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Blue Hydrogen Market to Rear Excessive Growth During 2031 - Linde plc, Equinor ASA, Royal Dutch Shell Plc, etc.

Blue Hydrogen

Blue Hydrogen

Advancement in Technology Foreseen to Drive the Global Blue Hydrogen Market From 2021 to 2031

Rising demand from chemical industries and hydrogen cell-powered electric vehicles in various industries are the key factors boosting the Blue hydrogen market growth.”
— Allied Market Research

WILMINGTON, DELAWARE, UNITED STATES, April 12, 2024 / -- Blue hydrogen is an industry term for hydrogen produced from natural gas and supported by carbon capture and storage. The CO2 generated during the manufacturing process is captured and stored permanently underground. The result is low-carbon hydrogen that produces no CO2. Blue hydrogen is touted as a low-carbon fuel that is used for generating electricity, heating buildings, and powering cars, trains, trucks, and others. The blue hydrogen market size was valued at $0.9 billion in 2021, and the blue hydrogen industry is estimated to reach $3.5 billion by 2031, growing at a CAGR of 14.1% from 2022 to 2031.

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Hydrogen is used in the production of ammonia and methanol. Ammonia’s potential as a carbon-free fuel, hydrogen carrier, and energy store represents an opportunity for renewable hydrogen technologies to be deployed at an even greater scale. Hydrogen is typically produced on-site at ammonia plants from a fossil fuel feedstock. The most common feedstock is natural gas, which feeds a steam methane reforming (SMR) unit. Coal can also be used to produce ammonia via a partial oxidation (POX) process. Methanol is currently considered to be one of the most useful chemical products and is a promising building block for obtaining more complex chemical compounds, such as acetic acid, methyl tertiary butyl ether, dimethyl ether, and methylamine. Methanol is the simplest alcohol, appearing as a colorless liquid with a distinctive smell, and can be produced by converting CO2 and H2, with the further benefit of significantly reducing CO2 emissions in the atmosphere.

Europe and Latin America regions are promoting the hydrogen economy. Governments around the world are announcing policy statements and releasing hydrogen strategies to support the hydrogen economy. Austria’s NECP plans to promote hydrogen to help increase the share of renewable energy in total energy consumption to 45-50% by 2030. The government outlined a national hydrogen strategy as part of its policy program. Belgian encourages the development of hydrogen projects through subsidies and other legislative initiatives. It published its hydrogen roadmap in 2018, with long-term goals for 2030 and 2050. It also allocated $70 million to an investment plan for power-to-gas projects. The presence of the above-mentioned initiatives and applications will provide ample opportunities for the development of the market.

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Competitive Analysis:

The Blue Hydrogen industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Blue Hydrogen market include,

Equinor ASA
Uniper SE
Cummins Inc.
Xebec Adsorption Inc.
CertifHy Canada Inc.
Siemens AG
Saudi Aramco
Royal Dutch Shell Plc
Toshiba Energy Systems & Solutions Corp.
Reliance Industries Ltd
Suncor Energy Inc.
Linde plc, Air Products Inc.

Blue hydrogen is generated from natural gas through steam methane reforming, gas partial oxidation, and auto thermal reforming process which generates a minute quantity of greenhouse gases compared to the green hydrogen production process. Hence, this factor is anticipated to hamper the blue hydrogen market growth during the forecast period.

The blue hydrogen market forecast is segmented based on technology, end-use, industry, and region. Based on technology, the market is divided into steam methane reforming, gas partial oxidation, and auto thermal reforming. Based on end-use, it is classified into power generation, chemical, refinery, and others. In addition, based on industry, the market is categorized into ammonia, methanol, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest blue hydrogen market share, followed by Europe and Asia-Pacific.

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Key findings of the study:

- Based on region, Asia-Pacific is projected to exhibit a CAGR of 13.9% from 2022 to 2031.
- As per blue hydrogen market analysis, Japan is projected to exhibit a CAGR of 13.3% from 2022 to 2031.
- South Korea is projected to exhibit a CAGR of 14.1% from 2022 to 2031
- North America held a dominant position in 2021 and would continue to maintain the lead during the forecast period.
- Based on technology, the steam methane reforming technology segment accounted for the largest share in 2021.
- Based on end use, the chemical end-use segment is projected to be the most lucrative segment during the forecast period.
- Based on industry, the ammonia-based segment is projected to create abundant revenue opportunities till 2030.

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About Us:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Market Research
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