Governments around the world are announcing policy statements and publishing hydrogen strategies to support the hydrogen economy.
PORTLAND, OREGON, USA, September 26, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global market blue hydrogen market was estimated to reach $0.9 billion in 2021 and is projected to reach $3.5 billion by 2031, registering a CAGR of 14.1% from 2022 to 2031. The report provides a detailed analysis of the major pockets of investment, winning strategies, drivers and opportunities, market size & estimates, competitive landscape and changing market trends. Market research is a useful source of information for early adopters, new entrants, investors and shareholders in developing strategies for the future and strengthening their position in the market.
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The global blue hydrogen market is analyzed across technology, end-use, industry, and region. The report contains an exhaustive analysis of the segments and their sub-segments using tabular and graphical representation. Investors and market participants can benefit from the breakdown and devise schemes based on the most revenue-generating and fastest-growing segments shown in the report.
By technology, the steam methane reforming segment garnered more than four-fifths of the global blue hydrogen market in 2021 and would dominate the roost by the end of 2031. The automatic thermal reforming segment, on the other hand, would show the fastest CAGR of 16.0% from 2022 to 2031. Partial Gas Oxidation segment is also assessed in the study.
Based on end-use, the chemicals segment held more than two-thirds of the global market in 2021 and is expected to dominate by 2031. The other segments, however, manifest fastest CAGR 15.0% throughout the forecast period. Power generation and refinery segments are also covered in the report.
Based on industry, the ammonia segment held nearly two-thirds of the global market in 2021 and is expected to dominate by 2031. The other segments, however, would show the fastest CAGR of 15.2% while throughout the forecast period. Methanol segment is also analyzed in the report.
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Based on the region, the market across North America generated almost two-fifths of the global market revenue in 2021 and is expected to retain the lion’s share by 2031. The Asia-Pacific region, simultaneously, would show the CAGR the fastest of 14.7% during the forecast period. Other regions studied in the report include LAMEA and Europe.
Regions in Europe and Latin America are promoting the hydrogen economy. Governments around the world are announcing policy statements and publishing hydrogen strategies to support the hydrogen economy. The Austrian NECP plans to promote hydrogen to help increase the share of renewables in total energy consumption to 45-50% by 2030. The government has presented a national hydrogen strategy as part of his political program. Belgium 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 to an investment plan for power-to-gas projects. The presence of the above mentioned initiatives and applications will provide ample opportunities for market development.
Major market players analyzed globally blue hydrogen industry report include Linde Plc, Suncor Energy Inc., Air Liquide SA, Air Products Inc, Toshiba Energy Systems & Solutions Corp., Cummins Inc., Siemens Energy (Siemens AG), ATCO Ltd, Equinor ASA, Royal Dutch Shell PLC, CertifHy Canada Inc., Uniper SE, Saudi Aramco, Reliance Industries and Xebec Adsorption Inc. These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures and others to showcase their prowess in the industry . The report is helpful in formulating the business performance, product portfolio, operating segments, and developments of key players.
• The closure of industrial manufacturing units has led to a drop in demand for solar equipment in most countries around the world, which has had a negative impact on the global blue hydrogen market.
• Decreasing energy use in industrial facilities further aggravated the market situation.
• However, as governments in various countries have eased lockdown restrictions, the demand for hydrogen in industrial applications has gradually recovered.
Main results of the study
• Based on region, Asia-Pacific is expected to grow at a CAGR of 13.9% from 2022 to 2031.
• According to blue hydrogen market analysis, Japan is expected to grow at a CAGR of 13.3% from 2022 to 2031.
• South Korea is expected to post a CAGR of 14.1% from 2022 to 2031
• North America held a dominant position in 2021 and would continue to maintain its lead during the forecast period.
• Based on technology, steam methane reforming technology segment accounted for the largest share in 2021.
• On the basis of end use, chemical end use segment is expected to be the most lucrative segment during the forecast period.
• Based on the industry, the ammonia-based segment is expected to create abundant revenue opportunities through 2030.