Blue Hydrogen Market

Market Overview:

The global blue hydrogen market size reached US$ 11.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 29.9 Billion by 2032, exhibiting a growth rate (CAGR) of 11.43% during 2024-2032. The rising adoption of cleaner energy sources such as blue hydrogen, increasing product applications in transportation and power generation, and inflating sales of hydrogen-powered fuel cell vehicles worldwide represent some of the key factors driving the market.

Blue hydrogen is an industrial term for hydrogen derived from natural gas and supported by carbon capture, utilization, and storage (CCUS) technology. The carbon dioxide (CO2) produced during its manufacturing process is captured and stored underground permanently, resulting in nearly pure, low-carbon hydrogen that generates no CO2 emissions. However, it does not offer any real environmental benefits as CO2 is emitted in the process. Some commonly used technologies to produce hydrogen include auto thermal reforming, steam methane reforming, partial oxidation of oil, and coal gasification. At present, most of the hydrogen manufactured worldwide is mainly utilized in the chemical industry, petroleum refineries, and the synthesis of ammonia and methanol. As a result, blue hydrogen finds extensive applications across the globe, ranging from industrial feedstock to fuel cell vehicles and energy storage.

Blue Hydrogen Market Trends:

The augmenting demand for greener energy sources and clean hydrogen from numerous end use industries, including chemical, petroleum refining, power generation, and transportation, represents one of the key factors driving the market growth. Moreover, there is an increase in the use of hydrogen-powered fuel cells as they are more lightweight and pollution-free, take up less space, and offer a higher energy storage density and substantial range advantage while having two to three times the efficiency of traditional combustion technologies, such as lithium-ion batteries. In line with this, the rising production and sales of fuel cell electric vehicles (FCEVs) due to their low refueling costs and maintenance costs and zero emissions into the environment have accelerated product adoption rates. This trend is further supported by favorable government initiatives promoting the uptake of fuel cell vehicles to minimize carbon emissions and reduce dependency on fossil fuels, such as offering tax rebates and subsidies on the purchase of FCEVs. In addition, the growing popularity of blue hydrogen to replace fossil fuel electricity generation in electricity grids, natural gas in domestic and industrial applications, and oil in transportation has catalyzed the product demand. Furthermore, the leading manufacturers are adopting advanced technologies and making heavy investments in expanding their existing production capabilities to meet the escalating demand for blue hydrogen from power generation and transportation applications, thereby contributing to market growth. Other factors, including the emerging trend of sustainable mobility, rapid industrialization, increasing blue hydrogen applications in fertilizers and chemicals like hydrochloric acid, and shifting focus toward decarbonizing various industries, are also creating a positive market outlook. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global blue hydrogen market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on technology and end user.

Technology Insights:

• Steam Methane Reforming
• Gas Partial Oxidation
• Auto Thermal Reforming
   

The report has provided a detailed breakup and analysis of the blue hydrogen market based on technology. This includes steam methane reforming, gas partial oxidation, and auto thermal reforming. According to the report, steam methane reforming represented the largest segment.

End User Insights:

• Power Generation
• Chemical
• Refinery
• Others
   

A detailed breakup and analysis of the blue hydrogen market based on the end user has also been provided in the report. This includes power generation, chemical, refinery, and others. According to the report, chemical accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for blue hydrogen. Some of the factors driving the North America blue hydrogen market included the shifting focus toward decarbonizing various industries, depleting fossil fuel resources, rising sales of fuel cell electric vehicles in the region, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global blue hydrogen market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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, Linde plc, Saudi Arabian Oil Co., Shell plc, Technip Energies N.V., Uniper SE, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global blue hydrogen market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global blue hydrogen market?
• What is the impact of each driver, restraint, and opportunity on the global blue hydrogen market?
• What are the key regional markets?
• Which countries represent the most attractive blue hydrogen market?
• What is the breakup of the market based on technology?
• Which is the most attractive technology in the blue hydrogen market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the blue hydrogen market?
• What is the competitive structure of the global blue hydrogen market?
• Who are the key players/companies in the global blue hydrogen market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the blue hydrogen market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global blue hydrogen market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the blue hydrogen industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.