IMARC Group, a leading market research company, has recently releases report titled “Blue Hydrogen Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global blue hydrogen market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the blue hydrogen market?
The global blue hydrogen market size reached US$ 10 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.70% during 2023-2028.
What is Blue Hydrogen?
Blue hydrogen is a promising and innovative energy source that holds the potential to revolutionize the global energy landscape. It is a clean and sustainable form of hydrogen produced through a process known as steam methane reforming (SMR) or autothermal reforming (ATR) of natural gas. What sets blue hydrogen apart from its gray counterpart is the integration of carbon capture and storage (CCS) technology, which captures the carbon dioxide (CO2) emissions generated during hydrogen production and stores them underground, preventing their release into the atmosphere. Blue hydrogen production begins with the extraction of natural gas, a readily available and abundant fossil fuel source. The natural gas is then subjected to a reforming process, where it is heated and combined with steam to produce hydrogen gas and carbon dioxide. The captured CO2 is subsequently transported and stored deep underground in geological formations, effectively preventing it from contributing to greenhouse gas emissions. This integration of CCS technology is a hallmark of blue hydrogen, making it a low-carbon or even carbon-neutral energy source.
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What are the growth prospects and trends in the blue hydrogen industry?
The primary driver of the global blue hydrogen market is its ability to substantially reduce carbon emissions. By capturing and storing CO2 emissions from hydrogen production, blue hydrogen offers a pathway to decarbonize energy-intensive industries and reduce the carbon footprint of various sectors, aligning with global climate goals. Moreover, the transition from fossil fuels to cleaner and more sustainable energy sources is a key driver. Blue hydrogen provides a bridge between traditional fossil fuels and renewable energy sources, offering a reliable and low-carbon energy option while renewable technologies continue to advance. Furthermore, blue hydrogen has vast potential in energy-intensive industries such as steel production, chemical manufacturing, and power generation. These sectors are increasingly seeking cleaner alternatives to reduce emissions and comply with stringent environmental regulations. This, along with the growing interest in a global hydrogen economy is propelling the blue hydrogen market growth. Countries and regions are investing in hydrogen infrastructure and developing policies to support the production and utilization of hydrogen as a clean energy carrier. Significant technological advancements and ongoing research and development (R&D) efforts are also driving advancements in blue hydrogen production technologies, improving efficiency and reducing costs, thereby contributing to the market growth. These advancements make blue hydrogen more economically viable and attractive to a broader range of industries. Other factors, such as international collaboration and agreements on hydrogen production and utilization, renewable hydrogen synergy, along with the increasing need for energy security, are creating a positive outlook for the market further across the globe. In line with this, blue hydrogen can enhance energy security by diversifying energy sources and reducing reliance on fossil fuels. This is particularly relevant for countries seeking to reduce energy dependence and enhance their energy resilience.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technology:
- Steam Methane Reforming
- Gas Partial Oxidation
- Auto Thermal Reforming
Breakup by End User:
- Power Generation
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Air Liquide S.A
- Air Products and Chemicals Inc.
- Aker Solutions ASA
- Aquaterra Energy Ltd.
- Bp P.L.C.
- Dastur Energy
- ExxonMobil Corporation
- INEOS Group Limited
- Johnson Matthey
- Linde plc
- Saudi Arabian Oil Co.
- Shell plc
- Technip Energies N.V.
- Uniper SE
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