In Illinois, Markets and Markets reported that the global blue hydrogen market is projected to grow from $18.2 billion in 2022 to $44.5 billion by 2030.
The report stated that the market is expected to expand at a CAGR of 11.9% during the period.
“The blue hydrogen market has a promising growth potential due to several factors, including the role of blue hydrogen in carbon emission reduction, an increase in the demand for fuel cell-based electric vehicles, and a shift toward a hydrogen-based economy,” the report said.
“The North American region is estimated to be the largest market for the blue hydrogen market, followed by Europe. The growth of the North American region can be attributed to the increasing demand for hydrogen fuel cell-based vehicles and the number of hydrogen filling stations in the US and Canada.”
The report also highlighted that Europe is projected to be the fastest-growing market during the forecast period. The growth of the European blue hydrogen market is expected to be driven by the increasing demand for fuel cell-based electric vehicles and a shift toward a hydrogen-based economy, according to the research firm.
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