North America Hydrogen Generation Market size is estimated to witness a substantial growth rate from 2020 to 2026 impelled by rising investments toward the expansion of existing refining facilities and increasing crude oil consumption. Ongoing government incentive programs focused toward limiting the amount of sulfur content in diesel fuel, motor oil, and gasoline will foster the market outlook. Moreover, growing investment programs, rising R&D activities, and shifting consumer focus toward carbon negative fuels will boost the product demand.
Merchant hydrogen generation segment is projected to expand at significant CAGR till 2026 owing to rising demand for onsite generation and surging government focus for controlling emissions across the refining sector. Increasing investments across risk-free hydrogen projects, equipped with the capacity to provide hydrogen at minimal cost will energize the industry potential. Incapability of medium & small-scale industries to fund the high capital expenditure for storage & distribution of hydrogen will influence the market expansion.
Ample accessibility of fossil fuels leading to reduced operational costs, improved economic & operational benefits will escalate the steam reformer hydrogen generation market size in North America. Rising applicability of these units across gas refineries and oil plants will drive the market growth. Strict environmental regulations to minimize the traditional fuel dependency across industrial and commercial establishments will positively sway the market scenario.
Growing power sector coupled with escalating infrastructural investments and rising logistics & transport sector will stimulate the industry revenue. Increasing demand for hydrogen-based energy resources across power generation together with its utilization in industrial and commercial establishments will propel the market growth. Ongoing enhancement and upgradation of technology features will drive the use of hydrogen in boilers.
Canada hydrogen generation market will observe exponential rise during the forecast period due to presence of several manufacturing facilities and increasing electricity demand. Positive outlook toward the refining industry and ongoing prototype projects including supply of H2 from natural gas for the use of power plant will fuel the market share. Surging government focus toward expansion of new industrial facilities including, automotive, chemical, and power will complement the demand for hydrogen generation.
The COVID- 19 outbreak created an exceptional disturbance across the global economy and trade as production are scaled back internationally which led to delay in several project pipelines. As per WHO, corona virus has impacted over 140 countries resulting in severe international and national lockdowns. However, support from government to address long term & short -term problems faced in production by the key players will augment the industry landscape.
Eminent North America hydrogen generation market players include Air Liquide, Iwatani Corporation, Air Products, Ally Hi-Tech, NEL ASA, Ballard Power Systems, HYGER, Plug Power, Messer and Xebec Adsorption. Manufacturers are targeting at building inorganic growth ventures, collaborations, merger and acquisitions and joint ventures to achieve competitive advantage.