The North America Electrolyzers Market would witness market growth of 54.4% CAGR during the forecast period (2023-2030).
The energy landscape has recently shifted towards sustainable and low-carbon alternatives. Among the emerging technologies poised to play a pivotal role in this transition, these devices have taken center stage. These devices that use electrical energy to drive a non-spontaneous chemical reaction, are gaining increasing attention as key enablers of the hydrogen economy. The clean and versatile energy carrier hydrogen, which is generated via electrolysis, exhibits significant potential for utilization in a wide array of sectors including transportation, energy storage, and industrial processes.
Moreover, the market has attracted significant investments from both the public and private sectors. Venture capital, strategic investments, and government funding are pouring into research and development initiatives to improve electrolyzer efficiency, reduce costs, and scale production. This influx of capital is crucial for driving innovation and accelerating the commercialization of electrolyzer technologies.
Canada has shown a commitment to developing a national hydrogen strategy. The government has recognized the potential of hydrogen, particularly green hydrogen, as a clean energy carrier. As per the data from the Government of the British Columbia, since the release of B.C.’s hydrogen strategy in July 2021, 49 proposed hydrogen projects in the province are worth $5 billion. Likewise, 98% of the electricity generated in British Columbia is renewable or clean, allowing it to be used to produce green hydrogen. Thus, rising clean energy and green hydrogen initiatives in North America will boost the demand for these devices in the region.
The US market dominated the North America Electrolyzers Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,378.4 million by 2030. The Canada market is experiencing a CAGR of 57.9% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 56.5% during (2023 - 2030).
Free Valuable Insights: The Electrolyzers Market is Predict to reach USD 39.5 Billion by 2030, at a CAGR of 55%
Based on Capacity, the market is segmented into 500 kW to 2 MW, Less than 500 kW, and Above 2 MW. Based on Technology, the market is segmented into Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide (SOE) Electrolyzer, and Anion Exchange Membrane (AEM) Electrolyzer. Based on Application, the market is segmented into Power Generation, Industry Feedstock, Transportation, Building Heat & Power, Industry Energy, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Capacity
By Technology
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By Country
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