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Hydrogen Generation Market Surges in the US, Forecasted to Reach $257.9 Billion by 2028

04-18-2024 12:36 PM CET | Energy & Environment

Press release from: MarketsandMarkets

Hydrogen Generation Market Surges in the US, Forecasted to Reach

According to a research report, the global hydrogen generation market is projected to reach USD 257.9 billion by 2028 from an estimated USD 158.8 billion in 2023, at a CAGR of 10.2% during the forecast period.

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The hydrogen generation market in the U.S. is a thriving sector within the global market that is expected to grow significantly due to the surging investments in low-emission fuels, especially hydrogen, the presence of big players, and the implementation of stringent environmental regulations emphasizing the use of hydrogen across various industries. Among the end-use industries, the petroleum refinery and ammonia production sectors are anticipated to dominate the U.S. market due to the increasing use of hydrogen in refineries to reduce the sulphur content in diesel fuel and rising need for ammonia in nitrogen-based fertilizers.

Some of the top companies operating in the U.S. hydrogen generation market include Linde plc (Ireland), Air Liquide (France), Air Products and Chemicals, Inc. (US), Shell plc (UK), Saudi Arabian Oil Co. (Saudi Arabia), and, among others. Linde plc's products are divided into two main categories: gases and engineering. The company is involved in manufacturing and distributing atmospheric, medical, and industrial gases, such as hydrogen, helium, oxygen, and synthesis gases, through these categories. Its industrial gases are utilized for many applications, including lifesaving oxygen, specialty gases for electronics manufacturing, and hydrogen for clean fuels. The company has a presence in more than 100 countries. Air Liquide operates through three business segments: Gas & Services, Global Markets & Technologies, and Engineering & Construction. It offers hydrogen through its Gas & Services business segment. Air Liquide focuses on increasing the production of renewable and low-carbon hydrogen. It has set up many hydrogen production units, which use electrolysis techniques, either by investments or joint ventures, to meet customer demands. Air Products and Chemicals, Inc. is a leading global industrial gas company providing services for developing, engineering, building, and operating industrial gas projects. Air Products and Chemicals, Inc. has manufacturing facilities in the US. In March 2022, Air Products and Chemicals, Inc. announced the construction and operation of a green liquid hydrogen production plant in Arizona, US. It will be a zero-carbon liquid hydrogen facility and stream in the market by 2023. Such key developments enhance the US hydrogen generation market, fostering innovation and driving the industry toward a greener future.

Owing to the rise in the number of promising projects and various studies, hydrogen production has begun to demonstrate potential in the US. For instance, in 2023, Air Products and Chemicals, Inc. signed an agreement with Edmonton International Airport (US) as the hydrogen and technology provider for Alberta's first hydrogen fuel cell passenger vehicle fleet. Moreover, the US boasts more than 50 refineries equipped with capacities for onsite hydrogen production. The use of CO2 extracted from the manufacturing of ammonia for improved oil recovery (EOR) is a well-established practice in the US. The country also benefits from a dedicated infrastructure, with 1,608 miles of active pipeline, primarily situated along the Gulf coasts of Texas, Louisiana, and Alabama, catering to refineries and ammonia facilities, and facilitating the transportation of most hydrogen production in the US.

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Growing industry initiatives, substantial capital investments, regulatory frameworks, and the implementation of favorable government policies drive the hydrogen generation market in the U.S. For instance, the US Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) have established the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule. This rule sets lower criteria for GHG emissions and Corporate Average Fuel Economy (CAFE) for vehicles produced between 2021-2026 in the US. The new standards will tighten CAFE and carbon dioxide (CO2) emissions criteria until 2026, when it is predicted that the combined standards for cars and trucks will be 202 g/mile and 40.4 mpg of CO2, respectively. The Government has also granted USD 500 million in funding for domestic manufacturing of clean hydrogen equipment, including projects that improve efficiency and cost-effectiveness and support domestic supply chains for key components. The US aims to achieve net‐zero emissions by 2050 and is targeting a nationwide 100% green energy economy. The Government of California will invest USD 20 million annually until 100 public hydrogen refueling stations (HRS) are in operation. The US Department of Energy has also rolled out USD 8 billion for "Regional Clean Hydrogen Hubs," which would enable the demonstration and development of networks of clean hydrogen producers, potential consumers, and connective infrastructure. These hubs will advance the production, processing, delivery, storage, and end-use of clean hydrogen, enabling sustainable and equitable regional benefits as well as market uptake. The above-mentioned support and grants from the Government will be crucial in boosting the hydrogen generation market in the US.

The U.S. hydrogen generation market's growth is also propelled by advancements in hydrogen production technologies, as this offers a clean, versatile, and cost-effective solution for producing clean hydrogen, playing a crucial role in the transition to a more sustainable and low-carbon energy future.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

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