Green hydrogen market surging: $71.31bn expected by 2031

The global green hydrogen market is expected to reach $71.31bn by 2031, driven by an average annual growth rate estimated at 37.8%, mainly stimulated by energy and transport sectors, according to The Insight Partners.

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The increasing demand for green hydrogen is primarily due to substantial investments made in the renewable energy sector and targeted initiatives launched by several international governments to foster this emerging technology. The market, estimated at $8.38bn in 2024, particularly benefits from heightened interest in fuel cell electric vehicles (FCEVs) and the implementation of large-scale hydrogen production facilities.

Sustainable mobility and private investments

Several major players recently entered strategic partnerships in the automotive sector to supply a rapidly growing FCEV market. In April 2025, Reblko signed an agreement with Toyota Motor North America to supply hydrogen fuel cell modules. In Canada, Toyota also concluded an agreement in July 2023 with Edmonton International Airport to provide a fleet of 100 Mirai hydrogen vehicles.

The establishment of large-scale green hydrogen production units also attracts significant private investments. A consortium including Iwatani Corporation, Kansai Electric Power Company, Marubeni Corporation, Keppel Infrastructure and Stanwell Corporation announced a $79.75mn investment in a project located in Queensland, Australia, aimed at constructing a hydrogen production and liquefaction plant.

Major projects and developing infrastructures

Infrastructure dedicated to the production, storage, and distribution of green hydrogen is beginning to emerge on a large scale. In June 2023, Larsen & Toubro announced its participation in establishing infrastructure for the world’s largest green hydrogen plant, developed by NEOM Green Hydrogen Company (NGHC) in Saudi Arabia.

Geographically, the market is currently dominated by North America, followed by Europe and Asia-Pacific. However, according to forecasts, the Asia-Pacific region should record the highest growth rate between 2025 and 2031 due to rapid industrialization and urbanization in the region.

Institutional support and national strategies

National policies also play a crucial role in this growth. Australia, through its National Hydrogen Strategy, aims to become a major hydrogen exporter by 2030. The European Union has included green hydrogen in its European Green Deal, accompanied by specific funding and regulations. In India, the National Green Hydrogen Mission (NGH) was launched in early 2023, with a budget of $2.4bn aimed at achieving annual production of five million metric tonnes by 2030.

These developments offer investors and companies in the sector significant perspectives on a rapidly structuring market, where institutional support and industrial dynamics are clearly defined.

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The Belfort commercial court has approved the sale of McPhy to John Cockerill Hydrogen, a €600,000 transaction involving majority retention of staff and an industrial project partially funded by European subsidies.
The City of Fresno becomes the latest member of First Public Hydrogen, the first US public authority dedicated to hydrogen development, thus strengthening its energy infrastructure and municipal bus fleet.
The official confirmation in June 2025 by the French government regarding the detection of significant natural hydrogen reserves in Lorraine, the Pyrenees, and Aquitaine could represent a major strategic turning point for national and European energy sovereignty. However, the technical, economic, and environmental challenges associated with its exploitation might slow its large-scale implementation.
Stanwell announces the end of its participation in the Central Queensland Hydrogen Project, a major international hydrogen production initiative, raising questions about the sector's outlook in the region.
Lhyfe becomes the first French producer to obtain European RFNBO certification, delivering the first batches of certified hydrogen and opening access to new support mechanisms for the industrial sector.
Tree Energy Solutions and CPC Finland will produce 125,000 tonnes annually of e-NG at the Finnish port of Rauma, targeting European and international markets with a significant investment.
The European Commission grants €3.5mn to support preparatory work for a Franco-German cross-border network aimed at transporting hydrogen between the Grand Est region and Baden-Württemberg starting in 2029.
French company McPhy Energy awaits a court decision regarding offers submitted during its judicial reorganization, paving the way for probable liquidation and potential delisting of its shares.
The majority-Indigenous-owned Canadian manufacturer HyVera Distributed Energy is introducing an eCat pellet that instantly produces ultra-pure green hydrogen without external electricity and is counting on two pilot plants to simplify industrial supply.
Underground hydrogen storage, essential to support its growth, continues to face significantly higher costs than natural gas storage, along with major technical challenges hindering its competitiveness against conventional energies.
Singapore-based hydrogen specialist Hydrexia seals a protocol with Indonesian gas giant Samator to deploy purification, transport and storage of hydrogen, betting on rapidly growing local demand and export outlets to the Asia-Pacific region.
Cadiz Inc. signs a memorandum of understanding with British company Hoku Energy for a large-scale energy project including green hydrogen, solar power, and digital infrastructure in the Californian desert, projecting annual revenues of up to $10mn.
BP indefinitely halts its blue hydrogen project at the Whiting refinery in Indiana, raising questions about the future of federal funding and the impact on regional plans for a decarbonized hydrogen sector in the United States.
The Polish energy group ORLEN receives a non-repayable grant of €382 million from the National Recovery Plan to finance its renewable and low-emission hydrogen production initiatives.
Georgia Power and Mitsubishi Power announce successful completion of an unprecedented test incorporating 50% hydrogen into an advanced gas turbine, reducing CO2 emissions by 22% compared to natural gas alone.
Neoenergia has begun construction of one of Brazil's first green hydrogen plants, aimed at supplying heavy and light vehicles, with an investment exceeding 30 million Brazilian reais ($5.99mn).
The SA-H2 fund, supported by international partnerships and local institutional backing, mobilises 37 million USD to develop export-oriented green hydrogen from South Africa, with an initial concrete project announced.
Turbotech reports successful combustion testing of a hydrogen turboprop, developed through digital simulation with Ansys, marking an industrial milestone in light aircraft using alternative fuel.
France Hydrogène responds to the Cour des Comptes report published on June 5, criticising an incomplete reading of updated targets and the economic impacts of decarbonised hydrogen development.