Chicago, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global Blue Hydrogen Market is projected to grow from USD 18.2 billion in 2022 to USD 44.5 billion by 2030, at a CAGR of 11.9% according to a new report by MarketsandMarkets™. Hydrogen has long been recognized as a possible low-carbon transportation fuel. Blue hydrogen is primarily produced from natural gas using a process known as steam reforming, which combines natural gas and heated water to form steam. The result is hydrogen, with carbon dioxide as a by-product. As a result, carbon capture and storage (CCS) is critical for capturing and storing carbon, thus leaving clean hydrogen.
The blue hydrogen market has a promising growth potential due to several factors, including the role of blue hydrogen in carbon emission reduction, an increase in the demand for fuel cell-based electric vehicles, and a shift toward a hydrogen-based economy.
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Blue Hydrogen Market Scope:
| Report Coverage | Details |
| Market Size | USD 44.5 Billion by 2030 |
| Growth Rate | 11.9% of CAGR |
| Largest Market | North America |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Blue Hydrogen Market by Technology, End User, and Region. |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising focus on achieving net zero emission target by 2050 |
| Key Market Drivers | Increasing applications of hydrogen in fuel cell electric vehicles |
Rising focus on achieving net zero emission target by 2050
Under the scenario of net zero emissions, hydrogen production experiences an unprecedented revolution. In 2030, when the world's output of H2 hits 200 Mt, low-carbon technologies will produce 70% of it. The production of hydrogen will have increased to 500 Mt H2 by 2050, largely because of low-carbon technologies. To attain net zero emissions by 2050, the energy system will need to be modified using several technologies. The main pillars for decarbonizing the global energy system are projected to be energy efficiency, behavioral modification, electricity, renewable energy, Carbon capture utilization and storage (CCUS), and hydrogen.
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In the net zero emissions scenario, strong hydrogen demand growth and the adoption of cleaner technologies for its production will allow hydrogen and hydrogen-based fuels to preclude up to 60 Gt of CO2 emissions in 2021–2050, or 6.5% of all cumulative emissions reductions. Hydrogen fuel is crucial for reducing greenhouse emissions in hard-to-decarbonize industries, including heavy industries (especially steel and chemical), heavy-duty road transport, shipping, and aviation, where direct electrification is challenging.
Blue Hydrogen Market Dynamics:
Drivers:
- Increasing regulations concerning GHG emissions
- Rising applications of hydrogen in fuel cell electric vehicles (FCEVs)
Restraints:
- Energy loss during hydrogen production
Opportunities:
- Rising focus of governments on achieving net zero emission targets by 2050
- Increasing number of government initiatives concerning development of hydrogen-based economies
Challenges:
- Integration of hydrogen into natural gas networks
North America is expected to be the largest region in the Blue Hydrogen Industry
The North American region is estimated to be the largest market for the blue hydrogen market, followed by Europe. The growth of the North American region can be attributed to the increasing demand for hydrogen fuel cell-based vehicles and the number of hydrogen filling stations in the US and Canada.
The European region is projected to be the fastest-growing market during the forecast period. The growth of the European blue hydrogen market is expected to be driven by the increasing demand for fuel cell-based electric vehicles and a shift toward a hydrogen-based economy.
Key Market Players:
Major players operating in the Blue Hydrogen Companies include Shell Plc (UK), Linde plc (Ireland), ExxonMobil Corporation (US), Air Liquide (France), and Air Products Inc. (US).
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