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Governments can provide financial incentives including subsidies, grants, tax credits, low interest loans to support the deployment of electrolysis infrastructure. These further support offset the high upfront capital costs associated with electrolysis systems, making them economically viable for businesses and investors. Further, the feed-in tariffs guarantee a fixed payment for each unit of electricity generated from renewable sources thereby encouraging the government to invest in electrolysis projects, stimulating the growth of the hydrogen economy.
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.