Green hydrogen market size projected to reach over $130B by 2032
The global green hydrogen market size was surpassed at USD 4.47 billion in 2022 and is projected to reach around USD 134.38 billion by 2032, according to Precedence Research.
December 19, 2023 | By MRO Magazine
Ottawa — The global green hydrogen market size accounted for USD 6.26 billion in 2023 and is growing at a noteworthy CAGR of 40.6 per cent from 2023 to 2032, Asia Pacific led the global market with the largest market share in 2022.
The green hydrogen market is driven by growing investment, technological advancements, and increasing energy transition. In addition, the growing renewable energy integration and decarbonization of industry is another important factor that propelled the market expansion during the forecast period.
Green hydrogen refers to hydrogen gas that is produced using renewable energy sources, typically through a process called electrolysis. Unlike conventional hydrogen production methods that often rely on fossil fuels, such as natural gas, green hydrogen is considered environmentally friendly and sustainable.
The production of green hydrogen involves using electricity generated from renewable sources such as wind, solar, or hydropower to split water molecules (H2O) into hydrogen (H2) and Oxygen (O2) through electrolysis. This process does not emit greenhouse gases or other pollutants, making it a clean and sustainable way to produce hydrogen. The growing funding by public and private players is expected to propel the green hydrogen market during the forecast period.