Blue Hydrogen Market is projected to be worth 62.70 billion by 2033 and is anticipated to surge at a CAGR of 12.11%.
Steam methane reforming (SMR) is a technique that produces blue hydrogen from natural gas. In SMR, carbon monoxide and hydrogen are produced chemically through the combination of natural gas and extremely hot steam in the presence of a catalyst. More water is added to the mixture, which produces more hydrogen and converts the carbon monoxide to carbon dioxide. Following the production of carbon dioxide, the emissions are absorbed and subterranean stored using Carbon Capture, Utilization and Storage (CCUS) technology, yielding virtually pure hydrogen. The most popular and cost-effective method of producing hydrogen is through blue hydrogen production. Blue hydrogen emits practically little emissions when utilized with CCUS.
Global Blue Hydrogen Market Driving Factors and Challenges
Increasing emissions of greenhouse gases by taking the place of fossil fuels like natural gas in home and commercial applications, blue hydrogen produces less pollutants. In addition, there is a rising need to decrease carbon capture and storage (CCS), provide a greener alternative to traditional hydrogen production techniques. Given the growing demand for hydrogen-powered vehicles, blue hydrogen is widely marketed as a low-carbon fuel that can power cars, trucks, and trains in addition to being utilized in fuel cell electric vehicles (FCEVs) to produce electricity. It is anticipated that demand for hydrogen vehicles would soar as governments across the globe set ambitious goals to phase out internal combustion engine vehicles and promote clean transportation.
The absence of infrastructure for hydrogen distribution, storage, and transportation is one of the main market barriers affecting the global blue hydrogen market. This is a significant obstacle since the development of a strong infrastructure that can facilitate the transportation and delivery of hydrogen to end users is essential to the blue hydrogen market's success. The infrastructure supporting blue hydrogen is still immature and restricted when compared to other energy sources such as electricity or natural gas. Pipelines, compression stations, storage tanks, and filling stations are examples of the specific infrastructure needed for the transportation and storage of hydrogen.
Impact of COVID-19 on Global Blue Hydrogen Market
The COVID-19 pandemic epidemic has had a major effect on growth. Lockdowns and numerous other limitations have been imposed as a result of the deadly coronavirus's fast increasing prevalence and global expansion. This had a negative impact on the demand and supply of blue hydrogen during the pandemic period since a number of manufacturing facilities were temporarily closed and supply networks were severely affected. The COVID-19 epidemic has caused delays in project completion and disturbances in the supply chain for essential parts, machinery, and supplies that have an effect on the building and advancement of the blue hydrogen project.
Global Blue Hydrogen Market Key Players:
The market data provided by the study by competitive landscape, revenue analysis, and market segments includes a detailed analysis of key market players, such as Air Liquide S.A, Air Products and Chemicals Inc, Aker Solutions ASA, Aquaterra Energy Ltd, Bp P.L.C, Dastur Energy, ExxonMobil Corporation, INEOS Group Limited, Johnson Matthey, and Linde plc.
Global Blue Hydrogen Market Segmentation:
By Technology: Based on the Technology, Global Blue Hydrogen Market is segmented as; Steam Methane Reforming, Gas Partial Oxidation, Auto Thermal Reforming.
By End-User: Based on the End-User, Global Blue Hydrogen Market is segmented as; Petroleum Refineries, Chemical Industry, Power Generation Facilities, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.