Green Hydrogen Market to reach $3.6 Billion by 2030; rising demand to reduce carbon emissions, growing awareness of hydrogen's potential as an energy source and governments incentives and initiatives for production of green hydrogen globally are driv

The Green Hydrogen Market size is estimated to reach $3.6 Billion by 2030, growing at a CAGR of 14.1% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “ Green Hydrogen Market  - By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer and Solid Oxide Electrolyzer), By Renewable Source (Wind Energy and Solar Energy), By Application (Energy Storage, Fuels, Fertilizers, Off-grid Power, Heating and Others), By End-Use Industry (Transportation, Power Generation, Steel Industry, Food & Beverages, Chemical & Petrochemical and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030.” 

The main driver of the green hydrogen market is the rising demand to decrease the greenhouse gas emissions globally. The need for Green Hydrogen is rapidly increasing due to its potential to decarbonize several sectors, including transportation, shipping, and steel among others. Green hydrogen can replace traditional fossil fuels in transportation, which contributes significantly to greenhouse gas emissions. Additionally, Green Hydrogen can be used as a backup energy source for renewable energy plants, providing a constant and reliable source of energy. 

Europe accounted for the largest share of 42% of the Green Hydrogen Market in 2023. For instance, according to Hydrogen Europe, in October 2024, The EU Innovation Fund awarded grant allocation of $5.02 billion USD to 85 innovative projects, with hydrogen projects making up one third of total awards. This significant funding initiative marks the largest allocation since the fund’s inception in 2020, increasing the overall support to $11.8 billion and expanding the number of projects by 70%. Among the awarded projects, 26 focus specifically on hydrogen technologies, representing 30% of the total. This group includes six large projects and four medium projects in the general category, along with 12 manufacturing projects and 4 pilot projects. Such investments and projects, creates a favorable environment for the growth of the Green Hydrogen Market. 

The rising demand to reduce the greenhouse gas emissions is the primary driver which is driving the green hydrogen market globally. According to International Energy Agency’s Global Hydrogen Review 2024, 19 new hydrogen strategies were published in the past 12 months, bringing the total to 60, and now covering countries that account for over 84% of global energy-related CO2 emissions. Most of the new strategies were from emerging markets and developing economies (EMDEs), and most new targets are for production. Such policies and initiatives are driving the green hydrogen market growth globally. 

The global rise in adoption of green hydrogen in several industries is propelling the growth of green hydrogen market globally. For instance, as it provides crucial nutrients that boost crop yields and ensure food security, the fertilizer industry is essential to worldwide agriculture. But because of ammonia, a crucial component of fertilizers, is produced using fossil fuels, it also contributes significantly to greenhouse gas emissions. The industry is turning to green hydrogen as a remedy as a result of climate change and the growing demand to lower carbon footprints. A comparative study by the International Energy Agency (IEA) analyzed the emissions reduction potential of various ammonia production methods. The traditional natural gas-based production method emits about 1.8 tons of CO2 for every ton of ammonia produced, while green hydrogen would bring it to near zero, as the process only has water vapor as part of its emissions. 

Key companies profiled in the Green Hydrogen Market are Siemens Energy AG, Linde Plc, Toshiba Energy Systems & Solutions Corporation, Air Liquide, Nel ASA, Air Products and Chemicals, Inc., H&R Olwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd, Cummins Inc and Others.  

Hydrogen Sulphide Market - The Hydrogen Sulfide Market size is estimated to reach US$298.9 million by 2030, after growing at a CAGR of 3.7% during the forecast period 2024-2030. One major trend shaping the market is the increasing adoption of hydrogen sulfide for sulfur recovery processes.

Hydrogen Gas Market - Hydrogen Gas Market size is forecast to reach 107.2 million tons by 2025, after growing at a CAGR of 4.1% during 2020-2025. The factors that support the growth of the hydrogen gas market includes the increasing preference for technological advancements, onsite hydrogen generation systems, increasing use of hydrogen across various end user industries and introduction of green production technologies.

Hydrogen Storage Pressure Vessel Market - The Hydrogen Storage Pressure Vessel market size is forecast to reach USD 1.2 billion by 2028, after growing at a CAGR of 30.8% during the forecast period 2023-2028 owing to the increasing need for clean fuels.