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North America Electrolysis Liquid Hydrogen Market Size

Report ID: GMI11495
Published Date: Sep 2024
Report Format: PDF

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North America Electrolysis Liquid Hydrogen Market Size

North America Electrolysis Liquid Hydrogen Market size was valued USD 220.3 million in 2023 and is estimated to grow at a CAGR of 7.5% between 2024 and 2032. It refers to the process of using electrical energy to split water into its basic components—hydrogen and oxygen—while hydrogen is subsequently cooled and stored in its liquid form. This method, often powered by renewable energy, is a key technology in producing clean, high-purity liquid hydrogen for various industrial, energy, and transportation applications, contributing to a sustainable hydrogen economy.

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Rising government support towards hydrogen adoption as a clean energy solution aiming to reduce overall production cost is set to influence the process adoption. Growing integration of renewable energy with clean fuel to reduce carbon footprint and overcome stringent standards are additional factors stimulating the industry growth.

North America Electrolysis Liquid Hydrogen Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Electrolysis Liquid Hydrogen Market Size in 2023:	USD 220.3 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.5%
2032 Value Projection:	USD 421.6 Million
Historical Data for:	2021 to 2023
No. of Pages:	70
Tables, Charts & Figures:	20
Segments covered:	Distribution, End Use and Country
Growth Drivers:	Rising clean energy commitments Advancements in electrolysis technology
Pitfalls & Challenges:	High upfront cost

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Continuous improvements in electrolyzer technology to enhance efficiency and reduce production cost coupled with rising innovations including high temperature electrolysis and advanced membrane technologies to make the process more economically viable are strengthening the business outlook. Growing demand for clean energy from various industries including refineries, steel mills, and chemical plants to reduce carbon emissions and turn hydrogen into a clean energy alternative will foster the process penetration.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size for electrolysis liquid hydrogen in North America reached USD 220.3 million in 2023 and is estimated to grow at a CAGR of 7.5% until 2032, owing to the rising government support for hydrogen adoption as a clean energy solution aiming to reduce overall production cost.

Cryogenic tanks segment is projected to grow by more than USD 335.5 million by 2032, on account of their high storage density, making them a preferred option for handling large volumes of hydrogen.

The U.S. market is anticipated to surpass USD 343 million by 2032, backed by the rising development of hydrogen hubs under the Biden administration’s Hydrogen Energy Earthshot initiative, aiming to create a network of hydrogen production, storage, and utilization centers across the country.

Cummins, Enapter, ENGIE, GreenH Electrolysis, Linde, MAN Energy Solutions, Plug Power, Shell, Siemens Energy, and Thyssenkrupp among others.