Blue hydrogen market forecast to reach $6 billion by 2032, report finds

May 25, 2023 |

In New Jersey, Brainy Insights estimates that the blue hydrogen market will reach $6 billion by 2032.

According to Brainy Insights, the blue hydrogen market currently reaches $1.5 billion.

“North America is expected to have the most significant blue hydrogen market share. Oil refining capacity in North America was around 21.4 million barrels per day in 2021. Furthermore, the United States generates power using various energy sources and technologies. In addition, Canada will develop a domestic hydrogen market, offering national economic and environmental benefits, cutting emissions in areas such as transportation, and establishing hydrogen as a critical component of the net-zero future,” the report said.

“Blue hydrogen may be the most cost-effective choice for decarbonizing industrial heating, domestic heating in cold locations, and heavy-duty cars. Blue hydrogen use is projected to increase as GHG emissions from vehicles rise. Transportation accounts for 28% of total greenhouse gas emissions. As a result, electric vehicles have grown in popularity due to their zero emissions into the environment and low refuelling and maintenance expenses,”

The report also highlighted that hydrogen-powered fuel cells emit no pollutants and can outperform standard combustion technology by two to three times. “China had the most significant sales in 2021, more than triple those of 2020, with 3.3 million, followed by Europe, which had 2.3 million sales, up from 1.4 million in 2020. In the United States, in 2021, 630000 electric vehicles will be sold, boosting their market share to 4.5%,” the report added.

More on the story.

Print Friendly, PDF & Email

Category: Hydrogen

Thank you for visting the Digest.