The global blue hydrogen market revenue was around US$ 1 billion in 2022 and is estimated to reach US$ 3 billion by 2031, growing at a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2023 to 2031.
The term "blue hydrogen" refers to hydrogen that is generated from natural gas and is aided by carbon capture and storage. Blue hydrogen is promoted as a low-carbon fuel that may be used to power vehicles such as cars, trains, and trucks, as well as to generate electricity and heat buildings.
Market Driving Factors
Government initiatives and rules are key drivers of the market growth. This is mainly owing to the various governments around the world introducing regulations and policies to encourage the usage of low-carbon fuels, including hydrogen, to address the difficulties of air pollution and climate change. Furthermore, various governments are introducing carbon costs and taxes to facilitate the transition to low-carbon fuels. Therefore, this is increasing demand for blue hydrogen, which has less carbon emissions than conventional fossil fuels.
The surge in hydrogen use in fuel cell vehicles is estimated to boost the market growth. This is because fuel cells offer clean transportation and can be utilized as an option to fossil fuels. Additionally, governments in different nations around the world are facilitating the usage of fuel-cell vehicles to decrease greenhouse gas emissions. As a result, they give tax incentives and subsidies. People finance more in the infrastructure development of fuel cell vehicles.
Inadequate infrastructure for the distribution, storage, and transportation of hydrogen is estimated to restrict the market.
Regional Analysis
North America dominated the market in terms of growth rate and is estimated to maintain its dominance. The Canadian and U.S. government's ambitious targets to lower carbon emissions in line with surged awareness among customers and industries about the advantages and potential applications of blue hydrogen will complete the business trends. Furthermore, the expansion of various blue hydrogen projects and demonstrations coupled with advances in steam methane reforming (SMR) technology, carbon capture and storage (CCS), and electrolysis enhanced the efficiency and lowered the price of blue hydrogen production driving the industry potential.
Asia Pacific is estimated to dominate the market in terms of the largest shares. This is primarily owing to the largest economies across the world looking for alternatives for energy transitions, such as blue hydrogen, to lower their greenhouse gases and carbon emissions to fulfill their climate goals. Furthermore, various nations in the region, such as India, China, and Japan, have set targets for less carbon-hydrogen (blue hydrogen) generation to contribute to the region's growth. For instance, according to the Center on Global Energy Policy, the National Plan’s targets for renewable hydrogen production may seem traditional given the scale of hydrogen consumption in China about a range of 100,000 to 200,000 tons per year by 2025.
Segmentation Insights
Technology Insight
The steam methane reforming segment is predicted to dominate the market in terms of growth rate. This is primarily due to the ability to produce cleaner and more sustainable blue hydrogen in conjunction with improvements in process optimization, catalyst design, and system integration. Furthermore, constant research and development efforts in steam methane reforming (SMR) technology along with a paradigm shift towards the growth of larger-scale SMR facilities will increase the business demand.
The auto-thermal reforming segment is predicted to dominate the market in terms of the fastest growth rate. This is generally owing to the surging demand for gasoline in the automotive industry, different strict government rules on emissions from industrial plants and automobiles, and the surging requirement for hydrogen as a fuel source in various end-use applications worldwide.
End Use Insight
The power generation segment is predicted to dominate the market in terms of the largest revenue. This growth is primarily owing to the major players in the power generation industry, such as Equinor ASA, seeking to decarbonize their power systems by lowering carbon dioxide generated during the usage of hydrogen for power generation and lowering their dependence on fossil fuels. Thus, blue hydrogen is low-carbon hydrogen that is leading to the decarbonization of various systems utilized in power generation plants.
Prominent Companies
Segmentation Outline
The global blue hydrogen market segmentation focuses on the Technology, End Use, Industry, and Region.
By Technology
By End Use
By Industry
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL BLUE HYDROGEN MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: BLUE HYDROGEN MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL BLUE HYDROGEN MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL BLUE HYDROGEN MARKET, BY TECHNOLOGY
5.1 OVERVIEW
5.2 STEAM METHANE REFORMING
5.3 GAS PARTIAL OXIDATION
5.4 AUTO THERMAL REFORMING
6 GLOBAL BLUE HYDROGEN MARKET, BY END USE
6.1 OVERVIEW
6.2 POWER GENERATION
6.3 CHEMICAL
6.4 REFINERY
6.5 OTHERS
7 GLOBAL BLUE HYDROGEN MARKET, BY INDUSTRY
7.1 OVERVIEW
7.2 AMMONIA
7.3 METHANOL
7.4 OTHERS
8 GLOBAL BLUE HYDROGEN MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL BLUE HYDROGEN MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ROYAL DUTCH SHELL PLC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 SUNCOR ENERGY INC.
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 RELIANCE INDUSTRIES LTD
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 SAUDI ARAMCO
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 ATCO LTD
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 AIR LIQUIDE S.A.
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 CERTIFHY CANADA INC.
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 XEBEC ADSORPTION INC.
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 SIEMENS AG
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 UNIPER SE
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 LINDE PLC
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 CUMMINS INC.
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 AIR PRODUCTS INC.
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORP.
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 EQUINOR ASA
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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