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North America Electrolysis Hydrogen Generation Market Size

Report ID: GMI9468
Published Date: May 2024
Report Format: PDF

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North America Electrolysis Hydrogen Generation Market Size

North America Electrolysis Hydrogen Generation Market Size was valued USD 1.22 billion in 2023 and is anticipated to grow at a CAGR of 6% between 2024 and 2032. Electrolysis is a process that uses electricity to split water (H2O) into hydrogen (H2) and oxygen (O2) gases. It is a key method to produce hydrogen, especially when the electricity used in the process comes from renewable sources like solar or wind power.

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Rising demand for clean hydrogen produced from renewable energy sources to decarbonize sectors comprising industry energy, power generation and transportation is set to boost the business statistics. Increasing emphasis on energy security along with growing independence to diversify their energy sources and further reduce reliance on fossil fuels, will strengthen the product demand. Furthermore, ongoing technological advancements consisting of improvements in durability, efficiency, and cost effectiveness along with growing technological advancements in design, materials, and manufacturing processes is anticipated to augment the industry landscape.

North America Electrolysis Hydrogen Generation Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Electrolysis Hydrogen Generation Market Size in 2023:	USD 1.22 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6%
2032 Value Projection:	USD 2.02 Billion
Historical Data for:	2021 to 2023
No. of Pages:	80
Tables, Charts & Figures:	15
Segments covered:	Application and Country
Growth Drivers:	Supportive Government Policies Growing renewable energy integration Shifting focus on developing a hydrogen ecosystem
Pitfalls & Challenges:	High capital cost

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Growing emphasis on renewable energy sources like wind and solar power along with introduction of targets to reduce carbon emissions will drive the product demand. Electrolysis provides a means to store excess energy generated from renewables by converting it into hydrogen and is considered a key component of decarbonization strategies specifically for hard to electrify sectors including long haul transport. Additionally, ongoing advancements in terms of development of more efficient electrolyzers will drive innovation, thereby reducing capital cost, leading to market expansion.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

North America electrolysis hydrogen generation market size was USD 1.2 billion in 2023 and is expected to register 6% CAGR from 2024-2032 owing to the rising demand for clean hydrogen produced from renewable energy sources to decarbonize sectors in the region.

North America electrolysis hydrogen generation industry from the chemical segment is expected to reach over USD 0.44 billion by 2032 due to chemical companies increasingly recognizing the importance of reducing their carbon footprint.

The U.S. electrolysis hydrogen generation industry is expected to record over USD 1.6 billion by 2032 due to supportive government policies and incentives comprising the U.S. Federal and state level initiatives to incentivize the private sector investment in the region.

Air Liquide, Cummins Inc., HyGear, ITM Power PLC, McPhy Energy S.A, Nel ASA, Plug Power Inc., RESONAC HOLDINGS CORPORATION, H2B2, Siemens Energy, Iwatani Corporation of America, and Hy Stor Energy, are some of the major electrolysis hydrogen generation companies in North America.