Blue Hydrogen Market Size, Share & Trends Analysis growing at a CAGR of 19.0% from 2023 to 2030
The global blue hydrogen market size was estimated at USD 2.34 billion in 2022 and is projected to reach USD 12.88 billion by 2030, growing at a CAGR of 19.0% from 2023 to 2030. This market growth is attributed to the increasing investments and projects taking place across the globe.
Key Market Trends & Insights
- The Middle East & Africa accounted for the largest revenue share of over 33.0% in 2022.
- The market in Europe is expected to grow at the fastest CAGR of 22.6% during the forecast period.
- Based on technology, the steam methane reforming technology segment accounted for the largest revenue share of over 61.0% in 2022.
- Based on transportation mode, pipeline transportation mode segment recorded a higher revenue share of over 71.0% in 2022.
- Based on application, power generation application segment accounted for the largest revenue share of over 37.0% in 2022.
Market Size & Forecast
- 2022 Market Size: USD 2.34 Billion
- 2030 Projected Market Size: USD 12.88 Billion
- CAGR (2023-2030): 19.0%
- North America: Largest market in 2022
- Europe: Fastest growing market
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Furthermore, this market is driven by several countries setting targets for reducing carbon and Greenhouse Gas (GHG) emissions by adopting hydrogen as an alternative in the energy transition. The U.S. market is driven by several projects and developments initiated in the country. For instance, on January 30, 2023, Exxon Mobil Corporation announced its plan to establish a new plant for blue hydrogen generation in Baytown, Texas. This plant is expected to generate 1 billion cubic feet of blue hydrogen derived from natural gas per day with approximately 98% of carbon dioxide being captured from the production and stored underground. In addition, in October 2021, Air Products and Chemicals, Inc. announced its plan to invest USD 4.5 billion in a blue hydrogen generation plant in Louisiana in the U.S. that is expected to commence operations by 2026. This project is considered to be the largest investment for blue hydrogen generation in the country. The plant is expected to capture approximately 95% of carbon dioxide underground. Such projects in the country are anticipated to drive the growth of the market in the U.S. during the forecast period.
