According to a recent market study published by Growth Market Reports, titled, “Global Turquoise Hydrogen Market by Feedstock (Fossil Natural Gas and Renewable Natural Gas), Process (Thermal Methane Pyrolysis, Catalytic Methane Pyrolysis, Plasma Methane Pyrolysis, and Others), Application (Ammonia Production, Methanol Production, Electricity (Fuel Cells), Petroleum Refining, Steel Making, and Others), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa): Size, Share, Trends, and Opportunity Analysis, 2016-2031”, the market was valued at USD 26.8 Million in 2022 and is projected to expand at a growth rate of 75.4% by 2031.

According to the Growth Market Reports industry analyst, Gargi Athalye, “The global turquoise hydrogen market is anticipated to register significant growth during the forecast period, 2022-2031. The rising usage of turquoise hydrogen as a clean feedstock or for process heating in the chemical manufacturing and refinement industries is boosting the market. The growing demand for decarbonization and sustainable energy across the globe is contributing to the market growth, as turquoise hydrogen does not emit CO2.”

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Turquoise hydrogen helps fast-track the development of the hydrogen. It is a method of synthesizing hydrogen, which occurs somewhere on the color spectrum between green and blue hydrogen production. Turquoise hydrogen uses a process called methane pyrolysis, which directly splits methane, the main component in natural gas, into hydrogen and solid carbon. This byproduct, also called ‘carbon black’, has a variety of industrial applications, including in the production of car tires, coatings, plastics, and batteries, and is considered a crucial raw material. Methane splitting is not a new concept, and a few commercial-scale plants already exist in North America. Countries including Australia, Russia, and some European nations are also working on scaling the technology. Policymakers, energy firms, and scientists are hoping to use carbon-free ‘green’ hydrogen as a fuel for power generation, long-haul transportation, and other industries. However, despite significant advances, the turquoise hydrogen market requires a major boost to play a key part in the race to net zero. Turquoise hydrogen is suitable for hitting this target quickly as well as sustainably over the long term.

Primary and secondary research methodologies are used for keen observation and study of the global turquoise hydrogen market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information about the syndicated as well as consulting projects. Primary interviews are conducted with stakeholders across industry verticals at regular intervals in line with the ongoing studies and to be updated with the latest market trends & developments. Validation of the estimated market size and current & future trends is done by the key opinion leaders (KOLs). These KOLs are the CXO level people from key companies in the industry and possess experience of around 10-20 years in the industry. The secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned to understand the competitive scenario, details & developments, and the overall competitive landscape. Regional government and statistical databases are analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 pandemic highlighted economic disparities in the global demand for turquoise hydrogen in the crisis of global interdependence and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. Strict measures are required for monitoring the pandemic, which affected businesses and caused unexpected short and long-term effects. Consequently, pandemics create problems for the market and enhance existing dynamics and limitations. The COVID-19 pandemic created several opportunities for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In the present scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. Moreover, trade barriers are further reducing the demand and supply of various products and services. However, the reduction in outdoor activities and imposition of a social distancing policy has created lucrative opportunities in the market.

Key Takeaways from the Study:

  • Key market players include Aurora Hydrogen; C-Zero; EBARA CORPORATION; Ekona Power Inc.; Hazer Group Limited; HiiROC, Monolith Inc.; and Pure Hydrogen Corporation.

Report Scope:

Report Metric

Details

Market Value in 2022

USD 26.8 Million

Market Growth Rate (from 2023 to 2030)

75.4%

Historical Data

2016 & 2021

Base Year

2022

Forecast Period

2023 – 2031

Units Considered

Value (USD Million)

Market Segments

by Feedstock (Fossil Natural Gas and Renewable Natural Gas), Process (Thermal Methane Pyrolysis, Catalytic Methane Pyrolysis, Plasma Methane Pyrolysis, and Others), Application (Ammonia Production, Methanol Production, Electricity (Fuel Cells), Petroleum Refining, Steel Making, and Others), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa)

Key Companies Profiled

Aurora Hydrogen; C-Zero; EBARA CORPORATION; Ekona Power Inc.; Hazer Group Limited; HiiROC; Monolith Inc.; and Pure Hydrogen Corporation

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.


Target Audience:

  • Supply-side: Raw material suppliers and Manufacturers  

  • Demand Side: Industrial sectors

  • Regulatory Side: Concerned government authorities and other regulatory bodies