Green Hydrogen Market

Green Hydrogen Market Analysis by Alkaline Electrolyzers and Polymer Electrolyte Membrane Electrolyzers for Power Generation and Transportation from 2023 to 2033

Analysis of Green Hydrogen Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Green Hydrogen Market Outlook (2023 to 2033)

Newly-released green hydrogen market analysis report by Fact.MR reveals that global sales of green hydrogen in 2022 were held at US$ 4.5 billion. With 31.3% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 94 Billion by the end of the forecast period.

The Alkaline Electrolyzer Technology is expected to be the significant revenue-generating segment, projected to grow at a CAGR of over 31.2% from 2023 to 2033.

Attributes Details

Global Market Size (2023)

US$ 6.2 Billion

Global Market Size (2033)

US$ 94 Billion

Global Market CAGR (2023 to 2033)


U.S. Market CAGR (2023 to 2033)


Key Companies Covered

  • Linde plc
  • Air Product Inc.
  • Air Liquide
  • Cummins Inc.
  • Engie
  • Nel ASA
  • Siemens Energy
  • Toshiba Energy Systems and Solutions Corporation
  • Uniper SE
  • Bloom Energy

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Revenue of the Green Hydrogen Market from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

As per green hydrogen market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 39.2% CAGR. With an absolute dollar opportunity of US$ 87.8 Billion, the market is projected to reach a valuation of US$ 94 Billion by 2033.

The power generation sector has been at the forefront of incorporating green hydrogen in recent years. The demand for green hydrogen in the transportation sector has increased significantly from 2018 to 2022 and is expected to grow more significantly between 2023 and 2033.

Due to its capacity to lower carbon pollution, green hydrogen has recently been in high demand. Additionally, it helps to satisfy the world's rising energy demand. Since it is a renewable energy source, its use is expected to rise in the coming years. The global industry is anticipated to expand with the growing awareness of hydrogen's utility as an energy source. The growing environmental concerns have further elevated the need for pure, green energy production to lower emission levels.

Which Factors are Responsible for the Increase in Demand for Green Hydrogen?

The key factors that are increasing the demand for green hydrogen are the increasing demand for energy storage and the rising demand for decarbonization. The need to lower carbon pollution in order to fight climate change is becoming more obvious to everyone. As a result, there is an increasing need for decarbonized energy sources like renewable hydrogen, which can be used in a few industries and power production applications which increases the demand for green hydrogen.

There is growing demand to decrease greenhouse gas emissions as the world becomes more conscious of its effects. In order to decrease pollution and achieve climate objectives, green hydrogen is an eco-friendly and sustainable fuel. Technology advancements have increased the efficiency and cost-effectiveness of green hydrogen generation, making it a more desirable choice for businesses and governments.

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Which Factors are Restraining the Growth of the Green Hydrogen Adoption?

The factors restraining the market growth are the high production costs involved and the lack of infrastructure. The cost of green hydrogen is currently higher than that of producing hydrogen using conventional fuels. This price discrepancy is primarily caused by the high expense of green energy sources used in the manufacturing process, such as wind and solar power.

Since there is currently a lack of adequate infrastructure for hydrogen storage, distribution, and transportation, it is challenging to incorporate renewable hydrogen into current energy systems. The total expense of producing and distributing green hydrogen is increased as a result of this infrastructure gap which restrains the market growth.

It is challenging for businesses to engage in the production of green hydrogen due to the absence of uniform policies and regulations across various areas and nations. The creation of green hydrogen requires a finite amount of renewable energy sources, which restricts market expansion. As a result, the difficulty in distribution and transportation and the high costs involved significantly hinder market expansion.

Which Region is projected to offer Significant Market Opportunity?

Europe is considered to account for a significant market throughout the projection period. The growing need for green hydrogen in the power generation and transportation sector has led to the expansion of this market in Europe. The market in Europe is forecasted to grow at a CAGR of 49.9%. Uniper SE is one of the leading companies producing Green Hydrogen in Europe.

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Country-wise Analysis

United States Green Hydrogen Market Analysis

The market in the U.S. is expected to grow to be worth US$ 19.9 billion with an absolute dollar growth of US$ 18.5 billion. The market in the U.S. has grown at a CAGR of 37.3% from 2018 to 2022 and is expected to grow at a CAGR of 29.9% from 2023 to 2033.

In May 2022, LSB Industries chose Bloom Energy, a US-based company to build 10MW Solid Oxide Electrolyzer for the production of Large-Scale Green Hydrogen. It will help in the production of 13 thousand metric tonnes of zero-carbon ammonia annually. The solid oxide electrolyzer from Bloom Energy, which operates at higher efficiencies than PEM and alkaline electrolyzer technologies, is ideally positioned to produce pure, affordable hydrogen at the size required for a net-zero economy. Compared to current low-temperature electrolyzers on the market, Bloom Energy's high-temperature electrolyzer uses less energy to produce hydrogen.

United Kingdom Green Hydrogen Market Analysis

The market in the U.K. is expected to grow to be worth US$ 8.7 billion with an absolute dollar growth of US$ 8.1 billion. The market in the UK has grown at a CAGR of 37.7% from 2018 to 2022 and is expected to grow at a CAGR of 30.3% from 2023 to 2033.

In March 2023, Uniper SE of the United Kingdom chose Plug to design the 100MW electrolyzer package for its Netherlands plant to pace up the adoption of green energy. Uniper intends to start up 100 MW of Plug electrolysis capability at the Maasvlakte Energy Hub by 2026 and to quickly increase that capacity to 500 MW by 2030 at the latest. The biggest industrial region in the Netherlands that emits carbon dioxide is located around Rotterdam Harbor, which encompasses the Maasvlakte. By itself, decarbonizing this region will significantly advance the Dutch government's broader goal of reaching net zero emissions by 2050.

China Green Hydrogen Market Analysis

The market in China is expected to grow to be worth US$ 6.2 billion with an absolute dollar growth of US$ 5.9 billion. The market in the country has grown at a CAGR of 41.1% from 2018 to 2022 and is expected to grow at a CAGR of 32.5% from 2023 to 2033.

In July 2020, MoU was signed by Linde with China Power in order to develop Green Hydrogen Energy in China. In accordance with the conditions of the Memorandum of Understanding, the two businesses will work together on a range of green hydrogen projects, including the study and development of hydrogen technology and the execution of green hydrogen mobility solutions during China's inaugural hosting.

Japan Green Hydrogen Market Analysis

The market in Japan is expected to grow to be worth US$ 5.3 billion with an absolute dollar growth of US$ 4.9 billion. The market in Japan has grown at a CAGR of 38.2% from 2018 to 2022 and is expected to grow at a CAGR of 30.6% from 2023 to 2033.

The government's support for the implementation of fuel cell cars and the construction of hydrogen infrastructure is one of the key factors influencing the market in Japan. By 2030, the government hopes to have 800,000 fuel-cell cars on the road, which will necessitate a significant rise in green hydrogen production.

Overall, strong government backing, a strong renewable energy sector, and the participation of important domestic and foreign actors in the market are expected to pave the way for significant development in the Japanese market over the next few years.

Category-wise Insights

Which Technology in the Market is projected to Witness Significant Growth?

Alkaline Electrolyzer is projected to witness the significant growth. It has several applications in the transportation sector as well as the power generation sector. The Alkaline Electrolyzer market grew at a CAGR of 38.7% from 2018 to 2022. The alkaline electrolyzer operates for a longer period of time than PEM electrolyzers since it employs a liquid alkaline mix of potassium or sodium hydroxide as its electrolyte. With a working temperature range of 100 to 105 degrees Celsius, alkaline electrolyzers have lesser power and current densities than PEM electrolyzers, which have a range of 70 to 90 degrees Celsius.

Alkaline electrolyzes are also anticipated to increase in popularity due to their availability at lower prices than PEM electrolyzers. Over the projection period, PEM electrolyzers are anticipated to expand more quickly.

Comparing the PEM electrolyzer to its alkaline cousin, the existence of solid specialty plastic material-based electrolytes allows for greater practical versatility. Due to the high proton conductivity, reduced gas permeability, and thinner proton exchange membranes, the significant increase can be explained. To improve the power efficiency of the green hydrogen generation process, industry actors are consistently concentrating on the market deployment of PEM electrolyzer technology.

Competitive Analysis

The key players operating in the market include Linde plc, Air Product Inc., Air Liquide, Cummins Inc., Engie, Nel ASA, Siemens Energy, Toshiba Energy Systems and Solutions Corporation, Uniper SE, and Bloom Energy.

A few of the recent developments in the market are :

  • In January 2023, Linde will increase the production of green hydrogen in California. To expand its hydrogen capacity, Linde will construct, own, and run the first of several proposed five-megawatt PEM (proton exchange membrane) electrolyzers.

The new electrolyzer and the current facility will generate enough green hydrogen after this initial expenditure to prevent up to 75,000 metric tonnes of carbon dioxide equivalent emissions annually. The new electrolyzer is one of several green hydrogen initiatives Linde is preparing across the United States and is anticipated to begin operations in the second half of 2024.

  • In January 2021, Linde announced that it will Build, Own, and Operate the World's Largest PEM Electrolyzer for Green Hydrogen. Green hydrogen will be produced by the new 24-megawatt electrolyzer and supplied to Linde's industrial clients through its current conduit network. In addition, Linde will supply the area's refuelling sites and other commercial clients with liquefied renewable hydrogen.

Approximately 600 fuel cell vehicles could be powered by the entire amount of renewable hydrogen generated, covering 40 million miles, and cutting up to 40,000 tonnes of carbon dioxide emissions annually. Using high-efficiency PEM technology, the electrolyzer will be constructed by ITM Linde Electrolysis GmbH, a joint venture between Linde and ITM Power. In the second half of 2022, the facility was scheduled to begin producing.

Green Hydrogen Market Segmentation

  • By Technology :

    • Alkaline Electrolyzer
    • Polymer Electrolyte Membrane Electrolyzer
  • By Application :

    • Power Generation
    • Transportation
  • By Region :

    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa

- FAQs -

What was the global market size in 2022?

The market was reported at US$ 4.5 billion in 2022.

What value is the market estimated to reach in 2023?

The market is estimated to be valued at US$ 6.2 billion in 2023.

What valuation is the market expected to reach by 2033?

The market is expected to reach a valuation of US$ 94 Billion by 2033.

What value CAGR did the market exhibit over the last 4 years?

The market registered a CAGR of 39.2% over the last 4 years.

What is the projected market CAGR from 2023 to 2033?

The market is projected to witness a CAGR of 31.3% from 2023 to 2033.

Which Technology will garner significant value share by 2023?

Alkaline Electrolyzer Technology is expected to garner a significant value share by 2023.

At what rate are the sales of green hydrogen expected to register growth in China?

Estimates predict that between 2023 and 2033, the market in China would increase at a CAGR growth of around 32.5% from 2023 to 2033.

At what percentage is the sales of green hydrogen expected to register growth in the United States?

Between 2023 and 2033, the market in the US will increase at a CAGR of around 29.9%.

What do statistics for South Korea and Japan reveal?

The estimates predict that between 2023 and 2033, the market in South Korea will increase at a CAGR of around 31.8% and there will be a CAGR growth of 30.6% in Japan.

- Also of Interest -

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Hydrogen Generation Market

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Commercial Hydrogen Vehicle Market

Commercial Hydrogen Vehicle Market Size, Share Analysis, By Fuel Cell Technology (PAFC, DMFC, PEMFC), By Fuel Cell Capacity (Up to 75 kW, 75-100 kW, 100-150 kW, Above 150 kW), By Vehicle Category (LCVs, HCVs, Industrial Trucks), & Region - Global Market Insights 2022-2032

Green Hydrogen Market

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