The global green hydrogen market is projected to reach US$166 billion by 2037, expanding at a compound annual growth rate (CAGR) of 48%, according to a new report by research fi rm IDTechEx.
The report, Green Hydrogen Production and Electrolyzer Market 2027-2037: Technologies, Players, Forecasts, says green hydrogen is poised to play a pivotal role in decarbonizing hard-to-abate industries despite currently accounting for less than 1% of global hydrogen production.
Produced through water electrolysis powered by renewable electricity, green hydrogen is considered a key solution for reducing emissions from conventional hydrogen production, which is still dominated by fossil fuelbased processes such as steam methane reforming and coal gasifi cation.