Blue Hydrogen Market Outlook
According to a new report by Expert Market Research titled, “Global Blue Hydrogen Market Growth, Price, Size, Analysis, Report and Forecast 2023-2028″, the blue hydrogen market reached a value of USD 1.09 billion in 2022. Aided by the ever-growing call for sustainable energy alternatives and the progressive application of blue hydrogen in a multitude of sectors, the market is projected to further grow at a CAGR of 9.60% between 2023 and 2028 to reach a value of USD 1.99 billion by 2028.
Blue hydrogen, primarily generated from natural gas through steam-methane reforming (SMR) while capturing and storing carbon emissions, is being widely recognised as a crucial bridge to a greener, more sustainable energy future. Besides its potential role in decarbonising energy systems, blue hydrogen also provides significant flexibility and storage capacity, positioning it as a critical element in achieving energy security and grid reliability.
The intensifying global inclination towards sustainable energy solutions is the key propellant for the blue hydrogen market development. With increasing cognisance of the deleterious impacts of climate change, there is a significant shift towards low-carbon energy sources, triggering a spike in the demand for blue hydrogen. Furthermore, stringent environmental regulations and the concerted global effort to reach net-zero emissions have been instrumental in catalysing the interest in blue hydrogen.
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The widening application spectrum of blue hydrogen across various sectors further bolsters global blue hydrogen market growth. In the power generation sector, blue hydrogen serves as a low-carbon alternative to conventional fuels. In the industrial sphere, it plays a crucial role in various processes such as refining, ammonia production, and methanol synthesis, facilitating a reduction in the carbon footprint of these industries. The transportation sector is also embracing blue hydrogen, particularly in heavy-duty vehicles and marine applications, where its high energy density and environmental advantages shine.
Moreover, the burgeoning demand for green alternatives in the heating sector has heightened the focus on blue hydrogen as a practical substitute for natural gas. With the growing emphasis on decarbonising heat, particularly in regions with cold climates, blue hydrogen has emerged as an instrumental element in the creation of hydrogen-based heating systems, thereby reinforcing the market’s expansion.
On the technology front, advancements in carbon capture and storage (CCS) have significantly boosted the blue hydrogen market development. Improved efficiency and declining costs have made CCS a more viable solution for managing carbon emissions from hydrogen production, reinforcing blue hydrogen’s position in the transition towards a low-carbon energy system.
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Furthermore, policy support and government initiatives promoting the hydrogen economy significantly contribute to the blue hydrogen market growth. Numerous countries have included hydrogen, including blue hydrogen, in their national energy strategies and decarbonisation plans, thereby creating a conducive environment for the development and deployment of blue hydrogen technologies.
Blue Hydrogen Market Segmentation
The market can be divided based on technology, end use, and region.
Market Breakup by Technology
- Gas Partial Oxidation (POX)
- Auto Thermal Reforming (ATR)
- Steam Methane Reforming (SMR)
Market Breakup by End Use
- Chemical Industry
- Petroleum Refineries
- Power Generation Facilities
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global blue hydrogen companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Linde plc
- Shell International B.V.
- Air Products and Chemicals, Inc.
- Dastur Energy
- Technip Energies N.V.
- Topsoe A/S
- Aker Solutions ASA
- Thyssenkrupp Uhde GmbH
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