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Blue Hydrogen Leaders – Q1 2025

By the end of Q4 2024, the total active and pipeline capacity for blue hydrogen reached 16mtpa, contributing to 9% of the total low-carbon hydrogen active and pipeline capacity. Air Products and Chemicals Inc, Exxon Mobil Corp, Shell Plc, Equinor ASA, GCL New Energy Holdings Ltd, and Nutrien Ltd are the leading companies proposing to develop blue hydrogen production capacity.
By the end of Q4 2024, the total active and pipeline CCS capacity associated with blue hydrogen production, reached 123 million CO2 tons per year. Carbon Capture and Storage (CCS) is a crucial technology for blue hydrogen projects. Companies such as Air Products and Chemicals Inc, Exxon Mobil Corp, Fidelis Infrastructure LP, Air Liquide SA, Bakken Energy LLC, and Clean Hydrogen Works, are currently leading the way in capturing CO2 during the production of blue hydrogen.
While existing energy companies diversify and entirely new players also aim to enter the hydrogen market, many EPC contractors aim 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 of their respective projects.

Investment in blue hydrogen is set to increase in 2025, as it is currently more cost-effective than green hydrogen and as nations continue to support the expansion of their carbon capture and storage (CCUS) capabilities. For example, with leadership changes, the US is expected to shift its focus from green hydrogen to blue hydrogen through continued support of its 45Q tax credit, which is forecasted to contribute to increasing the financial viability of blue hydrogen projects. Additionally, the UK government announced a CCUS support package totaling GBP21.7 billion ($26.5 billion) that will partly focus on storing emissions from hydrogen production. This level of government support will likely mirror the US’s shift in focus to blue hydrogen as the investment reduces risks around blue hydrogen project financing, attracting more private sector participation and accelerating project timelines.

As of Q1 2025, active blue hydrogen projects account for 1.64mtpa of hydrogen capacity and 6.5 million of CCS capacity. Significantly more blue hydrogen capacity is in the pipeline, with announced and planned projects contributing 14.4mtpa of hydrogen capacity and almost 116 million of CCS capacity. Blue hydrogen capacity is being led by both North America and Europe.

In Q1 2025, only one blue hydrogen project was announced. This is the same number of projects announced as the previous quarter, showing the momentum predicted for blue hydrogen is yet to gain speed.