In a new research report, Brainy Insights, a market research company, estimates that the US$1.5 billion blue hydrogen market will reach US$6 billion by 2032. Natural gas is combined with scalding steam and a catalyst in the steam methane reforming process for manufacturing blue hydrogen. A second chemical reaction occurs, producing hydrogen and carbon monoxide. With the addition of water to this combination, carbon monoxide is transformed into carbon dioxide (CO2) and additional hydrogen. If CO2 emissions are caught and stored underground, the process is deemed CO2-neutral, and the resulting hydrogen is referred to as Blue Hydrogen. Nowadays, approximately 120 megatons of hydrogen are generated each year. The remainder is combined with other gases, primarily carbon monoxide to form synthetic gas.
North America is expected to have the most significant blue hydrogen market share. Oil refining capacity in North America was around 21.4 million barrels per day in 2021. Furthermore, the United States generates power using various energy sources and technologies. In addition, Canada will develop a domestic hydrogen market, offering national economic and environmental benefits, cutting emissions in areas such as transportation, and establishing hydrogen as a critical component of the net-zero future.
The steam methane reforming segment dominated the market with the most significant market revenue of US$600 million. The key advantages of this technology are its excellent operational efficiency and low operational and production expenses. Steam methane reforming is a low-cost, energy-efficient method of producing high levels of pure hydrogen, which may be collected.
The power generation segment dominated the market with the most significant market revenue of US$640 million. Blue hydrogen may be the most cost-effective choice for decarbonizing industrial heating, domestic heating in cold locations, and heavy-duty cars. Blue hydrogen use is projected to increase as greenhouse gas (GHG) emissions from vehicles rise. Transportation accounts for 28% of total greenhouse gas emissions. As a result, electric vehicles have grown in popularity due to their zero emissions into the environment and low refueling and maintenance expenses. Hydrogen-powered fuel cells emit no pollutants and can outperform standard combustion technology by two to three times.
About The Report
The global blue hydrogen market is analyzed based on value. All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
