Canada Green Hydrogen Market, By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), By Application (Power Generation, Transport, and Others), By End Use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, and Others), By Region, Competition, Forecast and Opportunities, 2028
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationCanada Green Hydrogen Market, By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), By Application (Power Generation, Transport, and Others), By End Use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, and Others), By Region, Competition, Forecast and Opportunities, 2028
In 2021, over 1.3 petawatt hours of energy was produced from renewable sources in North America.
The critical factor that distinguishes green hydrogen from other forms of hydrogen production, such as gray or blue hydrogen, is the source of electricity used during electrolysis. Green hydrogen is produced exclusively using renewable energy sources like solar, wind, or hydropower, making it a truly sustainable option with zero carbon emissions. The widespread deployment of renewable energy infrastructure is crucial for the large-scale production of green hydrogen.
One of the most promising applications of green hydrogen is its use as a fuel for various modes of transportation, including cars, buses, trucks, and even ships and airplanes. Hydrogen fuel cells offer high energy density, fast refueling times, and long driving ranges, making them a viable alternative to conventional fossil fuel vehicles. Additionally, hydrogen-powered vehicles emit only water vapor, eliminating harmful greenhouse gas emissions and reducing air pollution.
While the potential of green hydrogen is immense, several challenges must be addressed to accelerate its widespread adoption. The primary challenges include the high cost of electrolysis, the need for extensive renewable energy infrastructure, and the lack of a comprehensive regulatory framework. Governments, industries, and research institutions are working collaboratively to overcome these barriers by investing in research and development, implementing supportive policies, and fostering international cooperation.
Canada, with its abundant renewable energy resources, strong commitment to sustainability, and ambitious climate goals, is emerging as a frontrunner in the global green hydrogen market. Green hydrogen, produced through the electrolysis of water using renewable electricity, offers a transformative solution for decarbonizing various sectors of the economy.
Abundant Renewable Energy Resources are Driving Market Growth
Canada is blessed with vast renewable energy resources, making it an ideal candidate for green hydrogen production. The country boasts a diverse mix of renewable sources, including hydroelectric power, wind energy, solar power, and biomass. With its extensive coastline, tidal and offshore wind energy also hold significant potential. These resources provide a reliable and sustainable supply of electricity for electrolysis, forming the backbone of Canada's green hydrogen industry.
Increasing Demand from Various End Use Industries are Driving Market Growth
Canada's green hydrogen can play a crucial role in decarbonizing the transportation sector. Hydrogen fuel cell vehicles offer a zero-emission alternative, especially for long-haul trucking, public transportation, and heavy-duty applications. The country has already made progress in deploying hydrogen fuel cell buses and is exploring partnerships and initiatives to expand the adoption of hydrogen-powered vehicles.
Canada's large-scale green hydrogen production can address the intermittency of renewable energy sources, supporting grid stability and energy storage. By converting excess renewable energy into hydrogen during periods of low demand, Canada can store the energy for later use, mitigating the challenges posed by intermittent generation. This enables the optimization of renewable energy utilization and grid balancing.
The industrial sector, including steel, cement, and chemicals manufacturing, can benefit greatly from green hydrogen. By replacing fossil fuels with hydrogen as a feedstock or energy source, these industries can significantly reduce their carbon footprint. Canada's strong industrial base and commitment to sustainable practices make it an ideal market for green hydrogen deployment in the industrial sector.
Supportive Government Policies are Driving Market Growth
The Canadian government has committed significant investments to support the development and deployment of clean technologies, including green hydrogen. Funding programs such as the Strategic Innovation Fund and the Net Zero Accelerator provide financial support for research, development, and commercialization of green hydrogen projects. The government also encourages collaboration between industry, academia, and research institutions to drive innovation and knowledge-sharing.
Several provinces in Canada have taken proactive steps to foster the growth of the green hydrogen market. For example, British Columbia has established a Hydrogen Readiness Strategy and is exploring the potential for hydrogen production and utilization in various sectors. Alberta has also recognized the potential of green hydrogen and is developing a hydrogen roadmap to facilitate its adoption in the province.
Canada is actively engaging in international partnerships and collaborations to accelerate the development of the green hydrogen market. The country is part of the International Partnership for Hydrogen and Fuel Cells in the Economy, working alongside other countries to share best practices, promote research and development, and create a global hydrogen market.
Collaboration between industry stakeholders, research institutions, and government agencies is crucial for driving innovation and accelerating the growth of the green hydrogen market.
Major Challenges faced by Canada Green Hydrogen Market
Currently, the electrolysis process requires substantial amounts of electricity, and renewable energy infrastructure needs further development and expansion to meet the growing demand. As technology advances and economies of scale are achieved, the cost of electrolyzers and renewable energy installations is expected to decline, making green hydrogen more economically competitive.
To establish a thriving green hydrogen market, it is essential to scale up production and integrate the hydrogen supply chain effectively. This involves the establishment of hydrogen production facilities, transportation and distribution infrastructure, and end-use applications. Developing a robust supply chain requires collaboration between industry players, governments, and stakeholders to ensure seamless connectivity and address logistical challenges.
The absence of a comprehensive regulatory framework and harmonized standards poses a significant challenge to the green hydrogen market in Canada. Clear and consistent regulations are required to ensure safety, provide a level playing field for market participants, and instill investor confidence. Regulations governing hydrogen production, transportation, storage, and usage need to be developed and implemented, addressing issues such as safety protocols, permitting processes, and liability frameworks.
The significant upfront investment required for green hydrogen projects is another challenge faced by the market. While governments provide financial support through funding programs, additional private sector investment is crucial. Attracting private investment in green hydrogen projects requires a stable and predictable policy environment, clear market signals, and the establishment of viable business models. Public-private partnerships and innovative financing mechanisms can play a pivotal role in mobilizing capital for the sector.
Recent Trends and Developments
The Canadian government has taken proactive steps to support the growth of the green hydrogen market through various policy initiatives and funding programs. In December 2020, the federal government released its Hydrogen Strategy for Canada, outlining a roadmap to develop a domestic hydrogen industry. The strategy aims to leverage Canada's renewable energy resources and establish a comprehensive regulatory framework to facilitate the deployment of green hydrogen projects. Additionally, funding programs such as the Strategic Innovation Fund and the Net Zero Accelerator provide financial support for research, development, and commercialization of green hydrogen technologies.
Canada has been actively engaging in international partnerships and collaborations to accelerate the development of the green hydrogen market. In 2021, Canada became a member of the International Partnership for Hydrogen and Fuel Cells in the Economy, joining efforts with other countries to advance research, share best practices, and create a global hydrogen market. Such collaborations foster knowledge-sharing, enable access to international markets, and support the scaling up of green hydrogen projects.
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Market Segmentation
Canada green hydrogen market is segmented based on technology, application, end user industry, and region. Based on technology, canada green hydrogen market is categorized into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. Based on application, canada green hydrogen market is divided into power generation, transport, and others. Based on end user industry, canada green hydrogen market is segmented into food & beverages, medical, chemical, petrochemicals, glass, and others. Based on region, Canada green hydrogen market is divided into Quebec, Ontario, Alberta, British Columbia, Saskatchewan & Manitoba, and rest of Canada.
Market Players
Ballard Power Systems, Hydrogenics Corporation, Xebec Adsorption Inc, Entegris Canada Inc., Loop Energy, HTEC (Hydrogen Technology & Energy Corporation), Enbridge Inc., Air Liquide Canada, Canadian Hydrogen and Fuel Cell Association (CHFCA), and Proton Technologies Corporation are some of the key players of the Canada green hydrogen market.
|
Attribute |
Details |
|
Base Year |
2022 |
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Historic Data |
2018 – 2021 |
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Estimated
Year |
2023 |
|
Forecast Period |
2024 – 2028 |
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Quantitative
Units |
Revenue
in USD Million, Volume in Units, and CAGR for 2018-2022 and 2023-2028 |
|
Report Coverage |
Revenue
forecast, company share, competitive landscape, growth factors, and trends |
|
Segments Covered |
Technology Application End Use
Industry |
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Regional Scope |
Quebec,
Ontario, Alberta, British Columbia, Saskatchewan & Manitoba, Rest of
Canada |
|
Key Companies
Profiled |
Ballard Power Systems, Hydrogenics
Corporation, Xebec Adsorption Inc, Entegris Canada Inc., Loop Energy, HTEC
(Hydrogen Technology & Energy Corporation), Enbridge Inc., Air Liquide
Canada, Canadian Hydrogen and Fuel Cell Association (CHFCA), Proton
Technologies Corporation |
|
Customization
Scope |
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope. |
|
Pricing and Purchase
Options |
Avail
customized purchase options to meet your exact research needs. Explore purchase
options |
|
Delivery Format |
PDF and Excel through Email (We can also provide the editable version
of the report in PPT/Word format on special request) |
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