North America Electrolysis Hydrogen Generation Market - By Application (Petroleum Refining, Chemical, Transportation, Power Generation, Industry Energy) & Forecast, 2024 – 2032

North America Electrolysis Hydrogen Generation Market - By Application (Petroleum Refining, Chemical, Transportation, Power Generation, Industry Energy) & Forecast, 2024 – 2032

North America electrolysis hydrogen generation market size is estimated to witness a 6% CAGR between 2024 and 2032, driven by the increasing emphasis on clean energy solutions and the transition towards a low-carbon economy. For instance, in December 2023, BayoTech and Versogen increased their investments in low-carbon hydrogen in the U.S. Governments in the region are also implementing stringent regulations and offering incentives to reduce greenhouse gas emissions, further accelerating the adoption of green hydrogen as a viable alternative to fossil fuels.

Rapid technological advancements and decreasing costs of renewable energy sources, such as solar and wind power are also making electrolysis more economically viable. Innovations in electrolyzer technology have improved efficiency and scalability, enabling larger-scale hydrogen production at reduced costs. The increasing demand for hydrogen in various applications, including transportation, industrial processes, and energy storage is underscoring the importance of developing a robust electrolysis hydrogen generation infrastructure. The growing investments from the public and private sectors in R&D activities will further drive market growth.

The overall industry is segmented into application and country.

North America electrolysis hydrogen generation market from the petroleum refining application segment is poised to witness significant CAGR from 2024-2032 due to the increasing need for cleaner hydrogen sources to comply with stringent environmental regulations and reduce carbon emissions. With the push towards sustainability and adoption of low-carbon technologies, refineries are turning to green hydrogen produced through electrolysis. This shift is not only helping in meeting regulatory requirements but also aligning with the global move towards decarbonization.

Canada electrolysis hydrogen generation industry size will expand notably during the forecast period attributed to the abundant renewable energy resources and strategic initiatives in clean hydrogen production. Canada's vast hydroelectric, wind, and solar power capabilities, providing a reliable and sustainable energy supply for electrolysis, are making green hydrogen production economically attractive. The commitment to reducing greenhouse gas emissions by 45% below 2005 levels by 2030 and achieving net-zero emissions by 2050 is also creating a favorable policy environment for market growth.