Description
According to a research report published by Spherical Insights & Consulting, The Global Green Hydrogen Market Size is projected To Grow from USD 7.08 billion in 2024 to USD 188.56 Billion by 2035, at a CAGR of 34.77% During the forecast period 2025–2035. Governments are essential in establishing laws and policy frameworks that support the green hydrogen market and give it long-term stability and predictability. Governments worldwide are concentrating on enacting carbon pricing mechanisms, defining emission reduction targets, and setting renewable energy targets, all of which encourage the demand for green hydrogen.
Introduction
Hydrogen generated only from renewable resources is known as “green hydrogen.” Grey hydrogen, which makes up 95% of the market and is produced by steam reforming natural gas, produces significantly more CO2 than green hydrogen. Using green hydrogen as a bridge, the green power or electricity can be transformed into a fuel for transportation or utilized as a feedstock for industrial processes. Market participants will be able to incorporate wind energy into a container ship’s fuel tank through the use of green hydrogen and derived fuels like green ammonia. Hydrogen might therefore significantly boost renewable energy sources’ capacity to reduce carbon emissions. There are numerous applications for hydrogen generated from renewable resources, including heating and power generation in homes.
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Green Hydrogen Market Size & Statistics
- The Market for Green Hydrogen was estimated to be worth USD 7.08 Billion in 2024.
- The Market is Going to expand at a CAGR of 34.77% between 2025 and 2035.
- The Global Green Hydrogen Market Size is anticipated to reach USD 188.56 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the green hydrogen market
- Asia Pacific is expected to grow the fastest during the forecast period in the green hydrogen market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the green hydrogen market. Green hydrogen and other clean energy alternatives are being adopted more widely due to favorable regulations and initiatives implemented by regional governments. An abundance of renewable energy sources, including solar, hydro, and wind, is helping to make green hydrogen through electrolysis more affordable. Furthermore, the region’s market growth is being supported by a growing emphasis on lowering carbon emissions, developments in electrolyzer technology, increased investments in renewable energy infrastructure for energy security, and a rise in partnerships between domestic and foreign businesses for the implementation of large-scale green hydrogen projects. Adoption of green hydrogen is of great importance to regional players such as South Korea, Japan, and Australia.
North America is expected to generate the highest demand during the forecast period in the green hydrogen market. A number of significant factors that prioritize sustainability and innovation are propelling the green hydrogen market in the United States. A major contributing element is the growing emphasis on reaching net-zero emissions, which has prompted more government funding and support for renewable energy initiatives, especially those that produce hydrogen. Since green hydrogen is a clean fuel substitute that supports environmental objectives, the market is further stimulated by the rising demand for fuel cell electric vehicles (FCEVs).
Top 10 trends in the Green Hydrogen Market
- Decarbonization of hard-to-abate sectors
- Transportation sector adoption
- Technological advancements in electrolysis
- Government support and policy initiatives
- Strategic collaborations and joint ventures
- Expanding green hydrogen infrastructure
- Declining production costs
- Diversification of industrial applications
- Global leadership in green hydrogen production
- Investment in hydrogen fuel cells
- Transportation sector adoption
Heavy-duty vehicles, shipping, and aviation are increasingly turning to green hydrogen as a clean fuel alternative. Countries like Japan, South Korea, and those in the EU are investing in hydrogen refueling infrastructure to support this transition.
- Technological advancements in electrolysis
Innovations in proton exchange membrane (PEM) and solid oxide electrolyzers are improving efficiency and scalability. These technologies are key to making green hydrogen more cost-effective and widely accessible.
- Government support and policy initiatives
Governments worldwide are launching hydrogen strategies and funding programs. For example, the U.S. has committed $9.5 billion to hydrogen projects, while the EU is building alliances to accelerate deployment.
- Strategic collaborations and joint ventures
Major energy companies, governments, and research institutions are forming partnerships to scale production and distribution. Projects like HyDeal Ambition and the Asian Renewable Energy Hub exemplify this trend.
- Decarbonization of hard-to-abate sectors
Green hydrogen is emerging as a critical solution for industries that are difficult to electrify, such as steel, cement, chemicals, and refining. These sectors traditionally rely on fossil fuels for high-temperature processes and feedstock, making them major contributors to global emissions. By replacing conventional hydrogen with green hydrogen, companies can significantly reduce their carbon footprint.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the Green hydrogen market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading the Green Hydrogen Market
- Air Liquide
- Air Products and Chemicals, Inc.
- Bloom Energy
- Cummins Inc.
- ENGIE
- Plug Power Inc.
- Linde PLC
- Siemens Energy AG
- Reliance Industries Limited
- Iberdrola SA
- Fortescue Future Industries
- BP PLC
- China Petroleum & Chemical Corporation (Sinopec)
- Green Hydrogen International Corp.
- ITM Power PLC
- McPhy Energy S.A.
- Nel ASA
- Orsted A/S
- Shell PLC
- thyssenkrupp nucera
- Intercontinental Energy
- CHARBONE Hydrogen Corporation
- China Three Gorges Corporation
- Ningxia Baofeng Energy Group Co. Ltd.
- Lhyfe SA
- Air Liquide
Headquarters – Paris, France
Air Liquide is a global leader in gases and technologies, actively driving the transition to clean energy through its green hydrogen initiatives. The company is investing in electrolysis-based hydrogen production powered by renewable energy, aiming to reach 3 GW of capacity by 2030. Air Liquide’s strategy focuses on decarbonizing heavy industry and clean mobility, with projects across Europe, Asia, and North America. It has formed strategic partnerships to scale infrastructure and reduce carbon emissions in sectors like steel, chemicals, and transport. With over 50 years of hydrogen expertise, Air Liquide is shaping a low-carbon future by integrating hydrogen into industrial ecosystems and supporting global climate goals.
- Air Products and Chemicals, Inc.
Headquarters – Allentown, Pennsylvania, USA
Air Products is a dominant force in industrial gases and a pioneer in green hydrogen technology. The company is building one of the world’s largest green hydrogen plants in Saudi Arabia, using renewable energy for electrolysis to produce 650 tonnes per day. Air Products is also developing infrastructure for hydrogen fuel cells, targeting hard-to-abate sectors like transport and refining. Its commitment to decarbonization includes partnerships with ports and logistics hubs to replace diesel fleets with hydrogen-powered alternatives. With decades of experience and a robust global footprint, Air Products is accelerating the hydrogen economy through innovation and large-scale deployment.
- Bloom Energy
Headquarters – San Jose, California, USA
Bloom Energy is revolutionizing clean energy with its solid oxide fuel cell technology, enabling efficient conversion of green hydrogen into electricity. The company is scaling up electrolyzer production to support industrial decarbonization and grid resilience. Bloom’s systems are used in data centers, hospitals, and manufacturing facilities, offering low-emission, reliable power. Its green hydrogen solutions are designed to integrate with renewable energy sources, making it a key player in the shift to a low-carbon economy. Through strategic collaborations and a focus on sustainability, Bloom Energy is expanding its reach across North America and Asia, helping industries transition to clean hydrogen.
- Cummins Inc.
Headquarters – Columbus, Indiana, USA
Cummins is a global power solutions provider advancing green hydrogen technology through its HyLYZER and HySTAT electrolyzers. The company is investing in scalable systems for renewable hydrogen production, targeting transportation, industrial, and energy sectors. Cummins’ hydrogen fuel cell platforms support zero-emission mobility, including buses, trucks, and trains. Its engineering expertise and global partnerships position it to lead in decarbonizing hard-to-electrify industries. Cummins is also working on hybrid systems that combine hydrogen with battery storage, enhancing energy flexibility. With a legacy of innovation and a strong sustainability roadmap, Cummins is helping shape the future of clean energy.
- ENGIE
Headquarters – La Défense, Paris, France
ENGIE is a multinational energy company focused on accelerating the green hydrogen economy. It develops large-scale hydrogen projects powered by wind and solar energy, aiming to decarbonize sectors like transport, industry, and power generation. ENGIE’s portfolio includes electrolyzer installations, hydrogen mobility solutions, and strategic joint ventures across Europe, Latin America, and Africa. The company is committed to sustainability and energy transition, aligning its hydrogen strategy with global climate targets. By leveraging its expertise in renewables and infrastructure, ENGIE is building a resilient hydrogen ecosystem that supports clean fuel adoption and industrial transformation.
Company Profiles
- Air Liquide
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Air Products and Chemicals, Inc.
- Bloom Energy
- Cummins Inc.
- ENGIE
- Plug Power Inc.
- Linde PLC
- Siemens Energy AG
- Reliance Industries Limited
- Others.
Conclusion
The green hydrogen market is at a transformational tipping point, evolving from early-stage pilot projects into large-scale commercial deployment. Driven by rapid technological innovations in electrolysis, falling renewable energy costs, and intensifying global pressure to decarbonize hard-to-abate sectors, the industry is attracting substantial investment and policy momentum.
About the Spherical Insights & Consulting
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