Global Blue Hydrogen market is projected to grow at a CAGR of 8.0% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Blue Hydrogen 2023-2033. It includes profiles of Blue Hydrogen and Forecasts Market Segment by Technology, (Gas Partial Oxidation (POX), Steam Methane Reforming (SMR), Auto Thermal Reforming (ATR)) Market Segment by Process, (Methane Reformation, Coal Gasification, Petroleum Coke Gasification, Asphaltene Residue Gasification) Market Segment by End-Use, (Fertilizer Production, Synthetic Natural Gas Production, Petroleum Refining, Bitumen Upgrading, Other End-Use) Market Segment by Application, (Transportation, Power Generation, Industrial Energy, Building Heat & Power, Industrial Feedstock, Other Applications) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global blue hydrogen market was valued at US$18.8 billion in 2022 and is projected to grow at a CAGR of 8.0% during the forecast period 2023-2033.
Government incentives: Governments around the world are providing financial incentives and subsidies to support the development of the blue hydrogen market. This is helping to reduce the costs of production and make blue hydrogen more competitive with other energy sources.
Investment from private sector: Private companies and investors are also investing in the blue hydrogen market, which is providing the necessary capital to develop and scale the production of blue hydrogen.
Technological advancements: The development of new and improved CCS technology is making it easier and more cost-effective to produce blue hydrogen. This is driving down the cost of production and making it more accessible to a wider range of customers.
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How has COVID-19 had a significant negative impact on the Blue Hydrogen Market?
The COVID-19 pandemic has had a significant impact on the blue hydrogen market. The decrease in demand for energy due to lockdowns and the drop in oil prices resulted in a decrease in investment in hydrogen production. The supply chain disruptions also impacted the production and delivery of hydrogen.
However, the long-term outlook for the blue hydrogen market remains positive. The increasing focus on decarbonization and the need for cleaner energy sources are driving the growth of the hydrogen market. Governments around the world are also investing in the development of hydrogen infrastructure and supporting the growth of the hydrogen economy.
Additionally, the pandemic has accelerated the shift towards digitalization and remote working, which has increased the demand for clean energy solutions. The blue hydrogen market is expected to grow as companies seek to decarbonize their operations and meet their sustainability goals.
Overall, while the COVID-19 pandemic has had a short-term impact on the blue hydrogen market, its long-term prospects remain promising. The increasing demand for clean energy solutions and the support from governments will drive the growth of the blue hydrogen market in the coming years.
How will this Report Benefit you?
Visiongain’s 292-page report provides 147 tables and 152 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global blue hydrogen market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Blue Hydrogen. Get financial analysis of the overall market and different segments including process, end-use, application, technology, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing blue hydrogen market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increase in hydrogen use: The use of hydrogen as an energy source is increasing across various industries, including transportation, heating, and power generation. This is driving the growth of the blue hydrogen market as more companies adopt hydrogen as a cleaner alternative to traditional fossil fuels.
Growing demand for hydrogen in transportation: The increasing demand for hydrogen fuel cells in transportation, such as in hydrogen-powered vehicles, is driving the growth of the blue hydrogen market. This is particularly true in the automotive sector, where car manufacturers are developing fuel cell vehicles that run on hydrogen.
Decline in the cost of carbon capture technology: The decline in the cost of carbon capture technology is making it more affordable for companies to produce blue hydrogen. This is reducing the overall cost of production and making it more accessible to a wider range of customers.
Emergence of new applications: The discovery of new applications for hydrogen, such as in the production of fertilizers, is driving the growth of the blue hydrogen market. This is creating new opportunities for companies to expand their operations and reach new customers.
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Where are the Market Opportunities?
Increased demand for clean energy: With the growing concern over climate change and the need to reduce greenhouse gas emissions, there is an increasing demand for clean energy sources such as blue hydrogen. Blue hydrogen is produced from natural gas through carbon capture and storage (CCS), reducing its carbon footprint compared to traditional hydrogen production.
Growing transportation sector: The transportation sector is one of the largest consumers of energy, and the demand for hydrogen-powered vehicles is expected to grow in the coming years. Blue hydrogen can be used to produce hydrogen for fuel cell vehicles, which emit only water and have zero emissions.
Energy storage solutions: Blue hydrogen can be used as a form of energy storage, allowing excess energy from renewable sources to be stored for later use. This can help to address the intermittency issues associated with renewable energy sources such as wind and solar.
The major players operating in the blue hydrogen market are Linde plc, Air Products and Chemicals, Inc., Aker Solutions, Uniper SE, Engie SA, Exxon Mobil Corporation, Topsoe, Petrofac Limited, British Petroleum Company plc, Eni S.p.A, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
21 Oct 2022, Linde Engineering has signed an agreement with Fountain Fuel to deliver three hydrogen refuelling stations in the Netherlands. Fountain Fuel's first three zero-emission energy stations, which are expected to open by the end of 2023, will feature this technology. Amersfoort will be the first to open, followed by Rotterdam and Nijmegen.
12 Dec 2022, Air Products Qudra has signed a contract with Saudi Ground Services (SGS) to demonstrate Hydrogen for Mobility at Dammam Airport in Saudi Arabia. Saudi Ground Services offers a wide range of ground handling services across the Saudi airline network, from passenger services and baggage handling to fleet solutions and cargo services.
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