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Asia Pacific Blue Hydrogen Market Size
Asia Pacific Blue Hydrogen Market was valued USD 340 million in 2023 and is anticipated to grow at 10% CAGR from 2024 to 2032. It refers to hydrogen that is created by the process of steam methane reforming (SMR), which uses natural gas as a feedstock. Blue hydrogen facilities use carbon capture and storage (CCS) technology to absorb CO2 emissions during production, preventing them from being released into the atmosphere.
Rising demand for hydrogen in key industries including fertilizers and refineries in China, India, and South Korea will augment the APAC blue hydrogen market growth. Government initiatives to promote the adoption of clean energy sources coupled with rising investments in the development of hydrogen infrastructure, will contribute to business expansion. Growing understanding and acceptance of the importance of decarbonization and mitigating climate change are impacting consumer choices and business strategies, thereby stimulating the growth opportunities.
Who are the key leaders in the APAC blue hydrogen industry?
BP p.l.c., Bechtel Corporation, Equinor ASA, Exxon Mobil Corporation, Eni SpA, Johnson Matthey, Reliance Industries Ltd, Saipem, Shell Plc, thyssenkrupp Industrial Solutions AG, TOPSOE, Technip Energies N.V., and Woodside, are some of the major blue hydrogen companies in Asia Pacific.
How big is the China blue hydrogen market?
China blue hydrogen industry is expected to cross USD 595 million by 2032 due to vast energy demand, constraints to long-distance transport of natural gas, and the potential for establishing intra region trade connections in the country.
Why is the use of blue hydrogen for steam methane reforming growing in Asia Pacific?
Asia Pacific blue hydrogen industry from the steam methane reforming segment is expected to exceed USD 634 million by 2032 due to its efficiency and scalability, making it a preferred choice for large-scale hydrogen production.
What is the size of the Asia Pacific blue hydrogen market?
Asia Pacific market for blue hydrogen was crossed USD 340 million in 2023 and is expected to register 10% CAGR from 2024 to 2032, owing to the rising demand for hydrogen in key industries including fertilizers and refineries in the region.