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The global blue hydrogen market reached approximately USD 1.19 billion in 2023. The market is further projected to grow at a CAGR of 10.3% between 2024 and 2032, reaching a value of USD 2.87 billion by 2032.
Blue hydrogen refers to hydrogen produced from natural gas through the process of steam methane reforming. In this process hot steam is mixed with the natural gas and a catalyst. The chemical reaction results in the production of carbon monoxide and hydrogen. Blue hydrogen helps in decarbonising industrial heating and in storing and generating electricity.
On the basis of technology, the market is divided into gas partial oxidation (POX), auto thermal reforming (ATR), and steam methane reforming (SMR). Based on end use, the market is categorised into chemical industry, petroleum refineries, and power generation facilities, among others. On the basis of region, the blue hydrogen industry segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
Steam Methane Reforming (SMR) technology is expected to account for a significant blue hydrogen market share. The methane, in the presence of a catalyst, reacts with steam to produce carbon monoxide, relatively less amount of carbon dioxide, and hydrogen. This growth can be attributed to the ability of the technique to produce high levels of pure hydrogen in an efficient manner and its cost-efficient nature. The produced oxygen can be collected by deploying in-house pressure swing absorption purification.
North America is anticipated to account for a significant share of the market over the forecast period owing to the rising applications of blue hydrogen in petroleum refineries, power generation, and transportation, among others. The expansion of the chemical sector in the region is another major factor boosting the blue hydrogen market demand. Blue hydrogen is being favoured by various industries in North America due to the introduction of supportive government policies that aim to bolster the utilisation of the gas.
Linde plc is an industrial gas and engineering company known for providing high quality technology, solutions, and services to their customers across the globe. The primary business of the company involves distribution and manufacture of atmospheric gasses, including nitrogen and oxygen, among others.
Shell International B.V. is an energy company that specialises in production, exploration, marketing, and refining of natural gas and oil. They are dedicated towards meeting global energy demands by producing cleaner natural gasses.
Air Products and Chemicals, Inc. provides essential industrial gasses and equipment to customers across various industries including electronics, chemicals, manufacturing, food, and refining, among others. The company was found in 1940 and is headquartered in Pennsylvania, United States.
Other blue hydrogen market key players include Dastur Energy, Technip Energies N.V., Topsoe A/S, Aker Solutions ASA, and Thyssenkrupp Uhde GmbH, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Technology |
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Breakup by End Use |
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Breakup by Region |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a value of approximately USD 1.19 billion in 2023.
The market is projected to grow at a CAGR of 10.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2.87 billion by 2032.
The major market drivers include increasing government initiatives to support clean energy sources and rising utilisation by chemical sector.
The key trends fuelling the growth of the market include surge in adoption of fuel cell vehicles and increased utilisation by petroleum refineries.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The end uses of blue hydrogen include chemical industry, petroleum refineries, and power generation facilities, among others.
The key players in the market are Linde plc, Shell International B.V., Air Products and Chemicals, Inc., Dastur Energy, Technip Energies N.V., Topsoe A/S, Aker Solutions ASA, and Thyssenkrupp Uhde GmbH, among others.
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