The global blue hydrogen market is expected to be valued at USD 2.48 billion by 2027 from USD 816.5 million in 2019, registering a CAGR of 14.8% through the forecast period. The market growth is attributable to the rising inclination toward green energy with low carbon content, leading to boost demand for blue hydrogen. Additionally, increase in usage of hydrogen fuel, coupled with active propulsion system, especially across automotive industry, is driving the growth of the global blue hydrogen market.
Hydrogen is becoming a game-changer across automotive and energy sector as low-carbon form of hydrogen is reducing their challenges. Furthermore, extensive demand for hydrogen fuel across the automotive industry along with rising practices of electrification especially in end-use sectors, are propelling the growth of the market.
The global blue hydrogen market is highly competitive and features consolidated landscape as the market has several small and medium enterprises, along with large players of the market. Additionally, technological advancements, coupled with availability of diversified products, are estimated to offer several opportunities for growth in the coming years.
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Further key findings from report:
- In July 2020, Equinor announced a major project of hydrogen generation and carbon capture with a large storage system. Through this project the company will produce blue hydrogen using natural gas and captured CO2.
- The Power Generation sub-segment among the end-use verticals is estimated to expand at a CAGR of 17.3% throughout the projected period. This growth is attributable to a swiftly changing focus of power sources, which are boosting adoption of blue hydrogen. Additionally, these are identified as the potable power especially for automotive and domestic electricity generation, which is a key factor driving growth of the segment in the market.
- The North American region dominated the overall market and is estimated to retain its dominance over the forecast period. Owing to robust investment in the electrification and adoption of renewable power generation sources, the regional market is estimated to witness significant growth in the coming years.
- Key players in the market include Linde plc, Royal Dutch Shell PLC, Hydrogenics, Air Products and Chemicals, Inc., Siemens, Equinor, Toshiba Energy Systems & Solutions Corp., CertifHy Canada Inc., Uniper SE, and Green Hydrogen Systems.
For the purpose of this report, Emergen Research has segmented the Global Blue Hydrogen Market on the basis of technology, end-use vertical, and region:
- Technology Outlook (Revenue: USD Billion; Volume: Million MT; 2017-2027)
- Steam Methane Reforming (SMR)
- Autothermal Reforming (ATR)
- Gas Partial Oxidation (GP)
- End-Use Vertical Outlook (Revenue: USD Billion; Volume: Million MT; 2017-2027)
- Power Generation
- Chemical Industries
- Petroleum Refinery
- Regional Outlook (Revenue: USD Billion; Volume: Million MT; 2017-2027)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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