Blue Hydrogen Market Valued at US$ 1.14 Billion in 2022, Poised for 12.89% CAGR Growth During the Forecast Period

20.09.2023: Blue Hydrogen Market Report Scope and Research Methodology

Blue hydrogen, produced via steam methane reforming (SMR) from natural gas, involves a process where natural gas is mixed with hot steam and a catalyst. This mixture leads to chemical reactions resulting in the creation of hydrogen and carbon monoxide. The addition of water to this mixture further converts carbon monoxide into carbon dioxide and additional hydrogen. When carbon dioxide emissions from this process are captured and stored underground, it is considered a CO2-neutral process, leading to the production of what is known as "Blue Hydrogen."

Currently, the world produces approximately 120 megatons of hydrogen annually, with 75 megatons being pure hydrogen, while the remainder is mixed with other gases, primarily carbon monoxide (CO) in synthetic gas (syngas).

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What are Blue Hydrogen Market Dynamics?

Increased Adoption in Fuel Cell Vehicles: The blue hydrogen market is poised for growth, driven by the rising use of hydrogen in fuel cell vehicles. Fuel cells offer clean transportation alternatives, potentially replacing traditional fossil fuels. In 2022, the fuel cell vehicles market was valued at US$ 5058.3 billion, expected to reach US$ 109,331.25 billion by 2029, with a remarkable CAGR of 66.9%. Governments worldwide are promoting fuel cell vehicles to reduce greenhouse gas emissions, offering subsidies and tax incentives. Increased investments in fuel cell vehicle infrastructure are anticipated, driving the demand for hydrogen and subsequently, blue hydrogen, throughout the forecast period.
Rapid Industrialization and Globalization: Global industrialization and globalization are significant drivers of the blue hydrogen market. Hydrogen is a crucial component for various industries, with over two-thirds of global hydrogen production being used primarily in the chemical industry for synthesizing ammonia and methanol. The ammonia market is expected to grow at a CAGR of 2.15%, and the methanol market at a similar rate of 2.15% during the forecast period. Additionally, hydrogen's use as a substitute for fossil fuels is expected to fuel further growth in the market.

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What is Blue Hydrogen Market Segmentation?

Technology Segment: Within the technology segment, steam methane reforming (SMR) is expected to dominate the blue hydrogen market during the forecast period. SMR is anticipated to grow at a CAGR of 14.9%. It involves the reaction of methane with steam in the presence of a catalyst under pressure, resulting in the production of carbon monoxide, hydrogen, and a small amount of carbon dioxide. This process, followed by the removal of impurities, yields nearly pure hydrogen. SMR offers high operational efficiency and cost-effectiveness, making it an attractive technology for hydrogen production.
End-User Segment: The power generation segment is poised for rapid revenue growth during the forecast period. Hydrogen fuel cells, which combine hydrogen and oxygen atoms to generate electricity, have gained traction as a green energy source. These fuel cells produce electricity, water, and minimal heat without emitting greenhouse gases, driving demand for blue hydrogen in power generation. The chemical segment is expected to exhibit moderate growth, supported by increasing hydrogen demand in various chemical processes, including the production of hydrochloric acid and ammonia.

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Who are 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

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Table of content for the Blue Hydrogen Market includes:

Part 01: Executive Summary

Part 02: Scope of the Blue Hydrogen Market Report

Part 03: Global Blue Hydrogen Market Landscape

Part 04: Global Blue Hydrogen Market Sizing

Part 05: Global Blue Hydrogen Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

Regional Insights:

Europe: The European market holds a dominant share of 32.8% and is expected to experience substantial growth. Europe has been at the forefront of implementing projects and regulations to reduce greenhouse gas emissions. The European Union (EU) and its member states have recognized hydrogen's critical role in their regional energy and climate policies, with specific targets linked to hydrogen-based projects. The EU has adopted the EU Hydrogen Strategy and established the European Clean Hydrogen Alliance to coordinate investments. This region's support for hydrogen research and innovation projects is expected to drive investment in blue hydrogen projects and market growth.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic
perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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