Latin America Green Hydrogen Market Forecast by 2033
Market Size in 2024: USD 101.28 Million
Market Forecast in 2033: USD 3,240.40 Million
Market Growth Rate 2025-2033: 46.97%
The Latin America green hydrogen market reached USD 101.28 Million in 2024 and is projected to grow to USD 3,240.40 Million by 2033, expanding at a CAGR of 46.97% during 2025-2033. This remarkable growth is driven by favorable government policies, abundant renewable energy resources, and increasing foreign investments aimed at decarbonization and sustainable energy transitions.
Growth Drivers of the Latin America Green Hydrogen Market
Government Initiatives and Policy Support
Latin American governments promote green hydrogen as part of decarbonization plans. Notably, Chile acted through its Green Hydrogen Action Plan 2023-2030 during April 2024 to lead the world for green hydrogen production at a competitive price. The economy diversifies, polluting industrial activity is replaced by cleaner activity and the economy aims for carbon neutrality by 2050, similar to other countries of the region through regulatory frameworks and international agreements, creating opportunities for large-scale green hydrogen projects. Such policies are intended to attract foreign investments and allow for hydrogen infrastructure deployment.
Abundant Renewable Energy Resources
The large renewable energy potential of Latin America makes it a prime candidate for green hydrogen production. Market assessments estimate 24.8-27.4 GW of PV demand in Latin America for 2023. Countries like Chile and Brazil have some of the world’s highest solar and wind quality resources. Chile’s Atacama Desert has some of the world’s highest levels of solar irradiation and Patagonia has high wind energy potential. Brazil can produce low-cost, large-scale hydrogen and aid Latin America to transition to global clean energy because solar energy abounds in the north-east and offshore wind promises much along its coast.
Growing Industrial Demand and Export Potential
Steel, mining and chemicals industries in Latin America are considering green hydrogen to decarbonize activities and comply with international sustainability targets. Because of geographical conditions plus available renewable energy resources, the region can export green hydrogen to Europe and Asia. Companies are investing in electrolyzer and other facilities to foster the scaling-up of green hydrogen production. In another sign of industrial adoption and export plans in the region, in April 2024, Linde’s Brazilian subsidiary White Martins announced that it would install an electrolyzer powered by renewable energy to produce green hydrogen for the Brazilian market in the state of Sao Paulo.
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Latin America Green Hydrogen Market Segmentation
Analysis by Technology
- Proton Exchange Membrane Electrolyzer
- Alkaline Electrolyzer
- Others
Analysis by Application
- Power Generation
- Transport
- Others
Analysis by Distribution Channel
- Pipeline
- Cargo
Analysis by Country
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Others
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Latin America Green Hydrogen Market News
- April 2024: Linde’s subsidiary White Martins announced a new electrolyzer in São Paulo to produce green hydrogen using renewable energy.
- October 2024: Vale partnered with Green Energy Park (GEP) to explore green hydrogen production opportunities in Brazil.
- 2024: Chile launched its Green Hydrogen Action Plan 2023-2030 to accelerate hydrogen adoption and industrial transformation.
- 2023: Brazil expanded its wind and solar capacity, strengthening its position as a leader in renewable-powered hydrogen production.
- 2023: International investors increased funding in Latin American hydrogen projects, highlighting the region’s export potential.
Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
