According to a market report, published by Sheer Analytics and Insights, The global blue hydrogen market was valued at $1.1 billion in 2021 and it is expected to reach $3.9 billion at a CAGR of 11.6% between 2022 and 2032. High crude oil price volatility and numerous fuel taxes are to blame for the sharp increase in the cost of fuels like gasoline and diesel. Crude oil prices have dramatically increased as a result of rising demand and a lack of supply, allowing cartels like the Organization of the Petroleum Exporting Countries (OPEC) to set crude oil price benchmarks. Additionally, the price of shipping crude oil is growing, which affects the price of all fuels, including gasoline and diesel. Due to this, demand for alternative fuels like hydrogen is rising, which is likely to propel market revenue growth. Moreover, when combined with oxygen, hydrogen, the cleanest fuel available with zero carbon emissions, produces the same amount of energy as gasoline or diesel with the least amount of pollutants. Internal combustion engines powered by hydrogen fuel can be found in a wide range of automobiles.
Furthermore, the technology, end-use, industry, and regional segments make up the forecast for the blue hydrogen market. The market is segmented into steam methane reforming, gas partial oxidation, and auto thermal reforming based on technology. The market is also examined in terms of regions, including North America, Europe, Asia-Pacific, and LAMEA. Europe, Asia-Pacific, and North America now hold the greatest market shares, respectively. The demand for blue hydrogen is anticipated to rise as research and development spending on cleaner energy options rises. The quality of the air has deteriorated due to a rapid rise in pollution brought on by the burning of fossil fuels and other human activities, which has also caused a quick rise in global temperature. Along with major monetary contributions to the Green Climate Fund, governments of wealthy nations are investing heavily in the creation of environmentally friendly alternative power sources. These major factors are expected to propel the market growth during the forecast period.
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Atco Ltd., Linde Plc, Air Liquide S.A., Suncor Energy Inc., Royal Dutch Shell PLC, AirProducts Inc., Cummins Inc., Siemens Energy, Toshiba Energy Systems & Solutions Corp., Equinor ASA, CertifHy Canada Inc., Xebec Adsorption Inc., Uniper SE, Saudi Aramco, and Reliance Industries are some of the significant companies profiled in this. The need for blue hydrogen has increased as a result of modernization, industrialization, and public awareness of the negative environmental effects of fossil fuels. In addition, to cut greenhouse gas emissions, governments around the world are supporting the usage of fuel-cell automobiles. Subsidies and tax breaks are provided. People will put more money into building fuel cell car infrastructure. As a result, it is anticipated that across the projected period, greater use of hydrogen in the automotive industry will fuel demand for blue hydrogen. Hence, these rising factors would create more growth opportunities for the blue hydrogen market in the future.
On the other hand, some restraints are expected to hamper the growth of this market over the forecast period. For instance, since methane leaks during the synthesis of blue hydrogen contribute to global warming, the presence of methane in natural gas poses a significant barrier to market profit growth.
Some new developments in the global blue hydrogen market:
- On 22nd August, 2022, the first insurance facility for green and blue hydrogen project risks was introduced by Marsh. This would give green and blue hydrogen energy projects, both new and old, specific insurance capacity.
- On 12th February, 2022, the goal of Reliance Industries is to produce the bluest hydrogen globally. When the carbon produced by steam reforming is caught and stored, hydrogen is given the color blue. As a result of the emissions not being spread in the atmosphere, blue hydrogen is occasionally referred to as carbon neutral.
According to the study, key players dominating the global blue hydrogen market are Air Products (U.S), BP (U.K), Cummins (U.S), ExxonMOBIL Corp (U.S), Equinor (Norway), Fortum (Finland), Linde Plc (Ireland), Siemens (Germany), Shell Plc (U.K), Topsoe (Denmark), Technip Energies (France), Toshiba (Japan), Woodside Energy (Australia), Xebec Adsorption (Canada), among others.
The Global Blue Hydrogen Market Has Been Segmented Into:
The Global Blue Hydrogen Market – by Technology Type:
- Steam Methane Reforming
- Auto Thermal Reforming
- Gas Partial Oxidation
- Others
The Global Blue Hydrogen Market – by Verticals Type:
- Power Generation
- Chemical
- Refinery
- Others
The Global Blue Hydrogen Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/blue-hydrogen-market-21
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