North America Green Hydrogen Market Size

North America Green Hydrogen Market Size

North America Green Hydrogen Market was valued at USD 304.8 million in 2023 and is anticipated to grow at a CAGR of 62.2% from 2024 to 2032. Green hydrogen is hydrogen produced through the electrolysis of water, where the electricity used in the process comes from renewable energy sources such as wind, solar, or hydroelectric power. This method ensures that the production of hydrogen does not emit carbon dioxide or other greenhouse gases, making it an environmentally friendly alternative to traditional hydrogen production methods.

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Ongoing deployment of green hydrogen across various sectors including industrial, transportation, aviation and mobility on account of its storability, transportability and viability will enhance the industry demand. Introduction of strict government mandates, norms and plans to address the rising greenhouse gas emissions along with significant measures to reduce the dependency on fossil-based energy supply will stimulate the industry dynamics. Furthermore, extensive large-scale deployment of clean hydrogen owing to its versatility as an energy carrier along with increasing shift to achieve the energy transition will accelerate the industry dynamics.

Paradigm shift toward the adoption of zero emission energy sources along with rising private and public sector investments toward the advancement of zero emission hydrogen production technologies has increased the deployment of green hydrogen which will positively impact the industry statistics. Furthermore, growing adoption of hydrogen as a clean fuel source across several sectors will complement the product penetration. Shifting focus to lower the use of conventional fuel sources owing to surging greenhouse gas emissions along with continuous introduction of various grants, initiatives and exemptions by the government bodies to adopt zero emission fuel sources will boost the industry statistics.