Steam Methane Reforming Blue Hydrogen Market Size - By Application (Petroleum Refining, Chemical and Others), 2024 – 2032

Steam Methane Reforming Blue Hydrogen Market Size - By Application (Petroleum Refining, Chemical and Others), 2024 – 2032

Steam methane reforming blue hydrogen market size is anticipated to witness 8.9% CAGR between 2024 and 2032 driven by the increasing global demand for low-carbon hydrogen as part of the transition to cleaner energy sources. Hydrogen has evolved as an attractive option for industries and energy sectors as they are seeking to decarbonize their operations while maintaining high energy density and versatility. For instance, in July 2024, Essar Energy Transition unveiled EET Hydrogen Power, Europe's first hydrogen combined heat and power plant.

The rising interest in hydrogen as a key enabler for various applications, including transportation, industrial processes, and power generation will also fuel the market growth. As countries invest in hydrogen infrastructure and technologies, the demand for blue hydrogen, produced through steam methane reforming with carbon capture and storage (CCS) is increasing. This method provides a practical solution for scaling up hydrogen production while mitigating environmental impacts.

The overall industry is classified into application and region.

Based on application, the steam methane reforming blue hydrogen market from the chemical segment is slated to witness significant growth during 2024-2032. This is, due to the substantial demand for hydrogen as a critical feedstock in various industrial processes. In the chemical industry, hydrogen is essential for producing ammonia, methanol, and other chemicals through processes like ammonia synthesis and hydrocracking. Moreover, steam methane reforming with CCS offers a low-carbon method to produce hydrogen, aligning with the industry goals to reduce its carbon footprint while maintaining high production efficiency.

Asia Pacific steam methane reforming blue hydrogen industry is anticipated to grow at a significant pace over 2024-2032 attributed to the strategic focus on reducing energy dependency and enhancing energy security. Many APAC countries are heavily investing in hydrogen technology as part of their broader energy diversification strategies to reduce reliance on imported fossil fuels and improve energy resilience. Government policies and incentives aimed at promoting low-carbon technologies and reducing greenhouse gas emissions will also stimulate the regional market growth.