World's Top 25 Companies in Green Hydrogen In 2025 Watch List: Statistics Report (2024–2035)
RELEASE DATE: Jul 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Green Hydrogen Market Size is projected to Grow from USD 7.67 Billion in 2024 to USD 328.4 Billion by 2035, at a CAGR of 40.71% during the forecast period 2025–2035. The global push for decarbonisation, increased investment in renewable energy, and favourable government policies. Technological breakthroughs in electrolysis, as well as lower costs for solar and wind power, have boosted its expansion, establishing green hydrogen as a vital actor in the clean energy transition.
Introduction
The global green hydrogen market involves producing hydrogen through electrolysis powered by renewable sources like wind, solar, or hydropower. Unlike carbon-intensive grey hydrogen, green hydrogen generates minimal CarbonDioxide emissions. It offers a clean, sustainable alternative for decarbonising industries and supporting the global shift toward low-carbon energy solutions. The global green hydrogen industry is quickly developing, driven by a push for decarbonisation, supporting government policies, and increased investments in renewable energy infrastructure. As countries work to achieve net-zero emissions targets, green hydrogen is emerging as an important renewable energy source. Favourable regulatory regimes and environmental concerns over fossil fuel emissions are driving its implementation, particularly in power generation and mobility. The U.S. is an early adopter and has chosen hydrogen as a priority under its energy policy. Projections show hydrogen has the potential to meet 14 % of national energy by 2050. Green hydrogen has strong potential for hard-to-electrify sectors such as industrial heat processes and fertilizer production, a key aspect of the global low-carbon transition.
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Green Hydrogen Market Size & Statistics
- The Market Size for Green Hydrogen was Estimated to be Worth USD 7.67 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 40.71% between 2025 and 2035.
- The Global Green Hydrogen Market Size is Anticipated to Reach USD 328.4 Billion by 2035.
- Europe is Expected to generate the highest demand during the forecast period in the Green Hydrogen market.
- Asia Pacific is Expected to Grow the fastest during the forecast period in the Green Hydrogen market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the Green Hydrogen market.
The green hydrogen market in the Asia Pacific is projected to experience the fastest CAGR during the forecast period. A combination of aggressive decarbonisation targets, large investments in renewable energy, and the growing need for clean fuel substitutes will propel the Asia Pacific green hydrogen market's rapid expansion. In order to lower carbon emissions and improve energy security, nations in the region, including South Korea, Japan, and Australia, are giving green hydrogen top priority as a crucial part of their energy plans. This sector is further supported by the construction of sizable green hydrogen production facilities and partnerships between domestic and foreign businesses.
Europe is expected to generate the highest demand during the forecast period in the Green Hydrogen market.
Europe is expected to lead the green hydrogen market from 2024 to 2035. Europe has established itself as a global leader in the green hydrogen market, due to strong climate targets, supportive legislation, and significant investment in renewable energy. Countries such as Germany, France, and the Netherlands are promoting green hydrogen use through favourable policies, funding initiatives, and innovation collaborations. With a strong renewable infrastructure and a commitment to net-zero emissions by 2050, the European Union intends to produce millions of tonnes of green hydrogen by 2030. This program aims to decarbonise hard-to-abate sectors like steel and chemicals, making green hydrogen an important component of Europe's sustainable energy transition and industrial development.
Top 10 Green Hydrogen Trends
- Expansion of Electrolyzer Manufacturing
- Declining Costs of Renewable Energy
- Government Support and National Strategies
- Hydrogen Hubs and Infrastructure Projects
- Decarbonizing Industrial Sectors
- Hydrogen in Transportation (Heavy-Duty, Maritime, Aviation)
- Green Ammonia and Synthetic Fuel Production
- Private Sector and Venture Capital Investment
- Technological Innovations in Electrolysis
- International Collaboration and Hydrogen Trade
1. Expansion of Electrolyzer Manufacturing
Electrolyzers use renewable electrical power to produce hydrogen and oxygen from water. Electrolyzers will play an important role in the production of green hydrogen, and manufacturers are ramping up the number of electrolyzers manufactured to meet growing global demand, causing electrolyzer costs to fall, and green hydrogen prices to become more attractive.
2. Declining Costs of Renewable Energy
Solar and wind power costs continue to fall, and green hydrogen generation is becoming more competitive with grey and blue hydrogen. As renewables become more affordable and accessible, green hydrogen acquires a competitive advantage.
3. Hydrogen Hubs and Infrastructure Projects
Globally, massive hydrogen hubs are being built to combine delivery, storage, and production. These hubs support regional hydrogen ecosystems and provide economies of scale, including those in Rotterdam, the Netherlands, Western Australia, and Texas, the United States.
4. Green Ammonia and Synthetic Fuels
Ammonia and synthetic fuels that are derived from green hydrogen can be used for export and energy storage in many ways, as well as used to produce fertilizers. In addition to most forms of green hydrogen allowing it to be transported relatively easily over long distances, these derivatives can support global trade.
5. Decarbonizing Industrial Sectors
Industries including steel, cement, and chemicals are opting for green hydrogen to replace fossil fuels in high-temperature processes. Green hydrogen offers a route to decarbonizing these hard-to-abate sectors, which are especially difficult to electrify.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the green hydrogen market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 15 Companies Leading the Green Hydrogen Market
- Siemens Energy
- Nel ASA
- ITM Power
- Ballard Power Systems
- Plug Power
- McPhy Energy
- Hydrogenics Corporation
- Air Products and Chemicals, Inc.
- Linde PLC
- ENGIE
- Mitsubishi Power
- Enapter
- Snam S.P.A.
- Cummins Inc.
- Green Hydrogen Systems
- Others
1. Siemens Energy
Headquarters – Munich, Germany
Siemens Energy is a global leader in energy technology, spearheading advancements in green hydrogen and other sustainable power solutions. The company is actively engaged in electrolyser development to increase the production of green hydrogen. Siemens Energy works with governments and businesses throughout the world to promote decarbonisation in areas like industry, mobility, and power generation. With the help of its innovations, hydrogen systems may incorporate renewable energy, making the corporation a major force in the clean energy revolution.
2. Nel ASA
Headquarters – Oslo, Norway
Nel ASA is a leading Norwegian firm that specialises in green hydrogen production using water electrolysis. Established in 1927, the company provides both PEM and alkaline electrolyser technologies, enabling small- to large-scale hydrogen generation from renewable sources. Nel has automated manufacturing facilities in Norway and the United States, with plans for gigawatt-scale output. It regularly collaborates with major companies such as Samsung E&A and Reliance Industries to broaden its international reach. With a strong emphasis on innovation, Nel has secured EU funding to improve its next-generation pressurised alkaline electrolyser technology, confirming its role in the global transition to clean and sustainable energy solutions.
3. ITM Power
Headquarters – Sheffield, UK
ITM Power is a well-established green hydrogen technology company that specialises in the manufacture of proton exchange membrane (PEM) electrolysers that take renewable energy and make hydrogen. ITM operates the world's largest electrolyser gigafactory located in Sheffield, and provides scalable solutions for industrial, mobility, and Power-to-X applications. Notable projects include a 120 MW electrolyser supply to Uniper's Humber Hub in the UK, with expansion plans. ITM has formed strategic partnerships with Shell, Linde, and Sumitomo to enable global scale. ITM is continuing ongoing R&D in order to increase the efficiency of their electrolysers and facilitate the transition into a green hydrogen economy.
4. Ballard Power Systems
Headquarters – Burnaby, Canada
Ballard Power Systems was established in 1979 and is recognised as one of the first developers of proton exchange membrane (PEM) fuel cell technology. The company provides zero-emission power solutions for heavy-duty vehicles, portable power, and stationary power applications. Ballard's fuel cells are used for buses, vehicles, rail, marine, and backup power systems, which are helping reduce carbon emissions worldwide. Ballard has supplied over 1 gigawatt of fuel cell products to customers worldwide and continues to innovate, recruit, and partner to accelerate the development and use of clean hydrogen energy and to transition to a low-carbon future.
5. McPhy Energy
Headquarters – Grenoble, France
McPhy Energy is a major European firm that specialises in hydrogen production and storage solutions using pressurised alkaline electrolysis technology. Founded in 2008, it creates and manufactures equipment for the industrial, mobility, and energy sectors, including large-scale electrolysers. McPhy's facilities in France, Italy, and Germany contribute to the global spread of low-carbon hydrogen solutions. In 2024, it will open a new electrolyser factory in Belfort, France, increasing output capacity. McPhy is now undergoing judicial reorganisation and negotiating a sale to John Cockerill to strengthen its market position and innovative capabilities.
Are you ready to discover more about the Green Hydrogen market?
The report provides an in-depth analysis of the leading companies operating in the global green hydrogen market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Siemens Energy
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Nel ASA
- ITM Power
- Ballard Power Systems
- Plug Power
- McPhy Energy
- Hydrogenics Corporation
- Air Products and Chemicals, Inc.
- Linde PLC
- ENGIE
- Mitsubishi Power
- Enapter
- Snam S.P.A.
- Cummins Inc.
- Green Hydrogen Systems
- Others
Conclusion
The global green hydrogen market is expected to increase significantly, driven by the urgent need for sustainable energy alternatives, decarbonisation goals, and advances in electrolyser technology. Countries around the world are making significant investments in green hydrogen infrastructure, aided by favourable regulations, government incentives, and international collaborations. Major businesses, including Nel ASA, Siemens Energy, and ITM Power, are increasing production to meet expanding demand in areas such as transportation, industrial, and power generation. As the cost of renewable energy falls and storage and distribution breakthroughs emerge, green hydrogen is becoming a major facilitator of net-zero objectives. With continued investments in R&D, infrastructure, and global trade networks, the green hydrogen industry is poised to become a key driver of the clean energy transition.
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