News release: Global Green Hydrogen Market to Reach $108B by 2031

Globe Newswire logo

Dublin, Feb. 01, 2023 (GLOBE NEWSWIRE) — The “Green Hydrogen Market – A Global and Regional Analysis: Focus on Application, Technology – Analysis and Forecast, 2022-2031” report has been added to’s offering.

The global green hydrogen market was valued at $227.7 million in 2021 and is projected to reach $108.64 billion by 2031, registering a CAGR of 68.9% between 2022 and 2031 in terms of value.

Green hydrogen is a hydrogen-produced fuel obtained from the electrolysis of water with electricity generated by renewable energy sources. Hydrogen is one of the prominent energy carriers that can be used in different applications, such as oil and gas, industrial feedstock, mobility, and power generation.

Various countries and regions, including Europe, the U.K., China, South Korea, Japan, Canada, South Africa, and the U.S., have adopted net zero objectives. These developments of national and international “”net zero”” objectives has been one of the most noteworthy characteristics of climate policy in recent years. Renewables and batteries can help to decarbonize power generation and the automobile industry. Heating may also be decarbonized in some areas by using heat pumps driven by renewable energy.

Market Lifecycle Stage

The green hydrogen market has been developing significantly since early 2000, and much has been attributed to the technological advancements in this field. The ecosystem of the green hydrogen market comprises technology suppliers, green hydrogen producers, and end users. The market is still developing, with Europe at the forefront, followed by other regions such as North America, Asia-Pacific, the U.K., China, and Rest-of-the-World.

Industrial Impact

Green hydrogen is one of the gases with an increase in demand from the petroleum refining industry due to its function in different refining processes such as hydrocracking, hydroisomerization, hydrodealkylation, and hydrodesulfurization, and it has a high impact on the oil and gas sector.

Furthermore, green hydrogen has a moderate to high impact on the industrial feedstock sector, as green hydrogen is used in the production of ammonia, methanol, steel, and other industrial products.

Recent Developments in Green Hydrogen Market

In August 2022, Linde inaugurated the world’s first hydrogen refuelling system for passenger trains in Bremervorde, Germany. The company’s hydrogen refuelling system has been designed and constructed with the ability to integrate future on-site green hydrogen generation.

In March 2022, Air Liquide received support from the French State, subject to final validation by the European Commission, to launch its Air Liquide Normand’Hy large-scale renewable hydrogen production project. This electrolyzer of an initial 200 MW capacity, which should notably provide renewable hydrogen to TotalEnergies’ Normandy refinery and will use Siemens Energy technology.

In November 2022, Air Products and Associated British Ports (ABP) partnered to bring the first large-scale, green hydrogen production facility to the U.K. The facility would import green ammonia from production locations operated by Air Products and its partners around the world. This would be used to produce green hydrogen, which would decarbonize hard-to-abate sectors such as transport and industry.

Market Segmentation

Application:Oil and gas is anticipated to be one of the prominent end-use markets for green hydrogen during the forecast period 2022-2031.

Technology:Based on technology, the green hydrogen market is estimated to be led by alkaline electrolyzer during the forecast period, 2022-2031.

Region:In the global green hydrogen market, Europe and North America are anticipated to gain traction in terms of green hydrogen production, owing to the continuous growth in the oil and gas industry and the presence of the world’s largest manufacturers in those regions.

Key Market Players and Competition Synopsis

Green hydrogen is mainly being utilized in the oil & gas, and mobility industry. At present, hydrogen production mainly relies on natural gas and coal, accounting for 99 percent of production. Electrolysis produces approximately 1 percent of global hydrogen. At present, renewable energy does not produce a large amount of hydrogen, and green hydrogen is mostly limited to demonstration projects.

Key Metrics

Report AttributeDetails
No. of Pages223
Forecast Period2022 – 2031
Estimated Market Value (USD) in 2022$696.73 Million
Forecasted Market Value (USD) by 2031$108637.15 Million
Compound Annual Growth Rate68.9%
Regions CoveredGlobal

Key Companies Profiled

  • Linde
  • Air Liquide
  • Air Products Inc.
  • Uniper SE
  • Siemens Energy
  • Green Hydrogen
  • Cummins Inc.
  • Toshiba Energy Systems & Solutions Corporation
  • Nel ASA
  • SGH2 Energy Global, LLC
  • Aker Horizons
  • Fusion-Fuel

Key Topics Covered:

1 Markets
1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.2 Industry Attractiveness
1.2.3 Patent Analysis
1.3 Product Benchmarking, By Technology, 2021
1.4 Pricing Analysis: Global and Regional
1.5 Market Dynamics
1.5.1 Market Driver Increasing Awareness Regarding Green Hydrogen Low Variable Renewable Energy (VRE) Electricity Cost
1.5.2 Market Restraint High Cost of Production Limited Dedicated Transport Infrastructure
1.5.3 Market Opportunity Scaling Up of Technologies Government Initiatives for Zero Emission Systems
1.5.4 Business and Corporate Strategies Key Market Development and Strategies Product Launches and Developments Partnerships, Collaborations, and Contracts Business Expansions Mergers, Acquisitions, and Joint Ventures Other Key Developments
1.6 Snapshot of Water Electrolysis Market
1.6.1 Leading Countries in the Water Electrolysis Market
1.6.2 Leading Companies in the Water Electrolysis Market
1.6.3 Water Electrolysis Market Projections
1.7 Snapshot of Green Ammonia Market
1.7.1 Leading Countries in the Green Ammonia Market
1.7.2 Leading Companies in the Green Ammonia Market
1.7.3 Green Ammonia Market Projections
1.8 Snapshot of Carbon Capture Utilization and Storage (CCUS) Market
1.8.1 Leading Countries in the Carbon Capture Utilization and Storage (CCUS) Market
1.8.2 Leading Companies in the Carbon Capture Utilization and Storage (CCUS) Market
1.8.3 Carbon Capture Utilization and Storage (CCUS) Projections
1.9 Snapshot of Green Methanol Market
1.9.1 Leading Countries in the Green Methanol Market
1.9.2 Leading Companies in Green Methanol Market
1.9.3 Green Methanol Projections
1.1 Start-Up Landscape
1.10.1 Key Start-Ups in the Ecosystem
1.11 List of Key Operational and Upcoming Projects, Green Hydrogen

2 Application
2.1 Global Green Hydrogen Market (by Application)
2.2 Demand Analysis of the Global Green Hydrogen Market (by Application), Value and Volume Data
2.2.1 Oil and Gas Hydrocracking Hydroisomerization Hydrodealkylation Hydrodesulfurization
2.2.2 Industrial Feedstock Ammonia Methanol Steel Others
2.2.3 Mobility
2.2.4 Power Generation
2.2.5 Others

3 Products
3.1 Global Green Hydrogen Market (by Technology)
3.2 Demand Analysis of Global Green Hydrogen Market (by Technology), Value and Volume Data
3.2.1 Proton Exchange Membrane (PEM) Electrolyzer
3.2.2 Alkaline Electrolyzer
3.2.3 Anion Exchange Membrane
3.2.4 Solid Oxide Electrolyzer

4 Region
4.1 Market
4.1.1 Key Manufacturers and Suppliers
4.1.2 Business Drivers
4.1.3 Business Challenges
4.2 Applications
4.2.1 Green Hydrogen Market (by Application), Value and Volume Data
4.3 Product
4.3.1 Green Hydrogen Market (by Technology), Value and Volume Data
4.4 By Country

5 Markets – Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.1.1 Competitive Position Matrix
5.1.2 Market Share Analysis of Key Companies
5.2 Company Profiles
5.2.1 Company Overview
5.2.2 Product Portfolio
5.2.3 Corporate Strategies
5.2.4 Production Sites and R&D Analysis
5.2.5 Strength of the Company in Green Hydrogen Market
5.2.6 Weakness of the Company in Green Hydrogen Market

For more information about this report visit

About is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Scroll to Top