Use in Electricity Generation Boosting the Blue Hydrogen Market

The blue hydrogen market will grow at a rate of 11.70% by the end of this decade, to reach USD 42,783 million by 2030.

Blue hydrogen is often promoted as a low-carbon fuel for electricity generation, powering vehicles, and heating buildings and an energy storing medium. The high crude oil price instability and unnecessary taxes on diesel and gasoline have brought about a sharp rise in their cost.

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Moreover, due to the increasing requirement and a lack of supply, crude oil prices have increased significantly. Shipping costs of crude oil are also rising, making diesel and gasoline favorable for the people. Consequently, there is a requirement for alternative fuels, like hydrogen.

Canada, the U.S., the U.A.E., and Saudi Arabia have massive hydrocarbon reserves. Most of these nations are known for expanding the energy supply of the world by leveraging their exclusive access to reasonably priced natural resources. Talking of hydrogen, these countries may possibly scale up production through clean methods. This could also power the requirement for hydrogen energy storage technologies, for using gas for numerous purposes, when there is a high demand.

In addition to their easy access to hydrocarbon resources, the viable supply of H2 from HRCs will be fueled by the affordability of renewable energy, robust local demand, beneficial location, and a track record of supplying fuel to international markets. This way, OPEC members could turn out to be leading clean H2 providers; though, contingent on how they make use of their resources, they might hold diverse positions in the industry.

In 2030, the petroleum refinery application will generate a significant revenue in the blue hydrogen market. The gas is a key chemical in the production of valued products at refineries. E&P and petrochem companies are compelled for limiting their carbon footprints by government regulations. Hence, for more-sustainable operations, petroleum corporations are rapidly replacing conventional fuels with affordable and low-carbon alternatives.

The use of this chemical in fuel cell EVs is expanding. Though hydrogen has long been documented as a low-carbon fuel for transportation, addition of the same to the mix of W fuels is difficult.

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Furthermore, the high price of the commodity is a key issue for truck manufacturers, with the relative dearth of refueling stations additionally impeding FCEV acceptance. Though, over the conventional fossil fuels, which are getting exhausted and, consequently, becoming additionally expensive, it has an edge. On top of FCEVs, the commodity is highly required in the aerospace sector, because it is a main rocket fuel.

Blue hydrogen is increasingly used as a medium for storing energy, and that is the main reason, the demand for the same is on the rise, all over the world.

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