USD 16.27 billion
Report ID:
SQMIG10D2019 |
Region:
Global |
Published Date: July, 2024
Pages:
242
|Tables:
64
|Figures:
75
Blue Hydrogen Market size was valued at USD 16.27 billion in 2021 and is poised to grow from USD 18.2 billion in 2022 to USD 44.5 billion by 2030, growing at a CAGR of 11.9% in the forecast period (2023-2030).
Blue hydrogen is a type of hydrogen fuel that is produced from natural gas through a process called steam methane reforming (SMR), which is similar to the process used to produce gray hydrogen. However, in blue hydrogen production, the carbon dioxide (CO2) that is produced during the SMR process is captured and stored or utilized, rather than being released into the atmosphere as in gray hydrogen production. This process is known as carbon capture, utilization, and storage (CCUS). The CCUS process involves capturing the CO2 emitted during hydrogen production and either storing it underground in geological formations or utilizing it in other industrial processes. By capturing and storing or utilizing CO2, blue hydrogen production can significantly reduce greenhouse gas emissions compared to gray hydrogen production, which is a major source of carbon emissions. Blue hydrogen has the potential to be a low-carbon alternative to traditional fossil fuels, as it can be used in a variety of applications, such as power generation, transportation, and industrial processes. Additionally, blue hydrogen can be used in existing infrastructure and applications that are currently powered by natural gas or gray hydrogen, without significant modifications. While blue hydrogen is considered to be a cleaner alternative to gray hydrogen, there are still some environmental concerns associated with the production of blue hydrogen, such as the potential for leaks during transportation and the energy required for the CCUS process. Nonetheless, blue hydrogen is seen as a promising technology to help reduce greenhouse gas emissions and transition to a more sustainable energy future.
The global blue hydrogen market is expected to witness significant growth in the coming years, driven by the increasing demand for low-carbon hydrogen as countries seek to transition to a low-carbon economy. Blue hydrogen, which is produced from natural gas with carbon capture and storage (CCS), is seen as a key component of the energy transition strategy due to its low carbon footprint. One of the major drivers of the global blue hydrogen market is the increasing demand for hydrogen in industries such as steel, chemicals, and refining, which are difficult to decarbonize using other renewable energy sources. Blue hydrogen offers a low-carbon alternative to traditional hydrogen production methods, which rely on fossil fuels and emit significant greenhouse gas emissions. Another key driver of the global blue hydrogen market is the growing focus on reducing greenhouse gas emissions and promoting renewable energy sources. Governments around the world are setting ambitious targets for reducing emissions and investing in the development of low-carbon technologies, including blue hydrogen. For example, the European Union has set a target of reducing greenhouse gas emissions by 55% by 2030 and is investing heavily in the development of blue hydrogen as a key component of its energy transition strategy.
US Blue Hydrogen Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 16.27 billion
Largest Segment
transportation
Fastest Growth
transportation
Growth Rate
11.9% CAGR
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Global Blue Hydrogen Market is segmented on the basis of production technology, application and region. By production technology, the Blue Hydrogen Market is segmented into steam methane reforming (SMR), autothermal reforming (ATR), and partial oxidation (POX). By application, Blue Hydrogen Market is segmented into transportation, power generation, industrial processing, and others. By region, the Blue Hydrogen Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Blue Hydrogen Market Analysis by Production Technology
Steam methane reforming (SMR) is expected to continue to dominate the global blue hydrogen market in the coming years due to its lower cost, high efficiency, and well-established technology. Steam methane reforming (SMR) is the most widely used production technology for blue hydrogen. SMR uses high-temperature steam to convert natural gas into hydrogen and carbon dioxide. The carbon dioxide emissions are then captured and stored using carbon capture and storage (CCS) technologies. SMR is preferred due to its high efficiency, low cost, and well-established technology.
Autothermal reforming (ATR) is another production technology for blue hydrogen. ATR uses a combination of steam and oxygen to convert natural gas into hydrogen and carbon dioxide. ATR can produce hydrogen with higher purity than SMR, but it is more complex and expensive.
Partial oxidation (POX) is a less commonly used production technology for blue hydrogen. POX uses a combination of oxygen and natural gas to produce hydrogen and carbon dioxide. POX has a higher efficiency than SMR and ATR, but it requires higher oxygen concentrations and can be more expensive.
Blue Hydrogen Market Analysis by Application
The transportation and power generation segments are expected to be the largest markets for blue hydrogen, driven by increasing demand for low-carbon transportation and electricity. Blue hydrogen can be used as a fuel for transportation, particularly for heavy-duty vehicles such as trucks and buses. Hydrogen fuel cell electric vehicles (FCEVs) are powered by hydrogen and emit only water vapor, making them a zero-emission transportation option. Blue hydrogen can be used to produce hydrogen for FCEVs, which can help to reduce greenhouse gas emissions from the transportation sector.
The industrial processing segment is also expected to grow, as more industries look for low-carbon alternatives to traditional fossil fuels. Blue hydrogen can be used as a feedstock for industrial processes, such as refining and chemical production. The use of blue hydrogen in industrial processes can help to reduce greenhouse gas emissions compared to traditional fossil fuels.
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North America is expected to dominate the market for blue hydrogen, given the region's abundant natural gas resources and growing demand for low-carbon energy. North America has abundant natural gas resources, which can be used as a feedstock for blue hydrogen production. The United States is the world's largest producer of natural gas, followed by Canada. There is a growing demand for low-carbon energy in North America, driven by climate targets and environmental concerns. Several U.S. states, including California and New York, have set ambitious climate targets, and the Canadian government has committed to achieving net-zero emissions by 2050. North America has an established infrastructure for natural gas production, transportation, and distribution, which can be used for blue hydrogen production and transportation. This infrastructure can help to reduce the costs and time required to develop blue hydrogen projects. North America has the potential to be a major producer and exporter of blue hydrogen, given its abundant natural gas resources and established infrastructure. The United States, in particular, has the potential to export blue hydrogen to other countries, such as Japan and South Korea, which are investing heavily in the development of hydrogen infrastructure.
Asia Pacific was expected to be the fastest-growing region in the global blue hydrogen market. This can be attributed to the increasing demand for energy in the region, as well as government initiatives to promote the adoption of clean energy sources. China, in particular, was expected to be a major player in the global blue hydrogen market due to its significant investments in the development of hydrogen infrastructure and the government's commitment to achieving carbon neutrality by 2060. Other countries in the Asia Pacific region, such as Japan and South Korea, were also expected to contribute to the growth of the blue hydrogen market. However, it is important to note that the blue hydrogen market is still in its early stages and there are various factors that could impact its growth in different regions, such as government policies, infrastructure development, and the cost competitiveness of blue hydrogen compared to other energy sources.
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Blue Hydrogen Market Drivers
Government initiatives and regulations
Blue Hydrogen Market Restraints
Lack of infrastructure
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The Global Blue Hydrogen Market is highly competitive, with several major players operating in the industry. These companies are focused on developing and commercializing blue hydrogen production technologies and building out the necessary infrastructure to support the growing demand for clean hydrogen. Other notable companies are all focused on developing and commercializing blue hydrogen production technologies and building out the necessary infrastructure to support the growing demand for clean hydrogen.
Blue Hydrogen Market Top Player’s Company Profiles
Blue Hydrogen Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Blue Hydrogen Market analyses, the global blue hydrogen market is expected to witness significant growth in the coming years, driven by the increasing demand for low-carbon hydrogen as a cleaner alternative to fossil fuels. Blue hydrogen, which is produced from natural gas with carbon capture and storage (CCS) technologies, offers a low-carbon option for hydrogen production, making it a key part of the transition towards a decarbonized energy system. In terms of regional analysis, North America is expected to dominate the global blue hydrogen market, driven by its large natural gas reserves and well-established pipeline infrastructure. Europe and Asia Pacific are also expected to witness significant growth in the market, driven by the region's ambitious emissions reduction targets and growing demand for low-carbon hydrogen in industries such as steel and chemicals. Key players operating in the global blue hydrogen market are investing heavily in the development of blue hydrogen production facilities and are expected to play a key role in the growth of the market in the coming years.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 16.27 billion |
Market size value in 2030 | USD 44.5 billion |
Growth Rate | 11.9% |
Base year | 2023 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Blue Hydrogen Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blue Hydrogen Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blue Hydrogen Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blue Hydrogen Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG10D2019
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