Green Hydrogen Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032
The Global Green Hydrogen Market reached a valuation of USD 7.7 billion in 2023 and is projected to expand at a 41.6% CAGR from 2024 to 2032. Green hydrogen, produced through water electrolysis using renewable electricity sources such as solar, wind, or hydroelectric power, is a carbon-neutral solution, offering an eco-friendly alternative to traditional hydrogen production. This process eliminates greenhouse gas emissions, making green hydrogen increasingly popular for supporting sustainability goals. The rising adoption of green hydrogen is driven by a global focus on decarbonization as industries, governments, and investors work towards achieving net-zero carbon objectives. As a clean energy resource, green hydrogen plays a key role in transitioning to a more sustainable energy framework.
Production efforts are scaling up worldwide, with numerous projects underway across major regions, including Europe, North America, and Asia-Pacific, which is expected to boost market demand significantly. Moreover, advancements in electrolyzer technology, in line with declining renewable energy costs and the achievement of economies of scale, are anticipated to reduce production costs, further driving industry growth. In terms of technology, the PEM (Proton Exchange Membrane) segment is projected to exceed USD 66.5 billion by 2032. PEM electrolyzers are compatible with renewable energy sources like wind and solar, offering the flexibility to adjust to fluctuations in renewable energy availability quickly. This adaptability makes PEM technology well-suited for green hydrogen production, especially in areas with variable renewable energy sources.
Financial incentives and government policies also support the adoption of PEM electrolyzers, which is expected to enhance market demand for this technology. Focusing on the source, the wind segment is expected to experience approximately 50% CAGR through 2032. The integration of wind power with electrolyzer technology is crucial for the decarbonization of sectors that are challenging to electrify. Investments in large-scale electrolyzer installations powered by wind energy, along with advancements in electrolyzer technology, are enhancing efficiency and making wind-powered green hydrogen production more feasible. Europe green hydrogen market is on track to surpass USD 135.4 billion by 2032, driven by a strong regional commitment to achieving net-zero emissions.National hydrogen strategies across Europe outline specific targets and provide funding and support for green hydrogen initiatives. As industries seek to reduce fossil fuel dependence, green hydrogen adoption is growing, particularly in sectors like manufacturing and energy. The incorporation of green hydrogen into various applications, including heating systems, is expected to contribute to the market’s expansion, reinforcing the shift towards sustainable energy practices across the region.
Production efforts are scaling up worldwide, with numerous projects underway across major regions, including Europe, North America, and Asia-Pacific, which is expected to boost market demand significantly. Moreover, advancements in electrolyzer technology, in line with declining renewable energy costs and the achievement of economies of scale, are anticipated to reduce production costs, further driving industry growth. In terms of technology, the PEM (Proton Exchange Membrane) segment is projected to exceed USD 66.5 billion by 2032. PEM electrolyzers are compatible with renewable energy sources like wind and solar, offering the flexibility to adjust to fluctuations in renewable energy availability quickly. This adaptability makes PEM technology well-suited for green hydrogen production, especially in areas with variable renewable energy sources.
Financial incentives and government policies also support the adoption of PEM electrolyzers, which is expected to enhance market demand for this technology. Focusing on the source, the wind segment is expected to experience approximately 50% CAGR through 2032. The integration of wind power with electrolyzer technology is crucial for the decarbonization of sectors that are challenging to electrify. Investments in large-scale electrolyzer installations powered by wind energy, along with advancements in electrolyzer technology, are enhancing efficiency and making wind-powered green hydrogen production more feasible. Europe green hydrogen market is on track to surpass USD 135.4 billion by 2032, driven by a strong regional commitment to achieving net-zero emissions.National hydrogen strategies across Europe outline specific targets and provide funding and support for green hydrogen initiatives. As industries seek to reduce fossil fuel dependence, green hydrogen adoption is growing, particularly in sectors like manufacturing and energy. The incorporation of green hydrogen into various applications, including heating systems, is expected to contribute to the market’s expansion, reinforcing the shift towards sustainable energy practices across the region.
Report Content
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Research Design
1.2 Base estimates & calculations
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 – 2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Upcoming green hydrogen projects
3.4 Hydrogen manufacturing capacity, by company
3.5 Hydrogen consumption, by country
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Price trend analysis
3.9 Porter's analysis
3.9.1 Bargaining power of suppliers
3.9.2 Bargaining power of buyers
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.10 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2024
4.1 Introduction
4.2 Strategic dashboard
4.3 Innovation & technology landscape
CHAPTER 5 MARKET SIZE AND FORECAST, BY TECHNOLOGY, 2021 – 2032 (USD MILLION & MW)
5.1 Key trends
5.2 Alkaline
5.3 PEM
5.4 Solid oxide
5.5 Others
CHAPTER 6 MARKET SIZE AND FORECAST, BY SOURCE, 2021 – 2032 (USD MILLION & MW)
6.1 Key trends
6.2 Solar
6.3 Wind
6.4 Others
CHAPTER 7 MARKET SIZE AND FORECAST, BY APPLICATION, 2021 – 2032 (USD MILLION & MW)
7.1 Key trends
7.2 Power generation
7.3 Transportation
7.4 Industry energy
7.5 Industry feedstock
7.6 Building heat & power
7.7 Others
CHAPTER 8 MARKET SIZE AND FORECAST, BY REGION, 2021 – 2032 (USD MILLION & MW)
8.1 Key trends
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 France
8.3.4 Italy
8.3.5 Netherlands
8.3.6 Denmark
8.3.7 Spain
8.3.8 Norway
8.4 Asia Pacific
8.4.1 China
8.4.2 India
8.4.3 Australia
8.4.4 South Korea
8.5 Rest of World
8.5.1 Oman
8.5.2 Saudi Arabia
8.5.3 UAE
CHAPTER 9 COMPANY PROFILES
9.1 ACME
9.2 Air Products
9.3 Air Liquide
9.4 CWP Global
9.5 Cummins
9.6 Engie
9.7 Getech Group
9.8 GH2
9.9 Hiringa Energy Limited
9.10 Iberdrola
9.11 Lhyfe
9.12 Linde
9.13 Plug Power
9.14 Siemens Energy
9.15 Toshiba Energy Systems & Solutions Corporation
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Research Design
1.2 Base estimates & calculations
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 – 2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Upcoming green hydrogen projects
3.4 Hydrogen manufacturing capacity, by company
3.5 Hydrogen consumption, by country
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Price trend analysis
3.9 Porter's analysis
3.9.1 Bargaining power of suppliers
3.9.2 Bargaining power of buyers
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.10 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2024
4.1 Introduction
4.2 Strategic dashboard
4.3 Innovation & technology landscape
CHAPTER 5 MARKET SIZE AND FORECAST, BY TECHNOLOGY, 2021 – 2032 (USD MILLION & MW)
5.1 Key trends
5.2 Alkaline
5.3 PEM
5.4 Solid oxide
5.5 Others
CHAPTER 6 MARKET SIZE AND FORECAST, BY SOURCE, 2021 – 2032 (USD MILLION & MW)
6.1 Key trends
6.2 Solar
6.3 Wind
6.4 Others
CHAPTER 7 MARKET SIZE AND FORECAST, BY APPLICATION, 2021 – 2032 (USD MILLION & MW)
7.1 Key trends
7.2 Power generation
7.3 Transportation
7.4 Industry energy
7.5 Industry feedstock
7.6 Building heat & power
7.7 Others
CHAPTER 8 MARKET SIZE AND FORECAST, BY REGION, 2021 – 2032 (USD MILLION & MW)
8.1 Key trends
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 France
8.3.4 Italy
8.3.5 Netherlands
8.3.6 Denmark
8.3.7 Spain
8.3.8 Norway
8.4 Asia Pacific
8.4.1 China
8.4.2 India
8.4.3 Australia
8.4.4 South Korea
8.5 Rest of World
8.5.1 Oman
8.5.2 Saudi Arabia
8.5.3 UAE
CHAPTER 9 COMPANY PROFILES
9.1 ACME
9.2 Air Products
9.3 Air Liquide
9.4 CWP Global
9.5 Cummins
9.6 Engie
9.7 Getech Group
9.8 GH2
9.9 Hiringa Energy Limited
9.10 Iberdrola
9.11 Lhyfe
9.12 Linde
9.13 Plug Power
9.14 Siemens Energy
9.15 Toshiba Energy Systems & Solutions Corporation
