Green Hydrogen Market to Reach Valuation of USD 36.5 Billion by 2030 – Increasing Demand for Sustainable and Environmentally Friendly Chemical Products Drives the Market

In terms of revenue, the Global Green Hydrogen Market is expected to reach USD 36.5 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 39.8% from 2023 to 2030.

is created through the electrolysis of water using electric power generated by renewable energy sources such as wind or solar energy. The presence of favourable government policies promoting the hydrogen economy, as well as growing environmental concerns about rising carbon emissions from the use of fossil fuels, are projected to stimulate demand for the hydrogen economy. This tendency is expected to give the industry with a potential growth scenario.

is one of the world's greenest categories of energy and one of the ultimate options to attain net-zero emissions. The gas is created through electrolysis using power generated by renewable energy sources such as solar and wind. Water was split into hydrogen and oxygen by an electric current. Because oxygen is the only by product of this process, there are no greenhouse gas emissions, making it a perfect replacement for carbon-emitting fuels.

production from renewable sources, such as wind and solar, has gotten easier and more cost-effective as technology has advanced. The development of new and more efficient technologies is projected to fuel the growth of the market even more. Furthermore, rivalry among producers and competing energy sources drives market innovation and development. For example, the battle between and Blue Hydrogen demonstrates 's promise as the sector's future.

Key Highlights from the Report

• Based on Technology, the alkaline electrolyzer segment dominates the Green Hydrogen market owing to its cost-effectiveness, enhanced efficiency, ability to use renewable energy sources, and various government initiatives to promote and other renewable energy sources.
• Based on Application, the power generation category is expected to be the fastest-growing category in the market in 2022, owing to the gaining traction as a clean and sustainable alternative to traditional sources of fossil fuel-derived hydrogen.
• Based on Region, Europe holds the significant market share within the Green Hydrogen market and will continue to dominate during the forecast period.

Market Dynamics

Governments around the world are offering various incentives and subsidies to promote the use of . These initiatives are designed to encourage businesses and individuals to transition to clean energy sources. Government policies such as carbon pricing, renewable energy targets, and subsidies promoting use are driving the demand and supply of this energy source in various markets. For example, the European Union has targeted producing at least one million tons of by 2024. It has recently announced a €2 billion Investment initiative to support the production of .

With the growing concerns about climate change, there is an increasing demand for clean and renewable energy sources. is one of the cleanest fuels available and is expected to play a significant role in transitioning to a low-carbon economy. Increasing awareness and demand for clean energy sources such as drives the market. For example, the growing demand for zero-emission transportation and the shift towards decarbonizing heavy industries from various sectors, including cement, steel, and chemical industries, has driven the demand for as an alternative energy source.

The Global Green Hydrogen Market is Segmented as follows

• Technology
  • Proton Exchange Membrane Electrolysers
  • Alkaline Electrolysers
  • Solid Oxide Electrolysers
• Application
  • Power Generation
  • Transport
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Green Hydrogen Market is

Linde PLC (Ireland), Air Products Inc. (U.S.), Air Liquide (France), Cummins Inc. (U.S.), Engie SA (France), Nel ASA (Norway), Siemens Energy (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Uniper SE (Germany), Bloom Energy (U.S.)

The Global Market Scope can be Tabulated as below