Blue Hydrogen Market to be Worth $29.4 Billion by 2030-Exclusive Report by Meticulous Research®

According to a new market research report titled, 'Blue Hydrogen Market by Generation Process (Steam Methane Reforming, Autothermal Reforming), Energy Source (Coal, Methane), Application (Fueling, Feedstock), End User (Transportation, Chemical Production), and Geography-Global Forecast to 2030.,' the blue hydrogen market is projected to reach $29.4 billion by 2030, at a CAGR of 13.8% during the forecast period.

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Blue hydrogen is produced mainly from natural gas, using a process such as steam methane reforming, auto thermal reforming, gasification, and partial oxidation, which brings together natural gas and heated water in the form of steam. During blue hydrogen production, carbon dioxide is generated, which is captured and stored with CCS technology, providing carbon-free hydrogen. Blue hydrogen is used in several industries, such as chemical production, transportation, power generation, and manufacturing, in which it is used as feedstock and fuel for these industries.
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.

The blue hydrogen market is segmented by generation process (steam methane reforming, auto thermal reforming, gasification, and partial oxidation), energy source (coal, methane, and water), application (fueling, feedstock, and other applications), end user (chemical production, [synfuel production, ammonia production, petroleum refinery, and methanol production], transportation, power generation, manufacturing, and other end users), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on generation process, the blue hydrogen market is segmented into steam methane reforming, autothermal reforming, gasification, and partial oxidation. In 2023, the steam methane reforming segment is expected to account for the largest share of the blue hydrogen market. The large market share of this segment is attributed to the rising use of steam methane reforming to reduce the CO2 footprint and the increasing adoption of pure hydrogen in applications such as transportation, chemical production, and power generation.

However, the gasification segment is projected to register the highest CAGR during the forecast period due to the rising use of gasification to convert organic or carbon-based materials, including coal and biomass, into blue hydrogen and the increasing demand for low-carbon hydrogen as a fuel source for industrial applications.

Based on energy source, the blue hydrogen market is segmented into coal, methane, and water. In 2023, the methane segment is expected to account for the largest share of the blue hydrogen market. The large market share of this segment is attributed to the rising use of methane to produce blue hydrogen using CCS technology to capture and store carbon dioxide (CO2) and the growing availability of abundant feedstock for blue hydrogen production. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on application, the blue hydrogen market is segmented into fueling, feedstock, and other applications. In 2023, the feedstock segment is expected to account for the largest share of the blue hydrogen market. The large market share of this segment is attributed to the increasing adoption of blue hydrogen for chemical production.
However, the fueling segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of blue hydrogen during combustion due to producing less smoke or any unpleasant fumes and the increasing adoption of blue hydrogen due to more powerful and energy efficiency compared to fossil fuels.

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Based on end user, the blue hydrogen market is segmented into chemical production, transportation, power generation, manufacturing, and other end users. In 2023, the chemical production segment is expected to account for the largest share of the blue hydrogen market. The large market share of this segment is attributed to the increasing use of methanol as a clean energy resource, the increasing demand for highly efficient energy sources for refineries, and the growing use of blue hydrogen to produce sustainable methanol and ammonia.

However, the transportation segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of blue hydrogen to produce less carbon emissions, reduced oil dependence, fewer air pollutants, and the rising demand for blue hydrogen to reduce carbon emissions.

Based on geography, the blue hydrogen market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the blue hydrogen market. The large market share of Asia-Pacific is attributed to the growing strategic alliances and large-scale investment in the clean hydrogen economy, 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. Also, this market is projected to register the highest CAGR during the forecast period.

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Key Players:
The key players operating in the blue hydrogen market include 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).

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