Green Hydrogen Market is Set to Rise at a CAGR of Roughly 51.23% in the Coming Years, 2024-30

According to the recently published research report by MarkNtel Advisors, the Global Green Hydrogen Market is estimated to grow at a CAGR of around 51.23% during the forecast period, i.e., 2024-30. The market for green hydrogen saw a noteworthy rise across the world in the historical years owing to the rising consciousness regarding environmental sustainability, strict rules endorsing eco-friendly practices, and an increasing inclination towards renewable and bio-based materials.

Moreover, the increasing apprehensions regarding the rising carbon emissions have propelled countries worldwide to develop cleaner and more powerful sources of energy for carrying out crucial routine tasks as well as prominent industrial operations, like in the concrete and steel sector, shipping, long-distance trucking, etc.

Additionally, the rising government backing for the production of green hydrogen is likely to drive market growth. The automotive sector is likely to become an enticing prospected area offering opportunities for the expansion of the Global Green Hydrogen Market.

Glancing at the Significant Contenders

Electrolyzer Technology Providers (Cummins, MHI, Stiesdal A/S, Siemens, Thyssenkrupp, Other Potential Players), Renewable Power Generation Solution Providers (Acme Group, General Electric, Enel Green Power, Azure Power, AMEA Power, Statkraft), Green Hydrogen Manufacturing Company (Air Liquide, Linde, Air Products, GAIL Limited, Shell Plc, TotalEnergies, Adani Group, and others are the significant market players in the Global Green Hydrogen Market.

Breaking Down the Segmentation of the Global Green Hydrogen Market

  • By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer, and Others)
  • By Energy Source (Solar, Wind, and Other Renewable Sources)
  • By End Users (Power Generation & Energy Storage, Automotive & Transportation, Industrial Feedstock (Refineries & Petrochemicals, Steel & Cement Manufacturing, and Others (Food & Beverage, etc.))

The Automotive & Transportation segment is anticipated to capture a generous share of the Global Green Hydrogen Market in the projected time frame. Numerous car manufacturers have taken diverse initiatives to limit the emission of carbon by using alternative and cleaner fuels to power automobiles such as cars, buses, etc., to attain carbon neutrality by 2030. Furthermore, the flourishing research & development in Fuel Cell Electric Vehicles (FCEVs) and hydrogen-powered cars, would generate an encouraging impact on the technological progression of green hydrogen as it is produced totally from renewable sources. Additionally, India is making its way in the direction of large-scale electric vehicle manufacture, hence there is enormous prospective for incorporating green hydrogen as a fuel substitute in the future years.

Complications in Transporting & Storing of Green Hydrogen Acts as a Hindrance

The complete procedure of green hydrogen before its wide-scale commercialization comprises numerous restraints & challenges, such as exorbitant cost of plant setup and operational expenses, supply chain development, incorporation with energy vectors, and rising intricacy of the technologies. Furthermore, additional challenges that green hydrogen faces include the encounters associated with cost competitiveness compared to traditional petrochemically derived olefins.

The manufacture expenses of bio-based olefins, a result of renewable sources, could be greater, affecting the market competitiveness, since bio-based olefins depend on feedstock derived from renewable sources, such as crops, waste biomass, or other bio-based materials. In addition, the production and sourcing of these feedstock could be costly, leading to accessibility challenges, thus negatively affecting the market growth.

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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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