Press release
Exponential Surge in Green Hydrogen Market: Outlook, Forecast and Trends for 2024-2029
Green Hydrogen Market Size
What Is The Projected Market Size Of The Global Green Hydrogen Market And Its Growth Rate?
Recent years have witnessed a significant growth in the green hydrogen market due to emerging markets and rising demand:
• Market in 2024: $2.46 billion
• Market in 2025: $3.83 billion (CAGR of 55.4%)
• Market in 2029: $16.65 billion (CAGR of 44.4%)
This boost can be linked to low interest rates, the high environmental impact of conventional power generation, increased demand from the chemical industry, economic growth, government initiatives, population growth, urbanization and investments in renewable power generation.
What Is Driving The Growth In The Green Hydrogen Market?
Environmental concerns are the main driver for growth in the green hydrogen market. Green hydrogen is produced by electrolyzing water with electricity from low-carbon sources, helping to reduce carbon emissions. In an effort to bring energy-related carbon dioxide emissions to net zero by 2050, the International Energy Agency aims to significantly reduce reliance on fossil fuels - the major culprits for poor air quality. The agency estimates roughly 6.74 million premature deaths by 2050 due to indoor and outdoor air pollution. Therefore, the rising environmental concerns are boosting the growth of the green hydrogen market.
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Who Are the Key Players Driving Green Hydrogen Market Growth?
Key players in the green hydrogen market include:
• Linde
• Siemens Energy AG
• Air Liquide
• Toshiba Energy Systems & Solutions Corporation
• Engie
• Ballard Power Systems
• Cummins Inc.
and many others.
What Are The Key Trends In The Green Hydrogen Market?
Emerging trends in the green hydrogen market include:
• Implementing AI technology to increase operational efficiency
• Offering IoT-related advisory solutions to increase operational efficiency
• Implementing smart meters to accurately measure hydrogen gas flow rate and concentration
• Increased investment to leverage growing demand.
What Are The Segments Of The Global Green Hydrogen Market?
The green hydrogen market's segmentations are:
• By Technology: Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide Electrolyzer
• By Application: Power Generation, Transport, Other Applications
• By End User Industry: Petrochemicals, Food And Beverages, Medical, Chemical, Glass, Other End-Use Industries
Which Region Leads The Green Hydrogen Market?
In 2024, Europe was the largest region in the green hydrogen market. The market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Green Hydrogen Market Global Market Report?
- Market Size Analysis: Analyze the Green Hydrogen Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Green Hydrogen Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Green Hydrogen Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Green Hydrogen Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
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