“Green Hydrogen Market Research Report by Arizton”
Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2025–2030.
The global green hydrogen market is projected to reach USD 134.86 billion by 2030, growing at a CAGR of 56.75% during 2024–2030, according to Arizton’s latest research.
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Report Scope:
MARKET SIZE (2030): USD 134.86 Billion
MARKET SIZE (2024): USD 9.09 Billion
CAGR (2024-2030): 56.75%
HISTORIC YEAR: 2023
BASE YEAR: 2024
FORECAST YEAR: 2025-2030
LARGEST REGION (2024): Europe
FASTEST-GROWING REGION: APAC
MARKET SEGMENTATION: Technology, Source, End-User, and Geography
GEOGRAPHIC ANALYSIS: North America, Europe, APAC, Latin America, and the Middle East & Africa
Green Hydrogen: Momentum Builds as Global Players and Policies Align
Green hydrogen continues to gain ground as governments and industry leaders align their efforts to scale production and cut emissions. Companies like Siemens Energy, Air Liquide, and Plug Power are stepping up investments, with Siemens Energy’s gigawatt-scale electrolyzer facility in Berlin, built in partnership with Air Liquide, set to power major European projects, starting with a 200 MW plant in Normandy.
Across the Atlantic, supportive policies such as the U.S. Inflation Reduction Act’s generous Production Tax Credit of up to $3/kg are making green hydrogen increasingly competitive. Landmark projects like the $1.85 billion Lancaster Clean Energy Center in California, which will become North America’s largest and produce up to 22,000 tons annually, show the market’s scale and promise. As countries from the US to Germany, Australia, and Saudi Arabia roll out national hydrogen strategies, investor confidence is strengthening, laying the groundwork for the next wave of global growth in green hydrogen.
Green Hydrogen Market News
- In December 2023, Iberdrola, which committed to doubling its Innovation, Development, and Research (R&D&I) investment to $4.37 billion by 2030, secured recognition as the world’s top private utility in R&D for two consecutive years.
- In December 2023, SoCalGas and Bloom Energy are collaborating on a hydrogen project at Caltech, showcasing hydrogen’s potential for long-duration clean energy storage.
- In September 2023, ITM and FRIEM are collaborating to develop a standardized Power Supply Unit (PSU) design optimized for ITM’s 2MW Plug & Play electrolysis container.
Electrolyzer Technologies: Scaling Innovation for Cost-Effective Green Hydrogen
Global advancements in electrolyzer technologies are strengthening the production of green hydrogen by improving efficiency and lowering costs. Proton Exchange Membrane (PEM) and Solid Oxide Electrolyzer Cells (SOEC) are emerging as key solutions supporting this transition. PEM electrolyzers, which use a solid polymer electrolyte, perform well under variable renewable energy conditions, making them suitable for solar and wind integration.
In 2023, Nel ASA partnered with General Motors to introduce a next-generation PEM electrolyzer platform, enhancing deployment capabilities. Building on this, Plug Power began installing and commissioning its PEM electrolyzer systems globally in 2024, with over 95 MW now operational or in progress. Meanwhile, SOEC technology, which operates at high temperatures between 600–800°C, achieves higher efficiency by utilizing heat energy to reduce electricity demand. Ongoing developments in these technologies are creating a solid foundation for more competitive, scalable green hydrogen production worldwide.
Green Hydrogen Market: Europe Strengthens Its Leadership Position
In 2024, Europe accounted for over 41% of the global green hydrogen market, reflecting its strong commitment to clean energy targets under initiatives like the European Green Deal and the Fit-for-55 package. The European Union aims to produce 10 million tonnes of green hydrogen domestically and import an additional 10 million tonnes by 2030 through the REPowerEU Strategy. To achieve this, leading energy and manufacturing companies are forming partnerships to advance hydrogen infrastructure and technology.
Notable projects such as H2Med, a planned hydrogen pipeline linking Spain, France, and Germany, highlight Europe’s coordinated push toward a cross-border hydrogen economy. The region’s growing renewable energy capacity often results in surplus generation, which green hydrogen helps capture and store. This supports grid stability and maximizes clean power use, as demonstrated by projects like Iberdrola’s solar-powered hydrogen facility in Spain. Together, these developments reinforce Europe’s position as a key driver of global green hydrogen growth.
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Key Vendors
- Air Products and Chemicals
- Bloom Energy
- Engie
- ITM Power
- Linde
- Nel
- Siemens Energy
Other Prominent Vendors
- ACWA Power
- Aramco
- Ballard Power Systems
- Beijing SinoHy Energy
- bp
- Cummins
- Elcogen
- Enapter
- Enel Green Power
- Equinor
- ExxonMobil
- Fuelcell Energy
- Fusion Fuel
- Genvia
- Green Hydrogen Systems
- H&R Group
- H2 Green
- H2Pro
- HydrogenPro
- Iberdrola
- Jiangsu Guofu Hydrogen Energy Equipment
- John Cockerill Group
- Kohodo Hydrogen Energy
- Lhyfe
- LONGi
- Loop Energy
- McPhy Energy
- Messer
- Ørsted
- Plug Power
- Sinopec
- Sunfire
- Sungrow Power Supply
- thyssenkrupp nucera
- Topsoe
- Toshiba Energy Systems & Solutions Corporation
Market Segmentation & Forecasts
By Technology
- Alkaline Electrolysis
- Proton Exchange Membrane
- Others
By Source
- Wind Energy
- Solar Energy
- Others
By End-User
By Geography
Europe
- Germany
- Spain
- France
- Portugal
- Italy
APAC
- China
- India
- Australia
- Japan
- South Korea
North America
Middle East & Africa
Latin America
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What Key Findings Will Our Research Analysis Reveal?
- How big is the global green hydrogen market?
- What is the growth rate of the global green hydrogen market?
- Which region dominates the global green hydrogen market?
- What are the factors driving the global green hydrogen market growth?
- Who are the major players in the global green hydrogen market?
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