Blue Hydrogen Market Share

Segmentation Analysis:

Market Analysis by Technology

The steam methane reforming technology secured the majority of the blue hydrogen market share, surpassing 61% in 2023. This dominance is driven by the rising interest in blue hydrogen as a sustainable fuel option. Through this innovative method, carbon dioxide produced during the process is not emitted into the atmosphere. Instead, it is captured and stored underground via Carbon Capture, Utilization, and Storage (CCUS) procedures. Consequently, this approach yields blue hydrogen devoid of greenhouse gas and carbon emissions, establishing it as the favored means for blue hydrogen production.

Market Analysis by Application

The petroleum refining sector is projected to grow at more than 7.2% CAGR during 2024 to 2032. This surge is attributed to its rising significance as a clean and effective raw material across diverse processes within the petroleum refining domain, aligning with the increasing focus on meeting emission reduction objectives. Additionally, heightened investments in hydrogen infrastructure to enable the adoption of blue hydrogen, coupled with the growing number of agreements between hydrogen producers, refiners, and technology suppliers, will expedite the integration of this product into the market.

The power generation application captured around 37% market share in 2023. This expansion is credited to significant entities in the power generation sector, like Equinor ASA, striving to decarbonize their energy systems. They achieve this by mitigating carbon dioxide emissions during hydrogen-powered electricity generation and diminishing their dependency on fossil fuels. Blue hydrogen, characterized by its low-carbon composition, plays a pivotal role in the decarbonization efforts across various power generation infrastructures.

Competitive Landscape:

The blue hydrogen market is characterized by the presence of several key players striving to expand their market share and technological capabilities. They are actively involved in the development and commercialization of blue hydrogen production technologies, as well as the integration of carbon capture and storage capabilities. Some of the prominent companies operating in the market include -

• Air Liquide
• Air Products Inc.
• Bechtel Corporation
• BP PLC
• Eni
• Equinor ASA
• Exxon Mobil Corporation
• John Wood Group PLC
• Johnson Matthey
• MaireTecnimont Spa
• Saipem
• Shell PLC
• SK E&S
• Technip Energies N.V.
• thyssenkrupp Industrial Solutions
• TOPSOE
• Woodside

Air Liquide: As a leading player in the global industrial gases market, Air Liquide has been actively pursuing blue hydrogen initiatives to address the increasing demand for clean energy solutions. The company has been involved in various blue hydrogen projects, aiming to leverage its expertise in hydrogen production and distribution to support the transition towards a low-carbon economy. With a strong focus on innovation and sustainable practices, Air Liquide is well-positioned to play a significant role in shaping the market future.

Linde plc: With a strong presence in the hydrogen market, Linde plc has been at the forefront of advancing blue hydrogen technologies and solutions. The company's extensive portfolio of hydrogen-related offerings, including hydrogen production and distribution systems, positions it as a key player in the blue hydrogen market. Linde's commitment to sustainability and green initiatives further strengthens its competitive position in the market, as it continues to drive the adoption of blue hydrogen as a viable clean energy source.

Air Products and Chemicals, Inc.: Recognized for its expertise in industrial gases and hydrogen production, Air Products and Chemicals, Inc. has been actively engaged in advancing blue hydrogen solutions. The company's focus on developing cost-effective and efficient blue hydrogen production processes has garnered significant attention in the market. With a strong emphasis on sustainability and environmental responsibility, Air Products and Chemicals, Inc. is poised to make substantial contributions to the market expansion.

Mitsubishi Corporation: As a global conglomerate with diverse business interests, Mitsubishi Corporation has been actively involved in the development of blue hydrogen projects and initiatives. The company's strategic investments in blue hydrogen production facilities and technology development underscore its commitment to driving the growth of the market. With a focus on leveraging its extensive resources and capabilities, Mitsubishi Corporation is well-positioned to play a pivotal role in shaping the market growth.

In conclusion, the blue hydrogen market holds significant potential for growth, driven by the increasing demand for clean energy solutions and the transition towards a low-carbon economy. With key market segments such as industrial applications and residential/commercial heating, as well as the presence of major players like Air Liquide, Linde plc, Air Products and Chemicals, Inc., and Mitsubishi Corporation, the blue hydrogen market is poised for substantial expansion in the coming years. As the industry continues to evolve, the development and commercialization of blue hydrogen technologies will play a critical role in shaping the future of the energy landscape.