Green Hydrogen Market Growth Prospects and Demand Forecast
Market Overview
Global Green Hydrogen Market is poised for exponential growth, with its valuation reaching USD 2,064 million in 2024.
Industry projections indicate a staggering CAGR of 57.3%, with the market expected to hit approximately USD 46,200 million by 2031.
Market Drivers
The market transformation is being propelled by three concurrent trends:
• Industrial decarbonization mandates
• Renewable energy cost reductions
• Breakthroughs in hydrogen applications.
Market Segmentation By
Technology
Alkaline
Proton Exchange
Membrane (PEM)
Electrolyzer
By Application
Power Generation Transportation
Buildings (Heating) Industrial Feedstock
Key Companies
Plug Power
Air Liquide
Linde plc
Siemens Energy Others
Regional Analysis
North America : Currently dominates with a 33% market share, thanks to landmark legislation like the Inflation Reduction Act which injects billions into clean hydrogen development.
Asia-Pacific: Presents a contrasting landscape – China's state-backed hydrogen economy focuses on domestic consumption through electrolyzer manufacturing dominance
Europe: REPowerEU plan has catalyzed over €20 billion in hydrogen investments.
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