Press release
Blue Hydrogen Market to Reach $85.56 Billion by 2034, Expanding at a CAGR of 14.3%
The global blue hydrogen market was valued at USD 22.79 billion in 2024. With a compound annual growth rate (CAGR) of 14.3% during 2025-2034, the market is projected to grow to USD 85.56 billion by 2034.
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Market Introduction
Blue hydrogen is a type of hydrogen fuel produced through a process called steam methane reforming (SMR). In SMR, natural gas reacts with steam to generate hydrogen and carbon dioxide (CO2). What separates blue hydrogen from other forms is that the carbon dioxide generated during this process is not released into the atmosphere. Instead, it is captured and stored underground through a method known as carbon capture and storage (CCS). This significantly reduces the greenhouse gas emissions associated with hydrogen production, making blue hydrogen a cleaner alternative to traditional hydrogen.
Market Dynamics
Rising Need for Clean Energy Solutions: Fuel cell electric vehicles (FCEVs) are gaining significant traction owing to their low refueling and maintenance costs. Governments globally are offering favorable initiatives to promote the adoption of such vehicles. These efforts are aimed at lowering carbon emissions and reducing reliance on fossil fuels. Thus, the growing need for clean energy solutions is propelling the blue hydrogen market forward.
Growing Focus on Net Zero Emissions: Under a net-zero emissions scenario, hydrogen production is set to undergo a major transformation. Achieving net-zero emissions by mid-century will require sweeping changes across the energy system, incorporating a diverse mix of technologies. Blue hydrogen, in particular, is expected to play a pivotal role in decarbonizing the global energy landscape.
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Competitive Landscape
The competitive landscape of the market is rapidly evolving. The market is witnessing a rise in strategic alliances and joint ventures between energy infrastructure companies and technology developers to drive the deployment of blue hydrogen projects. A few of the major market participants include:
Air Liquide
Air Products and Chemicals, Inc.
Engie
Equinor ASA
Exxon Mobil Corp.
INOX Air Products Ltd.
Iwatani Corp.
Linde Plc
Shell Group of Companies
SOL Group
Segmental Analysis
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
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Regional Overview
• The report offers market insights into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
• North America dominated the market in 2024, driven by the substantial natural gas resources in the region. In addition, rising environmental concerns are fueling the demand for low-carbon energy in North America.
• Europe is projected to register the fastest CAGR during the forecast period, driven by a strong commitment to achieving ambitious climate targets and lowering carbon emissions.
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