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