North America Green Hydrogen Market: Current Analysis and Forecast (2024-2032)
Emphasis on Electrolyzer (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Others); Source (Solar Energy, Wind Energy, Others); End-User (Refining, Ammonia, Others); and Country
North America Green Hydrogen Market Size & Forecast
The North American green hydrogen market was valued at USD 197.14 Million in 2023 and is expected to grow at a strong CAGR of around 66.5% during the forecast period (2023-2030) owing to the net zero emissions targets set by countries across the globe for 2030 to stimulate the renewable energy transition.
North America Green Hydrogen Market Analysis
The North American green hydrogen market caters to significant market demand in the past few years. Factors that are driving its growth are the net zero emissions targets set by countries across the globe for 2030 to stimulate the renewable energy transition. Moreover, the supportive government policies, schemes, subsidies, and investment in green hydrogen production plants are further accelerating the market size of green hydrogen across the globe. In addition, various key players in the renewable sector are collaborating to reduce the price of electrolyzes which will eventually reduce the overall cost of green hydrogen production. For instance: In 2024, Schneider Electric partnered with Hy Stor Energy to support the development of the Mississippi Clean Hydrogen Hub (MCHH) and its wider U.S. development platform.
North America Green Hydrogen Market Trends
International Collaboration and Partnerships
- The trend towards international collaboration and partnerships in the green hydrogen sector is growing as countries acknowledge the significance of global cooperation in advancing hydrogen technologies. Bilateral and multilateral agreements between countries, research institutions, and industry players are facilitating the sharing of knowledge, technology transfer, and joint research initiatives to expedite the development and commercialization of green hydrogen solutions. For instance, the Hydrogen Council, an international coalition of companies committed to promoting hydrogen as a clean energy source, is fostering collaboration between industry leaders to drive innovation and investment in the hydrogen sector.
- Similarly, initiatives like the Green Hydrogen Catapult aim to increase green hydrogen production capacity through cross-border cooperation and project development, leading to cost reductions and market expansion. In conclusion, the green hydrogen sector is witnessing significant advancements in investment, technology, policy, and collaboration, indicating a promising future for the widespread adoption of green hydrogen as a clean and sustainable energy source. These trends are shaping the transition towards a decarbonized economy and fostering innovation in the renewable energy sector
United States is Expected to Grow With Significant CAGR During Forecast Period
The green hydrogen market in the United States is substantial due to significant investments in green hydrogen production facilities and partnerships among private players. For instance, in 2024, ABB collaborated with Green Hydrogen International (GHI) on a project to develop a major green hydrogen facility in South Texas. Envision Energy also announced a strategic collaboration with BASF Process Catalysts to enhance the efficiency of generating e-methanol from green hydrogen and carbon dioxide. This collaboration brings innovative advances to the sustainable energy value chain, creating sustainable energy solutions.
Additionally, a US start-up backed by Shell, Amazon, and Nasa unveiled an industrial-scale anion-exchange-membrane [AEM] electrolyzer stack for low-cost green hydrogen. The system demonstrated the ability to react quickly to load changes and produce hydrogen more efficiently than any renewable load-following product on the market.
North America Green Hydrogen Industry Overview
The green hydrogen market is competitive and fragmented, with the presence of several North American and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Neom Green Hydrogen Company (NGHC), Air Products, Plug Power Inc., Heliogen, CF Industries, Next Era Energy, Hydrogenics, TES Canada, HY2GEN and Charbone Hydrogen.
North America Green Hydrogen Market News
- In February 2023, StromFisher Hydrogen and Kiwi AG partnered to advance the development of green hydrogen-related projects in North America and Europe.
- In 2024, ABB collaborated with Green Hydrogen International (GHI) on a project to develop a major green hydrogen facility in south Texas, United States.
North America Green hydrogen Market Report Coverage
North America Green Hydrogen Market Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the North America Green hydrogen Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the North America green hydrogen market were the three major steps undertaken to create and analyze the adoption of green hydrogen in major countries in North America. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the North America green hydrogen market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the green hydrogen market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the green hydrogen market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as electrolyzer, source and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the green hydrogen market. Further, we conducted factor analysis using dependent and independent variables such as electrolyzer, source and end-user of the green hydrogen market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the green hydrogen market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the North America green hydrogen market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets in North America. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the green hydrogen market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the North America green hydrogen market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the North American green hydrogen market. data was split into several segments & sub-segments after studying various parameters and trends in the areas of the electrolyzer, source, and end-user in the North American green hydrogen market.
The main objective of the North American Green Hydrogen Market Study
The current & future market trends of the North American green hydrogen market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the green hydrogen market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the electrolyzer, source, and end-user
- Define and analyze the regulatory framework for the green hydrogen industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the green hydrogen market for the major countries.
- Major countries of regions studied in the report include United States, Canada and rest of North America.
- Company profiles of the green hydrogen market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the green hydrogen market?
Q2: What are the driving factors for the growth of the green hydrogen market?
Q3: Which segment has the largest share of the green hydrogen market by Electrolyzer?
Q4: What are the emerging technologies and trends in the green hydrogen market?
Q5: Which Country will dominate the North America green hydrogen market?
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