Reports
Global Green Hydrogen Market Share, Analysis, Research: By Technology/Electrolyser: Alkaline Water Electrolysis, PEM (Proton Exchange Membrane), SOEC (Solid Oxide Fuel Cell); By End User: Transport / Mobility, Utilities, Others; By Source; By Capacity; Regional Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032
Global Green Hydrogen Market Outlook
The global green hydrogen market size reached a volume of 3.28 million tonnes in 2023. The market is likely to grow further at a CAGR of 65.4% during 2024-2032 to reach a volume of 304.52 million tonnes in 2032.
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News and Developments in the Market
In September 2023, Linde announced the development of a 35-megawatt PEM (Proton Exchange Membrane) electrolyser to produce green hydrogen in Niagara Falls, New York. The company aims to bolster the production capacity of green liquid hydrogen with the new electrolyser and use hydroelectric power in order to meet the demand for green liquid hydrogen.
In June 2023, Reliance Industries Ltd. announced that the company is assessing new technologies for developing electrolysers in order to facilitate the cost-effective production of green hydrogen in India.
Also, the company intends to bid for production-linked incentives offered by the government to promote the green hydrogen technology. The company aims to produce green hydrogen at $1 per kilogram by 2030 and make India a leader in green hydrogen production and exports. Such developments by the key players are expected to drive the green hydrogen market.
In December 2021, Engie and Masdar of Abu Dhabi collaborated on developing a giga-scale green hydrogen hub with an electrolyser capacity of 2 gigawatts in the UAE. The companies aim to accelerate the local supply by bolstering the production capacity, further increasing exports to other markets.
In November 2021, Siemens Energy signed a Memorandum of Understanding with Oman Hydrogen Centre (OHC) to identify the potential applications of green hydrogen in local markets and offer technical expertise to develop green hydrogen solutions. Such collaborations by the leading global market players are likely to accelerate the green hydrogen market expansion.
In January 2021, Engie and Total signed an agreement to develop and operate the Masshylia project in France, a green hydrogen production site. The production site included a 40 MW electrolyser which is likely to produce 5 tonnes of green hydrogen daily. The green hydrogen is to be used to produce biofuel in the Total biorefinery in La Mède to reduce CO2 emissions annually.
Expanding Production, Surge in Eco-Consciousness, Government Initiatives, and Research Activities to be the Major Green Hydrogen Market Trends
Green hydrogen is a result of water electrolysis, in which electricity from renewable sources is used to segregate the hydrogen and oxygen molecules. Green hydrogen is either compressed or liquefied for use as a green energy source, as it lowers carbon emissions and plays a critical role in limiting the impact of climate change.
- There is a surge in the production of green hydrogen due to the reduction in the costs of electrolysers, the development of high-temperature electrolyser processes, and the measures taken to overcome the system inefficiencies.
- The emerging need to decarbonise the planet, owing to the escalating eco-consciousness among the population and the rising need to reduce dependency on fossil fuels, is aiding the green hydrogen market development.
- The government initiatives to bolster the production of green hydrogen are supporting the market. For instance, in September 2021, the Government of India planned to implement a production-linked incentive scheme to bolster the indigenous manufacturing of electrolysers to set 10 gigawatts of domestic manufacturing capacity for green hydrogen.
- There is an expansion in research and development activities to devise new solutions and multiple methods to produce green hydrogen, such as the decomposition of natural gas, solar hydrogen production, and thermochemical splitting, among others.
Green Hydrogen Market Analysis
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The market can be divided based on technology/electrolyser into alkaline water electrolysis, PEM (proton exchange membrane), and SOEC (solid oxide fuel cell). On the basis of end user, the market is segmented into transport / mobility, utilities, grid injection, and industrial, among others. Based on source, the market is classified into solar, wind, and geothermal, among others. On the basis of capacity, the market is divided into up to 500 KW, 501-1500 KW, 1501-5000 KW, and above 5000 KW.
The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The comprehensive EMR report offers an extensive assessment of the green hydrogen market on the basis of Porter's five forces model, along with giving a SWOT analysis.
The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Air Liquide
- Linde Plc
- Air Products & Chemicals Inc.
- Engie
- Uniper SE
- Siemens Energy AG
- Reliance Industries Ltd
- Madoqua Renewables
- Tecnimont Marie
- Others
Green Hydrogen Market Share to be Influenced by the Rising Utilisation of Proton Exchange Membrane (PEM) Electrolysers
The proton exchange membrane electrolysers provide multiple benefits, like a faster response, high pressure, lower gas permeability, and the ability to perform in high-pressure or low-temperature operations, among others. There is an increasing availability of superior quality PEM electrolysers and the market players are increasing their efforts to deliver proton exchange membrane electrolysers that are fit for on-site storage. The research activities to enhance the operations of the components of PEM electrolysers for cost-efficiency are expected to support the green hydrogen market.
Meanwhile, alkaline water electrolysis is a safe and simple technology but demands more energy. It requires concentrated lye as an electrolyte and a gas-impermeable separator to avoid the mixing of hydrogen and oxygen gases. It is increasingly used in large-scale industrial applications, owing to its ability for mega-watt production, extended lifetime, and lower maintenance costs.
Solid oxide fuel cell offers benefits like increased efficiency and robustness, and requires ceramic for its production and no precious metals. Also, the solid oxide electrolysis cells technology is energy-efficient. It operates at high temperatures and atmospheric pressure.
Increasing Demand from the Transportation Sector to Support the Green Hydrogen Market Expansion
The improved living standards are leading to the rising demand for fuel cell electric vehicles that use green hydrogen as a fuel. The increasing need to reduce carbon emissions in the transportation sector is resulting in the development of eco-friendly vehicles, such as fuel cell electric vehicles powered by hydrogen. Governments worldwide are taking initiatives to introduce the sustainable transportation solutions and encourage the public to use them for a cleaner future.
For instance, in March 2023, the Government of India launched Toyota Mirai, a green hydrogen fuel cell electric vehicle (FCEV) that is suitable for Indian climatic conditions in New Delhi. The government plans to develop a green hydrogen-based ecosystem in the country through the FCEV technology. Such initiatives by the governments are expected to accelerate the green hydrogen market growth globally.
There is an increased injection of green hydrogen into the natural gas grids to decarbonise the residential and industrial heating loads; this is achieved by delivering green hydrogen fuel or mixing it with natural gas to lower the carbon content in the natural gas network. Several pilot projects are underway which include the use of renewable electricity to power electrolysis, splitting water into hydrogen and oxygen, and the grid entry unit which blends this hydrogen with natural gas to proportionally reduce the gas stream’s carbon content.
Besides, green hydrogen is extensively used in various industries for multiple applications. It is used in the chemical industry for manufacturing ammonia and fertilisers and in the petrochemical industry to produce petroleum products. Also, it is utilised in the steel industry owing to its environment-friendly nature.
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Competitive Landscape of Green Hydrogen Market
Air Liquide is a global company that deals with gases for industries and the health sector. The company aims to overcome environmental challenges and contribute to a more sustainable world with the industrial-scale production of green hydrogen.
Linde Plc is a multinational industrial gas company based in the United Kingdom. The company offers industrial gases to various end-use sectors, like chemicals, electronics, healthcare, metals, and others. The company provides state-of-the-art gas processing solution to enhance efficiency, reduce carbon emissions, and meet customer demands.
Engie is a France-based utility company that delivers services in renewable energy and storage. The company intends to accelerate the transition to net zero carbon by promoting low carbon infrastructure and reducing energy consumption.
Other green hydrogen market players include Air Products & Chemicals Inc., Uniper SE, Siemens Energy AG, Reliance Industries Ltd, Madoqua Renewables, and Tecnimont Marie.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology/Electrolyser |
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| Breakup by End User |
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| Breakup by Source |
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| Breakup by Capacity |
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| Breakup by Region |
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| Market Dynamics |
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| Price Analysis |
|
| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Green Hydrogen Share in the Net Zero Scenario, 2020-2030
8.1 By Application
8.2 By Technology
9 Global Green Hydrogen Market Analysis
9.1 Key Industry Highlights
9.2 Global Green Hydrogen Historical Market (2018-2023)
9.3 Global Green Hydrogen Market Forecast (2024-2032)
9.4 Global Green Hydrogen Market by Technology/Electrolyser
9.4.1 Alkaline Water Electrolysis
9.4.1.1 Market Share
9.4.1.2 Historical Trend (2018-2023)
9.4.1.3 Forecast Trend (2024-2032)
9.4.2 PEM (Proton Exchange Membrane)
9.4.2.1 Market Share
9.4.2.2 Historical Trend (2018-2023)
9.4.2.3 Forecast Trend (2024-2032)
9.4.3 SOEC (Solid Oxide Fuel Cell)
9.4.3.1 Market Share
9.4.3.2 Historical Trend (2018-2023)
9.4.3.3 Forecast Trend (2024-2032)
9.5 Global Green Hydrogen Market by End User
9.5.1 Transport / Mobility
9.5.1.1 Market Share
9.5.1.2 Historical Trend (2018-2023)
9.5.1.3 Forecast Trend (2024-2032)
9.5.2 Utilities
9.5.2.1 Market Share
9.5.2.2 Historical Trend (2018-2023)
9.5.2.3 Forecast Trend (2024-2032)
9.5.3 Grid Injection
9.5.3.1 Market Share
9.5.3.2 Historical Trend (2018-2023)
9.5.3.3 Forecast Trend (2024-2032)
9.5.4 Industrial
9.5.4.1 Market Share
9.5.4.2 Historical Trend (2018-2023)
9.5.4.3 Forecast Trend (2024-2032)
9.5.5 Others
9.6 Global Green Hydrogen Market by Source
9.6.1 Solar
9.6.1.1 Market Share
9.6.1.2 Historical Trend (2018-2023)
9.6.1.3 Forecast Trend (2024-2032)
9.6.2 Wind
9.6.2.1 Market Share
9.6.2.2 Historical Trend (2018-2023)
9.6.2.3 Forecast Trend (2024-2032)
9.6.3 Geothermal
9.6.3.1 Market Share
9.6.3.2 Historical Trend (2018-2023)
9.6.3.3 Forecast Trend (2024-2032)
9.6.4 Others
9.7 Global Green Hydrogen Market by Capacity
9.7.1 Up to 500 KW
9.7.1.1 Market Share
9.7.1.2 Historical Trend (2018-2023)
9.7.1.3 Forecast Trend (2024-2032)
9.7.2 501-1500 KW
9.7.2.1 Market Share
9.7.2.2 Historical Trend (2018-2023)
9.7.2.3 Forecast Trend (2024-2032)
9.7.3 1501-5000 KW
9.7.3.1 Market Share
9.7.3.2 Historical Trend (2018-2023)
9.7.3.3 Forecast Trend (2024-2032)
9.7.4 Above 5000 KW
9.7.4.1 Market Share
9.7.4.2 Historical Trend (2018-2023)
9.7.4.3 Forecast Trend (2024-2032)
9.8 Global Green Hydrogen Market by Region
9.8.1 North America
9.8.1.1 Market Share
9.8.1.2 Historical Trend (2018-2023)
9.8.1.3 Forecast Trend (2024-2032)
9.8.2 Europe
9.8.2.1 Market Share
9.8.2.2 Historical Trend (2018-2023)
9.8.2.3 Forecast Trend (2024-2032)
9.8.3 Asia Pacific
9.8.3.1 Market Share
9.8.3.2 Historical Trend (2018-2023)
9.8.3.3 Forecast Trend (2024-2032)
9.8.4 Latin America
9.8.4.1 Market Share
9.8.4.2 Historical Trend (2018-2023)
9.8.4.3 Forecast Trend (2024-2032)
9.8.5 Middle East and Africa
9.8.5.1 Market Share
9.8.5.2 Historical Trend (2018-2023)
9.8.5.3 Forecast Trend (2024-2032)
10 North America Green Hydrogen Market Analysis
10.1 United States of America
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Canada
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
11 Europe Green Hydrogen Market Analysis
11.1 United Kingdom
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Germany
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 France
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 Italy
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Spain
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Asia Pacific Green Hydrogen Market Analysis
12.1 China
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Japan
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 India
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 South Korea
12.4.1 Market Share
12.4.2 Historical Trend (2018-2023)
12.4.3 Forecast Trend (2024-2032)
12.5 Vietnam
12.5.1 Market Share
12.5.2 Historical Trend (2018-2023)
12.5.3 Forecast Trend (2024-2032)
12.6 Philippines
12.6.1 Market Share
12.6.2 Historical Trend (2018-2023)
12.6.3 Forecast Trend (2024-2032)
12.7 Australia
12.7.1 Market Share
12.7.2 Historical Trend (2018-2023)
12.7.3 Forecast Trend (2024-2032)
12.8 Others
13 Latin America Green Hydrogen Market Analysis
13.1 Brazil
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 Argentina
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Mexico
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 Others
14 Middle East and Africa Green Hydrogen Market Analysis
14.1 Saudi Arabia
14.1.1 Market Share
14.1.2 Historical Trend (2018-2023)
14.1.3 Forecast Trend (2024-2032)
14.2 United Arab Emirates
14.2.1 Market Share
14.2.2 Historical Trend (2018-2023)
14.2.3 Forecast Trend (2024-2032)
14.3 Egypt
14.3.1 Market Share
14.3.2 Historical Trend (2018-2023)
14.3.3 Forecast Trend (2024-2032)
14.4 South Africa
14.4.1 Market Share
14.4.2 Historical Trend (2018-2023)
14.4.3 Forecast Trend (2024-2032)
14.5 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Production Cost Analysis, By Major Producing Countries
17 Price Analysis
17.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Air Liquide
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Linde Plc
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Air Products & Chemicals Inc.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Engie
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Uniper SE
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Siemens Energy AG
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Reliance Industries Ltd
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Madoqua Renewables
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Tecnimont Marie
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Others
19 Key Trends and Developments in the Market
Key Questions Answered in the Report
In 2023, the market attained a volume of nearly 3.28 million tonnes.
The major market drivers include the increasing use in transportation sector, availability of different types of electrolysers, and the increasing utilisation across industries.
The key market trends creating growth opportunities include the escalating eco-consciousness, government initiatives, and research activities to develop new methods to produce green hydrogen.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach almost 304.52 million tonnes by 2032.
The significant technologies/electrolysers in the market are alkaline water electrolysis, PEM (proton exchange membrane), and SOEC (solid oxide fuel cell).
The market is assessed to grow at a CAGR of 65.4% between 2024 and 2032.
The various end users of green hydrogen are transport / mobility, utilities, grid injection, and industrial, among others.
The different sources of green hydrogen are solar, wind, and geothermal, among others.
The various capacities in the market are up to 500 KW, 501-1500 KW, 1501-5000 KW, and above 5000 KW.
The major players in the market are Air Liquide, Linde Plc, Air Products & Chemicals Inc., Engie, Uniper SE, Siemens Energy AG, Reliance Industries Ltd, Madoqua Renewables, and Tecnimont Marie, among others.
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