Meticulous Research®—a leading global market research company, published a 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.’
According to this latest publication from Meticulous Research®, the blue hydrogen market is projected to reach $29.4 billion by 2030, at a CAGR of 13.8% during the forecast period. 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, the 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.
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The blue hydrogen market is segmented by generation process (steam methane reforming, autothermal 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.
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 increasing adoption of pure hydrogen in applications such as e-mobility, chemical production, and power generation, the growing availability of fossil fuel to produce blue hydrogen, and the rising use of steam methane reforming to reduce the CO2 footprint.
However, the gasification segment is projected to register the highest CAGR during the forecast period due to the growing use of a cost-effective method for producing blue hydrogen, the increasing demand for low-carbon hydrogen as a fuel source for industrial applications, and the rising use of gasification to converts organic or carbon-based materials, including coal and biomass into blue hydrogen.
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 growing availability of abundant feedstock for blue hydrogen production, the rising use of methane in steam methane reforming and autothermal reforming for blue hydrogen production, and the rising use of methane to produce blue hydrogen using CCS technology to capture and store the carbon dioxide (CO2). 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 and the growing government initiative for the use of blue hydrogen due to its zero-carbon footprint.
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However, the fueling segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of blue hydrogen due to more powerful and energy efficient than fossil fuels, the increasing government initiative for clean and flexible energy sources to support zero-carbon energy, and the increasing adoption of blue hydrogen during the combustion due to produce less smoke or any unpleasant fumes.
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 adoption of blue hydrogen to reduce net-zero emission, the growing use of blue hydrogen to produce sustainable methanol and ammonia, the increasing demand for highly efficient energy sources for refineries, and the increasing use of methanol as a clean energy resource.
However, the transportation segment is projected to register the highest CAGR during the forecast period due to the rising demand for blue hydrogen to reduce carbon emission, growing fueling solutions for a range of transportation and motive power applications, and the increasing adoption of blue hydrogen to produce fewer carbon emissions, reduced oil dependence, and fewer air pollutants.
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 increasing adoption of clean energy solutions for sectors such as power generation and transportation, rising government initiatives and investment for blue hydrogen production to reduce emissions and ongoing investment, funding programs, grants for clean fuel adoption, the growing ability to build large infrastructures for storing blue hydrogen, and the growing strategic alliances and large-scale investment for clean hydrogen economy. 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).
Key questions answered in the report:
• Which are the high-growth market segments based on generation process, energy source, application, end user, and geography?
• What was the historical market for blue hydrogen?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, opportunities, challenges, and trends in the blue hydrogen market?
• Who are the major players, and what shares do they hold in the blue hydrogen market?
• How is the competitive landscape in the blue hydrogen market?
• What are the recent developments in the blue hydrogen market?
• What are the different strategies adopted by the major players in the blue hydrogen market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the blue hydrogen market, and how do they compete with the other players?
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