What Is The Definition Of The Global Blue Hydrogen Market?
Blue hydrogen refers to hydrogen produced from natural gas through a process that includes steam methane reforming (SMR) or autothermal reforming (ATR) with carbon capture and storage (CCS) to reduce carbon dioxide emissions. It is considered a low-carbon alternative to conventional hydrogen production methods.
Blue Hydrogen Global Market Report 2024 provides data on the global blue hydrogen market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The blue hydrogen market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Blue Hydrogen Market Size And Annual Growth Rates?
The blue hydrogen market has been expanding rapidly, growing from $16.62 billion in 2023 to $18.64 billion in 2024 at a CAGR of 12.1%. Historical growth drivers include supportive government policies, technological advancements, energy security concerns, stringent environmental regulations, industrial demand, availability of natural gas, increased public awareness, and external pressures. The market is projected to reach $29.61 billion by 2028, growing at a CAGR of 12.3%. Factors fueling future expansion include increased R&D investments, rising carbon pricing, hydrogen infrastructure development, cost reductions in production technology, growing renewable energy capacity, international collaborations, and corporate sustainability goals. Emerging trends include innovations in hydrogen production, integration with renewable energy, applications in the transportation sector, power generation usage, advancements in storage and distribution, scaling hydrogen projects, and cross-sector partnerships.
Which Key Drivers Are Propelling The Blue Hydrogen Market's Growth?
The growing demand for chemical production is expected to stimulate the growth of the blue hydrogen market. Chemical production, which involves transforming raw materials into products through chemical reactions, is expanding across industries as the need for new materials and solutions increases. Blue hydrogen is being used more in chemical production as a cleaner alternative to traditional hydrogen sources, particularly in processes like ammonia production, where hydrogen is essential. For instance, in October 2023, the International Energy Agency (IEA) reported that global ammonia production, which makes up about 2% of total energy consumption, is projected to rise by nearly 40% by 2050. Therefore, the increasing demand for chemical production is expected to drive the blue hydrogen market.
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What Are The Key Segments Within The Global Blue Hydrogen Market?
The blue hydrogen market market covered in this report is segmented –
1) By Technology: Steam Methane Reforming (SMR), Gas Partial Oxidation (POX), Auto Thermal Reforming (ATR)
2) By Transportation Mode: Pipeline, Cryogenic Liquid Tankers
3) By End User: Petroleum Refineries, Chemical Industry, Power Generation Facilities, Other End Users
How Are New Trends Impacting The Size Of The Blue Hydrogen Market?
In the blue hydrogen sector, major companies are advancing production processes with technologies like low-carbon hydrogen (LCH) to boost efficiency and reduce carbon emissions, aligning with global sustainability goals. LCH technology incorporates natural gas reforming with carbon capture and storage (CCS) to minimize greenhouse gas emissions. For instance, in October 2023, Johnson Matthey, a UK-based sustainable technology provider, partnered with BP p.l.c., a UK oil and gas company, to deploy JM’s LCH technology at BP’s H2Teesside facility. This flagship low-carbon hydrogen project integrates a gas-heated reformer with an autothermal reformer (GHR-ATR), achieving high efficiency in natural gas usage while capturing up to 99% of CO2 emissions, thereby setting a benchmark for cost-effective and carbon-efficient blue hydrogen production.
Which Region Drives The Highest Growth In The Blue Hydrogen Market?
North America was the largest region in the blue hydrogen market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the blue hydrogen market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
