Petroleum Refining Blue Hydrogen Market Analysis

Petroleum Refining Blue Hydrogen Market Analysis

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Based on production process, the steam methane reforming petroleum refining blue hydrogen industry will grow over USD 1.8 Billion by 2032. Ongoing advancements in the SMR technology aim to enhance process efficiency, reduce energy consumption, and optimize hydrogen yield, making the technology more cost-effective. Moreover, carbon pricing policies and emissions trading systems create financial incentives for industries to reduce CO2 emissions, thereby augmenting the industry landscape.
 

ATR typically yields higher hydrogen production per unit of methane compared to conventional technologies and syngas produced contains a higher ratio of hydrogen to CO, thereby driving the product adoption. ATR-based blue hydrogen production can be integrated into existing industrial facilities, such as petroleum refineries to provide a low-carbon hydrogen source for internal use or external distribution, thereby driving the business scenario.
 

Europe Petroleum Refining blue hydrogen market is forecasted to exceed USD 870 million by 2032. Set ambitious targets to reduce greenhouse gas emissions, is set to drive the adoption of low carbon hydrogen technologies including blue hydrogen. Further, the European Union Emissions Trading System (EU ETS) imposes a carbon price on greenhouse gas emissions, incentivizing industries to reduce emissions and adopt blue hydrogen, thereby swaying the business dynamics. Furthermore, many petroleum refining companies across the region have set sustainability goals to reduce their carbon footprint and transition to cleaner energy sources.