Global Blue Hydrogen Market Report and Forecast 2024-2032

Global Blue Hydrogen Market Size

The global blue hydrogen market reached approximately USD 1.19 billion in 2023. The market is further projected to grow at a CAGR of 10.3% between 2024 and 2032, reaching a value of USD 2.87 billion by 2032.

Key Trends in the Market

Blue hydrogen refers to hydrogen produced from natural gas through the process of steam methane reforming. In this process hot steam is mixed with the natural gas and a catalyst. The chemical reaction results in the production of carbon monoxide and hydrogen. Blue hydrogen helps in decarbonising industrial heating and in storing and generating electricity.

• Increasing environmental awareness and rising efforts to reduce emissions is boosting the blue hydrogen market growth. Governments of various countries are encouraging the adoption of clean energy sources including blue hydrogen to combat climate change and reduce emission levels.

• Rising adoption of fuel cell electronic vehicles is also supporting the market expansion as they are powered by blue hydrogen. Fuel cell electronic vehicles are more efficient that traditional internal combustion engine vehicles as they do not produce harmful tailpipe emissions and only emit warm air and water vapours.

• Petroleum refineries are increasingly using blue hydrogen as it reduces carbon emissions and is comparatively cost efficient. Utilisation of blue hydrogen also allows for sustainable operation of petroleum refineries and aids them in producing green fuels.

Global Blue Hydrogen Market Analysis

On the basis of technology, the market is divided into gas partial oxidation (POX), auto thermal reforming (ATR), and steam methane reforming (SMR). Based on end use, the market is categorised into chemical industry, petroleum refineries, and power generation facilities, among others. On the basis of region, the blue hydrogen industry segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Linde plc 

• Shell International B.V. 

• Air Products and Chemicals, Inc. 

• Dastur Energy

• Technip Energies N.V. 

• Topsoe A/S 

• Aker Solutions ASA

• Thyssenkrupp Uhde GmbH

• Other

Market Share by Technology

Steam Methane Reforming (SMR) technology is expected to account for a significant blue hydrogen market share. The methane, in the presence of a catalyst, reacts with steam to produce carbon monoxide, relatively less amount of carbon dioxide, and hydrogen. This growth can be attributed to the ability of the technique to produce high levels of pure hydrogen in an efficient manner and its cost-efficient nature. The produced oxygen can be collected by deploying in-house pressure swing absorption purification.

Market Share by Region

North America is anticipated to account for a significant share of the market over the forecast period owing to the rising applications of blue hydrogen in petroleum refineries, power generation, and transportation, among others. The expansion of the chemical sector in the region is another major factor boosting the blue hydrogen market demand. Blue hydrogen is being favoured by various industries in North America due to the introduction of supportive government policies that aim to bolster the utilisation of the gas.

Competitive Landscape

Linde plc is an industrial gas and engineering company known for providing high quality technology, solutions, and services to their customers across the globe. The primary business of the company involves distribution and manufacture of atmospheric gasses, including nitrogen and oxygen, among others.

Shell International B.V. is an energy company that specialises in production, exploration, marketing, and refining of natural gas and oil. They are dedicated towards meeting global energy demands by producing cleaner natural gasses.

Air Products and Chemicals, Inc. provides essential industrial gasses and equipment to customers across various industries including electronics, chemicals, manufacturing, food, and refining, among others. The company was found in 1940 and is headquartered in Pennsylvania, United States.

Other blue hydrogen market key players include Dastur Energy, Technip Energies N.V., Topsoe A/S, Aker Solutions ASA, and Thyssenkrupp Uhde GmbH, among others.

Key Highlights of the Report