At a CAGR of 61.0%, the green hydrogen market will be worth $7,314 million by 2027.

Published: April 24, 2023

According to a new market research report, the Green Hydrogen Market by Technology (Alkaline and PEM), Renewable Source (Wind, Solar, Geothermal, Hydropower, and Hybrid of Wind & Solar), End-Use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region – Global Forecast to 2027″, is projected to grow from USD 676 million in 2022 to USD 7,314 million by 2027, at a CAGR of 61.0% during the forecasted period. Factors such as lowering cost of producing renewable energy by all sources, development of electrolysis technologies and high demand from FCEVs and power industry are expected to drive the markets growth during the forecast period.

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  • 254 Market data Tables
  • 63 Figures
  • 323 Pages and in-depth TOC on “Green Hydrogen Market – Global Forecast to 2027″

This report also provides a comprehensive analysis of the companies listed below:

Siemens Energy AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Nel ASA (Norway), Linde plc (Ireland), Cummins Inc. (US), H&R Ölwerke Schindler GmbH (Germany), Wind to Gas Energy GmbH & Co. KG (Germany), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China), Air Liquide S.A. (France), and Air Products and Chemicals, Inc. (US), Uniper SE (Germany), Engie SA (France), Orsted AS(Denmark), Lhyfe (France)

As per the US Department of Energy, green hydrogen is carbon-free hydrogen produced by the electrolysis of renewable and nuclear resources. The electrolysis process uses electricity to split water into hydrogen and oxygen; the process takes place in a unit called an electrolyzer. Electrolyzers are available in small and large sizes. Small-capacity electrolyzers are used for small-scale distributed hydrogen production. In the case of large-capacity electrolyzers, hydrogen production facilities can be tied directly to renewable or other non-greenhouse-gas-emitting forms of electricity production.

The global green hydrogen market is projected to grow from USD 676 million in 2022 to USD 7,314 million by 2027, at a CAGR of 61.0% during the forecasted period. The markets growth is attributed to the expanding chemical industry, water treatment plants in developing nations, and the demand for air purification due to high pollution loads emitted into the atmosphere.

In terms of value and volume, wind-powered green hydrogen has the largest market share in the global green hydrogen market during the forecasted period

Wind energy led the market for green hydrogen in terms of value in 2021, accounting for 48% of the total. Wind farms are typically built onshore or offshore. In comparison to onshore plants, offshore plants have consistent output all year. Wind energy prices have dropped by 44-78% since their peak in 2007-2010. This factor has significantly increased the acceptance of wind power for green hydrogen production. Offshore and onshore wind farms are currently used to generate power for use in green hydrogen generation.

Asia pacific is the second-largest region in terms of value in the green hydrogen market during the forecast period

Asia pacific is the second largest market for green hydrogen, in terms of value and volume. The growth of the green hydrogen market in Asia pacific can be attributed to the presence of leading green hydrogen manufacturers, such as Toshiba Energy Systems & Solutions Corporation (Japan), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China). Asia pacific has undertaken substantial research with regard to hydrogen production and to understand the revolutionary potential of green hydrogen. Transition toward green energy and commitments by major Asian pacific countries like China, India, Australia toward emission reduction. This, in turn, boosts the demand for green hydrogen in the region.

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