Blue Hydrogen Market Size - By Technology (Steam Methane Reforming, Autothermal Reforming, Partial Oxidation), By Application (Petroleum Refining, Chemicals), & Forecast, 2024 – 2032

Blue Hydrogen Market Size

Blue Hydrogen Market was valued at USD 2.03 billion in 2023 and is projected to expand at over 9.8% CAGR between 2024 and 2032. Gradual shift towards a low-carbon or carbon-neutral hydrogen economy along with growing demand for cleaner alternative to traditional hydrogen will drive the business potential.
 

Moreover, increasing investments in in carbon capture and storage technologies in line with governments and international organizations providing policy support and financial incentives will encourage the development blue hydrogen, thereby augmenting to industry growth.

COVID- 19 Impact

The COVID- 19 pandemic has led to project delays, disruptions in the supply chain for critical components, equipment, and materials impacting the construction and development of blue hydrogen project. However, funding and financing of large-scale infrastructure projects coupled with rising global awareness of the environmental sustainability, and climate change influenced the industry landscape.
 

Blue Hydrogen Market Trends

Capability of capturing and sequestering the carbon emissions, mitigating environmental impact along with upsurge in exploration of hydrogen as part of decarbonization strategies will proliferate the business scenario. Additionally, increasing collaborations and partnerships across hydrogen value chain to develop blue hydrogen projects in line with transition of industries towards blue hydrogen leveraging existing natural gas infrastructure will further propel the business dynamics.
 

Blue Hydrogen Market Analysis

Based on technology, the steam methane reforming segment valuation cross USD 3.5 billion by 2032, owing to ability to production of cleaner and more sustainable blue hydrogen in conjunction with advancements in catalyst design, process optimization, and system integration. Ongoing research and development efforts in SMR technology along with paradigm shift towards the development of larger-scale SMR facilities will sway the business demand.
 

Based on application, the petroleum refining segment is anticipated to grow at over 7.5% CAGR through 2032. Gaining prominence as a clean and efficient feedstock for various processes within the petroleum refining industry in line with growing efforts to meet emission reduction targets will augment the industry growth. Furthermore, investments in hydrogen infrastructure to facilitate the integration of blue hydrogen combined with increasing agreements between hydrogen producers, refiners, and technology providers will accelerate the product penetration.
 

North America blue hydrogen market will showcase about 2% growth rate from 2024 to 2032. The U.S. and Canadian governments’ ambitious targets to reduce carbon emissions in line with growing awareness among consumers and industries about the benefits and potential applications of blue hydrogen will complement the business trends. Moreover, expansion of several blue hydrogen projects and demonstrations coupled with advancements in steam methane reforming (SMR) technology, carbon capture and storage (CCS), and electrolysis for improving the efficiency and reducing the cost of blue hydrogen production will further fuel the industry potential.
 

Blue Hydrogen Market Share

Eminent players operating in the blue hydrogen industry are:

• Air Products Inc.
• BP p.l.c.
• Eni
• Exxon Mobil Corporation
• Shell plc
• Technip Energies N.V.
• Air Liquide
• TOPSOE
• Equinor ASA
• Johnson Matthey
• SK E&S CO.LTD.
• Woodside
• MaireTecnimont Spa
• Saipem
• thyssenkrupp Industrial Solutions AG
• Bechtel Corporation
• John Wood Group PLC
   

Blue Hydrogen Industry News

• In December 2023, SK E&S CO. LTD. signed a Global MOU at COP28 to build the largest low carbon hydrogen plant in South Korea along with its local government and international partners. They aim to produce low carbon hydrogen in mass and establishing domestic hydrogen ecosystem. The company will be significantly contributing to carbon neutrality and strategically solidifying its position across the globe.
   
• In June 2023, Technip Energies N.V. launched Canopy by T.EN carbon capture solutions. It comprises Carbon Capture, Utilization & Storage (CCUS) technologies and solutions under one platform. It also includes emitters of all sizes, providing flexible and modular post-combustion carbon capture solutions. The new range will enhance the company’s portfolio and presence across the hydrogen industry.
   

This blue hydrogen market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MT & USD Billion’ from 2024 to 2032 for the following segments:

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Market, By Technology

• Steam methane reforming
• Autothermal reforming
• Partial oxidation

Market, By Application

• Petroleum refining
• Chemicals
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • Oman
  • UAE
  • Kuwait
  • Qatar
  • South Africa
• Latin America