NEW YORK, Dec. 12, 2022 /PRNewswire/ — Hydrogen has long been recognized as a possible low-carbon transportation fuel.The market has a promising growth potential due to several factors, including the role of blue hydrogen in carbon emission reduction, an increase in the demand for fuel cell-based electric vehicles, and a shift toward a hydrogen-based economy.
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The global blue hydrogen market is projected to reach USD 44.5 Billion by 2030, growing at a CAGR of 11.9% during the forecast period.
SMR: The fastest growing segment of blue hydrogen market, by technology.
The steam methane reforming segment accounted for the largest market share of the blue hydrogen market in 2021.SMR is a cost- and energy-efficient method of producing hydrogen.
It is commonly used due to the easy availability of raw materials (methane). These factors are responsible for the growth of the segment
Petroleum Refinery: The fastest growing segment of hydrogen energy storage market, by end user.
The petroleum refinery segment is estimated to grow at the highest CAGR from 2022 to 2030. This growth can be attributed to the global rise in oil and natural gas demand for various applications, such as plastic production, transportation, and electricity generation.
North America: The fastest-growing region in the hydrogen energy storage market.
The North American region is estimated to be the largest market for the blue hydrogen market, followed by Europe. The growth of the North American region can be attributed to the increasing demand for hydrogen fuel cell-based vehicles and the number of hydrogen filling stations in the US and Canada.
Breakdown of Primaries:
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier I—65%, Tier II—24%, and Tier III—11%
• By Designation: C-Level Executives—30%, Director Level—25%, and Others—45%
• By Region: Asia Pacific — 36%, North America — 30%, Europe — 21%, Middle East — 7%, Africa — 6%
The blue hydrogen market is dominated by a few globally established players such as Siemens (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (US).
Research Coverage:
The report segments the blue hydrogen market and forecasts its size based on Technology (SMR, ATR, POX), End User (Petroleum Refinery, Chemical Industry, Power Generation, and Others), and region (Europe, Asia Pacific, North America, and RoW).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the blue hydrogen market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market.
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