Green Hydrogen Market to Reach $143.8 billion, Globally, by 2032 at 50.3% CAGR: Allied Market Research

"Ongoing R&D efforts focus on enhancing electrolyzer efficiency, durability, and scaling up production, leading to cost reductions and improved performance. This trend aligns with ambitious governmental targets and corporate commitments aimed at fostering the green hydrogen industry, spurring innovation and market growth. Increasingly stringent regulations and carbon pricing mechanisms incentivize to transition of industries into low-carbon alternatives, propelling its market penetration. These converging green hydrogen market trends collectively position green hydrogen as a pivotal player in the sustainable energy landscape, driving a fundamental shift toward cleaner, more resilient energy systems across the globe."

WILMINGTON, Del., Dec. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Green Hydrogen Market by Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer), by Application (Power Generation, Transport, and Others), and by End-Use Industry (Food and Beverages, Medical, Chemical, Petrochemicals, Glass, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. The green hydrogen market was valued at $2.5 billion in 2022 and is projected to reach $143.8 billion by 2032, growing at a CAGR of 50.3% from 2023 to 2032.

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Prime determinants of growth

Surge in transportation demands, particularly for sustainable and low-carbon options, plays a pivotal role in propelling the green hydrogen market. The need for efficient, clean, and versatile transportation solutions escalates as global populations grow, urban centers expand, and economic activities intensify. Green hydrogen emerges as a promising candidate to meet these demands, especially in heavy-duty and long-haul transportation sectors. The green hydrogen market growth is primarily influenced by stringent government regulations, climate change concerns, technological advancements, rise in consumer demand, and resource scarcity. These factors collectively drive innovation to address environmental challenges and promote sustainability.

Report coverage & details:

Impact Scenario

• The impact of the Russia-Ukraine war on the green hydrogen market may vary with region resulting in energy security and supply diversification, particularly in Europe, which heavily relies on natural gas imports, which come from Russia. This situation underscores the urgency to accelerate the transition toward renewable and sustainable energy sources such as green hydrogen, reducing dependency on fossil fuels and geopolitically sensitive regions.
• Disruptions in the supply chain can lead to delays in production and potentially increase manufacturing costs. Russia is a major energy exporter, and any disruptions in the energy supply from the region are expected to impact the cost of electricity and further impact green hydrogen production. However, the conflict raised concerns about the disruption of energy supply chains and increased uncertainty in the global energy market, potentially affecting investment and infrastructure development for green hydrogen production and distribution.
• Geopolitical tensions and market uncertainties might slow down the pace of investments or collaborations needed to scale up green hydrogen projects.

The proton exchange membrane electrolyzer segment to maintain its leadership status during the forecast period

On the basis of technology, the proton exchange membrane electrolyzer segment held the highest market share in 2022, accounting for more than half of the global green hydrogen market revenue, and is estimated to maintain its leadership status during the forecast period. Owing to the ongoing research on developing more robust and durable materials for PEM electrolyzer to extend its lifespan and reduce maintenance requirements which include advancements in membrane materials, catalyst coatings, and bipolar plate designs aims to enhance the durability and stability of electrolyzer components.

However, the solid oxide electrolyzer segment is projected to manifest a CAGR of 51.1% from 2023 to 2032, due to advancements in solid electrolyte materials, such as yttria-stabilized zirconia (YSZ), which led to better ionic conductivity and stability at high temperatures will be one of the latest trends that is expected to gain traction in the green hydrogen market during the forecast period.

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The transport segment to maintain its leadership status during the forecast period

On the basis of application, transport segment held the highest market share in 2022, accounting for nearly half of the global green hydrogen market revenue, and is estimated to maintain its leadership status during the green hydrogen market forecast period. Demand for transportation has steadily increased owing to population growth, urbanization, and economic development contributing to a rise in the number of vehicles and the need for efficient transportation systems.

However, the power generation segment is projected to manifest a CAGR of 50.0% from 2023 to 2032. Surge in power generation demand arises from a combination of factors, such as industrial expansion, population growth, and the accelerating transition toward electric vehicles and renewable energy sources. Furthermore, the electrification of transportation and heating sectors, driven by the push for cleaner energy sources, further amplifies the demand for power generation and provides green hydrogen market opportunities.

The chemical segment to maintain its leadership status during the forecast period

On the basis of end-use industry, chemical segment held the highest market share in 2022, accounting for less than one-third of the global green hydrogen market revenue, and is estimated to maintain its leadership status during the forecast period. In chemical manufacturing, green hydrogen serves as a key component for producing ammonia, methanol, and other vital chemicals. The adoption of green hydrogen in this sector promises substantial environmental benefits, as it eliminates the carbon emissions associated with traditional hydrogen production methods.

However, the food and beverage segment is projected to manifest a CAGR of 51.6% from 2023 to 2032 and has significant proportion in the green hydrogen market size. Rise in the food and beverage industry significantly influences the green hydrogen market, primarily due to intensive energy demand of the industry. Food and beverage production requires substantial energy for processing, packaging, refrigeration, and transportation. Green hydrogen presents a sustainable solution to meet these escalating energy demands, especially in processes where direct electrification is not efficient.

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Asia-Pacific to maintain its dominance by 2032

On the basis of region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global green hydrogen market revenue, and is expected to dominate the market during the forecast period. Furthermore, LAMEA region is expected to witness the fastest CAGR of 50.4% from 2023 to 2032.

Leading Market Players: -

• Green Hydrogen Systems
• Air Liquide
• Shell plc
• Enapter S.r.l.
• Plug Power Inc.
• Ballard Power Systems
• Linde plc
• Reliance Industries
• GAIL (India) Limited
• Adani Green Energy Ltd.

The report provides a detailed global green hydrogen market analysis. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their green hydrogen market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario. The report explains drivers, restraints, and opportunities are explained in the report. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the green hydrogen market scope. 

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