NEW YORK, Feb. 15, 2023 /PRNewswire/ — As per a report by P&S Intelligence, the blue hydrogen market size was USD 17,654 million in 2022, which will grow at a rate of 11.70%, reaching USD 42,783 million by 2030.
Consumption of Blue Hydrogen Pushed by Shift to Low-Carbon Fuels in Petroleum Refineries
The petroleum refinery application will generate substantial revenue, as the gas is an important material in the production of valuable petrochemicals. Petrochemical and E&P companies have been instructed to limit their carbon footprints by governments.
Hence, for more-maintainable operations, downstream petroleum corporations are quickly substituting conventional fuels with low-carbon and reasonably priced alternatives.
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Increasing Usage of Ecological Energy Sources
- The use of this chemical in fuel cell EVs is expanding. Though hydrogen is possibly a low-carbon transport fuel, adding it to the mix of fuels is rather challenging.
- Furthermore, the high price of the product is a main issue for truck OEMs, with the comparative dearth of refilling stations becoming an additional barrier to FCEV acceptance.
- Though, over conventional fossil fuels, which are running out and, consequently, becoming more expensive, H2 has an advantage. Apart from fuel cell electric automobiles, blue hydrogen is in high demand in the aerospace sector, being a main fuel for rockets.
Steam–Methane Reforming Process Produces Most Blue H2
The steam–methane reforming category dominated the industry in the past, and it will expand significantly in the years to come. The pressure swing absorption purification technique is widely used to produce high volumes of pure H2.
This process, involving heating methane with a catalyst and steam, has become popular as a reasonable means of production of industrial hydrogen.
Moreover, due to its purity, the hydrogen produced by SMR can be used in fuel cells and a range of industrial procedures.
Browse detailed report on Global Blue Hydrogen Market Trends, Development and Demand Forecast to 2030
North America Consumes Highest Volume of Blue Hydrogen
North America had the largest share, of around 33%, in the recent past. The acceptance of pioneering techniques of production, momentous investments in R&D, and increasing usage of H2 in the electric vehicle and aerospace industries in Canada and the U.S. contribute to the growth of the regional market.
Furthermore, because of a substantial increase in the requirement for this gas from many sectors, including, chemicals, fertilizers, and refining, in China, South Korea, India, and Malaysia, its production and sale in APAC will grow significantly in the years to come.
- Steam Methane Reforming (SMR)
- Gas Partial Oxidation (POX)
- Auto Thermal Reforming (ATR)
By End User
- Petroleum Refineries
- Chemical Industry
- Power Generation Facilities
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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