At 41.6% CAGR, the Middle East & Africa Green Hydrogen Market is projected to be worth US$ 2,377.50 million by 2030 says Business Market Insights

According to Business Market Insights research, the Middle East & Africa green hydrogen market  was valued at US$ 147.16 million in 2022 and is expected to reach US$ 2,377.50 million by 2030 registering a CAGR of 41.6% from 2022 to 2030. Rising global plans for net-zero emission by 2050 and increasing demand for FCEV are the critical factors attributed to the Middle East & Africa green hydrogen market expansion.        

Green hydrogen is produced through the process of electrolysis using renewable energy sources. Green hydrogen has versatile applications in transportation, chemical, power, petrochemical, food & beverages, and other sectors. It can be used as a fuel for fuel cell electric vehicles, a feedstock for industrial processes, and a clean energy source for heating and power generation. With the rising need to decarbonize these sectors, the demand for green hydrogen as a clean, sustainable alternative fuel and energy source is growing significantly across the globe. Many countries and organizations have set ambitious decarbonization goals, aiming to achieve net-zero emissions by 2050 or earlier. Similarly, in October 2022, the Minister of Energy and Mineral of Oman announced its plan to implement a green hydrogen strategy to fulfill the country’s climate change commitments. The country aims to reach net-zero emissions by 2050, in line with the Paris Agreement’s objectives of reducing global warming to 1.5°C compared to pre-industrial levels. Thus, the rising global plans for achieving net-zero emissions by 2050 are driving the Middle East & Africa green hydrogen market.

On the contrary, high cost of green hydrogen and associated products and lack of infrastructure hampers the Middle East & Africa green hydrogen market .  

Based on technology, the Middle East & Africa green hydrogen market is bifurcated into alkaline electrolysis and PEM electrolysis. The alkaline electrolysis segment held 60.1% share of Middle East & Africa green hydrogen market in 2022, amassing US$ 88.46 million. It is projected to garner US$ 1,371.47 million by 2030 to expand at 40.9% CAGR during 2022–2030.

Based on renewable source, the Middle East & Africa green hydrogen market is divided into wind energy and solar energy. The solar energy segment held 68.7% share of Middle East & Africa green hydrogen market in 2022, amassing US$ 101.13 million. It is projected to garner US$ 1,564.19 million by 2030 to expand at 40.8% CAGR during 2022–2030.

Based on end-use industry, the Middle East & Africa green hydrogen market is segmented into chemical, power, food & beverages, medical, petrochemicals, and others. The power segment held 34.8% share of Middle East & Africa green hydrogen market in 2022, amassing US$ 51.25 million. It is projected to garner US$ 886.84 million by 2030 to expand at 42.8% CAGR during 2022–2030.

Based on country, the Middle East & Africa green hydrogen market  is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 51.2% share of Middle East & Africa green hydrogen market in 2022. It was assessed at US$ 75.39 million in 2022 and is likely to hit US$ 1,300.49 million by 2030 exhibiting a CAGR of 42.8% CAGR during 2022–2030.      

Key players operating in the Middle East & Africa green hydrogen market are Air Products & Chemicals Inc, Cummins Inc, Engie SA, L’Air Liquide SA, Linde Plc, Nel ASA, Siemens Energy AG, and Toshiba Energy Systems & Solutions Corp, among others.

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