Green Hydrogen Market Insights: Growth, Trends, and Forecast
Key Ideas
- The green hydrogen market is projected to grow significantly from 2024 to 2031, with a CAGR of 37.8%, driven by government investments in renewable energy.
- Key segments include technology (Alkaline Electrolysis, PEM Electrolysis), renewable sources (wind, solar energy), and end-use industries (chemical, power, food & beverages).
- Key players in the market include Air Liquide, Siemens Energy, Cummins Inc., Linde Plc, NEL ASA, Ørsted A/S, Toshiba Energy Systems, Uniper SE, Engie, and Air Products and Chemicals Inc.
- The Insight Partners, a research provider, offers industry insights and solutions for various sectors like technology, media, food & beverages, chemicals & materials, and telecommunication.
The green hydrogen market is poised for remarkable growth, with an expected increase from US$ 8.38 billion in 2024 to US$ 71.31 billion by 2031, showcasing a notable CAGR of 37.8% from 2025 to 2031. This growth is primarily attributed to the substantial investments made by governments in renewable energy, emphasizing sustainability and clean energy production. The market analysis of green hydrogen considers key segments such as technology, renewable sources, and end-use industries.
In terms of technology, the market is segmented into Alkaline Electrolysis and PEM Electrolysis, with the Alkaline Electrolysis segment holding a larger market share in 2022. The renewable sources segment includes wind energy, solar energy, and others, with solar energy dominating the market in 2022. Furthermore, the end-use industry segment covers chemical, power, food & beverages, medical, petrochemicals, and others, where the power segment led the market in 2022.
Key players driving the green hydrogen market include Air Liquide, Siemens Energy, Cummins Inc., Linde Plc, NEL ASA, Ørsted A/S, Toshiba Energy Systems and Solutions Corporation, Uniper SE, Engie, and Air Products and Chemicals Inc. These companies play a crucial role in advancing green hydrogen technologies and solutions.
The Insight Partners, a renowned industry research provider, offers actionable insights and solutions to clients across various sectors such as technology, media, food & beverages, chemicals & materials, and telecommunication. Their expertise in providing industry research services contributes to the understanding and growth of markets like green hydrogen, facilitating informed decision-making for businesses aiming to navigate the evolving landscape of renewable energy and sustainable practices.
Topics
Green Hydrogen
Renewable Energy
Technology
Industry Insights
Market Analysis
Renewable Sources
Key Players
Industry Research
End-use Industry
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