As of 2022, the global hydrogen market was valued at $155 billion, and was expected to grow at an average (CAGR) of 9.3% between 2023 and 2030. Of this market, green hydrogen accounted for about $4.2 billion (2.7%). Due to the higher cost of production, green hydrogen represents a smaller fraction of the hydrogen produced compared to its share of market value. The majority of hydrogen produced in 2020 was derived from fossil fuel. 99% came from carbon-based sources. Electrolysis-driven production represents less than 0.1% of the total, of which only a part is powered by renewable electricity. The high cost of production is the main factor limiting the use of green hydrogen. The price of $2/kg is claimed to be a potential tipping point.

In 2020 China was the leader of the global hydrogen market with an output of 20 million tons (a third of global production). As of 2021, several companies have formed alliances to increase production of the fuel fifty-fold in the next six years.

As of 2021, the green hydrogen investment pipeline was estimated at 121 gigawatts of electrolyzer capacity across 136 projects in planning and development phases, totaling over $500 billion. If all projects in the pipeline were built, they could account for 10% of hydrogen production by 2030. The market could be worth over $1 trillion a year by 2050 according to Goldman Sachs. An energy market analyst suggested in early 2021 that the price of green hydrogen would drop 70% over the coming 10 years in countries that have cheap renewable energy.