What Fueled The Previous Growth In The Blue Hydrogen Market?
The blue hydrogen market has seen considerable growth due to a variety of factors.
• The blue hydrogen market has seen rapid growth in recent years. It will expand from $18.64 billion in 2024 to $20.96 billion in 2025, with a CAGR of 12.4%.
This expansion is due to favorable government policies, technological advancements, concerns over energy security, environmental regulations, industrial demand, availability of natural gas, increasing public awareness, and growing pressure for cleaner energy.
What Can Be Expected from the Blue Hydrogen Market Size?
The blue hydrogen market is expected to maintain its strong growth trajectory in upcoming years.
• The blue hydrogen market is projected to see rapid growth, reaching $33.18 billion by 2029, with a CAGR of 12.2%.
Growth drivers include higher investment in R&D, rising carbon pricing, hydrogen infrastructure expansion, production cost reductions, renewable energy growth, international cooperation, and corporate sustainability goals. Key trends include advancements in hydrogen production processes, integration with renewable energy, increased usage in transportation and power generation, innovations in storage and distribution, scaling hydrogen projects, and cross-industry partnerships.
What Are the Critical Driver Fuelling The Blue Hydrogen Market's Growth?
The rising demand for chemical production is expected to drive the growth of the blue hydrogen market. The chemical production sector requires hydrogen as a key feedstock in processes like ammonia production. Blue hydrogen, a cleaner alternative to traditional hydrogen sources, is becoming more widely used in these processes. The International Energy Agency forecasted that ammonia production would rise nearly 40% by 2050, driving demand for blue hydrogen in chemical production.
How Is The Blue Hydrogen Market segmented?
The blue hydrogen 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
Subsegments:
1) By Steam Methane Reforming (SMR): Traditional SMR, SMR With Carbon Capture And Storage (CCS)
2) By Gas Partial Oxidation (POX): Coal Gasification With POX, Natural Gas POX
3) By Auto Thermal Reforming (ATR): ATR With Carbon Capture And Storage (CCS), ATR Without CCS
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Which Emerging Market Trends Are Altering The Blue Hydrogen Industry?
In the blue hydrogen market, companies are advancing low-carbon hydrogen production technologies to improve efficiency and reduce emissions. For example, in October 2023, Johnson Matthey, a UK-based sustainable tech provider, entered a licensing agreement with BP p.l.c. to implement its low-carbon hydrogen (LCH) technology at BP’s H2Teesside facility in England, which will capture up to 99% of carbon dioxide emissions during hydrogen production.
Who Are the Key Players In The Blue Hydrogen Market?
Major companies operating in the blue hydrogen market are:
• Saudi Arabian Oil Company (Saudi Aramco)
• Exxon Mobil Corporation
• Royal Dutch Shell PLC
• Uniper SE
• TotalEnergies SE
• BP Plc
• Chevron Corporation
• Mitsubishi Corporation
• Equinor ASA
• Reliance Industries Ltd.
• Repsol S.A.
• Engie SA
• ConocoPhillips
• Suncor Energy Inc.
• Linde Plc
• Cummins Inc.
• Air Products Inc.
• Toshiba Energy Systems & Solutions Corp.
• ATCO Ltd.
• Air Liquide S.A.
• Siemens Energy (Siemens AG)
• FuelCell Energy Inc.
What Is The Most Dominant Region 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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
