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How Much Will The Blue Hydrogen Market Be Worth By 2029?

The size of the blue hydrogen market has seen a swift expansion lately. The market is set to increase from $18.64 billion in 2024 to $20.69 billion in 2025, achieving a compound annual growth rate (CAGR) of 11.0%. Factors contributing to its growth during the historic period include governmental policy support and subsidies, technological breakthroughs, concerns around energy security, environmental compliance, industrial demand, access to natural gas, increased public consciousness, and societal pressure.

Expectations are high for rapid expansion of the blue hydrogen market in the forthcoming years. By 2029, it is predicted to inflate to a substantial $31.58 billion, due to a 11.2% compound annual growth rate (CAGR). This projected growth during the forecasted period is largely due to the increased funding in R&D, rising cost of carbon, the development of hydrogen infrastructure, technological advancements that reduce production costs, an increase in renewable energy capacity, worldwide cooperation, and the goals set by corporations for sustainability. The predicted trends for this period include development of hydrogen production methods, integration with renewable energy sources, growth in the transportation sector, more extensive use in power generation, technological breakthroughs in storage and distribution, expansion of hydrogen projects, and partnerships across different industries.

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What Core Drivers Are Expected To Influence The Blue Hydrogen Market?

The escalating need for chemical production is likely to spur the expansion of the blue hydrogen market. Chemical production, being the industrial mechanism of converting raw materials into chemical products via chemical reactions and techniques, sees an increasing demand driven by the expansion of industrial sectors and the rising necessity for novel materials and solutions within various industries. Blue hydrogen is emerging as a preferred choice in chemical production due to its cleaner nature compared to traditional hydrogen sources. It is mainly used as a feedstock in processes like ammonia production where hydrogen plays an integral role. For instance, as reported by the International Energy Agency (IEA), a France-based autonomous intergovernmental entity, in October 2023, global ammonia output will account for about 2% (8.6 EJ) of the total end-use energy consumption. In addition, it is expected that ammonia production will undergo a near 40% increase by 2050. The growing requirement for chemical production hence will facilitate the progression of the blue hydrogen market.

What Is The Segment Breakdown Of The Blue Hydrogen Market?

The blue hydrogenmarket covered in this report is segmented –

1) By Technology: Steam Methane Reforming (SMR), Gas Partial Oxidation (POX), Auto Thermal Reforming (ATR)

2) By Transportation Mode: Pipeline, Cryogenic Liquid Tankers

3) By End User: Petroleum Refineries, Chemical Industry, Power Generation Facilities, Other End Users

Subsegments:

1) By Steam Methane Reforming (SMR): Traditional SMR, SMR With Carbon Capture And Storage (CCS)

2) By Gas Partial Oxidation (POX): Coal Gasification With POX, Natural Gas POX

3) By Auto Thermal Reforming (ATR): ATR With Carbon Capture And Storage (CCS), ATR Without CCS

How Are Global Trends Impacting The Development Of The Blue Hydrogen Market?

Leading firms in the blue hydrogen market are developing advanced production technologies using low-carbon hydrogen (LCH) technology to improve efficiency and lower carbon emissions, in alignment with worldwide sustainability objectives. LCH technology deployed in blue hydrogen production combines natural gas reforming with carbon capture and storage (CCS), reducing greenhouse gas emissions and enhancing the sustainability of hydrogen production. For instance, in October 2023, Johnson Matthey, a UK-based sustainable technology provider, signed a licensing and engineering agreement with BP p.l.c., a UK-based oil and gas firm, to bring JM’s LCH technology to BP’s proposed flagship low-carbon (blue) hydrogen facility in Teesside (England), named H2Teesside. This technology, which marries a gas-heated reformer with an autothermal reformer (GHR-ATR), provides the highest efficiency in terms of natural gas use and can capture up to 99% of carbon dioxide emissions. This setup allows H2Teesside to achieve the lowest possible levelized cost of hydrogen (LCOH) and the highest carbon efficiency among current low-carbon (blue) hydrogen production technologies.

Who Are The Major Stakeholders Operating In The Blue Hydrogen Market?

Major companies operating in the blue hydrogen market are Saudi Arabian Oil Company (Saudi Aramco), Exxon Mobil Corporation, Royal Dutch Shell PLC, Uniper SE, TotalEnergies SE, BP Plc, Chevron Corporation, Mitsubishi Corporation, Equinor ASA, Reliance Industries Ltd., Repsol S.A., Engie SA, ConocoPhillips, Suncor Energy Inc., Linde Plc, Cummins Inc., Air Products Inc., Toshiba Energy Systems & Solutions Corp., ATCO Ltd., Air Liquide S.A., Siemens Energy (Siemens AG), FuelCell Energy Inc.

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Which Region Is Likely To Register The Fastest Growth In The Blue Hydrogen Market?

North America was the largest region in the blue hydrogen market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the blue hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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