The global blue hydrogen market size is expected to reach USD 55.08 billion by 2032, according to a new study by Polaris Market Research. The report Blue Hydrogen Market Share, Size, Trends, Industry Analysis Report: By Application, Transportation Mode, Technology (Steam Methane Reforming, Gas Partial Oxidation, and Auto Thermal Reforming), Region, Market Forecast, 2024–2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rise of hydrogen economy drives the expansion of the global blue hydrogen market. This concept envisions the extensive use of hydrogen as a fuel for transportation, power generation, and industrial applications. The hydrogen economy is anticipated to be pivotal in transitioning to a low-carbon energy system and meeting climate change objectives.
Additionally, government policies and initiatives are positively influencing the hydrogen economy by promoting hydrogen as a clean energy source. Governments worldwide are investing in hydrogen infrastructure such as production, storage, and distribution facilities, and providing incentives to companies that adopt hydrogen technologies. For instance, in August 2022, the Russian government launched a roadmap for producing blue hydrogen in the country. This strategy involves investing around USD 127 million in developing technologies for the production, transportation, and storage of blue hydrogen in Russia. Growth in the hydrogen economy is fueled by technological advancements in hydrogen production, storage, and transport.
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Companies are focusing on the advancements of new and innovative technologies to produce hydrogen more efficiently, safely, and cost-effectively, enhancing its viability and competitiveness. As the hydrogen economy evolves, it is expected to generate substantial opportunities for businesses in the sector during the forecast period. Companies capable of scaling up hydrogen production and maintaining competitive costs are well-positioned to benefit from the increasing demand for clean energy and the shift toward a low-carbon economy.
Auto thermal reforming (ATR) technology is used for the production of blue hydrogen, combining steam and oxygen to convert natural gas into hydrogen and carbon dioxide. While ATR can achieve higher hydrogen purity than steam methane reforming (SMR), it is more complex and expensive. In September 2023, Technip Energies, in collaboration with Casale, expanded its Blue H2 by T.EN offering by incorporating Advanced Auto Thermal Reforming (ATR) technology into its portfolio of integrated low-carbon hydrogen solutions. This addition is part of the Capture.Now initiative, a strategic platform for Carbon Capture, Utilization, and Storage (CCUS), providing comprehensive technologies and solutions tailored to clients specific decarbonization and performance requirements from a single provider.
By Technology Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2019–2032)
By Application Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2019–2032)
By Transportation Mode Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2019–2032)
By Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2019–2032)
Report Attributes |
Details |
Market Size Value in 2023 |
USD 20.25 Billion |
Market Size Value in 2024 |
USD 22.59 Billion |
Revenue Forecast in 2032 |
USD 55.08 Billion |
CAGR |
11.8% from 2024 to 2032 |
Base Year |
2023 |
Historical Data |
2019–2022 |
Forecast Period |
2024–2032 |
Quantitative Units |
Volume, Kilo Tons; Revenue in USD Billion and CAGR from 2024 to 2032 |
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
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Regional Scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
For Specific Research Requirements |