The Blue Hydrogen Market is projected to reach $29.4 billion by 2030, at a CAGR of 13.8% during the forecast period of 2024 to 2030. The growth of this market is driven by the increasing demand for blue hydrogen in chemical production and the growing government initiative to decarbonize chemical production. However, the energy loss during the blue hydrogen production restrains the growth of this market. Furthermore, a growing development of blue hydrogen production technologies is expected to create market growth opportunities. However, the integration of blue hydrogen into natural gas networks is a major challenge for the players operating in this market. The latest trends in the blue hydrogen market are increasing adoption of carbon capture utilization and storage (CCUS) technology.
Increasing Demand for Blue Hydrogen in Chemical Production
The increasing demand for blue hydrogen in chemical production is due to it being produced from natural gases with carbon capture storage (CCS), which gives several benefits in chemical production. In chemical production, there are several environmental regulations and emissions targets. Using blue hydrogen helps chemical manufacturers to meet these requirements and reduce their environmental footprint. Blue hydrogen is widely used in several chemical productions, such as synfuel production, ammonia production, petroleum refinery, and methanol production. The use of blue hydrogen in chemical production helps to reduce carbon emissions, improve energy efficiency, and support the chemical industry's transition toward more sustainable and environmentally friendly practices.
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Key Findings in the Blue Hydrogen Market Study:
The Gasification Segment to Register the Highest CAGR During the Forecast Period
Based on generation process, the gasification is projected to register the highest CAGR during the forecast period. The rising use of gasification to convert organic or carbon-based materials, including coal and biomass, into blue hydrogen, the increasing demand for low-carbon hydrogen as a fuel source for industrial applications, and the growing use of a cost-effective method for producing blue hydrogen are expected to support the growth of this segment.
The Methane Segment to Register the Highest CAGR During the Forecast Period
Based on energy source, the methane segment is projected to register the highest CAGR during the forecast period. The rising use of methane to produce blue hydrogen using CCS technology to capture and store the carbon dioxide (CO2), the rising use of methane in steam methane reforming and auto thermal reforming for blue hydrogen production, and the growing availability of abundant feedstock for blue hydrogen production are expected to support the growth of this segment.
The Fueling Segment to Register the Highest CAGR During the Forecast Period
Based on application, the fueling segment is projected to register the highest CAGR during the forecast period. The increasing adoption of blue hydrogen during combustion due to producing less smoke or any unpleasant fumes, the increasing government initiative for clean and flexible energy sources to support zero-carbon energy, and the increasing adoption of blue hydrogen due to more powerful and energy efficient than fossil fuels are expected to support the growth of this segment.
The Transportation Segment to Register the Highest CAGR During the Forecast Period
Based on end user, the transportation segment is projected to register the highest CAGR during the forecast period. The increasing adoption of blue hydrogen to produce fewer carbon emissions, reduced oil dependence, and fewer air pollutants, the growing fueling solutions for a range of transportation and motive power applications, and the rising demand for blue hydrogen to reduce carbon emission are expected to support the growth of this segment.
Asia-Pacific to be the Fastest-growing Regional Market
In 2024, Asia-Pacific is expected to account for the largest share of the blue hydrogen market, followed by Europe, North America, Latin America, and the Middle East & Africa. However, Asia-Pacific is slated to record the highest growth rate during the forecast period. The growing strategic alliances and large-scale investment in the clean hydrogen economy, the rising government initiative and investment for blue hydrogen production to reduce emission, ongoing investment, funding program, grants for clean fuel adoption, the growing ability to build large infrastructures for storing blue hydrogen, and the increasing adoption of clean energy solutions for sectors such as power generation and transportation contribute to the rapid growth of this regional market.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the blue hydrogen market in the last three to four years. The key players profiled in the blue hydrogen market report are Matheson Tri-Gas, Inc. (U.S.), Shell plc (U.K.), Linde GmbH (Germany), L’AIR LIQUIDE S.A. (France), Air Products and Chemicals Inc. (U.S.), Uniper SE (Germany), ATCO Ltd. (Canada), Suncor Energy Inc. (Canada), Equinor ASA (Norway), Saudi Arabian Oil Company (Saudi Arabia), Aker Solutions ASA (Norway), Topsoe A/S (Denmark), Technip Energies N.V (France), Ivys Adsorption Inc. (U.S.), and Woodside Energy Group Limited (Australia).
Scope of the report:
Blue Hydrogen Market Assessment, by Generation Process
- Steam Methane Reforming
- Autothermal Reforming
- Gasification
- Partial Oxidation
Blue Hydrogen Market Assessment, by Energy Source
Blue Hydrogen Market Assessment, by Application
- Fueling
- Feedstock
- Other Applications
Blue Hydrogen Market Assessment, by End User
- Chemical Production
- Synfuel Production
- Ammonia Production
- Petroleum Refinery
- Methanol Production
- Manufacturing
- Power Generation
- Transportation
- Other End Users
Blue Hydrogen Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Poland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Key questions answered in the report:
