Green Hydrogen Market Forecast $95.14 Billion By 2032 CAGR 41.3%

Green Hydrogen Market Size Worth $ 95.14 Billion By 2032 | CAGR: 41.3%

The global green hydrogen market size is expected to reach USD 95.14 billion by 2032, according to a new study by Polaris Market Research. The report “Green Hydrogen Market Share, Size, Trends, Industry Analysis Report, By Technology (Alkaline Electrolyzer, Polymer Electrolyte Membrane (PEM) Electrolyzer); By Distribution Channel; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.  

The production and adoption of green hydrogen are gaining traction worldwide as countries and industries seek to reduce their carbon footprint and achieve climate goals. However, the scaling up of green hydrogen production and its widespread adoption still face challenges related to cost, infrastructure development, and technological advancements. Efforts are underway to reduce costs, increase efficiency, and promote using green hydrogen as a clean and sustainable energy source.

Green hydrogen is produced by utilizing renewable energy sources in water electrolysis. By passing an electric current through the water in an electrolyzer, it is split into oxygen and hydrogen. This method ensures that the hydrogen produced is distinguished from grey hydrogen derived from fossil fuels like natural gas. Green hydrogen is a climate-friendly and sustainable alternative to traditional fossil fuels, finding applications in industrial sectors and the construction and transportation industries.

The global demand for renewable energy sources is increasing as countries strive to reduce carbon emissions. This trend is further amplified by the growing recognition of hydrogen as an efficient energy carrier. Moreover, the rising energy requirements worldwide, favorable government policies promoting the hydrogen economy, and growing environmental concerns regarding the escalating carbon emissions from fossil fuels are contributing to the expansion of the green hydrogen market.

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Due to several factors, the green hydrogen market is poised for significant growth in the forecast period. Firstly, there is a strong emphasis on innovation and technological advancements, driving the development of efficient green hydrogen production methods. Additionally, governments are increasingly investing in and providing subsidies for clean fuel usage, creating a favorable environment for adopting green hydrogen. The hydrogen economy is gaining traction as an eco-friendly alternative to traditional fossil fuel economies, presenting substantial opportunities for market expansion.

Germany stands out as a global company in green hydrogen installations, primarily due to its supportive policies and regulations. The country has allocated funds for research and demonstration projects, further fueling the growth of green hydrogen. For example, in July 2019, the German government approved 11 demonstration-scale green hydrogen projects, highlighting its commitment to advancing this sector. This proactive approach positions Germany as a key global green hydrogen market player.

Green Hydrogen Market Report Highlights

  • In 2023, The alkaline electrolyzer segment accounted for the largest revenue share in the Green Hydrogen Market. Alkaline electrolyzers are water electrolysis technology that utilizes an alkaline electrolyte, typically potassium hydroxide (KOH), to facilitate the electrolysis process.
  • In 2023, the pipeline segment held the highest green hydrogen market share. The pipeline segment is the transportation infrastructure that distributes green hydrogen from production facilities to end-users or other intermediate storage facilities.
  • In 2023, European accounted for the largest revenue share in the green hydrogen market. Several factors contribute to the region's prominence in this sector. The European Union (EU) has established ambitious targets and policies to drive the adoption of green hydrogen and implemented supportive policies, regulations, and financial incentives to promote the growth of the green hydrogen market.  
  • The global key market players include Air Liquide, Air Products Inc., Bloom Energy, Cummins Inc., Engie, H&R Groups, etc.

Polaris Market Research has segmented the green hydrogen market report based on technology, distribution channel, application, and region:

Green Hydrogen, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Alkaline Electrolyzer
  • Polymer Electrolyte Membrane (PEM) Electrolyzer

Green Hydrogen, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

  • Pipeline
  • Cargo

Green Hydrogen, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Power Generation
  • Transportation

Green Hydrogen, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Green Hydrogen Market Report Scope

Report Attributes


Market size value in 2024

USD 5.99 billion

Revenue forecast in 2032

USD 95.14 billion


41.3% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD million/billion and CAGR from 2024 to 2032

Segments Covered

By Technology, By Distribution Channel, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa


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