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North America Hydrogen Generation Market Size
- Report ID: GMI9073
- Published Date: Apr 2024
- Report Format: PDF
North America Hydrogen Generation Market Size
North America Hydrogen Generation Market size was valued at USD 18.5 billion in 2023 and is anticipated to grow at a CAGR of 5.8% between 2024 and 2032. It is the process of generating hydrogen gas from various feedstocks or energy sources, typically via chemical reactions or electrolysis. This production can use traditional methods or newer, cleaner methods including electrolysis using renewable energy sources. Hydrogen is a versatile and clean energy carrier therefore in great demand across a variety of industries including refining, chemicals, transportation, and energy storage.
Abundant renewable energy resources, including wind and solar power along with reducing cost of renewable energy, will strengthen the emphasis on using these clean energy sources to produce green hydrogen via electrolysis, thereby augmenting the industry landscape. Rising government investments and funding, including the Inflation Reduction Act (IRA) and the bipartisan infrastructure law (BIL), will provide funding and tax credits for clean hydrogen production and carbon capture, leading to market expansion.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Hydrogen Generation Market Size in 2023: | USD 18.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5.8% |
| 2032 Value Projection: | USD 30.1 Billion |
| Historical Data for: | 2021 to 2023 |
| No. of Pages: | 100 |
| Tables, Charts & Figures: | 180 |
| Segments covered: | Delivery Mode, Process, Application and Country |
| Growth Drivers: |
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North America Hydrogen Generation Market Scope
