Dublin, Dec. 08, 2023 (GLOBE NEWSWIRE) -- The "Blue Hydrogen Market Size, Share & Trends Analysis Report By Application (Chemical, Refinery, Power Generation), By Transportation Mode (Pipeline, Cryogenic Liquid Tankers), By Technology, By Region, And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global blue hydrogen market size is expected to reach USD 12.88 billion by 2030, according to this report., expanding at a CAGR of 19.0% over the forecast period. This growth is attributed to the presence of favorable government policies and the adoption of hydrogen vehicles in several regions, such as North America and Europe. Several countries have set targets for reducing carbon and Greenhouse Gas (GHG) emissions by adopting hydrogen as an alternative in the energy transition. For instance, in September 2022, the U.S. announced the National Clean Hydrogen Strategy. This strategy was released to adopt the utilization of low-carbon hydrogen (blue hydrogen) to reduce carbon emissions in the country by 2030.
Such strategies and initiatives taken by various governments are driving the market. In addition, the adoption of hydrogen vehicles is increasing in Europe with the launch of several hydrogen-fueled vehicles by major car manufacturers. For instance, in February 2023, BMW announced the launch of the BMW iX5 Hydrogen Sports Activity Vehicle (SAV), which utilizes hydrogen fuel cells. These factors are expected to drive the requirement for increased blue hydrogen production. The industry players are adopting several strategies including partnerships, new product launches, expansions, mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share. For instance, on January 5, 2023, Equinor ASA, a Norway-based energy provider agreed to be the official supplier of Germany for low-carbon hydrogen fuel (blue hydrogen).
It will further invest in new power plants in the country that will initially burn natural gas from Norway before transitioning to low-carbon blue hydrogen. The regional market of North America is driven by several policies and strategies released by the government. For instance, in December 2020, the government of Canada released a strategy for hydrogen that stated the aim to commence large-scale production of blue hydrogen by 2030 in the country. Several key companies are collaborating and undergoing expansion strategies to strengthen their industry positions. For instance, on February 16, 2023, Reliance Power, an Indian energy company, announced its plan to launch Dhirubhai Ambani Green Energy Giga Complex in Gujarat to commence operations for blue hydrogen generation and implementing facilities for carbon capture and storage process.
Blue Hydrogen Market Report Highlights
- The increasing product adoption by various end-user industries, including chemical, refinery, and power generation, to reduce carbon emissions in their production processes is fueling the demand for blue hydrogen.
- Factors, such as weather disruptions and uncertainties like the Russia-Ukraine war, contribute to the volatility of natural gas and coal prices that are utilized as a feedstock for producing blue hydrogen. This further hinders the market growth.
- The auto thermal reforming technology recorded a market share of over 28.0% in 2022 owing to its faster response time for transient operations and start-up times compared to the steam methane reforming technology.
- In addition, compared to gas partial oxidation, this technology offers higher energy efficiency and increases hydrogen production. These factors further drive the demand for auto thermal reforming technology.
- Blue hydrogen is utilized primarily in the manufacturing of blue ammonia as a key raw material. This blue ammonia is utilized in the form of ammonium hydroxide for several household cleaning products owing to its chemical stabilizing, purification, and cleaning properties. This further drives the demand for blue hydrogen in the chemical application segment.
Companies Mentioned
- Linde plc
- Shell group of companies
- Air Liquide
- Air Products and Chemicals, Inc
- Engie
- Equinor ASA
- SOL Group
- Iwatani Corporation
- INOX Air Products Ltd.
- Exxon Mobil Corporation
For more information about this report visit https://www.researchandmarkets.com/r/bufez2
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