Green Hydrogen Market Set to Surge at 51.6% CAGR, to Reach USD 135.73 billion by 2031 | Transparency Market Research, Inc.

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Jan 08, 2024, 10:10 ET

Establishing a robust infrastructure and technological advances is likely to drive demand for green hydrogen in the market.

WILMINGTON, Del., Jan. 8, 2024 /PRNewswire/ -- The green hydrogen market was valued at US$ 2.14 billion in 2021. A CAGR of 51.6% is expected between 2022 and 2031. Green hydrogen market revenues are expected to reach US$ 135.73 billion in 2031.

The ongoing effort to reduce production costs is one thing that's influencing green hydrogen's future. As technology advances and economies of scale are achieved, green hydrogen will become more affordable than traditional hydrogen sources.

Renewable energy-powered electrolysis facilities will be key to the future of green hydrogen. Governments, industries, and investors will build green hydrogen production capacity in order to meet the growing demand.

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Enhanced efficiency and cost-effectiveness of electrolysis systems are expected to result from ongoing research and development. The performance of electrolyzers could be improved with new materials, catalysts, and system designs.

Green Hydrogen Market Report Scope:

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2020
Size in 2021	US$ 2.14 Bn
Forecast (Value) in 2031	US$ 135.73 Bn
Growth Rate (CAGR)	51.6 %
No. of Pages	267 Pages
Segments covered	Type, Source, End-user

Key Findings of the Market Report

A major share of 72.02% was held by polymer electrolyte membrane electrolyzes in 2021.
The solar segment accounted for 61.9% of the global market in 2021.
The wind segment accounted for a 38.1% market share in 2021.
In 2021, the chemical segment dominated the market with 37.9% of the market share.
In 2021, Europe held a substantial share of 58.7% of the global market.
In terms of market share, Germany represents over 29.7% of the green hydrogen market in Europe.
In 2021, Asia Pacific accounted for 20.12% of the global market for green hydrogen.

Global Green Hydrogen Market: Growth Drivers

The production of hydrogen, which relies on renewable energy sources like solar, wind, and hydropower, makes it a clean, sustainable energy source. Climate change is becoming a growing concern for governments and industries, which makes green hydrogen a viable solution.
Green hydrogen allows intermittent renewable energy sources like wind and solar to store and utilize excess energy. Storing surplus energy during high periods of renewable energy production assists in addressing the challenge of energy storage and grid balancing.
Green hydrogen technologies are being developed and adopted by many governments worldwide through policies and financial incentives. Renewable hydrogen production targets, tax incentives, and subsidies may be included in these policies. Increasing efficiency and cost-effectiveness are being achieved through advancements in electrolysis technologies. Providing green hydrogen with scalability and competitiveness results from research and development in this field.

Global Green Hydrogen Market: Regional Landscape

Green hydrogen is expected to dominate the market in Europe. Several European countries, including the European Union (EU), have promoted green hydrogen production and use. As part of its Hydrogen Strategy, the European Commission outlined a roadmap for European hydrogen economy development. In order to increase clean hydrogen production and use, the strategy aims to produce and use more green hydrogen.
National hydrogen strategies have been developed in several European countries aligned with European Union goals. Germany, Spain, France, and the Netherlands have significantly financed hydrogen infrastructure and projects. Green hydrogen production in Europe relies heavily on wind and solar power, which has been heavily, invested in renewable energy sources. Sustainability in the hydrogen value chain depends heavily on the integration of renewable energy.
Green hydrogen projects have been gaining popularity in Europe, both privately and publicly. Governments and companies in collaboration are developing hydrogen infrastructure and electrolysis facilities. A lot of EU funds go towards hydrogen projects, including the NextGenerationEU recovery plan. The green hydrogen market is further supported by national policies and incentives.

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Global Green Hydrogen Market: Key Players

Green hydrogen is a growing market worldwide, with a few large companies controlling most of the market share. Green hydrogen is being studied by several organizations investing a substantial amount of money into the study. Research and development activities also augment a significant portion of the market.

Siemens Energy AG
Reliance Industries Limited
ITM Power PLC
Air Products and Chemicals Inc.
Ballard Power Systems
Linde plc
Air Liquide
SRI Energy Inc.
Nel ASA
Green Hydrogen Systems
Iberdrola, S.A
Plug Power Inc.
SGH2 Energy

Key Developments

In December 2023, Amazon Inc., the world's largest online retailer, plans to fuel 225 hydrogen-powered forklift trucks at its DEN8 facility with low-carbon green hydrogen. In addition, Amazon installs electrolyzers with plug power in its fulfillment centers to produce green hydrogen for vehicle power.
In December 2023, ACWA Power signed a landmark agreement to develop a Green Hydrogen project in Egypt, a pioneering company in green hydrogen and a leading Saudi-listed company. With a global value of more than $4 billion, the project is expected to produce 600,000 tons of green ammonia in the first phase, followed by a second phase capable of producing 2 million tons annually.

Global Green Hydrogen Market: Segmentation

By Type

Polymer Electrolyte Membrane Electrolyzes
Alkaline Electrolyzes
Solid Oxide Electrolyzes

By Source

Solar
Wind

By End User

Transportation
Chemical
Petrochemical
Steel
Domestic
Others

By Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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