Newark, May 22, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.5 billion blue hydrogen market will reach USD 6.0 billion by 2032. Natural gas is combined with scalding steam and a catalyst in the steam methane reforming process for manufacturing blue hydrogen. A second chemical reaction occurs, producing hydrogen and carbon monoxide. With the addition of water to this combination, carbon monoxide is transformed into carbon dioxide and additional hydrogen. If CO2 emissions are caught and stored underground, the process is deemed CO2-neutral, and the resulting hydrogen is referred to as "Blue Hydrogen." Nowadays, approximately 120 megatons of hydrogen are generated each year. The remainder is combined with other gases, primarily carbon monoxide (CO), to form syngas (synthetic gas).
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North America to account for the largest market size during the forecast period.
North America is expected to have the most significant blue hydrogen market share. Oil refining capacity in North America was around 21.4 million barrels per day in 2021. Furthermore, the United States generates power using various energy sources and technologies. In addition, Canada will develop a domestic hydrogen market, offering national economic and environmental benefits, cutting emissions in areas such as transportation, and establishing hydrogen as a critical component of the net-zero future.
The steam methane reforming segment dominated the market with the most significant revenue of USD 0.6 billion.
The steam methane reforming segment dominated the market with the most significant market revenue of USD 0.6 billion. The key advantages of this technology are its excellent operational efficiency and low operational and production expenses. Steam methane reforming is a low-cost, energy-efficient method of producing high levels of pure hydrogen, which may be collected using in-house pressure swing adsorption purification technology.
The power generation segment dominated the market with the most significant revenue of USD 0.64 billion.
The power generation segment dominated the market with the most significant market revenue of USD 0.64 billion. Blue hydrogen may be the most cost-effective choice for decarbonizing industrial heating, domestic heating in cold locations, and heavy-duty cars. Blue hydrogen use is projected to increase as GHG emissions from vehicles rise. Transportation accounts for 28% of total greenhouse gas emissions. As a result, electric vehicles have grown in popularity due to their zero emissions into the environment and low refuelling and maintenance expenses. Hydrogen-powered fuel cells emit no pollutants and can outperform standard combustion technology by two to three times. China had the most significant sales in 2021, more than triple those of 2020, with 3.3 million, followed by Europe, which had 2.3 million sales, up from 1.4 million in 2020. In the United States, in 2021, 630000 electric vehicles will be sold, boosting their market share to 4.5%.
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Latest Development:
● In April 2022, Shell and Uniper agreed to start planning the manufacturing of blue hydrogen at the Killingholme power facility of Uniper in East England.
Market Dynamics:
Drivers: Rising Demand for Hydrogen FCEVs
Hydrogen FCEVs have a significant range advantage over lithium-ion batteries while being lighter and taking up less space. It is because hydrogen FCEVs have a far more significant energy storage density. Around 31,000 fuel cell electric cars (FCEVs) were registered worldwide in 2021. According to projections, the worldwide FCEV fleet will reach around 13 million units in 2030, with a compound annual growth rate of 95.4%.
Restraint: Rising of Green Hydrogen Technology
The rapid development and improvements will hamper the blue hydrogen market's expansion in green hydrogen technology.
Opportunity: Rising Development
The EU also funds hydrogen research and development projects through its research framework programs, Horizontal Europe (2022-2029) and Honzon 2021. The Fuel Cell and Hydrogen Joint Venture (FCH JU), a public-private collaboration financed by the European Commission, manages the hydrogen project. Furthermore, the region's new startup boom will likely boost investment in blue hydrogen initiatives and generate revenue development in the region's markets.
Challenge: Emission of Carbon Dioxide
Using natural gas to generate the energy required to manufacture blue hydrogen produces carbon dioxide emissions and inhibits the revenue growth of the blue hydrogen business.
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Some of the major players operating in the blue hydrogen market are:
● ATCO Ltd.
● Suncor Energy Inc.
● Linde plc
● Royal Dutch Shell Plc
● Saudi Aramco
● Toshibha Energy Systems & Solutions Corp.
● Air Products Inc.
● Uniper SE
● Cummins Inc.
● Siemens AG
● Equinor ASA
● CertifHy Canada Inc.
● Xebec Adsorption Inc.
● Reliance Industries Ltd
● AIR LIQUIDE S.A.
Key Segments cover in the market:
By Technology:
● Steam Methane Reforming
● Auto Thermal Reforming
● Gas Partial Oxidation
By End-User :
● Power Generation
● Refinery
● Chemical
● Others
About the report:
The global blue hydrogen market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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