North America Green Hydrogen Market Report and Forecast 2024-2032

North America Green Hydrogen Market Report and Forecast 2024-2032

North America Green Hydrogen Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the North America green hydrogen market size reached a value of USD 1.28 billion in 2023. Aided by the increasing investments in renewable energy and the drive towards decarbonisation, the market is projected to further grow at a CAGR of 35.6% between 2024 and 2032 to reach a value of USD 20.26 billion by 2032.

Green hydrogen, produced through the electrolysis of water using renewable energy sources such as wind and solar, is gaining traction as a clean and sustainable alternative to conventional hydrogen production methods. With increasing concerns over climate change and air pollution, governments and industries are increasingly turning to green hydrogen as a key solution for reducing carbon emissions and achieving climate targets.

The region's abundant renewable energy resources, including wind and solar, provide a strong foundation for green hydrogen production. As the cost of renewable energy continues to decline, the economic viability of green hydrogen production improves, driving North America green hydrogen market growth. Governments across North America are implementing supportive policies and incentives to promote green hydrogen production and adoption. Initiatives such as renewable energy targets, carbon pricing mechanisms, and financial incentives for hydrogen projects are driving investment in the sector.

Key sectors such as transportation and power generation are increasingly turning to green hydrogen as a clean energy solution, which also propels the North America green hydrogen market expansion. Applications include fuel cell vehicles, industrial processes, and grid balancing, driving demand for green hydrogen across diverse end-user industries.

Investment in large-scale green hydrogen production projects is expected to increase, supported by falling renewable energy costs and improving electrolyser technology. The development of mega-scale electrolysis plants and hydrogen hubs will drive economies of scale and cost competitiveness in the green hydrogen market in North America. Green hydrogen is poised to play a significant role across a wide range of applications, including transportation, industrial, and energy storage. Expansion of hydrogen refuelling infrastructure, integration of hydrogen into industrial processes, and deployment of hydrogen-based power generation systems will drive market growth.

The establishment of hydrogen hubs or clusters, integrating production, storage, and distribution facilities, will drive synergies and collaboration within the hydrogen value chain, which can also contribute to the overall North America green hydrogen market share. Hydrogen hubs serve as focal points for market collaboration, innovation, and infrastructure development, fostering regional economic growth and job creation.

The localization and scaling up of electrolyser manufacturing capacity are crucial for driving down costs and accelerating the deployment of green hydrogen technologies. Investments in electrolyser manufacturing facilities, research, and supply chain development will support the growth of the domestic hydrogen sector and enhance global competitiveness.

As per the North America green hydrogen market analysis, green hydrogen is increasingly recognised as a valuable grid-balancing solution, helping to address the intermittency of renewable energy sources and stabilise electricity grids. Electrolysers can be used to absorb excess renewable energy during periods of low demand and produce hydrogen, which can be stored and utilised during periods of high demand or energy shortages.

Ongoing research and development efforts are focused on advancing alternative methods of green hydrogen production, such as photoelectrochemical and biological pathways. Innovation in hydrogen production technologies, including advancements in catalysts, membranes, and process optimisation, will further enhance efficiency and reduce costs, driving market expansion.

As per the North America green hydrogen market outlook, collaboration between market stakeholders, including energy companies, technology providers, and research institutions, is accelerating innovation and scale-up in the green hydrogen value chain. Strategic partnerships are facilitating the development of integrated projects and infrastructure for green hydrogen production, storage, and distribution.

Market Segmentation

The market can be divided based on technology, source, capacity, end use, and country.

Market Breakup by Technology

• Alkaline Water Electrolysis
• PEM (Proton exchange Membrane)
• SOEC (Solid Oxide Fuel cell)

Market Breakup by Source

• Solar
• Wind
• Geothermal
• Others

Market Breakup by Capacity

• Up to 500 KW
• 501-1500 KW
• 1501 KW-5000KW
• Above 5000 KW

Market Breakup by End Use

• Transport and Mobility
• Utilities
• Grid Injection
• Industrial
• Others

Market Breakup by Country

• United States of America
• Canada

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America green hydrogen market. Some of the major players explored in the report by Expert Market Research are as follows:

• Siemens AG
• Nel ASA
• Air Liquide
• Linde PLC
• Toshiba Energy Systems & Solutions Corporation
• Air Products and Chemicals, Inc.
• Plug Power Inc.
• ENGIE Insight Services Inc.
• Bloom energy Corporation
• Cummins, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.