Blue Hydrogen Market Size Worth $ 85.56 Billion by 2034 | CAGR: 14.3%

The global blue hydrogen market size is expected to reach USD 85.56 billion by 2034, according to a new study by Polaris Market Research. The report by Application, Transportation Mode, Technology (Steam Methane Reforming, Gas Partial Oxidation, and Auto Thermal Reforming), Region, Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The blue hydrogen market refers to the sector involved in the production, distribution, and utilization of hydrogen generated through steam methane reforming (SMR) of natural gas, coupled with carbon capture and storage (CCS) technology to reduce carbon emissions. Blue hydrogen serves as a transitional solution in the global shift toward cleaner energy, as it mitigates the environmental impact of traditional hydrogen production by capturing and storing CO₂ emissions that would otherwise be released into the atmosphere. The rise of hydrogen economy drives the expansion of the global blue hydrogen market. This concept envisions the extensive use of hydrogen as a fuel for transportation, power generation, and industrial applications. The hydrogen economy is anticipated to be pivotal in transitioning to a low-carbon energy system and meeting climate change objectives.

Additionally, government policies and initiatives are positively influencing the hydrogen economy by promoting hydrogen as a clean energy source. Governments worldwide are investing in hydrogen infrastructure such as production, storage, and distribution facilities, and providing incentives to companies that adopt hydrogen technologies. For instance, in August 2022, the Russian government launched a roadmap for producing blue hydrogen in the country. This strategy involves investing around USD 127 million in developing technologies for the production, transportation, and storage of blue hydrogen in Russia. Growth in the hydrogen economy is fueled by technological advancements in hydrogen production, storage, and transport.

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Companies are focusing on the advancements of new and innovative technologies to produce hydrogen more efficiently, safely, and cost-effectively, enhancing its viability and competitiveness. As the hydrogen economy evolves, it is expected to generate substantial opportunities for businesses in the sector during the forecast period. Companies capable of scaling up hydrogen production and maintaining competitive costs are well-positioned to benefit from the increasing demand for clean energy and the shift toward a low-carbon economy.

Auto thermal reforming (ATR) technology is used for the production of blue hydrogen, combining steam and oxygen to convert natural gas into hydrogen and carbon dioxide. While ATR can achieve higher hydrogen purity than steam methane reforming (SMR), it is more complex and expensive. In September 2023, Technip Energies, in collaboration with Casale, expanded its Blue H2 by T.EN offering by incorporating Advanced Auto Thermal Reforming (ATR) technology into its portfolio of integrated low-carbon hydrogen solutions. This addition is part of the Capture. Now initiative, a strategic platform for Carbon Capture, Utilization, and Storage (CCUS), providing comprehensive technologies and solutions tailored to clients specific decarbonization and performance requirements from a single provider.

Blue Hydrogen Market Report Highlights

• In terms of technology, the steam methane reforming segment held the largest share in 2024, as it produces high-quality blue hydrogen and is a preferred choice among end users.
• By application, the refinery segment will register a substantial growth rate over the study period due to their sustainability objectives. Key companies are implementing sustainable methods, such as steam methane reforming, to manage the carbon dioxide produced during hydrogen generation.
• In 2024, the North American blue hydrogen market dominated the sector during the forecast period, primarily due to the region's substantial natural gas resources, which are essential feedstocks for blue hydrogen production.
• Europe is the fastest growing market for blue hydrogen due to its strong commitment to achieving ambitious climate targets and reducing carbon emissions.
• Linde Plc; Shell Group; Air Liquide; Air Products and Chemicals.; Engie; Equinor; SOL Group; Iwatani Corp.; INOX Air Products; and Exxon Mobil are among the key market players.

Polaris Market Research has segmented the blue hydrogen market report on the basis of technology, application, transportation mode, and region:

By Technology Outlook (Volume, Kilotons; Revenue, USD Billion, 2020–2034)

• Steam Methane Reforming
• Gas Partial Oxidation
• Auto Thermal Reforming

By Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2020–2034)

• Chemicals
• Refinery
• Power Generation
• Others

By Transportation Mode Outlook (Volume, Kilotons; Revenue, USD Billion, 2020–2034)

• Pipeline
• Cryogenic Liquid Tankers

By Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  •  Japan
  •  India
  •  Malaysia
  •  South Korea
  • Indonesia
  • Australia
  • Vietnam
  •  Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America