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Blue Hydrogen Market Size

Report ID: GMI5372
Published Date: Dec 2023
Report Format: PDF

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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.

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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.

Blue Hydrogen Market Report Attributes
Report Attribute	Details
Base Year:	2023
Blue Hydrogen Market Size in 2023:	USD 2.03 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9.8%
2032 Value Projection:	USD 5.01 Billion
Historical Data for:	2019 to 2023
No. of Pages:	220
Tables, Charts & Figures:	475
Segments covered:	Technology, Application and Region
Growth Drivers:	Extensive efforts to decarbonize multiple applications Ongoing investments for hydrogen by both private & public sectors Stringent regulations and targets
Pitfalls & Challenges:	Challenges associated with carbon capture and storage infrastructure

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Authors: Ankit Gupta, Sristhi Agrawal

Frequently Asked Questions (FAQ) :

The market size of blue hydrogen was worth more than USD 2.03 billion in 2023 and is anticipated to reach USD 5.01 billion by 2032, due to the integration of carbon capture and storage (CCS) technologies to capture and store the carbon dioxide (CO2) emissions generated during the hydrogen production process.

The steam methane reforming segment will continue to grow and reach over USD 3.5 billion by 2032, owing to ability to produce cleaner and more sustainable blue hydrogen in conjunction with advancements in catalyst design, process optimization, and system integration.

North America blue hydrogen market will record around 2% CAGR from 2024 to 2032, due to the 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.

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, and John Wood Group PLC.