Product Code: CMI7558
The global blue hydrogen market is estimated to be valued at USD 20.65 Bn in 2024 and is expected to reach USD 45.55 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12% from 2024 to 2031.
Report Coverage |
Report Details |
Base Year: |
2023 |
Market Size in 2024: |
US$ 20.65 Bn |
Historical Data for: |
2019 To 2023 |
Forecast Period: |
2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: |
12.00% |
2031 Value Projection: |
US$ 45.55 Bn |
Figure. Blue Hydrogen Market Share (%), By Region 2024

Blue hydrogen is produced from natural gas through steam methane reforming combined with carbon capture and storage technologies. It has lower carbon footprint compared to grey hydrogen produced from natural gas. Rising focus on decarbonization of industries and need to reduce dependence on fossil fuels are the key factors driving the demand for blue hydrogen. However, the high capital cost of carbon capture technologies remains a challenge for the wide adoption of blue hydrogen currently. With ongoing technological advancements and supportive policies, the blue hydrogen market is anticipated to grow substantially over the next decade.
Market Dynamics
The global blue hydrogen market is driven by several factors such as stringent emission norms, carbon neutrality pledges of various nations, and focus on developing a hydrogen economy. However, high capital cost of carbon capture technologies acts as a key restraint. Various countries and industry players have announced partnerships and investments to develop large-scale blue hydrogen production facilities using natural gas as a feedstock. For instance, the European Union's hydrogen strategy aims to install at least 6 GW of low-carbon hydrogen electrolyzes and produce 1 million tons of renewable and low carbon hydrogen by 2024. Another major opportunity is the adoption of blue hydrogen for the transportation sector including trucks, buses, and ships. However, building required infrastructure remains a challenge.
Key Features of the Study
This report provides in-depth analysis of the global blue hydrogen market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global blue hydrogen market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Air Products and Chemicals, Inc., Linde plc, Shell Global, Chevron Corporation, Equinor ASA, Siemens Energy AG, Mitsubishi Heavy Industries, Ltd., TotalEnergies SE, BP plc, RWE AG, ENGIE S.A., Iwatani Corporation, Aker Solutions ASA, Wood plc, and thyssenkrupp AG
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global blue hydrogen market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global blue hydrogen market
Market Segmentation
- By Product Type Insights (Revenue, USD Bn, 2019 - 2031)
- Steam Methane Reforming (SMR)
- Gas Partial Oxidation (POX)
- Auto Thermal Reforming (ATR)
- By Application Insights (Revenue, USD Bn, 2019 - 2031)
- Petroleum Refineries
- Chemical Industry
- Power Generation Facilities
- Others
- By Transportation Mode Insights (Revenue, USD Bn, 2019 - 2031)
- Pipeline
- Cryogenic Liquid Tankers
- Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
- Key Players Insights
- Air Products and Chemicals, Inc.
- Linde plc
- Shell Global
- Chevron Corporation
- Equinor ASA
- Siemens Energy AG
- Mitsubishi Heavy Industries, Ltd.
- TotalEnergies SE
- BP plc
- RWE AG
- ENGIE S.A.
- Iwatani Corporation
- Aker Solutions ASA
- Wood plc
- thyssenkrupp AG
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Global Blue Hydrogen Market, By Product Type
- Global Blue Hydrogen Market, By Application
- Global Blue Hydrogen Market, By Transportation Mode
- Global Blue Hydrogen Market, By Region
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product Launches/Approvals
- PEST Analysis
- PORTER's Analysis
- Market Opportunities
- Regulatory Scenario
- Key Developments
- Industry Trend
4. Global Blue Hydrogen Market, By Product Type, 2019-2031, (USD Bn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Steam Methane Reforming (SMR)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Gas Partial Oxidation (POX)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Auto Thermal Reforming (ATR)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
5. Global Blue Hydrogen Market, By Application, 2019-2031, (USD Bn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Petroleum Refineries
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Chemical Industry
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Power Generation Facilities
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
6. Global Blue Hydrogen Market, By Transportation Mode, 2019-2031, (USD Bn)
- Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Pipeline
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
- Cryogenic Liquid Tankers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
7. Global Blue Hydrogen Market, By Region, 2019 - 2031, Value (USD Bn)
- Introduction
- Market Share (%) Analysis, 2024,2027 & 2031, Value (USD Bn)
- Market Y-o-Y Growth Analysis (%), 2020 - 2031, Value (USD Bn)
- Regional Trends
- North America
- Introduction
- Market Size and Forecast, By Product Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Transportation Mode, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
- Latin America
- Introduction
- Market Size and Forecast, By Product Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Transportation Mode, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Introduction
- Market Size and Forecast, By Product Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Transportation Mode, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, By Product Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Transportation Mode, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- Introduction
- Market Size and Forecast, By Product Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Transportation Mode, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- Introduction
- Market Size and Forecast, By Product Type, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Application, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Transportation Mode, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country/Region, 2019 - 2031, Value (USD Bn)
- South Africa
- North Africa
- Central Africa
8. Competitive Landscape
- Air Products and Chemicals, Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Linde plc
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Shell Global
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Chevron Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Equinor ASA
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Siemens Energy AG
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Mitsubishi Heavy Industries, Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- TotalEnergies SE
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- BP plc
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- RWE AG
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- ENGIE S.A.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Iwatani Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Aker Solutions ASA
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Wood plc
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- thyssenkrupp AG
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
9. Analyst Recommendations
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
10. References and Research Methodology
- References
- Research Methodology
- About us