Transportation Segment to Witness Significant Growth in North America Hydrogen Generation Market During Forecast Period
Growing demand for hydrogen in oil and gas refineries coupled
with increasing demand for fuel cells in transportation and power generation
industry is expected to drive the growth of North America hydrogen generation
market over the coming years
According to
TechSci Research report, “North America Hydrogen Generation Market By Delivery Type, By
Storage, By Technology, By Application, By Country, Forecast &
Opportunities, 2024”, the North America hydrogen generation market is expected
to grow at a steady CAGR during the forecast period owing to the stringent
government regulations to control the excessive use of fossil fuels. Additionally,
the introduction of gas-based fuel cell vehicles is expected to further propel
the market during forecast period. However, the high capital requirement
for water electrolysis can hamper the growth of the market during forecast
period. The cleaner way to produce
hydrogen is water electrolysis, but the method is quite expensive and involves
heavy electricity cost.
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The North
America hydrogen generation market is segmented based on delivery type,
storage, technology, application, country, company and region. Based on
delivery type, the market can be divided into captive and merchant. The
merchant segment is expected to dominate the market during forecast period on
account of the increasing demand for the product in refineries and ability to
supply hydrogen at competitive cost. Based on technology, the market can be categorized
into steam methane refining, partial oxidation of oil, coal gasification,
electrolysis of water and others. Steam methane refining is expected to rule
the market during the forecast period since this is an advanced and mature
technology for hydrogen production and it uses high temperature steam to
produce hydrogen from conventional sources such as natural gas. Based on
application, the market can be fragmented into petroleum refinery, ammonia production,
methanol production, transportation, power generation and others. The
transportation segment is expected to dominate the market during forecast
period. This can be accredited to the increase in fuel cell vehicle sales
including Fuel Cell Electric Vehicle (FCEV) and fuel cell buses in North
America region.
Air Products &
Chemicals Inc, Hydrogenics Corporation, Praxair, Inc., Nuvera Fuel Cells, Inc.,
Proton OnSite, Teledyne Energy Systems Inc., Ballard Power Systems Inc., FuelCell
Energy Inc., Plug Power Inc., Xebec and others are some of the leading players
operating in North America hydrogen generation market. The companies operating
in the market are using organic strategies such as product launches, mergers
and collaborations to boost their share. For instance, in September 2018,
Hydrogenics was awarded a contract to supply 6 heavy-duty fuel cell power
modules for heavy-duty trucks in California, US. These trucks are a part of the
California Air Resources Board’s “California Climate Investments” program,
which is meant to enable the acceleration of low-carbon technology in
commercial trucking applications.
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“The hydrogen
generation market in North America is expected to witness exponential growth
during the forecast period on account of the growing demand to decarbonize
energy end-use and shifting trend towards cleaner and eco-friendly practices in the region.
Additionally, government’s regulation for desulphurization is further anticipated to boost
the market during forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“North America Hydrogen Generation Market By Delivery Type, By Storage, By Technology, By
Application, By Country, Forecast & Opportunities, 2024” 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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