Home > Energy & Power > Emerging Energy Technologies > Hydrogen > North America Chemical Blue Hydrogen Market
North America Chemical Blue Hydrogen Market Size
- Report ID: GMI9074
- Published Date: May 2024
- Report Format: PDF
North America Chemical Blue Hydrogen Market Size
North America Chemical Blue Hydrogen Market size was valued USD 310 million in 2023 and is anticipated to grow at a CAGR of 2.4% by 2032. Blue hydrogen is a type of hydrogen produced through the steam methane reforming (SMR) process, coupled with carbon capture and storage (CCS) to mitigate carbon dioxide (CO2) emissions. It can serve as a cleaner alternative to traditional hydrogen sources in the Haber-Bosch process, which synthesizes ammonia from nitrogen and hydrogen. Further, it can be utilized in the direct synthesis of hydrogen peroxide, providing a more environmentally friendly alternative to traditional production methods.
Hydrogen is a versatile feedstock in the chemical industry, used in various processes such as ammonia production, hydrogenation, and methanol synthesis. Blue hydrogen provides a reliable and efficient source of hydrogen, enhancing the efficiency of chemical processes, which will give a positive industry outlook. Furthermore, the production initially requires investment in carbon capture and storage infrastructure but can be cost-competitive with conventional hydrogen production methods in the long term, thereby driving the business growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Chemical Blue Hydrogen Market Size in 2023: | USD 310 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 2.4% |
| 2032 Value Projection: | USD 380 Million |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 80 |
| Tables, Charts & Figures: | 10 |
| Segments covered: | Technology and Country |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Blue hydrogen can enhance energy security by diversifying energy sources and reducing dependence on imported fossil fuels, relevant for countries like the U.S. equipped with abundant natural gas resources, as they can utilize these resources for blue hydrogen production domestically. Companies in the U.S., including energy companies, industrial gas suppliers, and chemical manufacturers, are investing in blue hydrogen projects and forming partnerships to develop and deploy the technology. Furthermore, ongoing efforts to develop the infrastructure needed to produce, transport, and distribute hydrogen, including production facilities, pipelines, and storage infrastructure, will support boost the growth trajectory.
Frequently Asked Questions (FAQ) :
North America Chemical Blue Hydrogen Market Scope
