The global green hydrogen market is set to see rapid growth, with its value expected to reach $30.6 billion by 2030, expanding at an annual rate of 61.1%, according to a report by consultancy Markets and Markets, reports Zawya.com.
The report attributes this growth to worldwide efforts to cut carbon emissions, advancements in electrolysis and renewable energy, and government support through policies and investments. Green hydrogen’s flexibility and ability to scale make it an important part of the transition to cleaner energy.
Its use is growing in industries where reducing emissions is difficult, such as fuel cell electric vehicles (FCEVs), steel, and ammonia production. “These applications are increasing demand and driving growth in the market,” the report said.
Several major deals highlight the momentum in the sector. In April 2024, Oman’s Hydrom signed an $11 billion deal with Electricité de France (EDF Group) to develop two green hydrogen production projects. In June 2022, Siemens Energy and Air Liquide launched a joint venture to produce large-scale renewable hydrogen electrolyzers in Europe, aiming for a capacity of three gigatons per year by 2025.
Earlier, in May 2022, Air Liquide, Toyota Motor, and CaetarioBus announced a partnership to roll out hydrogen-powered vehicle fleets and support the development of hydrogen refueling infrastructure.
The report also highlighted that green hydrogen is no longer limited to vehicles. It is increasingly being used to produce alternative fuels such as ammonia, methanol, and synthetic liquids, which are expected to drive future demand. In developing countries, green hydrogen provides a low-carbon option for marine transport, EV fuel cells, and industrial backup power.
Major players in the market include Linde (Ireland), Guangdong Synergy Hydrogen Power Technology (China), Siemens Energy AG (Germany), H&R Olwerke Schindler (Germany), Cummins and Enbridge Gas (Canada), and Wind to Gas Energy GmbH & Co. KG (Germany).
“With its growing industrial use and wide range of applications, green hydrogen is emerging as a key sector in the global shift toward sustainable energy,” the report said.
