The blue hydrogen market size was valued at $0.9 billion in 2021, and blue hydrogen industry is estimated to reach $3.5 billion by 2031, growing at a CAGR of 14.1% from 2022 to 2031. Blue hydrogen is an industry term for hydrogen produced from natural gas and supported by carbon capture and storage. The CO2 generated during the manufacturing process is captured and stored permanently underground. The result is low-carbon hydrogen that produces no CO2. Blue hydrogen is touted as a low-carbon fuel that is used for generating electricity, heating buildings, and powering cars, trains, trucks, and others.
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Hydrogen is used in the production of ammonia and methanol.
Ammonia’s potential as a carbon-free fuel, hydrogen carrier, and energy store
represents an opportunity for renewable hydrogen technologies to be deployed at
an even greater scale. Hydrogen is typically produced on-site at ammonia plants
from a fossil fuel feedstock. The most common feedstock is natural gas, which
feeds a steam methane reforming (SMR) unit. Coal can also be used to produce
ammonia via a partial oxidation (POX) process. Methanol is currently considered
to be one of the most useful chemical products and is a promising building
block for obtaining more complex chemical compounds, such as acetic acid,
methyl tertiary butyl ether, dimethyl ether, and methylamine. Methanol is the
simplest alcohol, appearing as a colorless liquid and with a distinctive smell,
and can be produced by converting CO2 and H2, with the further benefit of
significantly reducing CO2 emissions in the atmosphere.
Europe and Latin America regions are promoting the hydrogen
economy. Governments around the world are announcing policy statements and
releasing hydrogen strategies to support the hydrogen economy. Austria’s NECP
plans to promote hydrogen to help increase the share of renewable energy in
total energy consumption to 45-50% by 2030. The government outlined a national
hydrogen strategy as part of its policy programme. Belgian encourages the
development of hydrogen projects through subsidies and other legislative
initiatives. It published its hydrogen roadmap in 2018, with long term goals
for 2030 and 2050. It also allocated $70 million an investment plan for
power-to-gas projects. The presence of above mentioned initiatives and
applications will provide ample opportunities for the development of the
market.
Blue hydrogen is generated from natural gas through steam
methane reforming, gas partial oxidation, and auto thermal reforming process
which generates minute quantity of greenhouse gases compared to the green
hydrogen production process. Hence, this factor is anticipated to hamper the
blue hydrogen market growth during the forecast period.
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The blue hydrogen market forecast is segmented on the basis
of technology, end use, industry, and region. On the basis of technology, the
market is divided into steam methane reforming, gas partial oxidation, and auto
thermal reforming. On the basis of end use, it is classified into power
generation, chemical, refinery, and others. In addition, on the basis of
industry, the market is categorized into ammonia, methanol and others. Region
wise, the market is studied across North America, Europe, Asia-Pacific, and
LAMEA. Presently, North America accounts for the largest blue hydrogen market
share, followed by Europe and Asia-Pacific.
The major companies profiled in this report include ATCO
Ltd, Linde Plc, Air Liquide S.A., Suncor Energy Inc., Royal Ductch Shell PLC,
Air Products Inc., Cummins Inc., Siemens Energy (Siemens AG), Toshibha Energy
Systems & Solutions Corp., Equinor ASA, CertifHy Canada Inc., Xebec
Adsorption Inc, Uniper SE, Saudi Aramco, and Reliance Industries. Rapid
development of industrialization, modernization and increase in awareness among
the individuals regarding the environmental impact of fossil fuels has fuelled the
demand for blue hydrogen. Additional growth strategies such as expansion of
production capacities, acquisition, partnership and research & innovation
in the green energy application led to attain key developments in the global
blue hydrogen market trends.
Key findings of the study
- On the basis of region, Asia-Pacific is projected to
exhibit CAGR of 13.9% from 2022 to 2031.
- As per blue hydrogen market analysis, Japan is projected to exhibit CAGR of
13.3% from 2022 to 2031.
- South Korea is projected to exhibit CAGR of 14.1% from 2022 to 2031
- North America held a dominant position in 2021 and would continue to maintain
the lead during the forecast period.
- On the basis of technology, steam methane reforming technology segment
accounted for the largest share in 2021.
- On the basis of end-use, the chemical end use segment is projected to be the
most lucrative segment during the forecast period.
- On the basis of industry, ammonia-based segment is projected to create
abundant revenue opportunity till 2030.
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Allied Analytics LLP
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