The global Green Hydrogen Market was valued at USD 5.2 billion in 2024 and is projected to grow to USD 65.7 billion by 2034, registering a strong CAGR of 28.7%. This rapid expansion is powered by worldwide efforts to decarbonise, government policies supporting net‑zero targets, and growing investment in renewable energy and electrolyzer technology. Green hydrogen, produced by splitting water into hydrogen and oxygen using renewable electricity, is emerging as a key clean energy solution across industries such as chemicals, refining, steel, transport and power generation.

In 2023, more than 18 GW of new electrolyzer capacity was announced across Europe, Australia, the Middle East and Latin America. Major energy players like Shell, BP, Iberdrola and Adani are committing billions to hydrogen hubs, while companies such as Siemens Energy, ITM Power, Nel ASA, Plug Power and Cummins are scaling up gigawatt‑level electrolyzer production.

Government Support Fuels Market Growth
Strong policy frameworks are shaping the industry's growth. The EU’s REPowerEU plan is pushing large‑scale hydrogen adoption. The U.S. Inflation Reduction Act (IRA) is offering tax credits and funding to accelerate clean hydrogen projects. India’s National Green Hydrogen Mission is targeting industrial use and export potential. In 2023, hydrogen offtake agreements grew by 44% year‑over‑year, with rising demand from ammonia, methanol, fuels, heavy transport and green steel production.

Technology Insights
Alkaline Electrolysis: Leading the market with 62% share in 2024, driven by maturity, low costs and established supply chains. Large projects in China, India, Germany and Spain are powered by this technology.
Proton Exchange Membrane (PEM) Electrolysis: Growing quickly with 27% of new installations, valued for flexibility with renewable energy. Major projects include ITM Power’s 20 MW REFHYNE electrolyzer in Germany.
Solid Oxide Electrolysis: Still at pilot stage but promising high efficiency. Japan and Austria are testing industrial‑scale applications.
Emerging Technologies: Newer models such as Anion Exchange Membrane (AEM) electrolyzers are being piloted for modular, decentralised production.

Renewable Sources Driving Hydrogen Production
Wind Power: Leads with 47% of new capacity in 2024. Flagship projects include the NortH2 (Netherlands) and Haru Oni (Chile).
Solar Power: Accounts for 38% of global capacity, led by Saudi Arabia’s NEOM hub, India’s Greenko and Australia’s Western Green Energy Hub.
Hybrid Wind‑Solar Plants: Growing for cost efficiency and steady power supply, with projects in Spain and California.
Hydro & Geothermal: Used in Norway and Iceland for pioneering low‑carbon hydrogen production.

Applications Across Industries
Ammonia Production: The largest use, with 39% share, including Saudi Arabia’s 2 GW NEOM project aimed at exports.
Methanol Production: Expanding in China and Europe for plastics and fuel.
Transportation: Hydrogen is fuelling buses, trucks, trains and even shipping. Toyota, Hyundai and Alstom are rolling out hydrogen buses and trains in Japan, South Korea and Europe.
Power & Storage: Utilities in Germany and the U.S. are blending hydrogen with gas turbines for grid balancing and storing hydrogen in underground caverns.
Refining & Chemicals: Companies like Shell, BP and TotalEnergies are replacing fossil‑based hydrogen in refineries with green hydrogen.
Steelmaking & Industry: Firms like SSAB, ArcelorMittal and Tata Steel are piloting hydrogen‑based steel production to replace coal.

Key Companies in the Global Green Hydrogen Market
Siemens Energy AG
Toshiba Energy Systems & Solutions Corporation
Nel ASA
Linde
Cummins Inc
H&R Ölwerke Schindler GmbH
Wind to Gas Energy GmbH & Co. KG
Guangdong Nation‑Synergy Hydrogen Power Technology Co., Ltd.
Air Liquide
Air Products and Chemicals, Inc.

Emergen Research
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This release was published on openPR.

Global Green Hydrogen Market to Reach USD 65.7 Billion by 2034

Emergen Research forecasts that the global green hydrogen market will grow from USD 5.2 billion in 2024 to USD 65.7 billion by 2034, driven by decarbonisation policies, investment in electrolyzer technology and expanding industrial use. Key players such as Shell, BP, Iberdrola, Adani, Siemens Energy, ITM Power, Nel ASA, Plug Power and Cummins are scaling production, while governments in the EU, U.S., India and others are providing policy support. Alkaline electrolysis remains the dominant technology, with growing deployment of PEM and emerging AEM systems.