US Hydrogen Generation Market Share, Trends, Revenue, Growth Drivers, Challenges, Key Players and Future Investment Strategies Till 2033


US Hydrogen Generation Market Share, Trends, Revenue, Growth Drivers, Challenges, Key Players and Future Investment Strategies Till 2033: SPER Market Research

 Category : Power & Energy

 Published: Jul-2024
 Author: SPER Analyst

United States Hydrogen Generation Market is projected to be worth USD 23.31 billion by 2033 and is anticipated to surge at a CAGR of 5.49%.

The process of generating hydrogen gas from different sources so that it can be utilized as a clean energy source or as a raw material for industrial purposes is known as hydrogen generation. Hydrogen can be produced via a variety of techniques, each with pros and cons of their own. Steam methane reforming (SMR) is a popular technique that produces hydrogen and carbon monoxide by reacting natural gas with steam at high temperatures. Another technique is electrolysis, which divides water molecules into hydrogen and oxygen with the help of electricity. This procedure is sustainable because it may be run on renewable energy sources like solar or wind power.

United States Hydrogen Generation Market Driving Factors and Challenges

Drivers: Infrared radiation, also known as net thermal energy, can be absorbed by greenhouse gases from the earth's surface, reradiated there, and added to the overall effect. The use of fossil fuels and the world's fast industrialization are the main causes of the ongoing increase in greenhouse gas emissions. The US Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) developed the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule in response to this issue. Under this rule, vehicles manufactured in the US between 2021 and 2026 will be subject to reduced GHG emissions and Corporate Average Fuel Economy (CAFE) requirements.

Challenges: It is challenging for hydrogen generation to compete with fossil fuels due to the high cost of developing and running a hydrogen generation plant or biorefinery. The investment covers expenses for feedstock sourcing, testing, maintenance, and biorefinery installation. The production of hydrogen is a costly endeavor that utilizes cutting-edge technologies and lacks significant historical data or expertise. Specialized energy production systems are needed for energy-intensive activities in order to co-generate electricity or heat. These are only a handful of the reasons why it is costly and unfavourable to invest in hydrogen generation. Food and energy prices have been growing, which has contributed to the high rate of inflation worldwide.

Impact of COVID-19 on United States Hydrogen Generation Market
The COVID-19 epidemic has had a significant impact on the US market for hydrogen generation, but there have also been opportunities and issues. Due to decreased industrial activity and supply chain interruptions in the early phases of the pandemic, demand for and production of hydrogen decreased. Owing to logistical difficulties and personnel restrictions mandated by health and safety rules, a number of projects faced delays or temporary shutdowns. However, as people gradually adapted to the new normal globally, the hydrogen sector began to recover. Governments everywhere, including the US government, have recognized the potential of hydrogen as a clean energy carrier and catalyst for economic revival.

United States Hydrogen Generation Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Air Liquide SA, Air Products and Chemicals Inc., Cummins Inc., Enapter S.r.l., Engie S.A., Fuel Cell Energy Inc., ITM Power Plc, Linde Plc, McPhy Energy S.A., Messer Group GmbH, Taiyo Nippon Sanso Holding Corporation, and others.

United States Hydrogen Generation Market Segmentation:

By Source: Based on the Source, United States Hydrogen Generation Market is segmented as; Blue Hydrogen, Green Hydrogen, Grey Hydrogen.

By Technology: Based on the Technology, United States Hydrogen Generation Market is segmented as; Steam Methane Reforming (SMR), Coal Gasification, Others.

By Application: Based on the Application, United States Hydrogen Generation Market is segmented as; Oil Refining, Chemical Processing, Iron & Steel Production, Others.

By Region: This research also includes data for Eastern, Western, Southern, Northern.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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