by 2050 are driving the green hydrogen market. Also, such plans are leading to push a greater number of hydrogen producers to shift from grey or blue hydrogen to green hydrogen production which is another major factor likely to provide new opportunities for green hydrogen market players during the forecast period.
Market Overview:
The green hydrogen market has been experiencing significant growth and is poised to become a major entity in the global energy landscape. In the industrial sector, green hydrogen can be utilized for processes such as ammonia production, refining, and steel manufacturing, replacing traditional hydrogen derived from natural gas. Moreover, green hydrogen has the potential to decarbonize the heating and cooling sectors, offering a clean alternative to fossil fuels in residential and commercial applications. Such applications are likely to provide new opportunities for green hydrogen market players during the near future.
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Green Hydrogen Market: Strategic Insights
Market Size Value in US$ 4,061.21 million in 2022 Market Size Value by US$ 88,055.64 million by 2030 Growth rate CAGR of 46.9% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Green Hydrogen Market: Strategic Insights
| Market Size Value in | US$ 4,061.21 million in 2022 |
| Market Size Value by | US$ 88,055.64 million by 2030 |
| Growth rate | CAGR of 46.9% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Fuel cell electric vehicles (FCEVs) use hydrogen as a fuel and employ fuel cells to generate electricity, providing a clean and efficient alternative to traditional internal combustion engine vehicles. With countries striving to reduce carbon emissions and transition to low-carbon transportation, the demand for FCEVs is increasing across the globe. As a result, various market players are involved in strategic development, such as partnerships, collaborations, and agreements, to enhance their product offerings and fulfill the growing demand for FCEVs. For instance, in July 2023, Toyota Canada, one of the leading automobile manufacturers, signed a deal with Edmonton International Airport (YEG) for the supply of a fleet of 100 Mirai hydrogen fuel cell electric vehicles. Similarly, in July 2023, HYLA Brand, a brand of Nikola Corporation, signed an agreement with BayoTech, Inc. to expand the reliable supply of hydrogen for the commercial FCEV fleet. The adoption of FCEVs drives the need for green hydrogen production, as it is the primary source of fuel in these vehicles. For instance, according to the International Energy Agency (IEA) report, in 2022, globally, the number of FCEVs on roads increased by 40% compared to 2021. With the entry of more FCEVs into the market and the expansion of supporting hydrogen infrastructure, the demand for green hydrogen as a fuel source is also increasing. This, in turn, drives investment in the production, storage, and distribution of green hydrogen. Thus, the growing demand for FCEVs is driving the green hydrogen market.
Segmental Analysis:
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Based on end-use industry, the green hydrogen market is segmented into chemical, power, food & beverages, medical, petrochemicals, and others. The others segment is further bifurcated into mobility and the industrial sector. The green hydrogen market is showing significant growth potential in the mobility and industrial sectors. Green hydrogen, produced using renewable energy sources through electrolysis, has been gaining traction as a clean and sustainable energy carrier. In the mobility sector, several automakers have been investing in the development and commercialization of hydrogen fuel cell vehicles (FCVs).
Green Hydrogen Market, by End-Use Industry
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Regional Analysis:
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The major hydrogen-producing countries in North America are the US and Canada. Both countries have significant hydrogen production capabilities and are actively involved in advancing hydrogen technologies and initiatives. The US and Canada are actively exploring ways to increase the production of green hydrogen to support their climate and decarbonization goals. This includes investment in research and development, building hydrogen infrastructure, and fostering collaborations between public and private sectors to drive the green hydrogen market in the region.
The presence of major hydrogen-producing companies such as Cummins Inc, Air Products and Chemicals Inc, and Canadian Natural Resources Limited is playing a crucial role in fueling the growth of the green hydrogen market in North America. These companies are leveraging their expertise, resources, and infrastructure to accelerate the development and adoption of green hydrogen as a sustainable energy solution. These companies have the capacity and expertise to boost green hydrogen production. By increasing production volumes, these companies can reduce costs and make green hydrogen more accessible to various industries and applications. Overall, major hydrogen producers in North America offer expertise, financial strength, and influence on the green hydrogen market, contributing significantly to the green hydrogen market growth and development as a clean and sustainable energy solution.
Key Player Analysis:
Air Liquide, Siemens Energy, Cummins Inc., Linde Plc, NEL ASA, Ørsted A/S, Toshiba Energy Systems and Solutions Corporation, Uniper SE, Engie, and Air Products and Chemicals Inc are among the key green hydrogen market players operating across the world.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies operating in the global green hydrogen market. A few recent developments by key green hydrogen market players are listed below:
- In 2023, Air Liquide sold its 19% stake in Hydrogenics Corporation, the fuel cell and hydrogen production technologies provider, to Cummins—who owns the remaining 81% of the company. With a large portfolio of technologies, Air Liquide is committed to the development of hydrogen, and the group is a leader in developing and operating large-scale electrolyzers.
- In 2023, Air Liquide and Iveco Group reaffirmed their commitment to hydrogen at the inauguration of the first high-pressure hydrogen station for long-haul trucks in Europe.
- In 2023, Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA, signed a contract for 20 MW of alkaline electrolyzer equipment for ~US$ 10.1 million with Hyd’Occ for its project in Port-La-Nouvelle, France. Nel has already performed and delivered the front-end engineering and design (FEED) study on the project.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Renewable Source, and End-use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Green hydrogen is produced through the process of electrolysis using renewable energy sources. Green hydrogen has versatile applications in transportation, chemical, power, petrochemical, food & beverages, and other sectors. It can be used as a fuel for fuel cell electric vehicles, a feedstock for industrial processes, and a clean energy source for heating and power generation.
Governments of various across the globe are recognizing the potential of green hydrogen as a clean and sustainable energy solution. They are taking proactive measures to support its development and deployment across various sectors. Thus, increasing investments in green hydrogen projects are expected to create lucrative opportunities for market expansion in the coming years.
Europe dominated the green hydrogen market in 2022. Since Russia's invasion of Ukraine, the hydrogen sector has gained significant importance in Europe due to the need for energy security and the EU's commitment to achieving net zero emissions. As the world's second-largest producer of natural gas, Russia plays a critical role in global hydrogen production, which has prompted the European Union to reevaluate its energy supply chains and reduce dependence on Russian fossil fuels.
Air Liquide, Siemens Energy, Cummins Inc., Linde Plc, and Uniper SE top five key market players operating in the global green hydrogen market.
Electrolysis is used to produce green hydrogen by splitting water molecules into hydrogen and oxygen using electricity. Technological advancements in electrolysis contribute to improving the efficiency, cost-effectiveness, and scalability of the production, storage, and utilization of green hydrogen.
The List of Companies - Green Hydrogen Market
- Air Liquide
- Siemens Energy
- Cummins Inc
- Linde Plc
- NEL ASA
- Ørsted A/S
- Toshiba Energy Systems and Solutions Corporation
- Uniper SE
- Engie
- Air Products and Chemicals, Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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