Report forecasts global blue hydrogen market to grow at a CAGR of 8% by 2033

In the UK, Visiongain reported that the global blue hydrogen market was valued at $18.8 billion in 2022 and is projected to grow at a CAGR of 8% during the forecast period 2023-2033. According to the UK research firm, governments around the world are providing financial incentives and subsidies to support the development of the blue hydrogen market. This is helping to reduce the costs of production and make blue hydrogen more competitive with other energy sources, Visiongain said. “Private companies and investors are also investing in the blue hydrogen market, which is providing the necessary capital to develop and scale the production of blue hydrogen. The development of new and improved CCS technology is making it easier and more cost-effective to produce blue hydrogen. This is driving down the cost of production and making it more accessible to a wider range of customers.” According to Visiongain, the COVID-19 pandemic has had a significant impact on the blue hydrogen market. “The decrease in demand for energy due to lockdowns and the drop in oil prices resulted in a decrease in investment in hydrogen production. The supply chain disruptions also impacted the production and delivery of hydrogen.” However, the long-term outlook for the blue hydrogen market remains positive. The increasing focus on decarbonization and the need for cleaner energy sources are driving the growth of the hydrogen market. Governments around the world are also investing in the development of hydrogen infrastructure and supporting the growth of the hydrogen economy,” the research firm added.

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