The global green hydrogen market to reach $19.2bn by 2032

The green hydrogen industry is expected to grow at an average annual rate of 45.6% through 2032, driven by industrial demand, hydrogen mobility, and public decarbonisation policies.

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The global green hydrogen market is estimated at $1.4bn in 2025 and is projected to reach $19.2bn by 2032, according to a study by Meticulous Research published on April 11. This rapid growth, estimated at an average annual rate of 45.6%, is based on the rise of fuel cell electric vehicles, growing needs from the chemical and industrial sectors, and government policies in favour of carbon neutrality.

Technologies and growth segments

Electrolysis processes using proton exchange membrane (PEM) technology are expected to see the fastest growth. This technology is valued for its efficiency and compatibility with renewable energy sources. Simultaneously, hybrid systems combining solar, wind, and storage are rapidly expanding to ensure continuous hydrogen production, despite the variability of natural resources.

The increasing integration of artificial intelligence in electrolyser management, the development of more efficient catalytic materials, and gigawatt-scale electrolysis projects are among the key elements shaping this evolving market.

Industrial applications and infrastructure challenges

Decarbonising industrial processes in sectors such as cement, steel, and chemicals remains the main long-term driver of demand. In maritime transport, regulations from the International Maritime Organization are pushing shipowners to adopt hydrogen-derived fuels, notably green ammonia, supporting strong growth in this segment by 2032.

Despite these prospects, several technical and economic barriers remain. The high cost of green hydrogen production, combined with limited transport and storage infrastructure, hinders large-scale adoption. Investments in optimising electrolysers and pooling logistics networks will be critical to meeting the industry’s growing needs.

Geographic distribution and regional dynamics

North America is expected to hold the largest share of the global market in 2025, followed by Europe. However, the Asia-Pacific region will experience the fastest growth, supported by national strategies in China, Japan, India, and Australia. Public policies, export-oriented projects, and industrial alliances are shaping a regional dynamic in favour of green hydrogen.

Key players in this market include FuelCell Energy Inc., Bloom Energy Corporation, Plug Power Inc., Air Products and Chemicals Inc., as well as European companies such as L’AIR LIQUIDE S.A., Linde plc, and Siemens Energy. All are focusing on lowering production costs, optimising electrolysis processes, and expanding industrial capacities.

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.
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.
The Belfort Commercial Court has opened a judicial reorganisation procedure for McPhy, while a renewed call for tenders for its asset sale is now set to close on 13 June.
Plug Power CFO Paul Middleton acquired 650,000 shares on the market, affirming his support for the long-term strategy of the hydrogen-focused company.
The Canadian government is funding an initiative to support 40 SMEs in British Columbia’s hydrogen sector, aiming to increase foreign investment and expand international market share.
Developer CWP Global has paused its $40 billion AMAN project in Mauritania due to a lack of buyers for green ammonia despite favourable local conditions.
A study reveals that the profitability of African green hydrogen exports to the European Union depends on political support from Europe, despite the abundance of ongoing projects on the continent.
Plug Power expands its partnership with Allied Green through a new 2 GW electrolyzer deal tied to a $5.5bn chemical plant in Uzbekistan.
Stargate Hydrogen launches 140 MW factory in Estonia with modular expansion model amid cautious hydrogen investment climate.
The European Commission is considering legal action over RED III delays, as regulatory uncertainty slows renewable hydrogen projects and Union-wide investment.
The Cour des comptes warns of the gap between France’s hydrogen ambitions and the reality of funding and available industrial capacity.
Ballard Power Systems will supply 12 fuel cell modules to Sierra Northern Railway to convert three diesel locomotives into hydrogen-powered units. Delivery is expected during 2025.
Vallourec announces the official qualification of its vertical hydrogen storage solution Delphy by DNV, marking a decisive step towards the commercialisation of this innovative technology.
Chinese group Envision Energy has signed a strategic agreement with Marubeni to supply green ammonia, marking a major milestone in energy trade between China and Japan.