The global green hydrogen market will expand from $2.14bn last year to $135.73bn by 2031 — a “phenomenal” compound annual growth rate (CAGR) of 51.6% — according to a new study from Indian/US firm Transparency Market Research (TMR).

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Over the ten-year period, this represents industry growth of 6,243%.

Similar growth was forecast in April by US analyst Guidehouse Insights, which forecast that the global manufacturing of electrolysers — the machines that produce green hydrogen from renewable electricity — would increase by almost 8,000% between the end of this year and 2031.

8,000% growth | 'More than 100GW of hydrogen electrolysers to be produced annually by 2031'
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“[A] rising number of government regulations aimed at the production of renewable energy are expected to cause the global green hydrogen market to grow considerably during the forecast period,” said TMR which is registered in Pune, India, but has a “corporate headquarter” in Wilmington, Delaware.

“Policymakers are considering green H2 as an option in a number of industries as a result of the lofty net-zero objectives set by governments throughout the world,” it said.

The study adds that solar energy will be the leading source of power for green hydrogen over the forecasted period, with PEM technology dominating the electrolyser market.

TMR, which has more than 300 employees, covers a wide range of industries, from energy to healthcare, food and defence.