According to a May 2020 analysis by Barclays Research, the green hydrogen market will expand concurrently with the electrification of the global economy. Average projections indicate an annual hydrogen market worth more than $1 trillion by 2050, which would reduce CO2 emissions by 5 gigatons per year, a 15% reduction from current levels.

Public investments are supporting green hydrogen market growth around the world. Korea, Japan, Europe and North America are heavily investing in hydrogen mobility and transportation, while China and Canada are investing in large-scale hydrogen production projects, and Germany is heavily relying on hydrogen to decarbonize its industry.

Europe has set ambitious targets for renewable energy use. By 2030, 32% of the EU's energy demand and 50% of the electricity will have to come from renewable sources. However, renewable energy sources, such as wind or sun, are not permanently available to be converted into electricity. Hydrogen can play an essential role in storing, supplementing and balancing intermittent supply by providing a flexible electricity balancing service.

There is a great room for improvement with the current hydrogen production, which is used in the industry to produce fertilizers, for fuel desulfurization and in the petrochemical industry. 95% of this hydrogen is grey, which means it is obtained using fossil fuels with a significant carbon footprint.