Ottawa, Sept. 27, 2024 (GLOBE NEWSWIRE) -- The global green hydrogen market size was valued at USD 6.26 billion in 2023 and is predicted to surpass around USD 134.38 billion by 2033. Green hydrogen is produced from renewable energy sources, such as solar and wind energy. It produced through electrolysis process, which consists of splitting water into oxygen and hydrogen using electricity. Green hydrogen is more sustainable than grey hydrogen, as it emits less CO2. It is widely used in fuel cells to power vehicles and other heating systems. Therefore, the rising demand for fuel cells in electric vehicles is expected to propel the market.
Due to its promising ability to mitigate carbon emissions, there has been increasing attention on green hydrogen within the context of decarbonization, which boosts the growth of the green hydrogen market. Moreover, the rising concerns about global warming led to high reliance on nuclear power and green hydrogen. It also serves as transportation fuel and industrial feedstock. Electric vehicles (FCEVs) and offshore wind farms are two circumstantial examples of industries utilizing green hydrogen in various applications.
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Green Hydrogen Market Revenue Analysis by Segments
Global Green Hydrogen Market, By Source, 2022-2023 (USD Million)
| By Source | 2022 | 2023 |
| Solar | 1,394.6 | 1,953.8 |
| Wind | 2,128.7 | 2,984.4 |
| Others | 953.4 | 1,329.3 |
Global Green Hydrogen Market, By Electrolyzer Type, 2022-2023 (USD Million)
| By Electrolyzer Type | 2022 | 2023 |
| Alkaline | 1,126.9 | 1,578.5 |
| SOEC | 1,052.3 | 1,474.5 |
| PEM | 1,176.7 | 1,650.5 |
| Others | 1,120.8 | 1,564.1 |
Global Green Hydrogen Market, By End-Use, 2022-2023 (USD Million)
| By End-Use | 2022 | 2023 |
| Refining | 1,869.9 | 2,620.5 |
| Ammonia | 1,579.1 | 2,213.2 |
| Methanol | 658.7 | 924.3 |
| Iron & Steel | 271.4 | 381.6 |
| Others | 97.7 | 127.9 |
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Green Hydrogen Market Key Insights
- Asia Pacific held the dominant share of the green hydrogen market with the largest market share of 47.05% in 2023.
- By electrolyzer, the PEM segment captured the biggest market share of 26.33% in 2023.
- By Source, the wind energy segment contributed the highest market share of 47.62% in 2023.
- By end-user, the refining segment has held the largest market share of 41.81% in 2023.
Asia Pacific Green Hydrogen Market Size and Forecast 2024 To 2033
The Asia Pacific green hydrogen market size reached USD 2.95 billion in 2023 and is predicted to be worth around USD 80.74 billion by 2033, growing at a remarkable CAGR of 41.1% from 2024 to 2033.
Asia Pacific dominated the green hydrogen market in 2023 due to its growing focus on a low-carbon future. The region’s commitment to increasing the use of green hydrogen contributed to the regional market growth. Moreover, Japan is the world’s second-largest producer of green hydrogen, followed by China. Businesses and multilateral funding organizations have placed increasing importance on green hydrogen development. Government initiatives to encourage investment in green hydrogen and sustainable energy further bolstered the market growth in Asia Pacific.
- In July 2024, in conjunction with the recent Asia Pacific Green Hydrogen Conference & Exhibition 2024 in Malaysia, Hydrexia Borneo Sdn Bhd in China and ICE SEDCE Hydrogen Sdn Bhd (ISHSB) in Malaysia signed a Heads of Agreement (HOA) to establish a partnership for the development, maintenance, and operation of hydrogen storage solutions and hydrogen refueling station (HRS).
Green Hydrogen Market Scope
| Report Attribute | Key Statistics |
| Market Size in 2024 | USD 8.78 Billion |
| Market Size by 2033 | USD 165.84 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 38.77% |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Electrolyzer |
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| Source |
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| End User |
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| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Green Hydrogen Market Segment Analysis
Electrolyzer Outlook
The alkaline electrolyzer segment dominated the market in 2023. Due to its high scalability, the alkaline electrolysis method is highly preferred for producing green hydrogen. Alkaline electrolysis method is suitable for various applications, from small-scale projects to large industrial operations, as it can be easily scaled up or down to meet varying demands for hydrogen production. Alkaline electrolysis operates at low temperatures and requires less materials, leading to cost savings, reduced energy consumption, and reduced environmental impact. Moreover, it is possible to produce efficient, flexible, cost-effective, environmentally friendly, and high-purity hydrogen through alkaline electrolysis.
- In September 2024, Dubai Electricity and Water Authority (DEWA) issued a tender for a 2.5 MW alkaline electrolyser project, which will involve the design, supply, installation, and commissioning of a turnkey solution.
The solid oxide electrolyzer segment is anticipated to expand at the fastest growth rate during the forecast period. Solid oxide electrolyzers use solid ceramic material as an electrolyte to transform energy, which solely allow for the flow of negatively charged oxygen ions at elevated temperatures. By mixing steam and electrons from an external electronic circuit at the cathode, these electrolyzers yield H2 gas and oxygen ions. These electrolyzers are capable of reducing the electrical energy necessary for water splitting into producing hydrogen through responding to heat from multiple sources, particularly nuclear power. Some of the benefits associated with solid oxide electrolyzers in green hydrogen generation include greater efficiency, cost-effectiveness, and environmental friendliness.
- In May 2024, Hindustan Petroleum Corporation Ltd. (HPCL) commissioned India’s first solid oxide electrolyzer (SOE) at its HP Green R&D Centre, Bengaluru for green hydrogen (GH2) generation, generating 99.99% pure hydrogen using a captive solar plus wind plant and reducing energy consumption by 20-30%.
Source Outlook
The wind energy segment dominated the green hydrogen market in 2023. Wind energy is one of the renewable resources capable of generating clean electricity. It can produce power with no greenhouse emissions and can be placed offshore or onshore.
Wind turbines' low maintenance and operation costs make wind power an economically viable option for producing green hydrogen.
End User Outlook
The refineries segment dominated the market in 2023, accounting for a large market share. Due to their well-developed infrastructure and expertise, refineries can handle large amounts of gases and liquids that can be converted or used for hydrogen production. In addition, several refineries are investing in R&D to develop advanced green hydrogen manufacturing technologies, such as electrolysis and catalysts, contributing to segmental growth.
Browse More Insights:
Hydrogen Generation Market: The global hydrogen generation market size was valued at USD 148 billion in 2023 and is expected to hit around USD 259 billion by 2033, poised to grow at a noteworthy compound annual growth rate (CAGR) of 5.75% from 2024 to 2033.
Green Technology and Sustainability Market: The global green technology and sustainability market size was accounted at USD 13.7 6billion in 2022 and it is expected to hit around USD 89.18 billion by 2032 with a remarkable CAGR of 20.60% from 2022 to 2032.
Hydrogen Energy Storage Market: The global hydrogen energy storage market size was estimated at USD 16.56 billion in 2023 and it is expected to surpass around USD 32.65 billion by 2033 with a registered CAGR of 7.1% from 2024 to 2033.
Clean Hydrogen Market: The global clean hydrogen market size was valued at USD 1.41 billion in 2021 and is expected to surpass around USD 5.95 billion by 2030, growing at a significant CAGR of 17.36% during the forecast period 2022 to 2030.
Alkaline Battery Market: The alkaline battery market size surpassed USD 8.84 billion in 2023 and is predicted to hit around USD 14.43 billion by 2033 with a CAGR of 5.03% from 2024 to 2033.
PEM Water Electrolyzer Market: The global PEM water electrolyzer market size was estimated at USD 6.59 billion in 2022 and is expected to hit around USD 13.12 billion by 2032, poised to grow at a CAGR of 7.13% during the forecast period 2023 to 2032.
What are the dynamics of the green hydrogen market?
Driver
Transition toward renewable energy fueling the growth of green hydrogen market
Given its clean-burning nature, high energy content, and versatility, hydrogen is a promising source of energy for a cleaner and sustainable future. It has the ability to replace fossil fuels. Thus, it is used as a primary source of energy in various industries. However, majority of hydrogen produced through steam methane reforming, which generate huge amounts of greenhouse gases and raises environmental concerns. Thus, several key players are investing heavily in developing and commercializing various technologies to facilitate this process, thus driving the market.
Restraint
High production cost
Green hydrogen production is more expensive than fossil fuel-derived hydrogen because electrolyzers and renewable energy sources require substantial investments. Moreover, it may be difficult to store green hydrogen due to the lack of infrastructure available for its production, storage, and distribution. Additionally, producing green hydrogen requires as much as nine liters of water to produce one kilogram of hydrogen.
Opportunity
Research and development initiatives
Rising research and development initiatives by market players to create efficient production and storage solutions create immense opportunities in the market. For instance, Blue Sky Projects has undertaken R&D of third-generation solid oxide fuel cells, reversible solid oxide electrolyzers, seawater electrolysis, plasma pyrolysis, thermo-catalytic pyrolysis, numerous high-entropy alloys for reversible hydrogen storage, and salt cavern studies. However, research and development initiatives are crucial for the development of the hydrogen-based economy.
Green Hydrogen Market Top Key Players
- NEL ASA
- Plug Power Inc.
- ITM Power
- Air Products Inc.
- SEIMENS
- Messer Group GMBH
- Cummins Inc.
- ENGIE
- Air LIQUIDE
- LINDE
Green Hydrogen Market Recent News
- In September 2024, Gensol Engineering and Matrix Gas & Renewables Ltd secured a ₹164 crores (US$ 20 million) tender to develop India's first bio-hydrogen project.
- In September 2024, the National Committee on Transmission (NCT) approved an interstate transmission system (ISTS) scheme to cater to upcoming green hydrogen/green ammonia plants at Tuticorin in Tamil Nadu.
- In September 2024, a US$ 2.21 billion investment in green hydrogen projects in Andalusia, Spain, announced by Hygreen Energy, a Chin-based electrolyser manufacturer.
The research report categorizes the green hydrogen market into the following segments and subsegments:
By Electrolyzer
- Proton Exchange Membrane Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
- Others
By Source
- Solar Energy
- Wind Energy
- Others (hydropower, geothermal, and hybrid of solar & wind)
By End User
- Refining
- Ammonia
- Methanol
- Iron & Steel
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
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