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Rapid expansion of renewable hydrogen production, primarily driven by electrolysis powered by renewable energy sources including wind and solar will augment the industry scenario. The emergence of hydrogen hubs and clusters as focal points for hydrogen production, distribution, and utilization in the region will expand the distribution network in the region. Increasing international collaboration by the U.S. with other countries to develop hydrogen strategies and policies, including the European Union, Australia, Finland, Germany, Norway, Portugal, Spain and others will improve the growth trajectory.
Increasing collaboration and partnerships between various industry players, research institutions, and government agencies will foster innovation and accelerate the development of hydrogen generation infrastructure. Additionally, rising investments in research and development to create next generation electrolyzers, novel catalysts, and advanced storage and transportation solutions to improve hydrogen's performance and competitiveness as an energy carrier will uplift the product penetration.
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
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.
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.
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.