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Blue Hydrogen Market Forecast: Projected Growth to USD 51.4 Billion by 2033

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Blue Hydrogen Market Forecast: Projected Growth to USD 51.4 Billion by 2033

February 27
16:25 2024
Blue Hydrogen Market Forecast: Projected Growth to USD 51.4 Billion by 2033
Blue Hydrogen Market
Blue Hydrogen Market Analysis and Forecast to 2033: By Technology (Steam Methane Reforming, Gas Partial Oxidation, Auto Thermal Reforming), Transportation (Pipeline, Cryogenic Liquid Tankers), Application (Chemical, Petroleum Refinery, Power Generation, Others), and Region.

Market Definition:

Blue hydrogen is produced through a process called steam methane reforming, where natural gas is converted into hydrogen and carbon dioxide (CO2) with carbon capture and storage (CCS) to mitigate environmental impact. Unlike grey hydrogen, which emits CO2 directly, blue hydrogen captures and stores its carbon emissions underground. While considered a transitional solution, criticsargue that it still relies on fossil fuels and may pose environmental risks. Proponents see it as a pragmatic step towards decarbonizing the hydrogen sector, providing a cleaner alternative to conventional methods while infrastructure for green hydrogen production is being developed.

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Market Outlook:

The surge in regulations addressing greenhouse gas (GHG) emissions has propelled the growth of the blue hydrogen market. Governments globally are intensifying efforts to combat climate change, imposing stringent emission reduction targets on industries. Blue hydrogen, produced through steam methane reforming with carbon capture and storage (CCS), aligns with these regulations by significantly lowering carbon dioxide (CO2) emissions compared to conventional grey hydrogen production. The process involves capturing and storing CO2 underground, mitigating its environmental impact.

As nations commit to net-zero goals, blue hydrogen serves as a transitional solution, offering a cleaner alternative to traditional hydrogen production methods reliant on fossil fuels. Incentives and subsidies further encourage industries to adopt blue hydrogen, fostering market expansion. Additionally, partnerships between governments and private sectors promote the development of carbon capture technologies, enhancing the feasibility and scalability of blue hydrogen production.

The regulatory push, coupled with growing awareness of environmental sustainability, positions blue hydrogen as a pivotal player in the evolving energy landscape. Its capacity to meet emission standards while maintaining energy security underscores its role as a bridge towards a more sustainable hydrogen economy amid the ongoing global shift towards cleaner energy sources.

Market Restraints and Challenges

The growth of the blue hydrogen market faces hindrance due to energy loss incurred during its production. The process of blue hydrogen production, involving steam methane reforming and carbon capture and storage (CCS), demands substantial energy input. The energy-intensive nature of this method diminishes its overall efficiency and environmental benefits. The conversion of natural gas into hydrogen and the subsequent capture and storage of carbon dioxide (CO2) involve complex operations, each contributing to energy losses at various stages.

High energy requirements not only reduce the economic viability of blue hydrogen but also counteract its intended role in mitigating greenhouse gas emissions. The energy loss diminishes the net environmental gains achieved by capturing and storing CO2. This inefficiency raises concerns about the actual carbon footprint of blue hydrogen and its competitiveness against other cleaner alternatives, such as green hydrogen produced through renewable energy sources.

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Research Objectives:

•            Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region

•            Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling

•            Identify factors influencing market growth and challenges, opportunities, drivers and restraints

•            Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates

•            Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities

•            Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market

•            To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.

•            Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives

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Blue Hydrogen Market Segmental Overview

The report analyses the Blue Hydrogen market based on Technology, Transportation, Application, and Region.

Key Players:

  • Aker Solutions ASA (Norway)
  • BP p.l.c. (UK)
  • Dastur Energy (US)
  • Eni S.p.A. (Italy)
  • Equinor ASA (Norway)
  • Exxon Mobil Corporation (US)
  • Honeywell International Inc. (US)
  • INEOS (UK)
  • Johnson Matthey Plc (UK)
  • Linde plc (Ireland)
  • Petrofac Limited (US)
  • Shell (UK)
  • Technip Energies N.V. (France)
  • thyssenkrupp Uhde GmbH (Germany)
  • Topsoe A/S (Denmark)

Research Scope:

•            Scope – Highlights, Trends, Insights. Attractiveness, Forecast

•            Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others

•            Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain

•            Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments

•            Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis

•            Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis

•            Market Size in 2021 – US$ 20.3 Billion

•            Market Size in 2031 – US$ 51.4 Billion

•            CAGR % – 9.5%

•            Historic Period – 2017-2022

•            Forecast Period – 2024-2033

•            Base Year – 2023

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About Us:

With Global Insight Services, you receive:

• 10-year forecast to help you make strategic decisions

• In-depth segmentation which can be customized as per your requirements

• Free consultation with lead analyst of the report

• Infographic excel data pack, easy to analyze big data

• Robust and transparent research methodology

• Unmatched data quality and after sales service


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About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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