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Rising pressure on industries such as steel, chemicals, and refining to decarbonize their operations is set to influence the process adoption to reduce carbon footprint while maintaining operational efficiency. Growing countries diversification in their energy sources to enhance energy security and reduce reliance on fossil fuels is propelling domestic blue hydrogen production thereby creating opportunities for industry growth.
Furthermore, expanding government and private bodies investments and funding for research and development, to boost the technology adoption coupled with rising public-private partnerships and international collaborations in accelerating the deployment of clean energy projects will improve the business growth.
Air Products Inc, Air Liquide, Bechtel Corporation, Exxon Mobil Corporation, Eni SpA, John Wood Group PLC, Johnson Matthey, MaireTecnimont Spa, SK E&S CO.LTD., Shell plc, thyssenkrupp Industrial Solutions AG, Technip Energies N.V, TOPSOE, and Woodside Energy.
Europe steam methane reforming blue hydrogen market is projected to reach more than USD 1.2 billion by 2032, led by the rising blue hydrogen projects to bridge the transition towards green hydrogen.
The petroleum refinery application segment in the steam methane reforming blue hydrogen industry is projected to account for more than USD 1.7 billion by 2032, due to the rising stringent environmental regulations aimed at reducing greenhouse gas emissions.
The market size of steam methane reforming blue hydrogen was worth USD 1.5 billion in 2023 and is projected to expand at 8.9% CAGR from 2024 to 2032, owing to the growing demand for hydrogen in various sectors, including transportation, industry, and power generation.