Press release
Global Green Hydrogen Market to Reach USD 65.7 Billion by 2034, Driven by Net-Zero Goals and Clean Energy Investments
Green hydrogen, produced by splitting water into hydrogen and oxygen using renewable electricity, is emerging as a key clean energy solution across industries such as chemicals, refining, steel, transport, and power generation. In 2023, more than 18 GW of new electrolyzer capacity was announced across Europe, Australia, the Middle East, and Latin America. Major energy players like Shell, BP, Iberdrola, and Adani are committing billions to hydrogen hubs, while companies such as Siemens Energy, ITM Power, Nel ASA, Plug Power, and Cummins are scaling up gigawatt-level electrolyzer production.
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Government Support Fuels Market Growth
Strong policy frameworks are shaping the industry's growth:
The EU's REPowerEU plan is pushing large-scale hydrogen adoption.
The U.S. Inflation Reduction Act (IRA) is offering tax credits and funding to accelerate clean hydrogen projects.
India's National Green Hydrogen Mission is targeting industrial use and export potential.
In 2023, hydrogen offtake agreements grew by 44% year-over-year, with rising demand from ammonia, methanol, fuels, heavy transport, and green steel production.
Technology Insights
Alkaline Electrolysis: Leading the market with 62% share in 2024, driven by maturity, low costs, and established supply chains. Large projects in China, India, Germany, and Spain are powered by this technology.
Proton Exchange Membrane (PEM) Electrolysis: Growing quickly with 27% of new installations, valued for flexibility with renewable energy. Major projects include ITM Power's 20 MW REFHYNE electrolyzer in Germany.
Solid Oxide Electrolysis: Still at pilot stage but promising high efficiency. Japan and Austria are testing industrial-scale applications.
Emerging Technologies: Newer models such as Anion Exchange Membrane (AEM) electrolyzers are being piloted for modular, decentralized production.
Regional Landscape section of the Green Hydrogen Market report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Renewable Sources Driving Hydrogen Production
Wind Power: Leads with 47% of new capacity in 2024. Flagship projects include the NortH2 (Netherlands) and Haru Oni (Chile).
Solar Power: Accounts for 38% of global capacity, led by Saudi Arabia's NEOM hub, India's Greenko, and Australia's Western Green Energy Hub.
Hybrid Wind-Solar Plants: Growing for cost efficiency and steady power supply, with projects in Spain and California.
Hydro & Geothermal: Used in Norway and Iceland for pioneering low-carbon hydrogen production.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Green Hydrogen Market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic
Some of the key companies in the global Green Hydrogen market include:
Siemens Energy AG
Toshiba Energy Systems & Solutions Corporation
Nel ASA
Linde
Cummins Inc
H&R Ölwerke Schindler GmbH
Wind to Gas Energy GmbH & Co. KG
Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd.
Air Liquide
Air Products and Chemicals, Inc.
Applications Across Industries
Ammonia Production: The largest use, with 39% share, including Saudi Arabia's 2 GW NEOM project aimed at exports.
Methanol Production: Expanding in China and Europe for plastics and fuel.
Transportation: Hydrogen is fueling buses, trucks, trains, and even shipping. Toyota, Hyundai, and Alstom are rolling out hydrogen buses and trains in Japan, South Korea, and Europe.
Power & Storage: Utilities in Germany and the U.S. are blending hydrogen with gas turbines for grid balancing and storing hydrogen in underground caverns.
Refining & Chemicals: Companies like Shell, BP, and TotalEnergies are replacing fossil-based hydrogen in refineries with green hydrogen.
Steelmaking & Industry: Firms like SSAB, ArcelorMittal, and Tata Steel are piloting hydrogen-based steel production to replace coal.
The report bifurcates the Green Hydrogen Market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Green Hydrogen Market Market Segmentation Analysis
By Technology Outlook (Revenue, USD Billion, 2021-2034)
Alkaline Electrolysis
Proton Exchange Membrane (PEM) Electrolysis
Solid Oxide Electrolysis
Others (AEM, biological production)
By Renewable Source Outlook (Revenue, USD Billion, 2021-2034)
Solar
Wind
Hydroelectric
Others (geothermal, biomass, hybrid)
By Application Outlook (Revenue, USD Billion, 2021-2034)
Ammonia Production
Methanol Production
Transportation (fuel cell vehicles, marine, aviation)
Power Generation & Energy Storage
Refining & Chemicals
Others (steel, electronics, food processing)
By End-Use Industry Outlook (Revenue, USD Billion, 2021-2034)
Energy & Utilities
Chemicals (fertilizer, methanol, specialty)
Transportation (mobility, shipping, aviation)
Industrial (steel, mining, cement)
Others (municipal, electronics, public sector)
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End-Use Insights
Energy & Utilities: Largest segment, holding 42% share in 2024, with companies such as EDF, Iberdrola, and NextEra building hydrogen hubs to support renewable grids.
Chemicals: Major ammonia and methanol producers like Yara and CF Industries are scaling up hydrogen use.
Transportation: Rapidly growing, with hydrogen being deployed in public buses, trucks, trains, and ports.
Industrial: Steel and heavy industries are accelerating trials and aiming for mass adoption by 2030.
Others: Municipal governments are piloting hydrogen buses, waste trucks, and electronics companies are using hydrogen for advanced manufacturing.
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