The blue hydrogen market will grow at a rate of 11.70% by the end of this decade, to reach USD 42,783 million by 2030.

Blue hydrogen is often promoted as a low-carbon fuel for electricity generation, powering vehicles, and heating buildings and an energy storing medium. The high crude oil price instability and unnecessary taxes on diesel and gasoline have brought about a sharp rise in their cost. 

Canada, the U.S., the U.A.E., and Saudi Arabia have massive hydrocarbon reserves. Most of these nations are known for expanding the energy supply of the world by leveraging their exclusive access to reasonably priced natural resources. Talking of hydrogen, these countries may possibly scale up production through clean methods. This could also power the requirement for hydrogen energy storage technologies, for using gas for numerous purposes, when there is a high demand.

In 2030, the petroleum refinery application will generate a significant revenue in the blue hydrogen market. The gas is a key chemical in the production of valued products at refineries.

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E&P and petrochem companies are compelled for limiting their carbon footprints by government regulations. Hence, for more-sustainable operations, petroleum corporations are rapidly replacing conventional fuels with affordable and low-carbon alternatives.

The use of this chemical in fuel cell EVs is expanding. Though hydrogen has long been documented as a low-carbon fuel for transportation, addition of the same to the mix of W fuels is difficult. 

Furthermore, the high price of the commodity is a key issue for truck manufacturers, with the relative dearth of refueling stations additionally impeding FCEV acceptance. Though, over the conventional fossil fuels, which are getting exhausted, consequently, becoming additionally expensive, it has an edge. On top of FCEVs, the commodity is highly required in the aerospace sector, because it is a main rocket fuel.

Blue hydrogen is increasingly used as a medium for storing energy, and that is the main reason, the demand for the same is on the rise, all over the world.