Blue Hydrogen Market to Hit $44.5 Billion by 2030

The global blue hydrogen market is expected to grow from an estimated USD 18.2 billion by 2022 to USD 44.5 billion by 2030, at a CAGR of 11.9%. The blue hydrogen market has a promising growth potential due to several factors, including the role of blue hydrogen in carbon emission reduction, an increase in the demand for fuel cell-based electric vehicles, and a shift toward a hydrogen-based economy.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=217899255

Rising focus on achieving net zero emission target by 2050

Under the scenario of net zero emissions, hydrogen production experiences an unprecedented revolution. In 2030, when the world's output of H2 hits 200 Mt, low-carbon technologies will produce 70% of it. The production of hydrogen will have increased to 500 Mt H2 by 2050, largely because of low-carbon technologies. To attain net zero emissions by 2050, the energy system will need to be modified using several technologies. The main pillars for decarbonizing the global energy system are projected to be energy efficiency, behavioral modification, electricity, renewable energy, Carbon capture utilization and storage (CCUS), and hydrogen.

In the net zero emissions scenario, strong hydrogen demand growth and the adoption of cleaner technologies for its production will allow hydrogen and hydrogen-based fuels to preclude up to 60 Gt of CO2 emissions in 2021-2050, or 6.5% of all cumulative emissions reductions. Hydrogen fuel is crucial for reducing greenhouse emissions in hard-to-decarbonize industries, including heavy industries (especially steel and chemical), heavy-duty road transport, shipping, and aviation, where direct electrification is challenging.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=217899255

North America likely to emerge as the largest blue hydrogen market

The North American region is estimated to be the largest market for the blue hydrogen market, followed by Europe. The growth of the North American region can be attributed to the increasing demand for hydrogen fuel cell-based vehicles and the number of hydrogen filling stations in the US and Canada.

The European region is projected to be the fastest-growing market during the forecast period. The growth of the European blue hydrogen market is expected to be driven by the increasing demand for fuel cell-based electric vehicles and a shift toward a hydrogen-based economy.

Some of the top players in the Blue Hydrogen Market include Shell Plc (UK), Linde plc (Ireland), ExxonMobil Corporation (US), Air Liquide (France), and Air Products Inc. (US).

Content Source: https://www.marketsandmarkets.com/PressReleases/blue-hydrogen.asp

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.