Dublin, Nov. 14, 2024 (GLOBE NEWSWIRE) — The “North America Hydrogen Generation Market, By Country, Competition, Forecast & Opportunities, 2019-2029F” report has been added to ResearchAndMarkets.com’s offering.
North America Hydrogen Generation Market was valued at USD 29.64 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 5.12% through 2029
Several factors are contributing to this significant expansion. Primarily, the drive towards cleaner energy sources is fueling the demand for hydrogen as an alternative to fossil fuels. Hydrogen, known for its abundance and clean-burning nature, has emerged as a promising fuel, producing only water as a by-product when used in fuel cells.
Technological advancements in hydrogen production methods have played a crucial role in stimulating growth in the market. These innovations have made hydrogen generation more efficient and cost-effective, making it an even more attractive option as an energy source.
In North America, clean hydrogen projects are booming, with the prediction that low-emission production of the gas will rise to more than 90 million tons by 2030. This surge in clean hydrogen projects is part of the broader movement towards green energy and sustainability, representing a significant opportunity for growth in the hydrogen generation market.
The North America Hydrogen Generation Market is poised for robust growth in the coming years. Driven by the increasing demand for clean energy sources, advancements in hydrogen production technologies, and a surge in clean hydrogen projects, this market is set to play a pivotal role in the region’s shift towards sustainable energy. The potential of hydrogen as a clean and abundant fuel source positions it as a key player in shaping the future of energy consumption and fostering a more sustainable planet.
Growing Focus on Carbon Capture and Utilization (CCU)
Carbon Capture and Utilization (CCU) is an innovative technology that involves the capture of carbon dioxide (CO2) from large point sources such as power plants and industrial facilities. This captured CO2 is then utilized for various applications, contributing to the reduction of greenhouse gas emissions. The increasing concerns about climate change have propelled the adoption of CCU, recognizing the role of hydrogen in a low-carbon future.
CCU serves as a vital enabler of least-cost low-carbon hydrogen production. When combined with bioenergy or direct air capture, CCU has the potential to remove CO2 from the atmosphere, playing a pivotal role in decarbonizing the energy sector and mitigating climate change impacts.
This trend is particularly relevant in the context of the hydrogen generation market. With the growing demand for hydrogen, there is an urgent need for sustainable and efficient production methods. CCU offers a promising solution by enabling the production of ‘blue’ hydrogen, which is generated from natural gas with carbon capture and storage. This ensures a cleaner and more environmentally friendly alternative to traditional hydrogen production methods.
The growing focus on Carbon trend in the in the North America Hydro North America Hydrogen Generation Market America Hydrogen Generation Market. Capture and Utilization (CCU) is a significant trend in the North America Hydrogen Generation Market. As the world seeks sustainable energy solutions, the role of hydrogen, particularly low-carbon hydrogen enabled by CCU, becomes increasingly critical.
With its potential to drive innovation and growth in the years to come, the CCU trend is poised to shape the future of the hydrogen generation market. By combining environmental stewardship with technological advancements, CCU opens up new possibilities for a greener and more sustainable energy landscape.
Segmental Insights
Application Insights
The petroleum refinery segment is projected to experience rapid growth during the forecast period. One of the main reasons for the dominance of petroleum refineries is the ever-increasing demand for diesel fuel, both domestically and internationally. As industries and transportation sectors heavily rely on diesel fuel, the need for its production has surged. To meet this demand, refineries must ensure a steady supply of hydrogen, as it plays a crucial role in diesel fuel production.
The demand for hydrogen in petroleum refineries has also been influenced by stricter regulations concerning the sulfur content in fuels. To comply with these regulations, refineries must employ hydrodesulfurization, a process that removes sulfur from refined petroleum products. Hydrogen is a key component in this process, making its availability crucial for refineries to meet the required sulfur content standards.
Apart from such as hydro sulfur as hydrocracking and hydrotreating. Hydrocracking is a process that breaks down heavy oil removal, cracking and hydrotreating. Hydrocracking is a process that breaks down heavy oil fractions into lighter, hydrogen is involved in various other refinery processes such as hydrocracking and hydrotreating. Hydrocracking is a process that breaks down heavy oil fractions into lighter, more valuable products like gasoline and jet fuel. Hydrotreating, on the other hand, is employed to eliminate impurities from petroleum products. Both these processes heavily rely on hydrogen, further driving its demand in petroleum refineries. The increasing demand for hydrogen in the refining industry underscores its vital role in sustaining the production of essential fuels and meeting regulatory standards.
Country Insights
Canada emerged as the dominant country in the North America Hydrogen Generation Market in 2023, holding the largest market share in terms of value. Canada is home to one of the world’s largest and most extensive natural gas pipeline networks. This vast infrastructure plays a critical role in facilitating the efficient delivery of natural gas from production areas to markets within Canada and the United States. By ensuring a smooth and reliable supply chain, this pipeline network enables the seamless transportation of natural gas, which serves as a primary feedstock for hydrogen production through steam methane reforming. Therefore, this infrastructure is not only essential for the energy sector but also crucial for supporting the growth of the hydrogen industry.
Recognizing the immense potential of hydrogen as a clean and sustainable energy source, the Canadian government has laid out an ambitious national hydrogen strategy. This comprehensive strategy outlines the pivotal role of hydrogen in achieving the country’s climate goals and transitioning towards a low-carbon future. As part of this strategy, Canada aims to significantly scale up hydrogen production, foster its widespread utilization across diverse sectors, and establish itself as a global leader in hydrogen technology and innovation.
The strong and unwavering support from the Canadian government creates a highly favorable business environment for the growth and development of the hydrogen generation market. This support not only encourages investment and innovation in the hydrogen sector but also provides a solid foundation for collaboration and partnerships between industry stakeholders, research institutions, and government entities. With this collaborative approach and forward-thinking strategy, Canada is well-positioned to harness the full potential of hydrogen and drive sustainable economic growth while contributing to global environmental objectives.
Report Scope:
Key Market Players
- Air Product & Chemicals Inc.
- Hydrogenics Corporation
- Praxair, Inc.
- Nuvera Fuel Cells, Inc.
- Teledyne Energy Systems, Inc.
- Plug Power, Inc.
- Fuelcell Energy, Inc.
- Xebec LLC
North America Hydrogen Generation Market, By Technology:
- Steam Methane Refining
- Partial Oxidation of Oil
- Coal Gasification
- Others
North America Hydrogen Generation Market, By Application:
- Petroleum Refinery
- Ammonia Production
- Methanol Production
- Transportation
- Power Generation
- Others
North America Hydrogen Generation Market, By Country:
- United States
- Canada
- Mexico
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 134 |
| Forecast Period | 2023 – 2029 |
| Estimated Market Value (USD) in 2023 | $29.64 Billion |
| Forecasted Market Value (USD) by 2029 | $40.08 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | North America |
For more information about this report visit https://www.researchandmarkets.com/r/sykh74
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- North American Hydrogen Generation Market
