Blue Hydrogen Market Is Expected To Reach A Revenue Of USD 5.5 Bn By 2033, At 10.8% CAGR: Dimension Market Research

New York, July 02, 2024 (GLOBE NEWSWIRE) -- Overview:

The Blue Hydrogen Market size is expected to reach USD 2.3 billion by 2024 and is further anticipated to reach USD 5.5 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 10.8% from 2024 to 2033.

Blue hydrogen is taken out from natural gas and backed by carbon capture and storage. The CO2 produced during the production process is collected and permanently stored. As a result, low-carbon hydrogen is created that produces no CO2. Hydrogen is produced using various technologies, like steam methane reforming, partial oil oxidation, and auto-thermal reforming.

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Most hydrogen produced present is utilized in petroleum refineries & fertilizer manufacturing. Approximately 99% of it comes from fossil fuel reformation, which has shown to be a simple and cost-effective approach, but this has no meaningful climate advantages as CO2 is emitted throughout the process.

Important Insights

• The Global Blue Hydrogen Market is expected to grow by USD 5.5 billion by 2033 from 2025 with a CAGR of 10.8%.
• The steam methane reforming (SMR) segment is anticipated to lead in 2024 with a major & is anticipated to dominate throughout the forecasted period.

• Pipeline transportation mode is set to dominate the Blue Hydrogen market in 2024.
• The power generation segment is anticipated to get the highest revenue share in 2024 in the Blue Hydrogen market.
• North America is projected to hold a 41.2% share of revenue in the Global Blue Hydrogen Market in 2024.

Global Blue Hydrogen Market: Trends

• Increased Investments: Significant growth in investments from both private and public sectors to create blue hydrogen production facilities and infrastructure.
• Technological Innovations: The development of more effective and affordable carbon capture and storage (CCS) technologies is gaining momentum, improving blue hydrogen viability.
• Strategic Alliances: A high number of strategic alliances and joint ventures between major energy companies and technology firms to accelerate blue hydrogen projects.
• Government Initiatives: Better governmental support in the form of subsidies, grants, and regulatory frameworks to promote blue hydrogen as part of broader decarbonization strategies.

Blue Hydrogen Market: Competitive Landscape

The blue hydrogen market comprises significant investments from leading energy companies committed to minimizing carbon emissions. Using advanced production & carbon capture technologies, strategic partnerships, and government incentives, these players focus on scalable, affordable solutions to improve their competitive edge.

Some of the major players in the market include Royal Dutch Shell Plc, Siemens Energy Inc, Reliance Industries, Saudi Aramco, Cummins Inc, and more.

Some of the prominent market players:

• Royal Dutch Shell Plc
• Siemens Energy Inc
• Reliance Industries
• Saudi Aramco
• Cummins Inc
• Linde Plc
• Suncor Energy Inc
• Air Products Inc
• Air Liquide
• ATCO Ltd
• Other Key Players

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Blue Hydrogen Market Scope

Segment Analysis:

The power generation sector is expected to dominate the blue hydrogen market by revenue, driven by several industry giants focused on decarbonizing power systems and reducing fossil fuel reliance. Blue hydrogen supports renewable energy storage and is utilized in coal-fired stations & gas turbines, boosting demand.

The refinery segment is also anticipated to grow rapidly, with companies like Exxon Mobil Corp. using steam methane reforming technology to produce hydrogen for oil and petroleum refineries.

Blue Hydrogen Market Segmentation

By Technology

• Steam Methane Reforming
• Gas Partial Oxidation
• Auto Thermal Reforming

 By Transportation Mode

• Pipeline
• Cryogenic Liquid Tankers

By End User

• Power Generation
• Chemicals
• Refinery
• Others

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Global Blue Hydrogen Market: Driver

• Environmental Regulations: The growing global regulations and policies focused on lowering carbon emissions are driving the need for low-carbon hydrogen production methods like blue hydrogen.
• Technological Advancements: Innovations in carbon capture & storage (CCS) technology are making blue hydrogen production more efficient & cost-effective.
• Energy Transition: Increasing momentum towards transitioning from fossil fuels to cleaner energy sources is fueling investments and interest in blue hydrogen as an intermediate step.
• Government Incentives: Financial incentives, subsidies, and funding from governments globally are supporting the development and deployment of blue hydrogen infrastructure and projects.

Global Blue Hydrogen Market: Restraints

• High Production Costs: The production of blue hydrogen, like carbon capture and storage, remains expensive in comparison to other energy sources, limiting its economic viability.
• Infrastructure Limitations: The current lack of large infrastructure for hydrogen production, storage, & distribution impacts the market's growth potential.
• Technological Challenges: Current technical challenges in scaling up carbon capture and storage (CCS) technologies can impact the effective production of blue hydrogen.
• Environmental Concerns: Despite being cleaner than conventional hydrogen production, blue hydrogen still depends on natural gas, creating concerns about methane leakage and overall environmental impact.

Global Blue Hydrogen Market: Opportunities

• Partnerships and Collaborations: Collaborations between energy companies, governments, and technology providers can boost the development and deployment of blue hydrogen projects.
• Emerging Markets: Increase in energy demands and environmental awareness in emerging markets create major opportunities for blue hydrogen adoption.
• Advancements in CCS: Current developments and cost reductions in carbon capture and storage (CCS) technologies can improve the economic viability of blue hydrogen.
• Policy Support: Growing global policy support and commitments towards achieving net-zero emissions provide a conducive environment for blue hydrogen investments and development.

Recent Developments in the Blue Hydrogen Market

• March 2024: MMEX Resources advanced its green hydrogen project, submitting a high-volume supply proposal to a leading petroleum company, and collaborating with Siemens Energy, Texas Pacifico, and Union Pacific.
• February 2024: BP and BASF signed a license agreement for BASF’s OAS white technology to preserve CO2 at BP’s H2Teesside blue hydrogen facility.
• July 2023: Germany’s updated hydrogen strategy focused on imports from Denmark and Norway and developing "blue hydrogen" with CCS to help steelmaking, chemicals, and heavy-duty transport in the energy transition.
• February 2023: Linde planned a USD 1.8 billion blue hydrogen plant in Beaumont, Texas, starting in 2025, majorly supplying OCI's nearby blue ammonia facility producing 1.1 million mt/year.

Regional Analysis

North America is expected to lead the blue hydrogen market in 2024 with a 41.2% share, driven by a high volume of natural gas reserves and high demand for low-carbon energy. The USA is a leading global natural gas producer, and Canada is well-positioned to use these resources for blue hydrogen production.

The region's advanced natural gas infrastructure & ambitious climate goals, like California's and New York's targets and Canada's net-zero emissions goal by 2050, provide efficient and affordable blue hydrogen projects, enhancing domestic production and export potential to countries like Japan & South Korea. Further, the Asia Pacific region, led by China's significant hydrogen investments and carbon neutrality goal by 2060, is expected to be the fastest-growing market.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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