Stratview Research
The Green Hydrogen Market refers to the global industry focused on the production, distribution, and utilization of hydrogen generated through renewable energy sources, primarily via electrolysis powered by solar, wind, or other renewables, which emits no greenhouse gases during production. According to Stratview Research, the market is projected to reach USD 99.50 billion by 2032, growing at an impressive CAGR of 50.4% during the forecast period from 2025 to 2032. The most critical growth driver for this market is the surging demand from fuel cell electric vehicles (FCEVs) and the power sector, as both sectors increasingly seek carbon-free energy carriers and grid-balancing solutions, solidifying green hydrogen’s role in decarbonization strategies.
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Market Statistics
• Market size (2024): USD 3.78 billion
• Forecast value (2032): USD 99.50 billion
• CAGR (2025-2032): 50.4%
• Forecast period: 2025-2032
• Base year: 2024
• Total number of segments: 4
• Tables & figures: 100+
• Country-Level Market Assessment: 20
Market Segmentation
By Renewable Source Type
• Wind Energy
• Solar Energy
• Other Renewable Sources
By Technology Type
• Alkaline Electrolysis
• PEM Electrolysis
By End-Use Type
• Mobility
• Chemical
• Power
• Grid Junction
• Industrial
By Region
• North America
• Europe
• Asia-Pacific
• Rest of the World
Segment Analysis
In the renewable source type category, the solar energy segment is projected to be the fastest-growing during the forecast period due to the rapid decline in solar photovoltaic (PV) costs, which makes solar-powered electrolysis increasingly cost-effective for producing green hydrogen. This trend is bolstered by favorable government policies and private investments targeting net-zero emission goals, encouraging strategic players to expand solar-driven hydrogen production capabilities.
Under technology type, the PEM electrolysis segment is expected to be the fastest-growing because of its high efficiency, rapid response capabilities, and compatibility with intermittent renewable energy sources such as solar and wind. These performance advantages make PEM electrolyzers appealing for renewable-integrated hydrogen projects, indicating priority investment areas for technology developers.
Within end-use types, the mobility segment accounted for the largest share of the green hydrogen market, driven by the rising adoption of fuel cell electric vehicles (FCEVs) and expanding hydrogen refueling infrastructure. This dominance signifies opportunities for infrastructure buildup and partnerships between mobility OEMs and hydrogen suppliers to accelerate clean transportation initiatives.
Regional Insights
North America is projected to be both the dominant and fastest-growing region in the green hydrogen market over the forecast period, supported by substantial public and private investments, supportive policies, and strong decarbonization commitments that facilitate the rapid deployment of green hydrogen manufacturing facilities and associated infrastructure, positioning the region as a strategic growth hub for market participants.
Market Drivers
• High demand from fuel cell electric vehicles (FCEVs) and the power industry for clean energy carriers, fueling green hydrogen adoption.
• Substantial investments in renewable energy capacity that lower the cost of electrolytic hydrogen production.
• Government incentives and supportive policies aimed at achieving net-zero emission targets.
• Expansion of hydrogen infrastructure, including production facilities and refueling networks.
• Increasing industrial decarbonization efforts that rely on green hydrogen as a zero-emission fuel.
Top Companies in the Market
• Air Liquide
• Air Products Inc.
• Bloom Energy
• Cummins Inc.
• Engie
• Linde plc.
• Nel ASA
• Siemens Energy
• Toshiba Energy Systems & Solutions Corporation
• Uniper SE
FAQs
1. What will be the green hydrogen market size in 2032?
The green hydrogen market is forecast to reach USD 99.50 billion by 2032.
2. How quickly is the green hydrogen market expected to grow?
The market is expected to grow at a CAGR of 50.4% during 2025-2032.
3. Which renewable source segment grows fastest in green hydrogen production?
The solar energy segment is projected to be the fastest-growing renewable source type.
4. Why is North America leading the green hydrogen market?
North America’s leadership is driven by strong investments, policy support, and decarbonization focus.
5. Which end-use category currently holds the largest share of the market?
The mobility segment holds the largest share due to rising adoption of fuel cell electric vehicles and hydrogen mobility infrastructure.
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