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Blue Hydrogen Leaders – Q3 2024

By the end of Q3 2024, blue hydrogen's total active and pipeline capacity reached 16.6mtpa, accounting for nearly 10% of the total low-carbon hydrogen active and pipeline capacity. Air Products and Chemicals Inc, Shell Plc, Exxon Mobil Corp, Equinor ASA, GCL New Energy Holdings Ltd, and Nutrien Ltd are the leading companies proposing to develop the most capacity.
By the end of Q3 2024, the total active and pipeline CCS capacity associated with hydrogen production was approximately 128 million CO2 tons per year. The main owners of blue hydrogen capacity include Linde Plc, Air Products and Chemicals Inc, Exxon Mobil Corp, Mitsubishi Corp, Phillips 66, Bakken Energy LLC, and Clean Hydrogen Works.
As energy companies diversify while entirely new players also aim to 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.

Blue hydrogen refers to the production of hydrogen from fossil fuels, predominately through natural gas reforming or coal gasification. Since the onset of carbon sequestration and storage, the oil and gas industry has been one of the earliest adopters and as a result, is better suited to switch to blue hydrogen than green hydrogen. In addition, the main demand sector for hydrogen is refining. Hence, oil and gas players can capitalize on existing CCUS capabilities to achieve emission reduction within refining.

Through hydrogen and carbon capture, oil and gas companies can leverage areas of competitive advantage, such as existing upstream and downstream infrastructure. Furthermore, through blue hydrogen production, oil and gas companies will be able to continue their existing industrial processes, while also future-proofing their businesses.

As of Q3 2024, active blue hydrogen projects account for 1.6mtpa 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 14.9mtpa of hydrogen capacity and almost 121 million of CCS capacity. Active blue hydrogen capacity is being led by both North America and the Middle East, whilst pipeline blue hydrogen capacity is being led by North America and Europe.