Blue Hydrogen Market Analysis

Blue Hydrogen Market Analysis

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Based on technology, the steam methane reforming segment valuation cross USD 3.5 billion by 2032, owing to ability to production of cleaner and more sustainable blue hydrogen in conjunction with advancements in catalyst design, process optimization, and system integration. Ongoing research and development efforts in SMR technology along with paradigm shift towards the development of larger-scale SMR facilities will sway the business demand.
 

Based on application, the petroleum refining segment is anticipated to grow at over 7.5% CAGR through 2032. Gaining prominence as a clean and efficient feedstock for various processes within the petroleum refining industry in line with growing efforts to meet emission reduction targets will augment the industry growth. Furthermore, investments in hydrogen infrastructure to facilitate the integration of blue hydrogen combined with increasing agreements between hydrogen producers, refiners, and technology providers will accelerate the product penetration.
 

North America blue hydrogen market will showcase about 2% growth rate from 2024 to 2032. The U.S. and Canadian governments’ ambitious targets to reduce carbon emissions in line with growing awareness among consumers and industries about the benefits and potential applications of blue hydrogen will complement the business trends. Moreover, expansion of several blue hydrogen projects and demonstrations coupled with advancements in steam methane reforming (SMR) technology, carbon capture and storage (CCS), and electrolysis for improving the efficiency and reducing the cost of blue hydrogen production will further fuel the industry potential.