Global Green Hydrogen Market Expected to Reach USD 62,397.6 Million by 2033 - IMARC Group

January 08, 2025 | Energy & Mining

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Global Green Hydrogen Market Statistics, Outlook and Regional Analysis 2025-2033

The global green hydrogen market size was valued at USD 1,686.8 Million in 2024, and it is expected to reach USD 62,397.6 Million by 2033, exhibiting a growth rate (CAGR) of 46.89% from 2025 to 2033.

Green Hydrogen Market

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The global green hydrogen market is propelled by favorable government initiatives and policies aimed at decreasing carbon release and advancing renewable energy sources. With countries committing to net-zero carbon targets, the demand for green hydrogen is accelerating as it serves as a clean alternative to fossil fuels in hard-to-decarbonize sectors such as steel production, transportation, and chemical industries. Along with this, significant advancements in electrolyzer technology and declining costs of renewable energy, such as solar and wind, are also making green hydrogen more economically viable. Moreover, strategic investments by private and public entities in research, development, and infrastructure projects are escalating the adoption of green hydrogen solutions worldwide. On February 14, 2024, the Ministry of New & Renewable Energy (MNRE), India, released scheme guidelines to facilitate pilot projects for the use of green hydrogen as fuel in buses, trucks, and four-wheelers under National Green Hydrogen Mission. The total budgetary outlay under this scheme would be Rs 496 crore till the financial year 2025-26.

In addition to this, the growing emphasis on energy security and diversification of energy resources is significantly supporting the market. Green hydrogen offers a reliable energy storage solution that complements intermittent renewable energy sources, addressing grid stability challenges. Thus, this is providing an impetus to the market. On 25^th October 2024, NTPC partnered with the Indian Army to establish a 200kW Solar Hydrogen-based Microgrid in Chushul, Ladakh, at 4,400 meters altitude. Designed for year-round operation in harsh -30°C winters, this innovative system replaces diesel gensets, ensuring sustainable power for off-grid Army locations. NTPC will maintain the project for 25 years, supporting clean energy adoption and reducing carbon emissions. The scope of the market is further expanded by the possibility of green hydrogen being used as a feedstock for ammonia and methanol, especially in industrial applications. Besides this, the development of strategic international partnerships for hydrogen trade and hydrogen hubs are also driving the growth of the market. This shift is in line with global sustainability goals, which promote innovation and create a favorable environment for long-term investment in green hydrogen technologies.

Global Green Hydrogen Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe accounted for the largest market share on account of its strong climate policies, renewable energy investments, and strategic initiatives such as hydrogen valleys.

Europe Green Hydrogen Market Trends:

Europe stands as the largest regional segment in the green hydrogen market, driven by ambitious climate policies and significant investments in renewable energy infrastructure. The European Union's Green Deal and hydrogen strategy have formed a solid framework for developing and implementing green hydrogen into different industries. Countries such as Germany, France, and the Netherlands are leading projects towards scaling up green hydrogen production and integration. Additionally, Europe's commitment to reducing dependence on fossil fuels and achieving energy independence is driving the rapid adoption of hydrogen technologies in transportation, manufacturing, and energy storage. Hydrogen valleys and cross-border partnerships establish a new benchmark, marking the leadership of Europe in the global green hydrogen landscape. On 27^th February 2024, European authorities announced funding up to €370 million (USD 400 Million) in support of a Green Hydrogen Valley in Puglia, Italy, led by Edison, Saipem, and Sosteneo. The project will consist of 260 MW of solar PV and 160 MW of electrolysis capacity near Brindisi and Taranto for green hydrogen to be used for decarbonizing steel production. Italy's grid operator Snam will invest €100 Million in upgrades to hydrogen pipelines, to be completed by 2028.

North America Green Hydrogen Market Trends:

North America is among the most rapidly growing markets for green hydrogen, due to massive investments in renewable energy projects and favorable policy frameworks. Activities such as the incorporation of hydrogen into power grids, transportation, and industrial processes are being undertaken by the US and Canada. Technological advancement and keeping this region competitive with global forces in the development of green hydrogen are further supplemented by federal funding for hydrogen hubs and public-private partnerships.

Asia Pacific Green Hydrogen Market Trends:

Asia Pacific is rapidly emerging in the green hydrogen market in the face of rapid industrialization and adoption of increasing renewable energy. Countries include Japan, South Korea, and Australia that are rapidly investing in hydrogen infrastructure along with export capabilities. Government incentives and collaborations for decarbonizing industries such as transportation and power generation further bolster the market. Additionally, the region’s abundant solar and wind resources enhance green hydrogen production potential.

Latin America Green Hydrogen Market Trends:

Latin America has robust growth in the green hydrogen market, mainly due to its high renewable energy potential and policies favorable for governments to transition towards clean energy. Chile and Brazil, in particular, are investing in solar and wind energy as long-term sustainable energy sources for green hydrogen. Other incentives to develop infrastructure come from export opportunities to the hungry energy regions of Europe, which will render Latin America a promising contributor to the global green hydrogen ecosystem.

Middle East and Africa Green Hydrogen Market Trends:

The Middle East and Africa regions are using their available solar energy and favorable geography to position themselves as a leading competitor in the green hydrogen market. Countries including Saudi Arabia and Namibia have planned ambitious projects to manufacture and export green hydrogen. In addition, the growing interest of international investors and partnerships aimed at meeting the overall global energy demands is driving the region's pace, making it a key player in the supply chain of green hydrogen.

Top Companies Leading in the Green Hydrogen Industry

Some of the leading green hydrogen market companies include Air Liquide S.A., Air Products and Chemicals Inc., Enapter AG, Green Hydrogen Systems A/S, Linde plc, Nel ASA, Ørsted A/S, Plug Power Inc., Siemens Energy AG, Uniper SE (Fortum Oyj), among others. On 29^th October 2024, Enapter AG partnered with Adsensys B.V. to supply patented AEM stacks for green hydrogen production, enabling Adsensys to build megawatt-scale “AEM powered” electrolyzers. Adsensys plans to deliver 10 MW of electrolysis capacity by 2026, using Enapter’s EMS software for control. Revenue from stack sales is expected to begin in 2025, marking Enapter’s first software commercialization milestone.

Global Green Hydrogen Market Segmentation Coverage

On the basis of the technology, the market has been categorized into proton exchange membrane electrolyzer, alkaline electrolyzer, and others, wherein alkaline electrolyzer represents the leading segment. This can be attributed to their cost-effectiveness, durability, and suitability for large-scale hydrogen production. This technology has a proven track record, operating efficiently with abundant and low-cost alkaline solutions as electrolytes. Its scalability and compatibility with renewable energy sources such as wind and solar render it a preferred choice for industrial applications. Additionally, continuous advancements in design and reduced operational costs further solidify alkaline electrolyzers as the leading technology segment in the market.
Based on the application, the market is classified into power generation, transport, and others, amongst which transport dominates the market. This can be attributed to the global push to decarbonize mobility and reduce the dependence on fossil fuels. Green hydrogen fuels fuel cell vehicles, making zero-emission solutions for heavy-duty trucks, buses, and trains. It also has a long range and capacity for fast refueling suitable for use in commercial and public transport. Increased investments in hydrogen infrastructure and the development of hydrogen-powered vehicles solidify transport's leadership status in this market segment further.
On the basis of the distribution channel, the market has been divided into pipeline and cargo. Among these, pipeline accounts for the majority of the market share, offering efficient, cost-effective, and scalable transportation solutions. They enable seamless integration with existing natural gas infrastructure, reducing the need for entirely new networks. Pipelines are particularly advantageous for supplying hydrogen to industrial clusters and power plants over long distances. Continual advancements in pipeline materials and technologies to prevent hydrogen embrittlement, along with government support for infrastructure development, further enhance their prominence in the market.

Report Features	Details
Market Size in 2024	USD 1,686.8 Million
Market Forecast in 2033	USD 62,397.6 Million
Market Growth Rate 2025-2033	46.89%
Units	Million USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Technology Application Distribution Channel Region
Technologies Covered	Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Others
Applications Covered	Power Generation, Transport, Others
Distribution Channels Covered	Pipeline, Cargo
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Air Liquide S.A., Air Products and Chemicals Inc., Enapter AG, Green Hydrogen Systems A/S, Linde plc, Nel ASA, Ørsted A/S, Plug Power Inc., Siemens Energy AG, Uniper SE (Fortum Oyj), etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Green Hydrogen Market Expected to Reach USD 62,397.6 Million by 2033 - IMARC Group

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