Green Hydrogen Market

Green Hydrogen Market Analysis and Forecast by Technology, Renewable Source, Region, and Country, 2023-2033

Green Hydrogen Paves the Way for Sustainable Energy Solutions, Gaining Momentum in Europe and Beyond

Category: Chemicals & Materials Published Date : Oct-23 ID: CVC0174 Format: PDF Pages: 300


The Green Hydrogen Market is at the cusp of a transformative journey, poised to revolutionize the energy sector. With its eco-friendly attributes and versatile applications, green hydrogen is emerging as a sustainable alternative to fossil fuels. This article delves into the market forecast, key trends, and opportunities that are shaping the future of this burgeoning industry.

Key Findings

  • Market value is expected to soar from 574.2 Mn in 2023 to an astounding 24925.2 Mn by 2033.
  • The market is growing at an unprecedented CAGR of 45.8%.
  • Alkaline electrolyzer dominates as the largest segment.
  • Europe stands as the largest contributing region.
  • Drivers and Key Growth Factors
  • Green Hydrogen Market Trends

The green hydrogen market is experiencing exponential growth, driven by increasing environmental concerns and the need for sustainable energy solutions. Governments and organizations are investing heavily in research and development to make green hydrogen a viable alternative for various applications.

Green Hydrogen Market Outlook

Technological advancements in electrolyzers and storage solutions are acting as catalysts for market growth. The alkaline electrolyzer segment, in particular, is witnessing significant investments, making it the largest segment in the market.

Demand for Green Hydrogen

The demand for green hydrogen is surging, especially in Europe, which is the largest market for green hydrogen. The European Union’s commitment to achieving net-zero emissions by 2050 is fueling this demand, creating a ripple effect across other regions.

Key Challenge in the Green Hydrogen Market

Green Hydrogen Market Forecast Challenges

One of the major challenges facing the green hydrogen market is the high cost of production and storage. Despite technological advancements, the market needs more cost-effective solutions to become mainstream.

Opportunities in the Green Hydrogen Market

Future Forecast and Opportunities in the Green Hydrogen Market

The market presents immense growth opportunities, especially in sectors like transportation, energy storage, and industrial applications. Companies are exploring partnerships and collaborations to tap into these opportunities and expand their market footprint.

Technology Type Insights in the Green Hydrogen Market

Alkaline Electrolyzers Dominate the Market Landscape

The alkaline electrolyzer segment has been a stalwart in the green hydrogen market, capturing a commanding revenue share of 66.18% in 2021. This is primarily due to its status as the conventional technology employed in green hydrogen production projects. Alkaline electrolyzers utilize a liquid alkaline solution, typically of potassium or sodium hydroxide, as the electrolyte. They also boast higher operating hours compared to their PEM counterparts. However, it’s worth noting that alkaline electrolyzers operate at lower power and current densities, with a temperature range of 100 to 105 degrees Celsius, which is higher than the 70-to-90-degree range for PEM electrolyzers. Despite these limitations, the segment is expected to grow, driven by its cost-effectiveness relative to PEM electrolyzers.

PEM Electrolyzers Exhibit Robust Growth Prospects

Proton Exchange Membrane (PEM) electrolyzers are emerging as a formidable competitor in the green hydrogen market, projected to experience a higher growth rate in the coming years. The technology employs solid specialty plastic material-based electrolytes, offering greater functional flexibility compared to alkaline electrolyzers. This growth is attributable to several factors, including high proton conductivity, lower gas permeability, and reduced thickness of proton exchange membranes.

Industry Focus on Commercial-Scale PEM Electrolyzer Deployment

To enhance the power efficiency of green hydrogen production, industry players are increasingly focusing on deploying PEM electrolyzer technology at a commercial scale. For example, in January 2020, U.K.-based ITM Power entered into a joint venture with ITM Linde Electrolysis GmbH. The collaboration aims to provide green hydrogen at an industrial scale, leveraging a PEM electrolyzer capacity exceeding 10 MW. This move exemplifies the industry’s commitment to advancing PEM technology, thereby contributing to the overall growth of the green hydrogen market.

Regional Highlights

Green Hydrogen Market in Europe

Europe is leading the green hydrogen market, thanks to aggressive policies and investments in sustainable energy solutions. Countries like Germany and France are at the forefront, with numerous projects and initiatives aimed at promoting green hydrogen.

Green Hydrogen Market in North America

North America is catching up, with the U.S. government showing increased interest in green hydrogen as part of its clean energy agenda. Investments in research and development are expected to drive market growth in this region.

Green Hydrogen Market in Asia-Pacific

Asia-Pacific, excluding Japan, is an emerging market for green hydrogen. Countries like China and India are investing in green hydrogen projects, driven by the need to reduce carbon emissions and promote sustainable energy solutions.

Green Hydrogen Market in Japan

Japan is focusing on green hydrogen for its potential in energy storage and transportation. The government has laid out plans to make the country a hydrogen economy by 2050.

Green Hydrogen Market in Latin America and Middle East and Africa

Latin America and the Middle East and Africa are nascent markets, but they hold significant potential. Investments in renewable energy projects are expected to spur market growth in these regions.

Key Players in the Green Hydrogen Market

The market is dominated by key players such as Siemens, Nel Hydrogen, and Hydrogenics. These companies are investing in new technologies and forming strategic partnerships to expand their market reach.

Siemens: Recently partnered with other energy companies to develop new green hydrogen production facilities.

Nel Hydrogen: Focusing on the development of efficient electrolyzers.

Hydrogenics: Acquired by Cummins Inc., aiming to expand its green hydrogen production capabilities.


The Green Hydrogen Market is on a trajectory of rapid growth, driven by technological advancements and increasing demand for sustainable energy solutions. With a staggering CAGR of 45.8%, the market is expected to reach a valuation of 24925.2 Mn by 2033. Europe is leading the way, followed by emerging markets in Asia-Pacific and North America. Key players like Siemens, Nel Hydrogen, and Hydrogenics are making significant strides in shaping the future of this promising market.

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1.1 Global Market Outlook

1.2 Technology Roadmap

1.3 Supply and Demand Side Trends

1.4 Strategic Success Factors

1.5 Analysis and Recommendations


2.1 Market Taxonomy

2.2 Market Definitions

2.3 Inclusions and Limitations


3.1 Supply Side Overview

3.2 Demand Side Overview

3.3 Economic Side Trends


4.1 Macroeconomic Factors

4.2 Forecast Factors

4.3 Porter’s Five Forces

4.4 Value Chain Analysis

4.4.1 List of Raw Material Suppliers

4.4.2 List of Manufacturers

4.4.3 List of Traders and Suppliers

4.4.5 Average Margin Analysis

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraints

4.5.3 Opportunities

4.6 Patent Analysis

4.7 Trade Analysis

4.8 Regulatory Overview

4.9 Covid-19 Impact Assessment

4.9.1 Economy/Cluster Projections

4.9.2 Covid-19 Economic Assessment

4.9.3 Potential Impact on Target Market

4.9.4 Recovery Scenario


5.1 Historical Value ($ Mn) and Future Market Value ($ Mn) Forecast Analysis

5.2 Demand Y-o-Y Growth Rate Analysis

5.3 Total $ Opportunity Analysis

5.4 Historical Volume (Tons) and Future Market Volume (Tons) Forecast Analysis

6.1 Regional Pricing Analysis By Type

6.2 Regional Price Forecast Future

6.3 Price Impact Factors

6.4 Company-wise Profit Margin Analysis


7.1 Introduction

7.2 Market Trends / Key Findings

7.3 Historical Market Analysis and Market Forecast Analysis

7.3.1 Alkaline Electrolysis

7.3.2 PEM Electrolysis

7.4 Y-o-Y Growth Trend Analysis By Technology, 2023-2033

7.5 Total $ Opportunity Analysis By Technology, 2023-2033

7.6 Market Attractiveness Analysis


8.1 Introduction

8.2 Market Trends / Key Findings

8.3 Historical Market Analysis and Market Forecast Analysis

8.3.1 Wind Energy

8.3.2 Solar Energy

8.3.3 Other Renewable Energy Source

8.4 Y-o-Y Growth Trend Analysis By Renewable Source, 2023-2033

8.5 Total $ Opportunity Analysis By Renewable Source, 2023-2033

8.6 Market Attractiveness Analysis


9.1 Introduction

9.2 Market Trends / Key Findings

9.3 Historical Market Analysis and Market Forecast Analysis

9.3.1 Mobility

9.3.2 Chemical

9.3.3 Power

9.3.4 Industrial

9.3.5 Grid Injection

9.3.6 Others

9.4 Y-o-Y Growth Trend Analysis By End-Use Industry, 2023-2033

9.5 Total $ Opportunity Analysis By End-Use Industry, 2023-2033

9.6 Market Attractiveness Analysis



10.2Market Trends / Key Findings

10.3Historical Market Analysis and Market Forecast Analysis

10.3.1 North America

10.3.2 Latin America

10.3.3 Europe

10.3.4 East Asia

10.3.5 South Asia and Pacific

10.3.6 Middle East and Africa (MEA)

10.4Y-o-Y Growth Trend Analysis By Region, 2023-2033

10.5Total $ Opportunity Analysis By Region, 2023-2033

10.6Market Attractiveness Analysis


11.1 Introduction

11.2 Market Trends/Key Findings

11.3 North America Pricing Analysis

11.4 Historical Market Analysis and Market Forecast Analysis

11.4.1 By Country The U.S. Canada

11.4.2 By Technology

11.4.3 By Renewable Sources

11.4.4 By End-Use Industry

11.5 Market Attractiveness Analysis

11.5.1 By Country

11.5.2 By Technology

11.5.3 By Renewable Sources

11.5.4 By End-Use Industry

11.6 Market Participants Presence Mapping


12.1 Introduction

12.2 Market Trends/Key Findings

12.3 Latin America Pricing Analysis

12.4 Historical Market Analysis and Market Forecast Analysis

12.4.1By Country Brazil Mexico Rest of Latin America

12.4.2 By Technology

12.4.3 By Renewable Sources

12.4.4 By End-Use Industry

12.5 Market Attractiveness Analysis

12.5.1 By Country

12.5.2 By Technology

12.5.3 By Renewable Sources

12.5.4 By End-Use Industry

12.6 Market Participants Presence Mapping


13.1 Introduction

13.2 Market Trends/Key Findings

13.3 Europe Pricing Analysis

13.4 Historical Market Analysis and Market Forecast Analysis

13.4.1 By Country Germany U.K. France Italy Spain Poland Russia Rest of Europe

13.4.2 By Technology

13.4.3 By Renewable Sources

13.4.4 By End-Use Industry

13.5 Market Attractiveness Analysis

13.5.1 By Country

13.5.2 By Technology

13.5.3 By Renewable Sources

13.5.4 By End-Use Industry

13.6 Market Participants Presence Mapping


14.1 Introduction

14.2 Market Trends/Key Findings

14.3 East Asia Pricing Analysis

14.4 Historical Market Analysis and Market Forecast Analysis

14.4.1 By Country China Japan South Korea

14.4.2 By Technology

14.4.3 By Renewable Sources

14.4.4 By End-Use Industry

14.5Market Attractiveness Analysis

14.5.1 By Country

14.5.2 By Technology

14.5.3 By Renewable Sources

14.5.4 By End-Use Industry

14.6 Market Participants Presence Mapping


15 South Asia and Pacific Green Hydrogen Historical Analysis 2018-2022 and Forecast 2023-2033

15.1 Introduction

15.2 Market Trends/Key Findings

15.3 South Asia and Pacific Pricing Analysis

15.4 Historical Market Analysis and Market Forecast Analysis

15.4.1 By Country India ASEAN ANZ

15.4.2 By Technology

15.4.3 By Renewable Sources

15.4.4 By End-Use Industry

15.5 Market Attractiveness Analysis

15.5.1 By Country

15.5.2 By Technology

15.5.3 By Renewable Sources

15.5.4 By End-Use Industry


15.6 Market Participants Presence Mapping

16.1 Introduction

16.2 Market Trends/Key Findings

16.3 Middle East and Africa Pricing Analysis

16.4 Historical Market Analysis and Market Forecast Analysis

16.4.1 By Country GCC Countries Turkey South Africa Israel Rest of MEA

16.4.2 By Technology

16.4.3 By Renewable Sources

16.4.4 By End-Use Industry

16.5 Market Attractiveness Analysis

16.5.1 By Country

16.5.2 By Technology

16.5.3 By Renewable Sources

16.5.4 By End-Use Industry

16.6 Market Participants’ Presence Mapping


17.1Market Concentration Analysis

17.2Market Share Analysis

17.3 Start-up Ecosystem

17.3.1 New Player Entry

17.3.2 Strategies Adopted by New Players

17.4 Company Footprint Analysis

17.5 Competitive Dashboard


18.1 Plug Power, INC.

18.2 ITM Power PLC

18.3 Enel Green Power S.P.A.

18.4 Hynamics (EDF)

18.5 Iberdrola S.A.

18.6 Envision Digital

18.7 ACWA Power

18.8 Iwatani Corporation

18.9 GuangDong Sino-Synergy Hydrogen Energy Technology CO., LTD

18.10 Geopura, Ltd.

18.11 Green Hydrogen Systems

18.12 Wind To Gas Energy GMBH and Co. KG

18.13 Cummins INC.

18.14 Linde PLC

18.15 Orsted A/S

18.16 LHYFE

18.17 Nel ASA

18.18 Air Products and Chemicals, INC.

18.19 Engie SA

18.20 Siemens Energy AG

18.21 Uniper SE


19 Abbreviations and Acronyms Used

20 Research Methodology