New York, United States , July 10, 2024 (GLOBE NEWSWIRE) -- The Global Blue Hydrogen Market Size is to Grow from USD 20.4 Billion in 2023 to USD 64.98 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.28% during the projected period.
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Blue hydrogen is produced through steam reforming, a process that involves mixing natural gas with hot water to generate steam, and it is predominantly derived from natural gas. In contrast to gray hydrogen production, where carbon dioxide (CO2) is emitted into the environment, during the steam methane reforming (SMR) process, the CO2 is captured and either stored or utilized in blue hydrogen production. CCUS is the phrase used to describe this process. The CCUS process captures the CO2 produced when generating hydrogen and either utilizes it in other industrial processes or stores it underground in geological formations. Blue hydrogen can substitute traditional fossil fuels with a low-carbon option because of its various applications in industry, electricity generation, and transportation. Renewable energy has a competitive advantage compared to fossil fuels, which are depleting and increasing in cost daily. The aerospace industry requires a large amount of hydrogen to fuel fuel-cell electric cars and rockets. The main goal of truck manufacturers is to reduce the cost of hydrogen supply, however, the prices of fuel cells and charging stations also play a key role in determining the competitiveness of hydrogen fuel cell vehicles in the transportation sector. Methane is released while producing blue hydrogen, and natural gas includes methane, which hinders market profit growth by acting as a greenhouse gas.
Browse key industry insights spread across 195 pages with 115 Market data tables and figures & charts from the report on the "Global Blue Hydrogen Market Size, Share, and COVID-19 Impact Analysis, By Technology (Steam Methane Reforming, Auto Thermal Reforming, and Gas Partial Oxidation), By End-User (Power Generation, Refinery, Chemical, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The steam methane reforming segment is estimated to dominate the market over the projected timeframe.
On the basis of technology, the global blue hydrogen market is classified into steam methane reforming, auto thermal reforming, and gas partial oxidation. Among these, the steam methane reforming segment is estimated to dominate the market over the projected timeframe. One method for generating hydrogen from natural gas (methane) is through steam methane reforming. This is one of the least expensive ways to acquire hydrogen for industrial purposes. Steam methane reformation can efficiently and affordably generate high levels of pure hydrogen, which can subsequently be collected with the help of on-site pressurized adsorption purification technology.
The power generation segment is expected to dominate the market over the predicted timeframe.
On the basis of end-user, the global blue hydrogen market is classified into power generation, refinery, chemical, and others. Among these, the power generation segment is expected to dominate the market over the predicted timeframe. Hydrogen fuel cells generate power by merging hydrogen and oxygen atoms. In a process akin to a battery, hydrogen and oxygen undergo an electrochemical reaction to generate electricity, water, and a minor quantity of heat. In contrast, hydrogen fuel cells don't generate greenhouse gases when made, unlike fossil fuels. This is anticipated to boost the demand for blue hydrogen in power generation and drive revenue growth in the sector.
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North America is expected to hold the largest share of the global blue hydrogen market over the forecast period.
North America is expected to hold the largest share of the global blue hydrogen market over the forecast period. Abundant natural gas in North America can serve as a raw material for producing blue hydrogen. The United States is the top producer of natural gas globally, with Canada following closely in second place. The demand for environmentally friendly energy in North America is increasing because of concerns about the environment and goals related to climate change. The existing infrastructure in North America for producing, distributing, and transporting natural gas could be utilized for the production and transportation of blue hydrogen. This infrastructure can reduce the time and cost required to build blue hydrogen projects. North America, with its abundant natural gas resources and advanced infrastructure, has the opportunity to emerge as a significant player in the manufacturing and shipment of blue hydrogen.
Asia Pacific is predicted to grow at the fastest pace in the global blue hydrogen market during the projected timeframe. This is due to the region's increasing energy demand as well as government initiatives promoting the adoption of renewable energy sources. There was an expectation that South Korea and Japan, two countries in the Asia-Pacific region, would contribute to the growth of the blue hydrogen sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Blue Hydrogen Market include Shell plc, Linde plc, Air Products and Chemicals, Inc., Aker Solutions, ExxonMobil Corporation, Dastur Energy, Topsoe, Equinor ASA, Uniper SE, Petrofac Limited, BP p.l.c., Eni, Technip Energies N.V., Johnson Matthey, ENGIE Group, and others.
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Recent Developments
- In February 2023, Linde revealed intentions to build a blue hydrogen plant worth USD 1.8 billion on the Texas Gulf Coast in order to supply ammonia manufacturing. The company planned to begin manufacturing by 2025.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Blue Hydrogen Market based on the below-mentioned segments:
Global Blue Hydrogen Market, By Technology
- Steam Methane Reforming
- Auto Thermal Reforming
- Gas Partial Oxidation
Global Blue Hydrogen Market, By End-User
- Power Generation
- Refinery
- Chemical
- Others
Global Blue Hydrogen Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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