Luton, Bedfordshire, United Kingdom, May 29, 2025 (GLOBE NEWSWIRE) — The green hydrogen market is on the cusp of a transformative growth trajectory, driven by escalating energy demands, stringent climate policies, and rapid technological advancements. Valued at approximately $2.5 billion in 2024, the market is forecasted to surge to around $12 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period from 2025 to 2034.
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Market Overview
Green hydrogen, produced via environmentally friendly methods such as electrolysis powered by renewable energy sources, is gaining traction as a vital solution for decarbonizing several hard-to-abate sectors. Industries ranging from heavy manufacturing to transportation and power generation are increasingly adopting green hydrogen to replace fossil fuels and reduce carbon footprints.
Key market drivers include rising global energy costs, intensified climate change awareness, and government policies favoring renewable energy transitions. Technological breakthroughs in electrolyzer efficiency, coupled with expanding production capacity and strategic collaborations among industry leaders, are catalyzing market growth.
Market Segmentation:
1. By Production Technology
- Proton Exchange Membrane (PEM) Electrolyzers
- Alkaline Electrolyzers
- Solid Oxide Electrolyzers (SOE)
- Other Technologies (e.g., Polymer Electrolyte Membrane)
2. By Application
- Power Generation
- Industrial Applications
- Refining
- Ammonia Production
- Methanol Production
- Steel Manufacturing
- Transportation
- Fuel Cell Electric Vehicles (FCEVs)
- Hydrogen-Powered Trucks and Buses
- Residential and Commercial Heating
- Others
3. By End-User Industry
- Oil & Gas
- Chemicals
- Metals & Mining
- Power & Utilities
- Automotive
- Others
4. By Geography/Region
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- South America
5. By Capacity
- Small-Scale Production (<1 MW)
- Medium-Scale Production (1-10 MW)
- Large-Scale Production (>10 MW)
6. By Type
- Green Hydrogen (Produced via Renewable Energy)
- Blue Hydrogen (Produced with Carbon Capture and Storage)
- Gray Hydrogen (Produced from Fossil Fuels without CCS)
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By Product Type:
- Electrolysis remains the dominant production method, especially Proton Exchange Membrane (PEM) electrolysis, which commands nearly 60% of the production market share due to its higher efficiency and scalability.
- Biomass Gasification and Photoelectrochemical Water Splitting are emerging as complementary green hydrogen production techniques, particularly in regions promoting circular economy models.
By Application:
- Industrial sector, especially chemical production, holds the largest market share (~45%), driven by demand for ammonia, methanol synthesis, and steel production.
- Transportation captures around 20%, with fuel cell vehicles, heavy-duty trucks, maritime, and aviation sectors adopting hydrogen for its high energy density and rapid refueling benefits.
- Power Generation accounts for 15%, focusing on renewable energy integration and backup power systems.
- Heating applications, both residential and industrial, make up approximately 10% of the market, benefiting from trends in hydrogen blending into existing natural gas grids.
By End User:
- The industrial segment leads market demand.
- Commercial and utility sectors are expanding rapidly due to innovative energy solutions and integration into energy storage systems.
By Distribution Channel:
- Direct sales dominate with about 70% of the market, reflecting manufacturers’ preference for efficient customer relationship management.
- Online sales and distributors also contribute to market accessibility and growth.
By Storage Type:
- Gas storage is the predominant form, benefiting from efficiency and cost-effectiveness, while liquid storage and metal hydrides are gaining interest for specific applications.
Regional Insights
The Asia-Pacific region dominates the market with a 45% share, bolstered by heavy investments in renewable infrastructure and ambitious carbon reduction targets in countries like China, Japan, and South Korea.
North America holds about 25% of the market and is projected to grow at a CAGR of 15%, fueled by strong R&D investment and existing hydrogen infrastructure, particularly in the United States.
Europe commands around 20% market share, supported by the European Union’s aggressive climate goals and regulatory frameworks that foster green hydrogen deployment.
Emerging regions such as the Middle East & Africa and Southeast Asia hold significant future potential due to abundant renewable resources and strategic government initiatives, although infrastructural and regulatory challenges remain.
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Market Dynamics
Growth Drivers:
- Increasing demand for sustainable and clean energy alternatives.
- Technological improvements lowering costs and enhancing electrolyzer efficiency.
- Supportive government policies and incentives worldwide.
- Rising fossil fuel prices encouraging alternative energy adoption.
- Collaborative partnerships fostering innovation and market expansion.
Challenges:
- High capital and production costs limiting widespread adoption.
- Underdeveloped hydrogen supply chain and infrastructure.
- Pricing competition from alternative energy sources.
- Regulatory inconsistencies across regions creating market uncertainties.
Opportunities:
- Emerging applications in residential heating and fuel cell vehicles.
- Investment in advanced hydrogen storage and distribution technologies.
- New business models including public-private partnerships.
- Green financing through bonds and impact investments boosting capital influx.
Competitive Landscape
- Nel ASA
- ITM Power
- Plug Power
- Ballard Power Systems
- Siemens Energy
- Air Products and Chemicals, Inc.
- Linde plc
- McPhy Energy
- Hydrogenics (Cummins Inc.)
- Toshiba Energy Systems & Solutions Corporation
- Hyundai Hydrogen Mobility
- Bloom Energy
- Areva H2Gen
- Air Liquide
- Enapter
- PowerCell Sweden AB
- Haldor Topsoe
- Element Energy
- ThyssenKrupp AG
- Doosan Fuel Cell
Recent Market Developments
1. Adani Green Energy – Accelerating India’s Green Hydrogen Ambitions
Adani Green Energy Ltd. (AGEL) is making significant strides in India’s green hydrogen landscape. The company has already achieved its 2025 target of 25 GW in renewable energy capacity four years ahead of schedule . Looking ahead, AGEL plans to invest ₹310 billion (approximately $3.64 billion) in the current fiscal year to add 5 GW of clean energy capacity, marking a 50% increase over the previous year . Additionally, AGEL is collaborating with Adani Energy Solutions to develop a power transmission system in Gujarat, supporting a green hydrogen and ammonia manufacturing unit in Mundra .
2. Siemens Energy – Advancing Electrolyzer Production and Global Partnerships
Siemens Energy, in partnership with Air Liquide, inaugurated a gigawatt-scale electrolyzer manufacturing facility in Berlin in November 2023 . This joint venture aims to produce industrial-scale renewable hydrogen electrolyzers, with a target capacity of 3 GW by 2025 . In a recent development, Siemens Energy has partnered with Sarawak to improve hydrogen production efficiency, targeting a reduction in energy consumption from 30 kWh/kg to 10 kWh/kg .
3. ITM Power – Expanding Electrolyzer Capacity and Global Reach
ITM Power has been selected by Uniper for the 120 MW Humber H2ub® green hydrogen project in the UK, scheduled to be operational by 2029 . The company will supply six POSEIDON electrolysis modules for this project. Furthermore, ITM Power has secured a contract to supply four NEPTUNE V units, totaling 20 MW, for the first phase of Norway’s Hydrogen Hub Agder project . These developments underscore ITM Power’s expanding role in the global green hydrogen market.
4. Plug Power – Innovating Hydrogen-Powered Commercial Vehicles
Plug Power has developed a Class 6 hydrogen-powered fuel cell electric truck, suitable for middle-mile, medium-duty deliveries . This innovation aims to decarbonize commercial trucking by providing a clean alternative to traditional diesel-powered vehicles. Additionally, Plug Power is collaborating with Avina Clean Hydrogen Inc. to deliver containerized PEM electrolyzer systems for a green hydrogen production facility serving the commercial mobility sector in Southern California .
5. Air Products – Strategic Investments and Project Developments
Air Products has completed the sale of its liquefied natural gas (LNG) business for $1.81 billion, focusing on expanding its green hydrogen initiatives . The company is also moving forward with a $7 billion hydrogen project in Louisiana, incorporating carbon capture technology to produce blue hydrogen . These strategic moves align with Air Products’ commitment to advancing sustainable energy solutions.
This report is also available in the following languages : Japanese (グリーン水素市場), Korean (녹색 수소 시장), Chinese (绿色氢市场), French (Marché de l’hydrogène vert), German (Markt für grünen Wasserstoff), and Italian (Mercato dell’idrogeno verde), etc.
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More Research Finding –
Industrial Hydrogen Market
The global industrial hydrogen market is valued at approximately $188 billion, driven by increasing demand across sectors such as refining, ammonia production, and emerging fuel cell applications. The market is projected to reach about $320 billion by 2034, influenced by the global shift toward decarbonization and sustainable energy sources. This trajectory indicates a robust Compound Annual Growth Rate (CAGR) of 5.2% from 2025 to 2034.
https://exactitudeconsultancy.com/reports/63268/global-industrial-hydrogen-market
Hydrogen Generation Market
The hydrogen generation market is expected to grow at 10.2% CAGR from 2022 to 2029. It is expected to reach above USD 316.45 billion by 2029.
https://exactitudeconsultancy.com/reports/14906/hydrogen-generation-market
PEM Water Electrolyzers Market
The global PEM (Proton Exchange Membrane) water electrolyzers market is projected to reach a value of approximately $1.5 billion in 2024, demonstrating significant growth spurred by the rising demand for clean hydrogen production and advances in renewable energy technologies. As industries focus on decarbonization efforts, the market is forecasted to expand at a compound annual growth rate (CAGR) of 20.5% from 2025 to 2034, potentially reaching around $9 billion by the end of the forecast period.
https://exactitudeconsultancy.com/reports/65332/global-pem-water-electrolyzers-market
Water Electrolysis Hydrogen Equipment Market
The global market value for water electrolysis hydrogen equipment is estimated at approximately $5 billion. A robust growth trajectory is projected, with market values anticipated to reach around $15 billion by 2034. This represents a Compound Annual Growth Rate (CAGR) of approximately 13.5% during the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/65007/global-water-electrolysis-hydrogen-equipment-market
Hydrogen Gas Injector Market
The global hydrogen gas injector market is valued at approximately $1.2 billion in 2024, with expectations to reach around $3.5 billion by 2034, reflecting a robust compound annual growth rate (CAGR) of about 12.3% during the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/64797/hydrogen-gas-injector-market
Pem Water Electrolyzer Market
The global PEM (Proton Exchange Membrane) water electrolyzer market is projected to reach approximately $1.5 billion in 2024, driven by the increasing demand for green hydrogen and advancements in renewable energy technology. The market is anticipated to grow significantly, reaching a projected value of around $7.8 billion by 2034. This growth corresponds to a Compound Annual Growth Rate (CAGR) of approximately 17.7% from 2025 to 2034.
https://exactitudeconsultancy.com/reports/49744/pem-water-electrolyzer-market
Water Electrolysis Machine Market
The global water electrolysis machine market is valued at approximately $1.2 billion in 2024, with projections indicating growth to around $2.5 billion by 2034. This represents a robust Compound Annual Growth Rate (CAGR) of about 7.6% during the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/51784/water-electrolysis-machine-market
Hydrogen Pipelines Market
The global hydrogen pipelines market is valued at approximately $14.3 billion in 2024, reflecting the rising emphasis on clean energy solutions and the shift towards hydrogen as a viable alternative for decarbonization. Over the forecast period from 2025 to 2034, the market is projected to grow, reaching an estimated value of $36 billion by 2034, driven by significant investments and infrastructure developments. This growth corresponds to a robust Compound Annual Growth Rate (CAGR) of around 9.6%.
https://exactitudeconsultancy.com/reports/52519/global-hydrogen-pipelines-market
Heavy Hydrogen Market
The global heavy hydrogen market is valued at approximately $650 million. It is anticipated to experience robust growth, projected to reach about $1.25 billion by 2034. This growth trajectory represents a compound annual growth rate (CAGR) of around 7.0% throughout the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/52993/global-heavy-hydrogen-market
By-Product Hydrogen Market
The global by-product hydrogen market is valued at approximately $16 billion in 2024, with a robust growth trajectory projected through the next decade. By 2034, the market is expected to reach around $28 billion, driven by increasing demand in various industrial applications such as refining, ammonia production, and methanol synthesis. This growth corresponds to a compound annual growth rate (CAGR) of 5.5% from 2025 to 2034.
https://exactitudeconsultancy.com/reports/53773/global-by-product-hydrogen-market
Hydrogen From Chlor-Alkali Process Market
The global hydrogen market from the chlor-alkali process is projected to reach a value of approximately $5.4 billion in 2024. This segment is expected to experience substantial growth, with a projected market value of around $9.2 billion by 2034, driven by increasing demand for hydrogen in various industrial applications. The market is anticipated to exhibit a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/53775/global-hydrogen-from-chlor-alkali-process-market
Hydrogen Generation by Water Electrolysis Market
The global hydrogen generation market through water electrolysis is valued at approximately $3.5 billion in 2024, demonstrating a robust shift towards clean energy solutions. The market is poised for significant growth, with projections indicating a market value of around $15 billion by 2034. This growth translates to a projected Compound Annual Growth Rate (CAGR) of about 15.8% during the period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/53778/global-hydrogen-generation-by-water-electrolysis-market
Ozone Generation System Market
The global ozone generation systems market is valued at approximately $1.4 billion in 2024 and is projected to reach around $2.6 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/54234/global-ozone-generation-system-market
Electrolysis Oxygen Concentrator Market
The global market for electrolysis oxygen concentrators is poised to reach an estimated value of $1.2 billion in 2024, with projections indicating a substantial growth trajectory. By 2034, the market is expected to achieve a value of approximately $2.3 billion, reflecting increasing demand for oxygen therapy solutions, particularly in response to the rising prevalence of respiratory disorders and an aging population.
https://exactitudeconsultancy.com/reports/54702/global-electrolysis-oxygen-concentrator-market
High Quality Potassium Hydroxide Market
The global market for high-quality potassium hydroxide is valued at approximately $3.5 billion. This market is projected to reach around $5.1 billion by 2034, reflecting a robust growth trajectory. The forecast period from 2025 to 2034 anticipates a Compound Annual Growth Rate (CAGR) of 4.2%, driven by increasing applications in various industries such as agriculture, pharmaceuticals, and food processing.
https://exactitudeconsultancy.com/reports/54868/global-high-quality-potassium-hydroxide-market
Liquid Sodium Chlorite Market
The global liquid sodium chlorite market is valued at approximately $1.2 billion, reflecting steady demand across various applications, including water treatment and disinfection. The market is poised for significant growth, with a projected value of $2.4 billion by 2034. This growth trajectory represents a compound annual growth rate (CAGR) of 7.5% during the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/54882/global-liquid-sodium-chlorite-market
Hydrogen Electronic Special Gas Market
The global hydrogen electronic special gas market is valued at approximately $4.2 billion in 2024 and is projected to reach around $8.3 billion by 2034, reflecting a robust growth trajectory. The market is anticipated to experience a Compound Annual Growth Rate (CAGR) of about 7.1% during the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/54991/global-hydrogen-electronic-special-gas-market
Platinum Coated Titanium Anode Market
The global market for platinum-coated titanium anodes is valued at approximately $450 million in 2024, driven by increasing demand for corrosion-resistant materials across various industries, including aerospace, chemical processing, and water treatment. As we look towards the future, the market is projected to expand significantly, reaching an estimated value of $750 million by 2034.
https://exactitudeconsultancy.com/reports/55452/global-platinum-coated-titanium-anode-market
Ruthenium Iridium Titanium Anode Market
The global market for ruthenium iridium titanium anodes is valued at approximately $500 million in 2024. With increasing demand in industries such as electroplating, water treatment, and electronics, the market is projected to reach about $850 million by 2034, reflecting significant growth. The compound annual growth rate (CAGR) for the period from 2025 to 2034 is estimated at 5.5%.
https://exactitudeconsultancy.com/reports/55454/global-ruthenium-iridium-titanium-anode-market
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