Global green hydrogen market size is expanding at USD 89.18 billion by 2030 from valued at USD 1.2 billion in 2020, growing at a CAGR of 54% from 2021 to 2030 driven by potential of green hydrogen to seal intermittency of solar and wind, while burning like natural gas and serving as raw material in industrial chemical processes has piqued interest of businesses, governments, and investors. Green hydrogen is made from regenerative energy sources through water electrolysis. The water is separated into oxygen and hydrogen in an electrolyze with the help of electric current and is distinguished from grey hydrogen obtained from fossil fuels.
Demand for green hydrogen has been increasing since the last few years, as it helps lower carbon footprint. It also helps meet the rising demand for power across the globe. Green hydrogen is a renewable source of energy. Thus, adoption of green hydrogen is anticipated to rise soon. Based on region, the global green hydrogen market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa North America dominated the global green hydrogen market in 2019, owing to growth in investment in the renewable sector in the region. The market in Middle East & Africa and Latin America is likely to expand at a moderate pace during the forecast period. Investment in the renewable sector is estimated to rise in these regions soon.