Dublin, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The "Blue Hydrogen Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The blue hydrogen market size has grown rapidly in recent years. It will grow from $16.62 billion in 2023 to $18.64 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The blue hydrogen market size is expected to see rapid growth in the next few years. It will grow to $29.61 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
Key technologies involved in blue hydrogen production include steam methane reforming (SMR), gas partial oxidation (POX), and autothermal reforming (ATR). SMR, which utilizes high-temperature steam to convert methane into hydrogen and carbon monoxide, represents the most widespread and established method for hydrogen production. Blue hydrogen can be transported via pipelines or cryogenic liquid tankers to end-users such as petroleum refineries, the chemical industry, and power generation facilities, among others.
During the historical period, growth was driven by various factors including government policies and subsidies, technological advancements, concerns over energy security, environmental regulations, industrial demand, the accessibility of natural gas, public awareness, and societal pressure.
In the forecast period, growth is expected to be driven by increased investment in R&D, higher carbon pricing, expansion of hydrogen infrastructure, cost reductions in production technology, growth in renewable energy capacity, international cooperation, and corporate sustainability goals. Key trends anticipated during this period include advancements in hydrogen production processes, integration with renewable energy sources, expansion in the transportation sector, increased use in power generation, technological innovations in storage and distribution, scaling of hydrogen projects, and collaborations across different industries.
The rising demand for chemical production is expected to drive significant growth in the blue hydrogen market in the coming years. Chemical production involves the industrial process of converting raw materials into chemical products through various chemical reactions and processes. This demand surge is fueled by expanding industrial sectors and the increasing need for innovative materials across diverse industries. Blue hydrogen is gaining prominence in chemical production as a cleaner alternative to traditional hydrogen sources.
It plays a crucial role as a feedstock in processes such as ammonia production, where hydrogen is essential. For example, according to the International Energy Agency (IEA) in October 2023, global ammonia production is projected to account for approximately 2% (8.6 EJ) of total final energy consumption, with a forecasted nearly 40% increase by 2050. This underscores the pivotal role of blue hydrogen in meeting rising chemical production demands.
Leading companies in the blue hydrogen sector are advancing production technologies with a focus on low-carbon hydrogen (LCH) technology to improve efficiency and reduce carbon emissions, aligning with global sustainability objectives. This technology integrates natural gas reforming with carbon capture and storage (CCS) to minimize greenhouse gas emissions during hydrogen production.
For instance, in October 2023, Johnson Matthey and BP p.l.c. entered into a partnership to implement JM's LCH technology at BP's proposed H2Teesside facility in Teesside, England. This technology, incorporating a gas-heated reformer with an autothermal reformer (GHR-ATR), boasts industry-leading efficiency in natural gas usage and can capture up to 99% of carbon dioxide emissions, positioning H2Teesside to achieve the lowest levelized cost of hydrogen (LCOH) and highest carbon efficiency among current low-carbon (blue) hydrogen production methods.
North America was the largest region in the blue hydrogen market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the blue hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the blue hydrogen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Blue Hydrogen Market Leaders Include
- Saudi Arabian Oil Company (Saudi Aramco)
- Overview
- Products and Services
- Strategy
- Financial Performance
- Exxon Mobil Corporation
- Royal Dutch Shell PLC
- Uniper SE
- TotalEnergies SE
Blue Hydrogen Market Other Major and Innovative Companies
- BP Plc
- Chevron Corporation
- Mitsubishi Corporation
- Equinor ASA
- Reliance Industries Ltd.
- Repsol S.a.
- Engie SA
- ConocoPhillips
- Suncor Energy Inc.
- Linde Plc
- Cummins Inc.
- Air Products Inc.
- Toshiba Energy Systems & Solutions Corp.
- ATCO Ltd.
- Air Liquide S.a.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $18.64 Billion |
| Forecasted Market Value (USD) by 2028 | $29.61 Billion |
| Compound Annual Growth Rate | 12.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Blue Hydrogen Market Characteristics
3. Blue Hydrogen Market Trends and Strategies
4. Blue Hydrogen Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Blue Hydrogen Market Size and Growth
5.1. Global Blue Hydrogen Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Blue Hydrogen Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Blue Hydrogen Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Blue Hydrogen Market Segmentation
6.1. Global Blue Hydrogen Market, Segmentation by Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Steam Methane Reforming (SMR)
- Gas Partial Oxidation (POX)
- Auto Thermal Reforming (ATR)
6.2. Global Blue Hydrogen Market, Segmentation by Transportation Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Pipeline
- Cryogenic Liquid Tankers
6.3. Global Blue Hydrogen Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Petroleum Refineries
- Chemical Industry
- Power Generation Facilities
- Other End Users
7. Blue Hydrogen Market Regional and Country Analysis
7.1. Global Blue Hydrogen Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Blue Hydrogen Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/tyaxih
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