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Pulished Date November, 2021
ID: 12363
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Green Hydrogen Market Segmentation by Technology (Alkaline electrolysis and PEM electrolysis), By Renewable source (Solar, Wind, and Others), By End-user (Chemical, Mobility, Grid Injection, Power, Industrial, and Others) and Region - Industry Forecast of 2021 to 2026

Pulished: November, 2021
ID: 12363
Pages: 180

Green Hydrogen Market Value & Growth Rate:

The Global Green Hydrogen Market size was worth US$ 445 million in 2021 and is anticipated to increase at US$ 4,375 million by 2026, registering with a CAGR of 58.1% during the forecast period. 

Green Hydrogen Market Scenario:

Water electrolysis is used to create green hydrogen from renewable energy sources. Water is separated into oxygen and hydrogen in an electrolyzer using an electric current, and grey hydrogen derived from fossil fuels like natural gas is differentiated. In contrast, the chemical properties of hydrogen are neglected. Hydrogen is non-toxic to the environment, and it may be stored and transformed into energy or heat as needed. Therefore, green hydrogen is treated as an essential part of the energy equation, and hydrogen is a fundamental renewable energy resource. Because it is produced using solar energy, it is one of the most crucial circular carbon economy (CCE) ideas. In contrast to carbon-based energy found in natural gas and other fossil fuels, it is produced using renewable energy sources.

Green Hydrogen Market Drivers:

Primarily because of green hydrogen's ability to cut carbon emissions, it has been in great demand in recent years, which acts as the primary driver for the growth of the global green hydrogen market. It also helps meet the growing demand for electricity around the world. Furthermore, because it is a renewable energy source, its use is projected to grow in the future. The global market is predicted to develop as more people become aware of the benefits of hydrogen as an energy carrier. Furthermore, rising environmental concerns drive market growth, emphasizing the necessity for renewable/clean energy generation to reduce emissions. Again, the green hydrogen industry is growing due to the increased usage of nuclear and green hydrogen fuels. As the world draws closer to achieving net-zero emissions, it is preparing to transform the way it moves. Vehicles that use hydrogen directly in fuel cells or internal combustion engines are being developed by the mobility sector. Hydrogen-powered forklifts have previously been invented and are utilized in many industries in Asia, Europe, and North America. By 2030, the countries want to double the number of hydrogen-powered vehicles. Many wealthy countries' governments are investing in green hydrogen infrastructure development. This is primarily occurring in Europe, with Asia following closely behind. Infrastructure expansion will allow producers to increase their reach and capacity, which will help them cut the price of green hydrogen. The participation of the individual countries' governments is critical for developing an ecosystem that embraces green hydrogen as an alternative fuel. Therefore, these factors further propel the global green hydrogen market growth in the upcoming years.

Green Hydrogen Market Restraints:

A major market limitation is the high initial cost of developing green hydrogen production. The introductory price of producing green hydrogen is relatively high, and the absence of infrastructure to transport and store it adds to the difficulty. The fixed cost of constructing the plant is only half the battle; transporting green hydrogen presents additional economic and safety concerns. Green hydrogen is nearly 2–3 times more expensive than grey hydrogen on average. In addition, the expense of application technology is increased. Fuel cells are almost 1.5 to 2 times more expensive than fossil fuels. The cost of synthetic jet fuel is about 5–7 times that of fossil jet fuel.

Moreover, the issue is that renewable hydrogen is currently three times the price of natural gas in the United States. Green hydrogen is also significantly more expensive to produce than grey or blue hydrogen due to the high cost of electrolysis. However, costs of electrolyzers are lowering as manufacturing is uplifting.

Recent Developments in the Global Green Hydrogen Market:

  • Siemens Energy decided to unlock a new era for the production of green hydrogen. It has invested almost 120 million EUR. This project is the first primary step to develop an industrial-scale system that has the advantage of harvesting green hydrogen from offshore wind.

  • On Wednesday, Siemens Energy AG announced the opening of industrial-scale green hydrogen production at a testing site at Dubai's Mohammed bin Rashid Al Maktoum solar park.

  • Toshiba Energy Systems & Solutions Corporation of Japan decided to open the Fukushima Hydrogen Energy Research Field. The firm claims can create, store, and supply up to 1,200 cubic meters of hydrogen per hour using renewable energy.




Market Size Available

2020 – 2025

Base Year


Forecast Period

 2021 - 2026



Segments Covered

By Product, Type, Consumption, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa



Market Leaders Profiled

Siemens Energy AG, Linde, Toshiba Energy Systems & Solutions Corporation, Air Liquide,Nel ASA, Air Products and Chemicals, Inc., H&R Olwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd., Cummins Inc.

Green Hydrogen Market Segmentation: 

By Technology

  • Alkaline electrolysis
  • PEM electrolysis 

Based on technology, the alkaline electrolysis-based green hydrogen segment held the greatest share of the overall green hydrogen market in 2020 in terms of revenue, accounting for 70% of the whole market. Alkaline electrolysis technology is the most extensively used method for producing green hydrogen all over the world.

Two electrodes are submerged in a basic electrolyte solution (sodium or potassium hydroxide) and separated by a non-conductive permeable membrane known as a diaphragm in alkaline electrolysis. Alkaline electrolysis produces more pure green hydrogen than PEM electrolysis because hydrogen ions do not diffuse quickly into an electrolyte solution. Hence it is more widely utilized.

By Renewable Source:

  • Solar
  • Wind
  • Others

Solar energy tends to have a significant global green hydrogen market share based on renewable sources during the forecast period. This is because solar offers more predictable energy compared to wind. Solar farms can regenerate power on a huge scale, and they can also be arranged on buildings in rural, urban and suburban areas. Solar panels require less maintenance and space. Moreover, solar panels produce less electricity than wind and don't make noise. Therefore these factors are responsible for the global green hydrogen market growth in the next six years.

By End User

  • Chemical
  • Mobility
  • Grid Injection
  • Power
  • Industrial
  • Others

During 2021-2026, the green hydrogen market in the mobility industry is predicted to grow at the fastest rate. The greatest end-use industry for green hydrogen is transportation. Vehicles utilized in road/off-road transportation, rail, maritime, or aircraft all employ green hydrogen in the mobility industry. By value, the transportation end-use industry held the most considerable proportion of the green hydrogen market. This is because of the fact that hydrogen has three times the energy per unit of fossil fuels. The mobility industry had no other viable alternatives to fossil fuels before the commercialization of fuel-cell-based engines.

Green Hydrogen Market Regional Analysis: 

The Global Green Hydrogen Market Report includes the segmentation of Regions:

  • In the manufacturing sector and in supplying green hydrogen, Europe is the most significant market. In terms of volume, it will account for 58.0 percent of the worldwide green hydrogen market in 2020. Europe has made major investments in green hydrogen projects. Moreover, the European Hydrogen Backbone project builds over 40,000 kilometers of dedicated hydrogen pipelines across Europe. This is promoting green hydrogen investment in the region. In addition, major European automobile manufacturers, such as Porsche, Ducati, BMW, and Audi, are focusing on the downsizing idea of car engines and developing lightweight and fuel-efficient engines, which will help push up the expansion of the industry.

  • Significant potential opportunities abound for the green hydrogen sector in the Asia Pacific in the following years, owing to increased technology feasibility, government support, and investor interest in numerous areas.

  • North America is anticipated to hold the significant global green hydrogen market share due to increasing investments in several areas, primarily in the U.S and Canada.

  • Latin America

  • Middle Eat & Africa

Impact of COVID-19 on Green Hydrogen Market:

COVID-19's interruption has no impact on the green hydrogen sector. On the other hand, Coronavirus-related lockdowns caused a slew of issues for industry participants, including disrupted supply chains, logistical challenges in exporting finished items, and the difficulty of recruiting workers from quarantines.

Furthermore, the pandemic resulted in significant growth in the renewable energy industry, resulting in an ongoing increase in energy demand. Due to increased energy demand from industrial sectors, the renewable energy industry rose substantially in 2020. In addition, the green hydrogen market is swiftly returning to normal following the relaxation of lockdown restrictions in several nations, and it is likely to take up even more.

Green Hydrogen Market Key Players:

The companies covered in the report include:

  1. Siemens Energy AG

  2. Linde

  3. Toshiba Energy Systems & Solutions Corporation 

  4. Air Liquide 

  5. Nel ASA 

  6. Air Products and Chemicals, Inc. 

  7. H&R Olwerke Schindler GmbH 

  8. Wind to Gas Energy GmbH & Co. KG 

  9. Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd. 

  10. Cummins Inc.


1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                           

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Green Hydrogen Market, By Technology                       

                                6.1.1 Alkaline electrolysis            

                                6.1.2 PEM electrolysis   

                                6.1.3 Market Size Estimations & Forecasts (2021-2026)   

                                6.1.4 Y-o-Y Growth Rate Analysis              

                                6.1.5 Market Attractiveness Index           

                6.2 Green Hydrogen Market, By Renewable source                         

                                6.2.1 Solar          

                                6.2.2 Wind         

                                6.2.3 Others      

                                6.2.4 Market Size Estimations & Forecasts (2021-2026)   

                                6.2.5 Y-o-Y Growth Rate Analysis              

                                6.2.6 Market Attractiveness Index           

                6.3 Green Hydrogen Market, By End-user                            

                                6.3.1 Chemical  

                                6.3.2 Mobility   

                                6.3.3 Grid Injection        

                                6.3.4 Power       

                                6.3.5 Industrial 

                                6.3.6 Others      

                                6.3.7 Market Size Estimations & Forecasts (2021-2026)   

                                6.3.8 Y-o-Y Growth Rate Analysis              

                                6.3.9 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Green Hydrogen Market, by Region                   

                7.2 North America - Market Analysis (2021 - 2026)                            

                                7.2.1 By Country              



                                7.2.2 By Technology       

                                7.2.3 By Renewable source         

                                7.2.4 By End-user            

                7.3 Europe                         

                                7.3.1 By Country              






                                       Rest of Europe

                                7.3.2 By Technology       

                                7.3.3 By Renewable source         

                                7.3.4 By End-user            

                7.4 Asia Pacific                  

                                7.4.1 By Country              




                                       South Korea

                                       South East Asia

                                       Australia & NZ

                                       Rest of Asia-Pacific

                                7.4.2 By Technology       

                                7.4.3 By Renewable source         

                                7.4.4 By End-user            

                7.5 Latin America                            

                                7.5.1 By Country              




                                       Rest of Latin America

                                7.5.2 By Technology       

                                7.5.3 By Renewable source         

                                7.5.4 By End-user            

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                       Middle East


                                7.6.2 By Technology       

                                7.6.3 By Renewable source         

                                7.6.4 By End-user            

8. Key Player Analysis                                    

                8.1 Siemens Energy AG                 

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Linde                             

                8.3 Toshiba Energy Systems & Solutions Corporation                       

                8.4 Air Liquide                  

                8.5 Nel ASA                        

                8.6 Air Products and Chemicals, Inc.                        

                8.7 H&R Olwerke Schindler GmbH                           

                8.8 Wind to Gas Energy GmbH & Co. KG                                

                8.9 Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd.                  

                8.10 Cummins Inc.                          

9. Market Outlook & Investment Opportunities                                 


                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  • Global Green Hydrogen Market By Region, From 2021-2026 ( USD Billion )

  • Global Green Hydrogen Market By Technology, From 2021-2026 ( USD Billion )

  • Global Alkaline electrolysis Market By Region, From 2021-2026 ( USD Billion )

  • Global PEM electrolysis Market By Region, From 2021-2026 ( USD Billion )

  • Global Green Hydrogen Market By Renewable source, From 2021-2026 ( USD Billion )

  • Global Solar Market By Region, From 2021-2026 ( USD Billion )

  • Global Wind Market By Region, From 2021-2026 ( USD Billion )

  • Global Others Market By Region, From 2021-2026 ( USD Billion )

  • Global Green Hydrogen Market By End-user, From 2021-2026 ( USD Billion )

  • Global Chemical Market By Region, From 2021-2026 ( USD Billion )

  • Global Mobility Market By Region, From 2021-2026 ( USD Billion )

  • Global Grid Injection Market By Region, From 2021-2026 ( USD Billion )

  • Global Power Market By Region, From 2021-2026 ( USD Billion )

  • Global Industrial Market By Region, From 2021-2026 ( USD Billion )

  • Global Others Market By Region, From 2021-2026 ( USD Billion )

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