U.S.: Hydrogen Market 2024

Hydrogen Market Size in the U.S.

The U.S. hydrogen market totaled $X in 2022, approximately equating the previous year. In general, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.4% against 2020 indices. Hydrogen consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Hydrogen Production in the U.S.

In value terms, hydrogen production stood at $X in 2022. Overall, production showed tangible growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 85%. Hydrogen production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Hydrogen Exports

Exports from the U.S.

In 2022, overseas shipments of hydrogen increased by 7.5% to X cubic meters, rising for the second consecutive year after two years of decline. In general, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +43.6% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 49% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, hydrogen exports soared to $X in 2022. Overall, total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +92.6% against 2018 indices. The pace of growth appeared the most rapid in 2016 when exports increased by 36%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Mexico (X cubic meters), Canada (X cubic meters) and Colombia (X cubic meters) were the main destinations of hydrogen exports from the United States, with a combined 87% share of total exports. These countries were followed by Israel, South Korea and China, which together accounted for a further 7.2%.

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +57.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Mexico ($X) and Colombia ($X) constituted the largest markets for hydrogen exported from the United States worldwide, with a combined 91% share of total exports. These countries were followed by Israel, South Korea and China, which together accounted for a further 6.1%.

In terms of the main countries of destination, Israel, with a CAGR of +51.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average hydrogen export price stood at $X per cubic meter in 2022, rising by 24% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 33%. The export price peaked at $X per cubic meter in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per cubic meter), while the average price for exports to Israel ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Hydrogen Imports

Imports into the U.S.

In 2022, purchases abroad of hydrogen decreased by -13.9% to X cubic meters, falling for the second consecutive year after two years of growth. In general, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -19.4% against 2020 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 59%. Over the period under review, imports attained the maximum at X cubic meters in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, hydrogen imports fell to $X in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 17% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Canada (X cubic meters) was the main supplier of hydrogen to the United States, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Canada totaled +5.2%.

In value terms, Canada ($X) constituted the largest supplier of hydrogen to the United States.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada amounted to +2.2%.

Import Prices by Country

In 2022, the average hydrogen import price amounted to $X per cubic meter, picking up by 8.3% against the previous year. In general, the import price, however, saw a perceptible curtailment. Over the period under review, average import prices reached the peak figure at $X per cubic meter in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Canada.

From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to -2.8% per year.

Source: IndexBox Platform

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