Westford USA, April 19, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Blue Hydrogen market will attain a value of USD 40.74 billion by 2030, with a CAGR of 12.2% over the forecast (2022-2030). The increasing demand for low-carbon hydrogen as nations attempt to transition to a low-carbon economy is likely to generate significant growth in the global Blue Hydrogen market in the upcoming years. Blue hydrogen produced from natural gas with carbon capture and storage (CCS) is seen as a crucial part of the energy transition plan. The growing need for hydrogen in sectors such as steel, chemicals and refining industries that are challenging to decarbonize using other renewable energy sources is one of the key factors driving the global Blue Hydrogen industry. Traditional hydrogen manufacturing techniques, which rely on fossil fuels and produce a large amount of greenhouse gas emissions can be replaced with low-carbon blue hydrogen.
According to the SkyQuest's, Increased government initiatives to shift to renewable energy sources is another important element that is anticipated to enhance market revenue growth. The Paris Agreement, which was signed by the governments of numerous nations, aimed to increase the parties' capacity to adapt to the effects of climate change, mobilize adequate funding and regularly report on its contributions to climate-friendly initiatives to global warming. This is causing both emerging and developed nations to raise money and support national and international environmental efforts in an effort to reduce global emissions, which is anticipated to improve demand for alternative and clean energy sources and the market's revenue growth.
Browse in-depth TOC on "Blue Hydrogen Market"
- Pages - 242
- Tables - 64
- Figures - 80
Blue hydrogen is a form of hydrogen fuel that is created from natural gas using a process called steam methane reforming (SMR) similar to the method used to create grey hydrogen. As opposed to grey hydrogen generation, which releases the carbon dioxide (CO2) produced during the SMR process into the atmosphere, blue hydrogen production captures the CO2 and either stores it or uses it. The term "carbon capture, utilization and storage" refers to this procedure (CCUS).
Prominent Players in Blue Hydrogen Market
- Air Liquide
- Linde plc.
- Air Products and Chemicals, Inc.
- Siemens Energy
- TechnipFMC
- Thyssenkrupp
- ENGIE
- Royal Dutch Shell plc.
- Equinor ASA
- Gazprom
- TotalEnergies SE
- BP plc.
- Repsol S.A.
- Toyota Motor Corporation
- FuelCell Energy, Inc.
- Cummins Inc.
- Chart Industries, Inc.
- Praxair, Inc.
- Air Water Inc.
- Nel ASA
- Green Hydrogen Systems
- Enapter AG
- ITM Power plc.
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The Industrial processing Segment is Anticipated to Grow Due to the Environmental Concerns
The industrial processing segment is also anticipated to expand as more sectors of the economy explore for low-carbon substitutes for conventional fossil fuels. For industrial processes such as refining and chemical manufacture, blue hydrogen can be employed as a feedstock. When compared to using conventional fossil fuels, the usage of blue hydrogen in industrial operations can aid in lowering greenhouse gas emissions.
North America is predicted to dominate the Blue Hydrogen market due to the rising demand for low-carbon energy in the region. Natural gas is widely available in North America and can be utilized as a feedstock for the manufacture of Blue Hydrogen. The world's top producer of natural gas is the United States, followed by Canada. In North America, there is an increasing need for low-carbon energy due to environmental concerns and global warming goals. The Canadian government has committed to achieving net-zero emissions by 2050, and some U.S. states, like California and New York, have established ambitious climate goals.
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Steam Methane Reforming Segment Is Expanding at the Fastest Rate Due to the Rising Investments in the Construction of Hydrogen Infrastructure
The steam methane reforming segment is anticipated to have the greatest revenue share in the global market for Blue Hydrogen throughout the forecast period. In the process of steam methane reforming, methane reacts with steam under pressure and in the presence of a catalyst to produce hydrogen, carbon monoxide and a negligibly small amount of carbon dioxide as a byproduct. The carbon dioxide and other impurities are then removed, leaving essentially pure hydrogen behind.
Asia Pacific region is anticipated to be fastest growth in the Blue Hydrogen market. This can be attributable to both the region's rising energy needs and government efforts to encourage the use of sustainable energy sources. Due to its enormous investments in the construction of hydrogen infrastructure and the government's aim to reaching carbon neutrality by 2060, China in particular was anticipated to play a key role in the global Blue Hydrogen market. It was anticipated that other countries in the Asia-Pacific area such Japan and South Korea, would help the Blue Hydrogen industry expand.
A comprehensive analysis of the major players in the Blue Hydrogen market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Blue Hydrogen Market
- In March 2022, Air Products Inc. announced that it builds and run a new liquid hydrogen manufacturing facility in Casa Grande, Arizona. The facility was made to create up to 30 tonnes of liquid hydrogen per day utilizing the exclusive natural gas liquefaction technology of Air Products. According to the firm, the facility would produce zero carbon emissions and be totally powered by renewable energy sources including wind and solar energy.
- In January 2022, Yara and Linde plc inked a contract to build and deploy a 24-Megawatt hydrogen facility. This is a big deal for the blue hydrogen industry because it shows how much money and interest there is in this technology. The new hydrogen plant was using natural gas and carbon capture and storage technology to produce low-carbon hydrogen when it becomes operational in 2024. Since the hydrogen were utilized to create ammonia for fertilizer, this aids in reducing emissions throughout the fertilizer production process. Yara hopes to lower its carbon footprint and reach net-zero emissions by 2050 as part of the project.
Key Questions Answered in Blue Hydrogen Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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