Green hydrogen, also referred to as clean or renewable hydrogen, is vital for decarbonizing the economy. It is primarily derived from renewable energy sources.
The increasing demand for sustainable energy sources across hard-to-abate industries and technological advances to reduce cost and increase efficiency are among the major driving forces for the global green hydrogen market. To speed up the commercialization of green hydrogen across industries, the development of a hydrogen economy is crucial.
According to BCC Research, the global market for green hydrogen was valued at $4.4 billion in 2023 and is expected to reach $38.1 billion by 2029 with a strong CAGR of 48.7% during the forecast period of 2024 to 2029.