The global green hydrogen market is poised for significant growth, with its value projected to reach $30.6 billion by 2030, reflecting a compound annual growth rate (CAGR) of 61.1%, according to a new report by consultancy firm Markets and Markets.

The report attributes this surge to accelerating global decarbonization efforts, advancements in electrolysis technology, and the increasing integration of renewable energy sources. Supportive government policies and investment initiatives are further driving adoption, positioning green hydrogen as a key component of the global clean energy transition.

The surge in green hydrogen demand is being driven by accelerating global decarbonization efforts, advances in electrolysis technology, and the growing integration of renewable energy sources. Supportive government policies and investment initiatives are further fueling adoption, positioning green hydrogen as a cornerstone of the global clean energy transition.

Demand is also rising due to the increasing use of hydrogen in fuel cell electric vehicles (FCEVs) and energy-intensive industries such as steel and ammonia production, which are emerging as major contributors to market growth, the report noted.

Recent years have seen a series of significant global deals in the sector. In April 2024, Oman’s Hydrom signed an $11 billion agreement with Electricité de France (EDF Group) to develop two large-scale green hydrogen projects.

Earlier, in June 2022, Siemens Energy and Air Liquide formed a joint venture to produce industrial-scale renewable hydrogen electrolyzers, targeting a capacity of three gigawatts per year by 2025 to strengthen Europe’s hydrogen ecosystem.

Another partnership, announced in May 2022 between Air Liquide, Toyota Motor, and CaetarioBus, focuses on deploying hydrogen-powered vehicle fleets and infrastructure, accelerating the shift toward hydrogen-based mobility for both light and heavy-duty transport.

According to Markets and Markets, hydrogen’s versatility now extends beyond fuel cells to the production of alternative fuels such as ammonia, methanol, and synthetic liquids—energy carriers that are gaining traction across multiple industries.

In emerging economies, green hydrogen offers a pathway to a low-carbon future, serving as a near-zero-emission fuel for marine transport, electric vehicles, and industrial backup power.

With a growing range of applications and global partnerships, the green hydrogen market is rapidly evolving into one of the most promising segments in the clean energy sector.

The report lists key players in the industry, including 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).