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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.
Mention the key players involved in North America hydrogen generation market?
Air Products and Chemicals, Inc., Ballard Power Systems, CALORIC, CF Industries, Cummins Inc., Hexagon Composites ASA, Iwatani Corporation, ITM Power plc, Linde plc, Messer, NUVERA FUEL CELLS, LLC, Nel ASA, Plug Power Inc., RESONAC HOLDINGS CORPORATION and Siemens Energy AG
Why is the demand for hydrogen generation growing from metal applications in North America?
The metal segment is set to witness 6% CAGR up to 2032, driven by the growing implementation of stringent emission reduction targets by the government and regulatory bodies to combat climate change and air pollution.
How big is the North America hydrogen generation market?
The market size for hydrogen generation in North America reached USD 18.5 billion in 2023 and is set to grow at 5.8% CAGR till 2032, owing to rising government investments and funding.
Why is the demand for hydrogen generation growing in Canada?
Canada hydrogen generation industry is likely to record USD 4.8 billion by 2032 on account of its abundant renewable energy resources, increasing demand from various end-use industries, and supportive government policies.