United States Green Hydrogen market is anticipated
to grow at significantly rate in forecast period of 2028. According
to a report by the Department of Energy's National Renewable Energy Laboratory
(NREL), the United States has the potential to produce more than 17 million
metric tons of green hydrogen annually by 2050, which would require
approximately 2,500 GW of renewable energy capacity.
The green hydrogen market in the United States is
currently in its early stages of development but is expected to grow rapidly in
the coming years due to increasing interest in decarbonizing various industries
and reducing greenhouse gas emissions. Green hydrogens are produced through the
electrolysis of water using renewable energy sources such as wind or solar
power. Green Hydrogen has the huge potential to replace fossil fuels in a wide
range of applications, from transportation to industrial processes. Currently,
there are several green hydrogen projects underway in the United States,
including the development of hydrogen fuel cell electric vehicles, the
installation of hydrogen refueling stations, and the use of hydrogen in
industrial processes such as steel production. Additionally, several states,
including California and New York, have established targets for the deployment
of hydrogen fuel cell electric vehicles and the production of green hydrogen. The
growth of the green hydrogen market in the United States is also being
supported by federal and state policies and incentives, such as tax credits,
grants, and loan programs, aimed at promoting the development and deployment of
renewable energy technologies. Hence, United States green hydrogen market is
expected to show significant growth in the upcoming years as more industries
and policymakers recognize the potential benefits of this clean energy source.
Decarbonization goals are Increasing the Demand of Green
Hydrogen in Region
Decarbonization goals represents the targets set by
governments, organizations, and companies to reduce their carbon emissions and
achieve net-zero emissions, or carbon neutrality by a specific targeted year.
The primary aim of these goals is to mitigate the impacts of climate change by
limiting the concentration of greenhouse Green Hydrogen in the atmosphere,
which are responsible for trapping heat and contributing to global warming. The
Paris Agreement, signed by 197 countries in 2015, set a goal of limiting global
warming to well below 2 degrees Celsius above pre-industrial levels, with a
target of limiting warming to 1.5 degrees Celsius. To achieve this,
countries need to reduce their greenhouse gas emissions to net-zero by the
middle of the century. Decarbonization goals are being pursued across various
sectors, including energy, transportation, and manufacturing, and involve a
range of strategies such as increasing the use of renewable energy sources, improving
energy efficiency, and developing and deploying low-carbon technologies such as
green hydrogen and carbon capture, utilization, and storage. The pursuit of
decarbonization goals is driven by the recognition of the urgent need to
address climate change and its impacts, as well as the potential economic and
social benefits of transitioning to a low-carbon economy. Companies and
organizations that set ambitious decarbonization goals can reduce their
exposure to climate risks and increase their competitiveness, while governments
that pursue decarbonization policies can create jobs, stimulate economic
growth, and improve public health and well-being. Hence, it is expected that
the market share of green hydrogen in United State of America is going to rise
in forecasted period.
Rising Deployment of Renewable Energy Sources are Market
Driving Factors
The increasing deployment of renewable energy sources
is closely linked to the growth of the green hydrogen market, as renewable
energy is a key input in the production of green hydrogen through the process
of electrolysis. Electrolysis involves using electricity from renewable energy
sources such as wind and solar power to split water molecules into hydrogen and
oxygen. As the deployment of renewable energy sources continues to increase, it
will impact the potential for the production of green hydrogen in USA. Such
efforts can reduce greenhouse gas emissions across various sectors, including
transportation, industry, and power generation. The integration of renewable
energy sources and green hydrogen can also have a significant impact on
decarbonization efforts. For example, renewable energy can be used to power the
production of green hydrogen, which can then be used to fuel hydrogen fuel cell
electric vehicles or provide energy storage solutions. This can help to reduce
greenhouse gas emissions across various sectors, along with providing a clean
and efficient energy source. Therefore, owing to above factors, the United State
America green hydrogen market is going to rise in the forecasted period.
Growing Use of Green Hydrogen as Energy Storage
Solutions is Market Growing Factor
The increasing demand for energy storage is driving the
growth of the green hydrogen market, as green hydrogen has the potential to provide
clean and efficient energy storage solutions. Energy storage is becoming
increasingly important as more renewable energy sources such as solar and wind power
are being integrated into the grid. These sources of energy are intermittent
and often do not match the demand for electricity, which creates a need for
energy storage solutions. Green hydrogen can provide energy storage solutions
by using excess renewable energy to produce hydrogen through electrolysis. This
hydrogen can then be stored and used to generate electricity when needed, providing
a clean and efficient energy storage solution. Hydrogen energy storage systems
have the advantage of being able to store energy for long periods of time,
making them particularly well-suited for seasonal energy storage. Hydrogen
energy storage systems can also be used in conjunction with renewable energy
sources to provide reliable and stable power. For example, excess renewable
energy can be used to produce hydrogen, which can then be used to generate
electricity during times when renewable energy sources are not available. This
can help to reduce the need for fossil fuel-based electricity generation and
provide a more sustainable and reliable source of power. In addition to energy storage,
green hydrogen can also be used as a fuel for a wide range of applications,
including transportation, industry, and power generation. The versatility of
green hydrogen as a fuel and energy storage solution makes it a promising
technology for the transition to a low-carbon economy. Hence, it is expected that
the market share of green hydrogen in United State of America is going to rise
in forecasted period.
Favorable Government Policies Impacting the Market
Growth
US government has implemented several policies and
incentives to support the development and adoption of green hydrogen in the
country, including tax incentives, funding for research and development,
public-private partnerships, renewable energy targets and incentives, carbon
pricing, and regulations and standards. These policies and incentives are critical
in driving the growth of the green hydrogen market and supporting the broader
transition to a low-carbon economy. The federal government provides tax credits
for the production, purchase, and use of green hydrogen. The Alternative Fuel
Excise Tax Credit provides a tax credit of $0.50 per gallon of green hydrogen,
while the Business Energy Investment Tax Credit provides a tax credit of up to
30% for the installation of hydrogen fuel cell systems. Such relaxation by government
is propelling the production and market share of United State America green
hydrogen market. Apart from these, the Department of Energy (DOE) provides
funding for research and development to support the development of new technologies
and processes for the production, storage, and use of green hydrogen. Such as, DOE's
Hydrogen and Fuel Cell Technologies Office has several programs focused on
advancing the development and commercialization of hydrogen and fuel cell
technologies. Several states and cities have implemented carbon pricing
mechanisms, such as carbon taxes and emissions trading systems, which incentivize
the use of low-carbon fuels like green hydrogen. The government has established
regulations and standards for the production, distribution, and use of
hydrogen, including the US Code of Federal Regulations and the National Fire
Protection Association's Hydrogen Technologies Code. Therefore, these initiatives
are propelling the demand and production of green hydrogen in the USA.
Recent Developments
- Air Products is developing a green hydrogen production facility in Louisiana, which will have a capacity of 1.2 gigawatts and produce over 30 tons of green hydrogen per day. The facility is expected to be operational by 2025 and will primarily serve customers in the Gulf Coast region.
- Plug Power's "Green Hydrogen Production Plant": Plug Power is building a green hydrogen production plant in Rochester, New York, which will have a capacity of 45 tons per day. The plant will primarily serve Plug Power's customers in the material handling and transportation industries and is expected to be operational by 2022.
- Nel Hydrogen's "Herning Hydrogen Hub": Nel Hydrogen is developing a green hydrogen production facility in Herning, Denmark, which will be powered by wind energy. The facility will have a capacity of 10 megawatts and produce 1,000 kilograms of green hydrogen per day. Nel Hydrogen is also planning to build a similar facility in the USA.
Download Free Sample Report
Market Segmentation
United States Green Hydrogen Market is
segmented based on electrolyser technology, application,
source, and country. Based
on the electrolyser technology, the market is divided into PEM,
and alkaline. Based on the application, the market is divided into power
generation, transportation, industry feedstock, and others. Based on the source,
the market is divided into solar and wind.
Company Profiles
Iberdrola, S.A., Bloom
Energy Corp., Plug Power Inc., Air Liquide, Siemens
Energy, Air Products Inc., GKN Hydrogen, Linde plc, Cummins Inc., Getech Group
plc are some of the key players of United States Green Hydrogen Market.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 – 2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024 – 2028
|
|
Quantitative Units
|
Revenue in USD Million, Volume in Metric Tonnes, and
CAGR for 2018-2022 and 2023-2028
|
|
Report coverage
|
Revenue forecast,
volume forecast, company share, competitive landscape, growth factors, and
trends
|
|
Segments covered
|
·
Electrolyser Technology
·
Application
·
Source
|
|
Regional scope
|
Northern
& Eastern, Middle & Western, Southern, Western
|
|
Key companies profiled
|
Iberdrola,
S.A., Bloom Energy Corp., Plug Power Inc., Air Liquide, Siemens Energy, Air Products Inc.,
GKN Hydrogen, Linde plc, Cummins Inc., Getech Group plc
|
|
Customization scope
|
10% free report customization with purchase.
Addition or alteration to country, regional & segment scope.
|
|
Pricing and purchase
options
|
Avail customized
purchase options to meet your exact research needs.
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report Scope:
In this report, United States Green Hydrogen market has
been segmented into the following categories, in addition to the industry trends,
which have also been detailed below:
- United States Green
Hydrogen Market, By Electrolyser
Technology:
- United States Green Hydrogen Market, By Application:
- Power Generation
- Transportation
- Industry Feedstock
- Others
- United States Green Hydrogen Market, By Region:
- Northern & Eastern
- Middle & Western
- Southern
- Western
Competitive landscape
Company Profiles: Detailed analysis of the major companies in United
States Green Hydrogen market.
Available Customizations:
With the given market data, TechSci Research offers customizations
according to a company’s specific needs. The following customization options
are available for the report:
Company
Information
- Detailed analysis
and profiling of additional market players (up to five).
United States Green Hydrogen Market is
an upcoming report to be released soon. If you wish an early delivery of this report
or want to confirm the date of release, please contact us at [email protected]