At 47.8% CAGR, the North America Green Hydrogen Market is projected to be worth US$ 29,410.58 million by 2030 says Business Market Insights

According to Business Market Insights research, the North America green hydrogen market  was valued at US$ 1,291.07 million in 2022 and is expected to reach US$ 29,410.58 million by 2030 registering a CAGR of 47.8% from 2022 to 2030. Rising global plans for net-zero emission by 2050, increasing demand for FCEV, and technological advancements in green hydrogen are the critical factors attributed to the North America green hydrogen market expansion.        

Electrolysis is used to produce green hydrogen by splitting water molecules into hydrogen and oxygen using electricity. Technological advancements in electrolysis contribute to improving the efficiency, cost-effectiveness, and scalability of the production, storage, and utilization of green hydrogen. Enhanced electrolyzer designs, advanced catalyst materials, and optimized operating conditions are a few factors that might lead to higher energy conversion efficiencies, shorter response times, and longer equipment lifetimes. Such advancements are also expanding the range of applications of green hydrogen. Thus, technological advancements associated with green hydrogen are expected to fuel the market growth during the forecast period.

On the contrary, high cost of green hydrogen and associated products and lack of infrastructure hampers the North America green hydrogen market .  

Based on technology, the North America green hydrogen market is bifurcated into alkaline electrolysis and PEM electrolysis. The alkaline electrolysis segment held 60.6% share of North America green hydrogen market  in 2022, amassing US$ 781.75 million. It is projected to garner US$ 17,176.85 million by 2030 to expand at 47.1% CAGR during 2022–2030.

Based on renewable source, the North America green hydrogen market is divided into wind energy and solar energy. The solar energy segment held 63.8% share of North America green hydrogen market in 2022, amassing US$ 823.69 million. It is projected to garner US$ 17,771.84 million by 2030 to expand at 46.8% CAGR during 2022–2030.

Based on end-use industry, the North America green hydrogen market is segmented into chemical, power, food & beverages, medical, petrochemicals, and others. The power segment held 37.6% share of North America green hydrogen market in 2022, amassing US$ 484.95 million. It is projected to garner US$ 11,808.32 million by 2030 to expand at 49.0% CAGR during 2022–2030.

Based on country, the North America green hydrogen market  is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.0% share of North America green hydrogen market in 2022. It was assessed at US$ 1,032.86 million in 2022 and is likely to hit US$ 23,694.86 million by 2030 exhibiting a CAGR of 47.9% CAGR during 2022–2030.      

Key players operating in the North America green hydrogen market are Air Products & Chemicals Inc, Cummins Inc, Engie SA, L’Air Liquide SA, Linde Plc, Nel ASA, Orsted AS, Siemens Energy AG, and Toshiba Energy Systems & Solutions Corp, among others.

• In 2023, Linde announced a plan to increase its green hydrogen production capacity in Ontario, California, in response to growing demand from the mobility market. The company is expected to build, own and operate the first of several planned five-megawatt PEM (proton exchange membrane) electrolyzers to increase its hydrogen capacity.

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