Growing demand for hydrogen in oil and gas refineries coupled with increasing demand for fuel cells in transportation and power generation industry is expected to drive the growth of North America hydrogen generation market over the coming years
According to TechSci Research report, “North America Hydrogen Generation Market By Delivery Type, By Storage, By Technology, By Application, By Country, Forecast & Opportunities, 2024”, the North America hydrogen generation market is expected to grow at a steady CAGR during the forecast period owing to the stringent government regulations to control the excessive use of fossil fuels. Additionally, the introduction of gas-based fuel cell vehicles is expected to further propel the market during forecast period. However, the high capital requirement for water electrolysis can hamper the growth of the market during forecast period. The cleaner way to produce hydrogen is water electrolysis, but the method is quite expensive and involves heavy electricity cost.
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The North America hydrogen generation market is segmented based on delivery type, storage, technology, application, country, company and region. Based on delivery type, the market can be divided into captive and merchant. The merchant segment is expected to dominate the market during forecast period on account of the increasing demand for the product in refineries and ability to supply hydrogen at competitive cost. Based on technology, the market can be categorized into steam methane refining, partial oxidation of oil, coal gasification, electrolysis of water and others. Steam methane refining is expected to rule the market during the forecast period since this is an advanced and mature technology for hydrogen production and it uses high temperature steam to produce hydrogen from conventional sources such as natural gas. Based on application, the market can be fragmented into petroleum refinery, ammonia production, methanol production, transportation, power generation and others. The transportation segment is expected to dominate the market during forecast period. This can be accredited to the increase in fuel cell vehicle sales including Fuel Cell Electric Vehicle (FCEV) and fuel cell buses in North America region.
Air Products & Chemicals Inc, Hydrogenics Corporation, Praxair, Inc., Nuvera Fuel Cells, Inc., Proton OnSite, Teledyne Energy Systems Inc., Ballard Power Systems Inc., FuelCell Energy Inc., Plug Power Inc., Xebec and others are some of the leading players operating in North America hydrogen generation market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, in September 2018, Hydrogenics was awarded a contract to supply 6 heavy-duty fuel cell power modules for heavy-duty trucks in California, US. These trucks are a part of the California Air Resources Board’s “California Climate Investments” program, which is meant to enable the acceleration of low-carbon technology in commercial trucking applications.
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“The hydrogen generation market in North America is expected to witness exponential growth during the forecast period on account of the growing demand to decarbonize energy end-use and shifting trend towards cleaner and eco-friendly practices in the region. Additionally, government’s regulation for desulphurization is further anticipated to boost the market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“North America Hydrogen Generation Market By Delivery Type, By Storage, By Technology, By Application, By Country, Forecast & Opportunities, 2024” has evaluated the future growth potential of North America hydrogen generation market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in North America hydrogen generation market.
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