Blue Hydrogen Market worth $44.5 billion by 2030
CHICAGO, Nov. 25, 2022 /PRNewswire/ — Blue Hydrogen Market is projected to grow from USD 18.2 billion in 2022 to USD 44.5 billion by 2030, at a CAGR of 11.9% according to a new report by MarketsandMarkets™. The factors driving the growth of the Blue Hydrogen Market are the increasing hydrogen demand in petroleum refineries and transportation and Power Generation Facilities applications.
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SMR is estimated to be the fastest-growing technology segment.
The steam methane reforming segment accounted for the largest market share of the Blue Hydrogen Market in 2021. SMR is a cost-effective 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.
By end user, the petroleum Refineries is expected to be the major segment of the Blue Hydrogen Market.
The petroleum refineries 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.
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North America is expected to dominate the global Blue Hydrogen 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.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Blue Hydrogen Market. These players include Shell Plc (UK), Linde plc (Ireland), ExxonMobil Corporation (US), Air Liquide (France), and Air Products Inc. (US).
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