Green Hydrogen Market to Reach USD 77.14 billion with an 42.42% CAGR

 Market Definition

The global market for hydrogen gas produced through electrolysis, a procedure that uses renewable energy sources such as solar or wind power, is referred to as the "green hydrogen market." Green hydrogen is produced by splitting water molecules into hydrogen and oxygen atoms, emitting only pure water vapor as a by-product, as opposed to conventional hydrogen production methods that rely on fossil fuels. Through its potential as a clean and sustainable energy carrier with uses in everything from transportation and industrial processes to power generation and energy storage, green hydrogen has attracted a lot of attention. The market includes green hydrogen production, distribution, and use, as well as related infrastructure and technologies.

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Green Hydrogen Market Analysis and Size  

Water is electrolyzed to create green hydrogen, which is then processed using electricity produced from renewable energy sources such as solar or wind energy. The demand for the hydrogen economy is anticipated to be driven by the presence of supportive government policies promoting it as well as growing environmental concerns regarding rising carbon emissions from the use of fossil fuels. It is anticipated that this trend will offer the industry a potential growth landscape.

Data Bridge Market Research analyses that the green hydrogen market which was USD 4.56 billion in 2022, would rocket up to USD 77.14 billion by 2030, and is expected to undergo a CAGR of 42.42% during the forecast period of 2023 to 2030.  

“Polymer electrolyte membrane (PEM) electrolyzers” dominates the type segment of the green hydrogen market owing to their advantages such as high efficiency, compact size, and fast response time. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

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Global Green Hydrogen Market Scope

The green hydrogen market is segmented on the basis of type, technology, renewable source, application, distribution channel, and end use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

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