Blue Hydrogen Market – Global Industry Analysis and Forecast (2023-2029)

Blue Hydrogen Market was valued at US$ 1.14 Bn. in 2022. Blue Hydrogen Market size is expected to grow at a CAGR of 12.89% through the forecast period.
Blue Hydrogen Market Overview:
Blue hydrogen is hydrogen produced from natural gas with the process of steam methane reforming (SMR). In this steam methane reforming process natural gas is mixed with very hot steam and catalyst. A further chemical reaction occurs and it creates hydrogen and carbon monoxide. Water is added to this mixture and carbon monoxide is converted to carbon dioxide and more hydrogen. If carbon dioxide emissions are then captured and stored underground, the process is considered CO2-neutral and the resulting hydrogen is known as "Blue Hydrogen."

Currently, about 120 megatons of hydrogen are produced annually. About 75 megatons of pure hydrogen. The rest is mixed with other gases, mainly carbon monoxide (CO) in syngas (synthetic gas).To know about the Research Methodology :- Request Free Sample Report
Blue Hydrogen Market COVID-19:
The COVID-19 pandemic has adversely affected all industries, including hydrogen, due to strict blockade restrictions in all major countries. It has put the world economy in great pain. In the early stages, the blockade significantly reduced the demand for hydrogen. In addition, much of the hydrogen comes from the reformation of natural gas, which impedes the supply of hydrogen. However, governments in various countries around the world have relaxed blockade restrictions. Therefore, the manufacturing process is constantly increasing. This will increase the demand for hydrogen in industrial applications. This trend is expected to continue during the forecast period.
Blue Hydrogen Market Dynamics:
Blue Hydrogen Market Drivers:

Increased hydrogen use in fuel cell vehicles is expected to drive the blue hydrogen market shortly. Fuel cells provide clean transportation and can be used as an alternative to fossil fuels. The fuel cell vehicles market of valued at US$ 5058.3 Bn in 2022 and it will reach US$ 109331.25 Bn by 2029. The Fuel cell vehicles market is expected to grow at a CAGR of 66.9% through the forecast period.

In addition, governments in various countries around the world are promoting the use of fuel cell vehicles to reduce greenhouse gas emissions. They give subsidies and tax incentives. People will invest more in the infrastructure development of fuel cell vehicles. Therefore, increased use of hydrogen in the automotive market is expected to drive demand for blue hydrogen through the forecast period.

Rapid industrialization and globalization are important factors driving the blue hydrogen market. Chemistry is one of the most important end-user industries for hydrogen. More than two-thirds of the world's hydrogen production is used primarily in the chemical market for the synthesis of ammonia and methanol. The ammonia market is expected to grow at a CAGR of 2.15% through the forecast period. And Methanol Market is also expected to grow at a CAGR of 2.15% through the forecast period.

Blue Hydrogen Market Restraints:

The presence of greenhouse gas methane in natural gas is a major impediment to profit growth in the market, as methane leaks during blue hydrogen production contribute to global warming. In addition, burning natural gas to produce the large amount of energy needed to produce blue hydrogen will generate carbon dioxide emissions and limit the revenue growth of the blue hydrogen market.
Blue Hydrogen Market Segment Analysis:
Based on Technology, the Steam methane reforming segment is expected to account for the largest revenue share in the glue hydrogen market during the forecast period. The steam methane reforming segment Market is expected to grow at a CAGR of 14.9% through the forecast period.

In steam methane reforming, methane reacts with steam under pressure in the presence of a catalyst, to produce carbon monoxidehydrogen, , and a relatively small amount of carbon dioxide as a by-product, following which carbon dioxide and other impurities are removed, leaving behind essentially pure hydrogen.

The main advantages of this technology are high efficiency of operation, and low operational and production costs. SMR is a cost-effective and energy-efficient way of producing high levels of pure hydrogen that can be collected by employing the in-house pressure swing adsorption purification technology. This is expected to increase its adoption and drive revenue growth in this segment during the forecast period.

Based on the End- User, the Blue Hydrogen Market is segmented into Chemical, Refinery, Power Generation, and Others. The power generation segment will register rapid revenue CAGR during the forecast period. 96% of the world's hydrogen is produced from fossil fuels such as coal, oil, and natural gas by a technique called reforming that combines fossil fuels with steam to heat them to about 800 ° C.Hydrogen fuel cells generate electricity by combining hydrogen and oxygen atoms. Hydrogen reacts with oxygen during an electrochemical reaction similar to a battery, providing electricity, water, and a small amount of heat. However, compared to fossil fuels, hydrogen fuel cells do not emit greenhouse gases during this process, which is expected to increase demand for blue hydrogen in power generation and drive revenue growth in this segment.

The chemical segment will moderate growth during the forecast period. Increasing demand for hydrogen as a component of many chemicals such as hydrochloric acid and ammonia is expected to drive demand for blue hydrogen during the forecast period.
Blue Hydrogen Market Regional Insights:
The Europe region is dominating the market with a 32.8% share and it is expected to grow fast during the forecast period. Europe has been at the leading edge of imposing projects and rules to lessen the emission of greenhouse gases. Almost the entire member states of the European Union (EU) have diagnosed the vital function of hydrogen in their regional electricity and weather rules, and they have express targets associated with hydrogen-primarily based projects, cantered usually on shipping.

The European Union, for instance, followed the EU hydrogen method in July 2022, which targets to boost clean hydrogen development. In addition, The European Clean Hydrogen Alliance, which became established at the same time, is a discussion board that brings collectively markets, public authorities, and civil society to coordinate funding.

The EU also supports research and innovation projects on hydrogen through its research framework programs, Honzon 2022 and Horizontal Europe (2022-2029). The hydrogen project is managed by the Fuel Cell and Hydrogen Joint Venture (FCH JU), a public-private partnership supported by the European Commission. In addition, the rise of new startups in the region is expected to increase investment in blue hydrogen projects and drive revenue growth in the region's markets.

The Asia-Pacific blue hydrogen market is expected to grow rapidly due to increasing demand for hydrogen in end-use industries such as chemicals, fertilizers, and refineries in countries such as China, India, and South Korea. China consumes and produces more hydrogen than any other country. The current annual consumption of hydrogen in China exceeds 24 million tonnes.

The Middle East and Africa markets are expected to record rapid CAGR sales during the forecast period, driven by the large reserves of natural gas which is the main source of blue hydrogen production in the region. In addition, rising levels of pollution in the region and increased awareness of the priority shift to green energy alternatives are expected to have a positive impact on the blue hydrogen market in the Middle East and Africa.

Governments in various countries in the region launched an initiative to ensure zero emissions in October 2021 and are investing in blue hydrogen production. For example, the Saudi Arabian government will be the first to export blue hydrogen, one of the world's most important natural gas projects, for the transition to green energy.

In addition, much of the gas from the US$ 110 billion, Jafurah development is used to produce blue hydrogen. Similarly, Abu Dhabi National Oil Co, a state-owned oil company, has partnered with Mubadala Investment Co. and ADQ to participate in two sovereign wealth funds to produce and export blue and green hydrogen. The Abu Dhabi National of Company plans to develop blue hydrogen independently of natural gas in the process of capturing carbon - dioxide emissions.

The North American market is expected to record stable CAGR during the forecast period, driven by the rapid growth of blue hydrogen demand. The number of companies working on the production and distribution of alternative clean energies such as blue hydrogen has increased significantly. In addition, technological advances and increased investment from governments in different countries of the region are expected to drive market profit growth.

The objective of the report is to present a comprehensive analysis of the global Blue Hydrogen Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Blue Hydrogen Market dynamic, and structure by analyzing the market segments and projecting the Blue Hydrogen Market size. Clear representation of competitive analysis of key players by Product type, price, financial position, product portfolio, growth strategies, and regional presence in the Blue Hydrogen Market make the report investor’s guide.
Blue Hydrogen Market Scope: Inquire before buying



Blue Hydrogen Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.14 Bn.


Forecast Period 2023 to 2029 CAGR:
12.89%
Market Size in 2029:
US $ 2.68 Bn.


 Segments Covered:
by Technology
Steam Methane Reforming
Gas Partial Oxidation
Auto Thermal Reforming


by End User
Chemical
Refinery
Power Generation
Others


by Industry
Ammonia
Methanol
Others



Blue Hydrogen Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Blue Hydrogen Market, Key Players:
1. Royal Dutch Shell PLC
2. Linde PlC
3. Air Product Plc
4. Cummins Inc
5. Siemens Energy
6. Toshiba Energy System and Solution Corp.
7. Equinor ASA
8. CertifHy Canada Inc
9. Xebec Adsorption Inc
10.Uniper SE
11.MVV Energy AG
12.Lion Energy SA
13.Kebaili Corp.
14.Hythane LLC
15.Hydrogain Techonology Inc

Frequently Asked Questions:

1] What segments are covered in the Global Blue Hydrogen Market report?
Ans. The segments covered in the Blue Hydrogen Market report are based on Technology, End User, and Region

2] Which region is expected to hold the highest share in the Global Blue Hydrogen Market?
Ans. The Europe region is expected to hold the highest share in the Blue Hydrogen Market.

3] What is the market size of the Global Blue Hydrogen Market by 2029?
Ans. The market size of the Blue Hydrogen Market by 2029 is expected to reach US$ 2.68 Bn.

4] What is the forecast period for the Global Blue Hydrogen Market?
Ans. The forecast period for the Blue Hydrogen Market is 2023-2029.

5] What was the market size of the Global Blue Hydrogen Market in 2022?
Ans. The market size of the Blue Hydrogen Market in 2022 was valued at US$ 1.14 Bn.