Home Press Releases Blue Hydrogen Market Size Worth $43.79 Billion By 2030 | CAGR: 11.8%

Blue Hydrogen Market Size Worth $43.79 Billion By 2030 | CAGR: 11.8%

The global blue hydrogen market size is expected to reach USD 43.79 billion by 2030, according to a new study by Polaris Market Research. The report “Blue Hydrogen Market Share, Size, Trends, Industry Analysis Report, By Technology (Steam Methane Reforming, Gas Partial Oxidation, and Auto Thermal Reforming); By End-Use; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

Increasing applications of blue hydrogen in fuel cell electric vehicles and the aerospace sector around the world along with the rising focus of various governments on achieving net zero emissions targets, by 2050, are key factors projected to drive the growth. In addition, growing investment by various large market companies and government organizations in the enhancement and improvement of hydrogen production facilities by promoting various development projects and incorporation of advanced technologies like machine learning & artificial intelligence is anticipated to create lucrative growth opportunities for the market.

 

For instance, in April 2022, Wood Plc. announced the launch of its new next-generation steam methane technology to produce hydrogen, which can achieve around 95% reductions in CO2 emissions, compared to traditional plants. This SMR technology will be applicable for both greenfield and brownfield projects while improving the efficiency and environmental footprint of existing hydrogen production assets.

 

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The rapid increase in the prices of various fuels like petrol & diesel, which can attribute to high volatility in the crude oil process and several taxes & cesses levied on the fuel, has enabled cartels like the organization of petroleum exporting countries, to decide the benchmark of their prices crude oil prices. This is significantly leading to a rapid increase in the demand for alternative fuel sources such as blue hydrogen and is expected to impact the global market positively in the next coming years.

 

In March 2022, ExxonMobil announced its plan to launch of a hydrogen manufacturing plant at its integrated refining & petrochemical site in Texas. This facility would produce up to 1 Bn cubic feet of blue hydrogen/per day. And, using hydrogen as a fuel at its Baytown site will help to reduce CO2 emissions by more than 30%.

 

Blue Hydrogen Market Report Highlights

  • Steam methane reforming segment accounted for a significant market share in 2021, owing to its cost-effectiveness & rising adoption as the cheapest way of producing high levels of pure hydrogen
  • The chemical industry segment held the largest market share, in 2021, due to a rapid increase in demand for various types of ammonia fertilizers and high utilization in the production of bulk chemicals and intermediates
  • North America region dominated the global market and is expected to grow over the projected period on account of increased investment in research & development activities and the rising need for fuel cells in electric vehicles
  • The global market players include ExxonMobil Corporation, Air Products and Chemical, Aker Solutions, Technip Energies, and The State Atomic Energy Corporation

 

Polaris Market Research has segmented the blue hydrogen market report based on technology, end-user, and region:

 

Blue Hydrogen, Technology Outlook (Revenue – USD Billion, 2018 – 2030)

  • Steam Methane Reforming
  • Gas Partial Oxidation
  • Auto Thermal Reforming

Blue Hydrogen, End-User Outlook (Revenue – USD Billion, 2018 – 2030)

  • Petroleum Refiners
  • Chemical Industry
  • Power Generation Facilities
  • Others

Blue Hydrogen, Regional Outlook (Revenue – USD Billion, 2018 – 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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