Canada Power-to-x Market Size & Outlook, 2025-2030
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Canada power-to-x market highlights
- The Canada power-to-x market generated a revenue of USD 16.4 million in 2024 and is expected to reach USD 35.4 million by 2030.
- The Canada market is expected to grow at a CAGR of 13.9% from 2025 to 2030.
- In terms of segment, power-to-h2 was the largest revenue generating technology in 2024.
- Power-to-Methanol is the most lucrative technology segment registering the fastest growth during the forecast period.
Power-to-x market data book summary
| Market revenue in 2024 | USD 16.4 million |
| Market revenue in 2030 | USD 35.4 million |
| Growth rate | 13.9% (CAGR from 2025 to 2030) |
| Largest segment | Power-to-h2 |
| Fastest growing segment | Power-to-Methanol |
| Historical data | 2018 - 2023 |
| Base year | 2024 |
| Forecast period | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Power-to-H2, Power-to-CO/Syngas/Formic Acid, Power-to-NH3, Power-to-Methane, Power-to-Methanol, Power-to-H202 |
| Key market players worldwide | Air Liquide SA, Alfa Laval AB, Copenhagen Infrastructure Partners, Engie SA, ITM Power PLC, Linde PLC, Mitsubishi Corp, Siemens Energy, Thyssenkrupp AG, Valmet Corp |
Other key industry trends
- In terms of revenue, Canada accounted for 4.7% of the global power-to-x market in 2024.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. power-to-x market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 35.4 million by 2030.
Power-to-h2 was the largest segment with a revenue share of 48.17% in 2024. Horizon Databook has segmented the Canada power-to-x market based on power-to-h2, power-to-co/syngas/formic acid, power-to-nh3, power-to-methane, power-to-methanol, power-to-h202 covering the revenue growth of each sub-segment from 2018 to 2030.
In Canada, the government has introduced policies and strategies to support PtX technologies. For instance, the Hydrogen Strategy for Canada outlines targets and funding to advance hydrogen production and related infrastructure. Federal and provincial governments are also providing grants and incentives to accelerate research and development in PtX.
For instance, in May 2024, The Government of Canada announced funding for two innovative hydrogen initiatives led by Simon Fraser University (SFU), including the establishment of a new Clean Hydrogen Hub at SFU’s Burnaby campus.
Plans envisaged the hub utilizing breakthrough electrolyzer technology powered by hydroelectricity to generate low-cost hydrogen, supporting local industry and advancing Canada’s goal of achieving net-zero emissions by 2050 leveraging additional support from provincial and municipal partners.
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Power-to-X Market Scope
Power-to-X Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Siemens Energy | View profile | 10001+ | München, Bayern, Germany, Europe | https://www.siemens-energy.com/ |
| Copenhagen Infrastructure Partners | View profile | 251-500 | Copenhagen, Hovedstaden, Denmark, Europe | http://cipartners.dk/ |
| ITM Power PLC | View profile | 406 | 2 Bessemer Park, Shepcote Lane, Sheffield, United Kingdom, S9 1DZ | https://www.itm-power.com |
| Air Liquide SA | View profile | 67800 | 75, Quai d'Orsay, Paris, France, 75007 | https://www.airliquide.com |
| Linde PLC | View profile | 66195 | 10 Riverview Drive, Danbury, CT, United States, 06810 | https://www.linde.com |
| Thyssenkrupp AG | View profile | 100202 | ThyssenKrupp Allee 1, Essen, NW, Germany, 45143 | https://www.thyssenkrupp.com |
| Engie SA | View profile | 97000 | 1, Place Samuel de Champlain, Courbevoie, France, 92400 | https://www.engie.com |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| Alfa Laval AB | View profile | 21441 | Rudeboksvagen 1, P.O. Box 73, Lund, Sweden, SE-221 00 | https://www.alfalaval.com |
| Valmet Corp | View profile | 19032 | Keilasatama 5, P.O. Box 11, Espoo, Finland, 02150 | https://www.valmet.com |
Canada power-to-x market size, by technology, 2018-2030 (US$M)
Canada Power-to-X Market Outlook Share, 2024 & 2030 (US$M)
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