The global market for green hydrogen was valued at $4.4 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 48.7% to reach $38.1 billion by 2029.

Hydrogen does not produce carbon dioxide when burned, and so it is increasingly seen as an option for decarbonizing sectors where direct electrification or other low-carbon options may not be technologically or economically feasible, such as heavy industry and long-distance transport. The methods used to produce hydrogen, however, greatly determine its overall impact on the environment.