Green Hydrogen Market 2024 | Trends, Share, Growth and Opportunity Till 2032

IMARC Group's report titled "Green Hydrogen Market by Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Others), Application (Power Generation, Transport, and Others), Distribution Channel (Pipeline, Cargo), and Region 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global green hydrogen market share. The global market size reached US$ 1,129.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 44,463.0 Million by 2032, exhibiting a growth rate (CAGR) of 49.36% during 2024-2032. 

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/green-hydrogen-market/requestsample

Factors Affecting the Growth of the Green Hydrogen Industry:

Technological Advancements in Electrolysis:

Advancements in electrolyzer designs, such as proton exchange membranes (PEM) and alkaline electrolyzers, are enhancing efficiency, slashing operational costs, and prolonging system lifespan. The affordability and widespread availability of renewable energy sources like wind and solar power are facilitating their integration with electrolysis, thereby further diminishing the carbon footprint associated with hydrogen production. Additionally, ongoing research endeavors are concentrated on bolstering the scalability of electrolyzers, a critical aspect for meeting the substantial production requirements of industrial and transportation sectors. This symbiotic relationship between advancements in renewable energy and electrolysis technology is instrumental in rendering green hydrogen a viable and sustainable substitute for conventional energy sources.

Increasing Demand from Industrial and Transportation Sectors:

Industries such as steel, chemicals, and refining are turning to green hydrogen to curtail their carbon emissions and adhere to environmental mandates. Moreover, hydrogen is finding utility in the steel sector as a substitute for coal in the iron reduction process, significantly mitigating the carbon footprint. In the realm of transportation, hydrogen fuel cells are gaining traction in buses, trucks, and even maritime vessels as an alternative to conventional diesel engines. This transition is bolstered by the expansion of hydrogen refueling infrastructure and advancements in fuel cell vehicle technology. With more companies pledging to sustainability objectives and mounting governmental pressure for decarbonization, the demand for green hydrogen across these sectors is on the rise.

Development of Supply Chains:

The establishment of resilient supply chains plays a pivotal role in scaling up the green hydrogen market. Efficient infrastructure for production, storage, transportation, and distribution is indispensable for ensuring the safe and cost-effective handling of hydrogen from production sites to end-users. With the market's expansion, there's a surge in investments directed towards hydrogen infrastructure, encompassing pipelines, specialized storage facilities, and tailored shipping solutions designed to accommodate its unique characteristics of low density and high reactivity. Additionally, progress in liquid organic hydrogen carriers (LOHC) technology is enhancing the feasibility and affordability of long-distance transportation. Furthermore, the implementation of international standards and agreements for hydrogen trade fosters market integration, cost reduction, and supply chain resilience.

Leading Companies Operating in the Global Green Hydrogen Industry:

• Air Liquide S.A.
• Air Products and Chemicals Inc.
• Enapter AG
• Green Hydrogen Systems A/S
• Linde plc
• Nel ASA
• Ørsted A/S
• Plug Power Inc.
• Siemens Energy AG
• Uniper SE (Fortum Oyj) 

Green Hydrogen Market Report Segmentation:

By Technology:

• Proton Exchange Membrane Electrolyzer
• Alkaline Electrolyzer
• Others

Alkaline electrolyzer exhibits a clear dominance in the market due to its proven technology, cost-effectiveness, and high efficiency in large-scale hydrogen production settings.

By Application:

• Power Generation
• Transport
• Others

Transport holds the biggest market share, as hydrogen fuel cells are increasingly adopted in the automotive industry to reduce carbon emissions and dependence on fossil fuels.

By Distribution Channel:

• Pipeline
• Cargo

Pipeline represents the largest segment, as it offers a cost-effective, reliable, and safe means of transporting large volumes of hydrogen over long distances.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Europe dominates the market owing to strong governmental initiatives, funding for green hydrogen projects, and the strategic goal of achieving carbon neutrality.

Global Green Hydrogen Market Trends:

The rise of sector coupling, involving the integration of energy systems across various sectors such as power, transport, heating, and industry, is driving market expansion. This strategy enables more flexible energy utilization and optimizes the efficiency of renewable resources.

Furthermore, the increasing embrace of digital technologies to streamline hydrogen production, storage, and distribution is fostering a positive market trajectory. Sophisticated analytics, Internet of Things (IoT) applications, and Artificial Intelligence (AI) are bolstering operational effectiveness, fortifying safety measures, and forecasting maintenance requirements in real-time, thereby minimizing downtime and operational expenses.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact US

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: [email protected]

Tel No:(D) +91 120 433 0800

United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163