"Green hydrogen, produced from renewable energy, is rapidly growing as a clean solution to reduce carbon emissions, driven by innovation, government support, and rising demand, despite challenges like cost and infrastructure."
BOSTON, Feb. 19, 2025 /PRNewswire/ -- According to the latest study from BCC Research, the demand for Green Hydrogen: Global Markets is increasing from $5.2 billion in 2024 to $38.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 48.7% during the forecast period of 2024 to 2029.
This report examines the global market for green hydrogen, covering technology, power sources, industries, and regions. It focuses on hydrogen made from renewable energy (wind and solar) through water electrolysis and key electrolyzer technologies, excluding hydrogen from natural gas.
Interesting facts
The European market is marked by the presence of strong OEMs, while the Middle East has untapped renewable potential. Developed regions are ahead in green hydrogen investments, but the Middle East and Africa (MEA) region lags in production. China excels in cost-reducing electrolyzer technology, and offshore wind boosts green hydrogen production. However, risks to market growth remain due to a lack of agreements with end-use industries.
Factors contributing to the market's growth include:
- Unlocking the potential of fuel cells: Fuel cells are clean energy sources that turn hydrogen into electricity, with water as the only byproduct. They can power vehicles, industries, and homes, offering a sustainable alternative to fossil fuels and cutting emissions.
- Natural gas blending with green hydrogen: Blending green hydrogen with natural gas reduces carbon emissions and uses existing gas infrastructure, helping transition to cleaner energy with less environmental impact.
- Harnessing offshore renewable energy for green hydrogen: Using offshore wind and solar energy to produce green hydrogen offers a clean, large-scale solution that reduces reliance on fossil fuels and supports sustainable energy.
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Report Synopsis
Report Metric | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $4.4 billion |
Market size forecast | $38.1 billion |
Growth rate | CAGR of 48.7% for the forecast period of 2024-2029 |
Segments covered | Technology, Power Source, End Use Industry, and Region |
Regions covered | North America, Europe, Asia-Pacific, and Rest of the World |
Countries covered | U.S., Canada, Germany, Spain, Denmark, China, Japan, India |
Market drivers | • Unlocking the potential of fuel cells. • Natural gas blending with green hydrogen. • Harnessing offshore renewable energy for green hydrogen. |
This report addresses the following questions:
- What is the projected size and growth rate of the market?
The market is projected to grow from $5.2 billion in 2024 to $38.1 billion by the end of 2029 at a compound annual growth rate (CAGR) of 48.7% during the forecast period. By volume, the market is expected to reach 13,500 kilotons by growing at a CAGR of 64.7%. - What factors are driving the growth of the market?
Increasing demand for low-emission fuels, growing demand from fuel cell applications, and favorable government policies are driving the market. - What market segments are covered in the report?
The segments covered in the market are technology, power source, and end-use industry. The technology segment includes proton exchange membrane (PEM) and alkaline electrolysis. The power source segment includes solar, wind, and other renewable energy sources. The end-use segment includes mobility, chemicals and petrochemicals, power, and other industries. - Which end-use industry segment will dominate the market in 2029?
The chemicals and petrochemicals segment will dominate the market at that time. - Which region will dominate the market in 2029?
Europe accounts for 57% of the market, followed by the APAC region. This share is mainly attributed to major developments in hydrogen capacity expansion, especially in Germany, Denmark and Spain. Also, the directives for fuel cell EVs (FCEVs) and other hydrogen end-users are accelerating the market's growth.
Leading companies in the market include:
- ACWA Power
- Air Liquide
- Bloom Energy
- BP plc
- Cummins Inc.
- Engie SA
- ITM Power plc
- Linde plc
- McPhy Energy S.A.
- Nel ASA
- Orsted A/S
- Plug Power Inc.
- Siemens Energy
- Toshiba Corp.
- Uniper SE
Related reports include:
Hydrogen Fuel Cell: Global Markets: The global market for hydrogen fuel cells is growing rapidly as they provide clean energy by converting hydrogen into electricity. They are widely used in transportation, power generation, and industries, driving the shift toward sustainable energy solutions worldwide.
Electric Vehicles and Fuel Cell Vehicles: Global Markets: The global market for electric vehicles (EVs) and fuel cell vehicles (FCVs) is expanding as both offer eco-friendly alternatives to traditional ICE engine cars. EVs run on electricity, while FCVs use hydrogen fuel cells to produce clean energy, contributing to the shift towards sustainable transportation.
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