North America Green Hydrogen Market Report and Forecast 2024-2032

North America Green Hydrogen Market Outlook

The North America green hydrogen market size reached approximately USD 1.28 billion in 2023. The market is estimated to grow at a CAGR of 35.6% in the forecast period of 2024-2032, reaching a value of around USD 20.26 billion by 2032.

Key Trends in the Market

Green hydrogen refers to hydrogen produced by splitting hydrogen and oxygen from water using renewable energy sources such as solar or wind. This production process emits fewer greenhouse gases as compared to the conventional process, making it a sustainable method.

• Rising decarbonisation efforts by the governments of the United States and Canada, surging investments to reduce production costs of green hydrogen, and the expansion of green hydrogen infrastructure are aiding the market.

• Growing deployment of advanced analytics in the green hydrogen production process to maximise the hydrogen yield is one of the crucial North America green hydrogen market trends. Advanced analytics can leverage data from plants, pipes, and tanks, among other components, to prevent failures and optimise hydrogen production.

• The advent of technologies such as the artificial intelligence of things (AIoT), which provides real-time monitoring of production plants and remote control of key assets to enhance their performance, is another prominent trend aiding the market expansion in the region.

• Research and development efforts by several market players to integrate digital twin technology into green hydrogen electrolysis also contribute to the North America green hydrogen market growth. Digital twins can streamline the operation and lower the cost of the hydrogen production process to make the process more efficient.

Market Analysis

Based on technology, the market is divided into alkaline water electrolysis, PEM (proton exchange membrane), and SOEC (solid oxide fuel cell). On the basis of source, the market is classified into solar, wind, and geothermal, among others.

Based on capacity, the market is classified into up to 500 KW, 501-1500 KW, 1501-5000KW, and above 5000 KW. The North America green hydrogen market segmentation, on the basis of end use, includes transport and mobility, utilities, grid injection, and industrial, among others. The major countries of green hydrogen in North America include the United States of America and Canada.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the North America green hydrogen market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• 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

Market Share by End Use

The transport and mobility sector occupies a significant portion of the North America green hydrogen market share, due to the growing demand for zero-emission green hydrogen fuel cells. Hydrogen-powered vehicles also offer quiet means of transportation and a long driving range, which augments their popularity in the region.

The utility sector is also expected to witness sizeable growth in the forecast period, owing to the surge in the deployment of hydrogen energy-based power plants for electricity generation.

Market Share by Country

As per the North America green hydrogen market analysis, the United States of America accounts for a substantial share of the regional market, owing to the introduction of favourable government policies to promote clean energy sources such as green hydrogen.

In November 2022, the California Air Resources Board (CARB) unveiled a carbon action proposal to achieve net zero carbon emissions by the year 2045, boosting the usage of renewable energy like green hydrogen. Subsequently, Canada is also expected to gain significant growth in the foreseeable future amid growing government attempts to enhance sustainability and advancements in the hydrogen economy.

Competitive Landscape

Siemens AG, incorporated in 1847, is a multinational technology corporation, with its headquarters in Munich, Germany. The corporation offers its products and services to sectors like aerospace, automotive, chemical, and commercial buildings, among others.

Nel ASA is a primary provider of hydrogen solutions, founded in 1927 and based in Oslo, Norway. The company offers hydrogen fuelling stations, hydrogen production plants, and power-to-power solutions, among others.

Air Liquide, established in 1902, is a multinational supplier of industrial gases, headquartered in Paris, France. Some of its leading gas solutions include argon, carbon dioxide, hydrogen, and oxygen, among others.

Other North America green hydrogen market players include Linde PLC, Toshiba Energy Systems & Solutions Corporation, Air Products and Chemicals, Inc., Plug Power Inc., ENGIE Insight Services Inc., Bloom energy Corporation, and Cummins, Inc., among others.

Key Highlights of the Report