Green Hydrogen Market is Estimated to Clock 51.6% CAGR by 2031: Report

The market value of green hydrogen stood at US$ 2.14 Bn in 2021. The global market is likely to expand at a phenomenal CAGR of 51.6% during the forecast period, from 2022 to 2031.

The insights on the green hydrogen market estimate the market to attain value of US$ 135.73 Bn by 2031. The best natural and cleanest form of hydrogen is green hydrogen, which doesn't produce CO₂ as a by-product. In the foreseeable future, more renewable energy is expected to be produced.

Additionally, the use of renewable energy is expanding as environmental regulations become more stringent and there is more emphasis to limit the amount of energy that is derived from hydrocarbons in order to lower CO₂ emissions.

The deployment of renewable resources in electric generation facilities is being driven by the implementation of strict restrictions to minimise GHG emissions from power production facilities. The sales of green hydrogen market are thus anticipated to grow throughout the forecast period.

Rising number of government regulations aimed at the production of renewable energy are expected to cause the global green hydrogen market to grow considerably during the forecast period. 

Policymakers are considering green H₂ as an option in a number of industries as a result of the lofty net-zero objectives set by governments throughout the world.

The development of green hydrogen as a major renewable energy source is envisaged. This factor is likely to fuel expansion of the green hydrogen market during the forecast period.