Green Hydrogen Market Size to Surge to $71.31 Billion by 2031, Fueled by 37.8% CAGR | The Insight Partners

NEW YORK, June 18, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global green hydrogen market is observing significant growth owing to growing investment in renewable energy globally.  

The report runs an in-depth analysis of market trends, key players, and future opportunities. The green hydrogen market analysis focuses on a vast array of applications that are expected to determine market strength in the coming years.

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Overview of Report Findings

1. Market Growth: The Green hydrogen market was valued at US$ 8.38 billion in 2024 and is projected to reach US$ 71.31 billion by 2031; it is expected to register a CAGR of 37.8% during 2025–2031. The global green hydrogen market is experiencing substantial growth and is projected to maintain its growing trajectory in the near future. This growth is attributed to the growing attention to the rising demand from the energy and transportation sector. The growth of the global green hydrogen market is evident worldwide. Several countries have announced ambitious plans and investments to develop green hydrogen infrastructure. For example, Australia has unveiled its National Hydrogen Strategy, aiming to position the country as a leading hydrogen exporter by 2030. The European Union has included green hydrogen as a key element in its Green Deal strategy, pledging substantial funding and regulatory support for its development. In India, the Union Cabinet announced the National Green Hydrogen (NGH) Mission in January 2023, with an investment of $2.4 billion. Through this mission, India aims to produce 5 million metric tons of green hydrogen per anum by 2030. Furthermore, in the transportation sector, several companies and governments have initiated pilot projects and initiatives to explore the viability of green hydrogen as a fuel for public transportation. For example, in Germany, hydrogen-powered trains have been deployed in Lower Saxony, demonstrating the potential for zero-emission rail transport.
   
   
2. Increasing Demand for Fuel Cell Electric Vehicle: Fuel cell electric vehicles (FCEVs) utilize green hydrogen as transportation fuel and employ fuel cells to generate electricity, offering a clean and efficient substitute to traditional internal combustion engine (ICE) vehicles. With countries striving to minimize carbon emissions and transition to low-carbon transportation, demand for FCEVs is increasing worldwide. As a result, various market players are engaging in strategic developments, such as alliances, collaborations, and agreements, to enhance their product offerings and meet the growing demand for FCEVs. For example, in April 2025, Reblko signed a supply agreement with Toyota Motor North America. Through this agreement, Toyota will supply hydrogen fuel cell modules to Reblko. Additionally, in July 2023, Toyota Canada, a leading automaker, signed an agreement with Edmonton International Airport (YEG) to supply a fleet of 100 Mirai hydrogen fuel cell electric vehicles.
   
   
3. Growing Establishment of Large Green Hydrogen Plants: The establishment of large-scale green hydrogen projects attracts significant investment from both the public and private sectors. In June 2023, a group of companies declared their plan to invest US$79.75 in a project to develop a hydrogen production plant and a hydrogen liquefaction plant in Queensland, Australia. The group includes Iwatani Corporation (Japan), Kansai Electric Power Company (Japan), Marubeni Corporation (Japan), Keppel Infrastructure (Singapore), and Stanwell Corporation (Australia). Large-scale green hydrogen plants require specialized infrastructure, including hydrogen production facilities, storage systems, and transportation networks. The establishment of these plants drives the need for a robust infrastructure to support the distribution and use of green hydrogen. For example, in June 2023, Larsen & Toubro announced its plan to establish the infrastructure for the world's largest green hydrogen plant in Saudi Arabia, which is being built by the company NEOM Green Hydrogen Company (NGHC). Therefore, increased infrastructure development is expected to create a favorable conditions for the adoption of green hydrogen across various industries, which is likely to offer growth opportunities to market players during the forecast period.
   
   
4. Geographical Insights: In 2024, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.

Market Segmentation

• Based on product, the market is categorized into suction machine, jetting machine and combi units. The suction machine segment dominated the market in 2024.
• Based on tanker capacity, the market is categorized into less than 500 gallon, 500-1300 gallon and greater than 1300 gallon. The greater than 1300 gallon segment dominated the market in 2024.
• The Green hydrogen market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development

• Key Players: A few major companies operating in the Green hydrogen market are Air Liquide and Siemens Energy, Cummins Inc., Linde Plc, NEL ASA, Ørsted A/S, Toshiba Energy Systems and Solutions Corporation, Uniper SE, Engie, and Air Products and Chemicals, Inc.
• Trending Topics: Solar Energy Market, Wind Energy Market, Hydrogen Market.

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Global Headlines on Sewer Machine 

• Air Liquide announces two large-scale electrolyzer projects to produce renewable and low-carbon hydrogen in Europe.
• TotalEnergies has signed agreements with Air Liquide to develop two projects in the Netherlands, for the production and delivery of some 45,000 tons a year of green hydrogen produced using renewable power

Conclusion

The Green hydrogen market has been segmented into the 5 major regions: North America, Europe, Asia Pacific, Middle East and Africa, South and Central America. Growing urbanization, commercialization, and industrialization in the Asia Pacific region are fueling the demand for green hydrogen for power generation and as input in some industries. In addition, partnerships between private companies and governments are emerging across the globe to establish large-scale green hydrogen production facilities. In March 2025, the Government of Morocco approved US$ 32.5 billion in green hydrogen projects for producing ammonia, steel, and industrial fuel. Key companies involved or awarded this project development include Orthus, Acciona, Nordex, TAQA, and ACWA Power among others. The growth of the green hydrogen market is also supported by declining costs of renewable energy sources and advancements in electrolysis technology. As these trends continue, green hydrogen is expected to become increasingly competitive with conventional hydrogen and other fossil fuel-based alternatives, which will drive its adoption and contribute significantly to global efforts to combat climate change.

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