Green Hydrogen Market to Grow at a Robust 37.8% CAGR in 2025-2031

According to The Insight Partners, The Green Hydrogen Market is emerging as a cornerstone of the global clean energy revolution in 2025, driven by robust government policies, strategic international partnerships, and significant investments in large-scale production and infrastructure projects. As countries and corporations strive to achieve climate goals and energy security, green hydrogen's role as a clean, sustainable fuel source across multiple sectors is rapidly expanding. The Green Hydrogen Market size is expected to grow from US$ 8.38 billion in 2024 to US$ 71.31 billion by 2031; it is estimated to record a CAGR of 37.8% from 2025 to 2031.

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India’s National Green Hydrogen Mission Leads Global Momentum

India is emerging as a global leader in green hydrogen production through its ambitious National Green Hydrogen Mission launched in 2023. The mission aims to position India as a global production and export hub by targeting an annual capacity of 5 million metric tons of green hydrogen by 2030. Leveraging the country’s vast renewable energy resources, including 100 GW of solar and 20 GW of wind capacity, India is working towards a production cost target of $1.5/kg by the end of the decade.

The mission is supported by policies incentivizing renewable energy-linked hydrogen production, demand aggregation mechanisms, and export facilitation. Significant public and private investments are underway, including large electrolyzer manufacturing facilities and integrated green hydrogen hubs at strategic ports like Kandla and Pudimadaka, coupled with supportive infrastructure such as green chemical zones and renewable energy substations.

Top key Players:

• Air Liquide
• Siemens Energy
• Cummins Inc.
• Linde Plc
• NEL ASA
• Ørsted A/S
• Toshiba Energy Systems and Solutions Corporation
• Uniper SE
• Engie
• Air Products and Chemicals Inc

Strategic Partnerships and Infrastructure Developments :

International collaboration is fueling the rapid growth of green hydrogen ecosystems. Notable examples include strategic partnerships like KP Group with South Korea’s Jeonbuk Province to advance global green hydrogen technologies, and OMV partnering with Masdar to develop one of Europe's largest 140 MW electrolyzer plants in Austria, set to operate by 2027, reinforcing Europe’s hydrogen economy leadership.

Infrastructure investments are scaling up globally, from mega green hydrogen and ammonia plants by corporates like L&T Energy Greentech in India to expansive renewable energy capacity additions necessary to power these hubs. The inclusion of skill development programs and research initiatives ensures a growing qualified workforce to meet industry needs.

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Market Dynamics and Opportunities:

The Green Hydrogen Market is characterized by rapid technological progress and expanding application sectors. Besides power generation, green hydrogen is gaining ground as a feedstock for green ammonia, methanol, sustainable aviation fuel, and steel production via low-carbon direct reduced iron processes. This diversification into multiple downstream products and sectors enhances market resilience and broadens growth prospects.

Governments worldwide are also implementing certification frameworks to ensure the authenticity of green hydrogen produced from renewable sources, helping build market confidence and transparency. Cost reductions in electrolyzer technologies, supportive financial schemes, and reductions in tax rates on renewable components are accelerating adoption and production efficiency. Despite delays in some project launches due to demand fluctuations in equipment procurement, the overall outlook remains positive, driven by surging interest in climate finance, carbon trading markets, and global commitments like India's potential hosting of COP 33 in 2028.

Conclusion:

The Green Hydrogen Market is rapidly evolving as a pillar of the clean energy future. Supported by pioneering government missions, international cooperation, and breakthrough technologies, green hydrogen is expanding its footprint across industries and geographies. Stakeholders investing in innovation, infrastructure, and policy engagement stand to capitalize on substantial growth opportunities in this dynamic market.

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