BANGALORE, India, June 10, 2024 /PRNewswire/ -- Blue Hydrogen Market is Segmented by Type (Natural Gas Reforming for Hydrogen Production with CCS, Coal Gasification Hydrogen Production with CCS), by Application (Oil Refining, Ammonia Production, Steel Production, Other): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The global Blue Hydrogen market is projected to grow from USD 2353 million in 2024 to USD 4645 million by 2030, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period.
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Major Factors Driving the Growth of Blue Hydrogen Market:
The growing emphasis on cutting carbon emissions and switching to greener energy sources throughout the world is the main factor behind the expansion of the blue hydrogen industry. Compared to conventional hydrogen production techniques, blue hydrogen-which is generated from natural gas using carbon capture and storage (CCS) technology-offers a smaller carbon footprint. The industry is expanding thanks to significant investments in CCS infrastructure, decarbonization-focused government policies, and incentives.
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TRENDS INFLUENCING THE GROWTH OF BLUE HYDROGEN MARKET:
Steam methane reforming (SMR), a kind of natural gas reforming, is a major factor propelling the demand for blue hydrogen. Natural gas reforming is a technique used in oil refining to create hydrogen, which is necessary for desulfurization procedures and enhancing fuel quality. Refineries may create blue hydrogen-a substantial reduction in carbon emissions as compared to conventional methods-by combining SMR technology with carbon capture, utilization, and storage (CCUS) technologies. In addition to adhering to strict environmental laws, this synergy makes blue hydrogen production more economically feasible and scalable by utilizing the infrastructure and knowledge already in place. This leads to an acceleration of the use of blue hydrogen and helps the wider shift to greener energy sources.
The blue hydrogen industry is expanding rapidly, especially in ammonia manufacturing, thanks to coal gasification combined with carbon capture and storage (CCS) in hydrogen synthesis. This method turns coal into syngas, which is subsequently utilized to create hydrogen. The CO2 emissions from this process are caught and stored when CCS technology is used, reducing the impact on the environment. For the synthesis of ammonia, a vital component of fertilizers, this hydrogen is required. The use of blue hydrogen by the ammonia industry can help it satisfy sustainability goals and more stringent environmental requirements by reducing its carbon impact. Thus, the market for blue hydrogen is stimulated by the growing need for low-carbon ammonia, utilizing coal gasification with CCS as a practical and eco-friendly manufacturing technique.
The blue hydrogen market is mostly driven by government rules and incentives. Numerous nations have established challenging goals for reducing their carbon footprints and are generously funding the development of low-carbon technology. Investments in blue hydrogen projects are aided by grants for research and development, tax breaks, and subsidies. Further driving the market's adoption of greener energy options are international agreements and carbon pricing systems.
Diversification of supplies and energy security are essential elements supporting blue hydrogen. Investing in blue hydrogen as a dependable and safe energy source is becoming more common among nations looking to lessen their reliance on imported fossil fuels. Countries can increase their energy independence through the utilization of indigenous natural gas resources and the implementation of CCS. This calculated action improves long-term energy price stability while simultaneously bolstering the nation's energy security.
Blue hydrogen has major environmental benefits in the fight against climate change. When compared to traditional fossil fuels, the creation of blue hydrogen greatly minimizes the carbon impact by absorbing and storing CO2 emissions. The market is also being driven by public opinion and understanding of the significance of lowering greenhouse gas emissions.
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BLUE HYDROGEN MARKET SHARE ANALYSIS:
Key participants in the global blue hydrogen market include Air Products, Shell, Dakota Gasification Company, and others. Three of the best players have a proportion over 88%.
With a share of almost 36%, Europe is the largest market. North America and Asia-Pacific come in second and third, respectively, with shares of 27% and 30%.
Oil refining holds a share of almost 53% in terms of application, while Natural Gas Reforming for Hydrogen Production with CCS occupies the largest sector in terms of product type, accounting for 86% of the market.
Key Players:
- Dakota Gasification Company
- County
- Segment
- Ccs
- Shell
- Arjo
- Care of Sweden
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