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(Transportation-News.com, February 22, 2025 ) The Global Green Hydrogen Market Size is valued at 5.99 billion in 2023 and is predicted to reach 81.65 billion by the year 2031 at a 38.96% CAGR during the forecast period for 2024-2031.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Green Hydrogen market are:
• Increasing global focus on decarbonization and reducing greenhouse gas emissions.
• Technological advancements in electrolysis and renewable energy integration for hydrogen production.
• Rising investments and government incentives supporting clean energy solutions and hydrogen infrastructure
The following are the primary obstacles to the Green Hydrogen market's expansion:
• High production costs of green hydrogen due to expensive renewable energy sources and electrolysis technology.
• Limited infrastructure for the storage, distribution, and transportation of green hydrogen.
• Competition from established, cheaper hydrogen production methods like grey and blue hydrogen
Future expansion opportunities for the global Green Hydrogen market include:
• Growing demand for clean energy solutions in industrial sectors, particularly steel and chemicals.
• Strategic partnerships and collaborations between governments and private entities to scale green hydrogen infrastructure.
• Expansion of green hydrogen production through renewable energy-powered electrolysis technologies
Key Industry Insights & Findings from the report:
• Increasing investment in renewable energy infrastructure is accelerating green hydrogen development.
• Rising demand for clean energy solutions is driving growth in the green hydrogen market.
• North America dominated the market and accounted for a revenue share of global revenue in 2023.
• One of the significant concerns restraining industry growth is the high production costs of green hydrogen due to expensive electrolysis technology.
Market Analysis:
The Green Hydrogen market is expanding rapidly as a key solution to decarbonize industries, transportation, and power generation. Growing environmental awareness and governmental support for clean energy are driving investments in hydrogen production technologies, particularly electrolysis. The increasing demand for sustainable energy solutions across sectors such as automotive and heavy industries fuels the market growth.
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List of Prominent Players in the Green Hydrogen Market:
• Air Liquide
• Air Products Inc.
• Bloom Energy
• Cummins Inc.
• Engie
• Linde plc.
• Nel ASA
• Siemens Energy
• Toshiba Energy Systems & Solutions Corporation
• Uniper SE
Recent Developments:
• In September 2024, Thermax has partnered with Ceres Power to manufacture large-scale Solid Oxide Electrolysis Cells (SOEC) for green hydrogen production, focusing on utilizing industrial waste heat. This collaboration aims to create efficient systems tailored for industries such as steel and refineries.
• In September 2024, Jindal Steel (JSPL) and Jindal Renewables (JRPL) announced partnership. This partnership highlights both companies' strong commitment to decarbonization and leadership in green energy within India's steel sector.
• In June 2023, Linde plc announced plans to increase green hydrogen production capacity in California, responding to growing demand from the mobility market.
Green Hydrogen Market Dynamics:
Market Drivers: Increasing Global Focus on Decarbonization and Reducing Greenhouse Gas Emissions
The increasing global focus on decarbonization and reducing greenhouse gas emissions is a primary driver for the Green Hydrogen market. As governments, industries, and organizations commit to net-zero emissions targets, green hydrogen offers a clean, sustainable alternative to traditional fossil fuels. It is seen as a critical solution for hard-to-decarbonize sectors like heavy industry, transport, and power generation.
Investment in renewable energy sources, such as wind and solar for green hydrogen production further accelerates its adoption. Additionally, regulatory policies, incentives, and growing environmental awareness among consumers and corporations enhance the demand for green hydrogen as a key enabler of a sustainable energy transition.
Challenges: Limited Infrastructure for the Storage, Distribution, and Transportation of Green Hydrogen
Limited infrastructure for the storage, distribution, and transportation of green hydrogen significantly hampers the market's growth. Green hydrogen requires specialized storage systems, such as high-pressure tanks or cryogenic facilities, which are not yet widely available. The lack of an extensive pipeline network or distribution points makes it difficult to transport hydrogen efficiently to end-users, particularly in remote or industrial regions.
This infrastructure gap raises costs and delays scaling, preventing widespread adoption in key sectors like transportation, energy, and industry. Consequently, the slow development of green hydrogen infrastructure restricts its potential market expansion.
North America Is Expected to Grow with The Highest CAGR During the Forecast Period
North America is expected to grow with the highest CAGR during the forecast period due to strong support from both government and private sectors for sustainable technologies. Increased investments in renewable energy, green technologies, and clean fuel alternatives are propelling this growth.
Additionally, advancements in industries like electric vehicles, renewable energy production, and industrial decarbonization are driving demand for eco-friendly solutions. The region’s focus on innovation, energy independence, and carbon emissions reduction, along with favorable regulatory policies, creates a conducive environment for rapid adoption and development of sustainable technologies, boosting market growth.
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Segmentation of Green Hydrogen Market-
By Technology-
• Alkaline Electrolyzer
• Polymer Electrolyte Membrane (PEM) Electrolyzer
• SOEC Electrolyzer
By Application-
• Power Generation
• Transport
• Others
By Distribution Channel-
• Pipeline
• Cargo
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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Diana D’souza
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diana.dsouza@insightaceanalytics.com
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