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Blue Hydrogen Leaders – H2 2025

By the end of Q2 2025, the total active and pipeline capacity for blue hydrogen reached approximately 15.2mtpa, contributing to 13% of total low-carbon hydrogen capacity. ExxonMobil Corp, Air Products and Chemicals Inc, Shell Plc, Equinor ASA, Abu Dhabi National Oil Co, and Nutrien Ltd are the leading companies investing in blue hydrogen projects. Although Air Products and Chemicals was previously the leader for blue hydrogen capacity, the stall of its Ascension Parish Blue Hydrogen Project has dropped it below ExxonMobil in the rankings. ExxonMobil, too, has seen a reduction in its net capacity, although this is due to ADNOC’s acquisition of a 35% equity stake in its Baytown Hydrogen Project. Consequently, this acquisition has also seen ADNOC climb into the leaderboard rankings.
By the end of Q2 2025, the total active and pipeline CCS capacity associated with blue hydrogen production reached 125 million CO2 tons per year. With Carbon Capture and Storage (CCS) a crucial technology for blue hydrogen projects, key companies such as Air Products and Chemicals Inc, Exxon Mobil Corp, Fidelis Infrastructure LP, Air Liquide SA, Bakken Energy LLC, Clean Hydrogen Works, Total Energies SE, St Charles Clean Fuels LLC, Linde PLC, and Equinor ASA are leading the way in capturing CO2 during the production of blue hydrogen.
As energy companies diversify and entirely new players also enter the hydrogen market, many EPC contractors are aiming to increase their presence in this space. The leading EPC companies for blue projects are Air Products and Chemicals Inc, Worley Ltd, Samsung Group, AtkinsRealis Group Inc, Mitsubishi Corp, and Siemens Energy AG, based on the hydrogen production capacity of their respective projects.

As of Q3 2025, blue hydrogen accounts for 88% of active low-carbon hydrogen capacity, with blue hydrogen projects totaling 1.39mtpa of hydrogen capacity and 6.5 million tons of CCS capacity. This has been facilitated by the relative ease of retrofitting existing grey hydrogen production with CCUS technology compared to developing greenfield projects. Furthermore, announced and planned projects account for an added 13.8mtpa of hydrogen capacity and almost 111 million tons of CCS capacity. Overall, pipeline capacity has reduced by around 600ktpa, largely due to the stall of Air Products’ 647ktpa Ascension Parish Blue Hydrogen Project.

Oil and gas companies have broadly maintained their competitive positioning within the blue hydrogen market, with 4 of the 6 leaders being from within the industry. ExxonMobil is the largest oil and gas participant investing in blue hydrogen projects, outlining plans to develop blue hydrogen through its Low Carbon Solutions arm as a way of reducing emissions within its operations. To that end, the company invested $900 million to advance CCUS and blue hydrogen projects. The bulk of ExxonMobil’s capacity is driven by its highly anticipated Baytown Hydrogen Facility in the US, with the project close to a final investment decision.

Yet, there have been examples of downturns in activity as corporate strategies have shifted following market and policy uncertainty. Companies such as BP, Shell, and Equinor have recently announced the halting or complete cancellation of some blue hydrogen projects as part of a scale-back in low-carbon investments, instead focusing on high-margin projects.