North America Hydrogen Generation Market to Grow with a CAGR of 5.12% through 2029
Surge in research and development activities is expected
to drive the North America Hydrogen Generation Market growth in the forecast
period, 2025-2029.
According to TechSci Research report, “North
America Hydrogen Generation Market – By Country, Competition, Forecast and
Opportunities, 2019-2029F”, the North America Hydrogen Generation Market
stood at USD 29.64 billion in 2023 and is anticipated to grow with a CAGR of 5.12%
in the forecast period through 2029.
The initiatives taken by government based on
hydrogen generation has led to favorable market conditions for the North
America Hydrogen Generation Market. Several factors contribute to the growth of
various hydrogen generation market products. The U.S. government has taken significant
steps to promote the adoption and development of hydrogen technologies. Through
various federal laws and incentives, such as the Airport Zero Emission Vehicle
(ZEV) and Infrastructure program, the government is actively encouraging the
use of hydrogen in transportation. Additionally, legislation has been
introduced to support the buildout of hydrogen infrastructure, which would play
a crucial role in expanding the U.S. hydrogen economy.
Moreover, the
U.S. Department of Energy (DOE) has launched ambitious initiatives like the
U.S. National Clean Hydrogen Strategy and Roadmap, which provide a
comprehensive framework for advancing the production, distribution, and
utilization of clean hydrogen. These initiatives aim to guide not only the
energy sector but also other industries in integrating clean hydrogen
solutions. By setting a clean hydrogen production standard, the DOE is fostering
innovation and driving the transition towards a sustainable and low-carbon
future.
Research and development (R&D) initiatives are actively striving to enhance the efficiency and sustainability of hydrogen production processes. For instance, dedicated researchers are diligently exploring innovative methods to produce hydrogen utilizing abundant and renewable energy sources, such as solar and wind power. By harnessing the power of these clean energy alternatives, the environmental impact of hydrogen generation can be significantly diminished, paving the way for a greener and more sustainable future.
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The North
America Hydrogen Generation Market is segmented into technology, application, country distribution and company.
Based on the category of technology, the steam methane refining segment emerged as the fastest growing segment in the North America market for Hydrogen Generation in 2023. One of the primary reasons for the dominance of SMR (Steam Methane Reforming) in the hydrogen generation market is its exceptional cost-effectiveness. SMR stands out as the most economical method to produce hydrogen on a large scale. It offers a highly efficient and cost-effective solution by extracting hydrogen from natural gas, which is not only relatively inexpensive but also abundantly available in North America. Technological advancements have played a crucial role in the remarkable growth of SMR in the hydrogen generation market. Over the years, continuous improvements in catalysts and reactor designs have significantly enhanced the efficiency and reliability of SMR. These advancements have further solidified SMR's position as the preferred method for hydrogen production, ensuring a more sustainable and clean energy future. The ongoing research and development efforts in catalyst and reactor technologies are continuously optimizing SMR processes, enabling even greater efficiency and performance in hydrogen production.
Based on country, The United
States emerged as the fastest-growing country in the North America Hydrogen
Generation Market. The U.S. government has been actively supporting the development of
hydrogen technologies through funding, incentives, and policies aimed at
decarbonizing the economy. Initiatives like the U.S. Department of Energy's
Hydrogen Program and the Biden administration's focus on clean energy have
provided a strong foundation for hydrogen market growth. There is a
growing recognition of hydrogen as a key component of clean energy transition
strategies. Industries such as transportation, manufacturing, and energy
production are increasingly looking towards hydrogen as a cleaner alternative
to traditional fossil fuels.
The size and diversity of the U.S. market offer substantial
opportunities for hydrogen applications, ranging from transportation to
industrial processes. This market potential has attracted investments and
accelerated market growth.
Major companies operating in North America Hydrogen
Generation Market are:
- Air Product & Chemicals Inc.
- Hydrogenics Corporation
- Praxair, Inc.
- Nuvera Fuel Cells, Inc.
- Teledyne Energy Systems, Inc.
- Plug Power, Inc.
- Fuelcell Energy, Inc.
- Xebec LLC
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“Growing application of hydrogen generation in various
end user industries are key drivers of the hydrogen generation market. Growth
in competitive landscape and presence of well-established companies in the
market who are dedicated to enhance their productivity of hydrogen generation with
every passing year are anticipated to register an impressive growth to North
America Hydrogen Generation Market in the forecast period”, said Mr. Karan
Chechi, Research Director of TechSci Research, a research-based management
consulting firm.
“North America Hydrogen Generation Market By Technology (Steam Methane Refining, Partial Oxidation of Oil, Coal Gasification, Others), By Application (Petroleum Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation, Others), By Country, Competition, Forecast and Opportunities, 2019-2029F”, has evaluated
the future growth potential of North America Hydrogen Generation Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in North America Hydrogen Generation Market.
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