Global SMR Blue Hydrogen Market Reaches $4.7 Billion by 2035 as Carbon Capture Gains
Updated
Updated · Yahoo Finance UK · Aug 14
Global SMR Blue Hydrogen Market Reaches $4.7 Billion by 2035 as Carbon Capture Gains
3 articles · Updated · Yahoo Finance UK · Aug 14
Summary
$4.7 billion is the projected size of the global SMR blue hydrogen market by 2035, up from $2 billion in 2025, implying an 8.9% annual growth rate.
Carbon capture improvements, heat recovery upgrades and tighter process integration are boosting SMR's appeal by lowering emissions intensity while preserving large-scale, relatively low-cost hydrogen output.
Refineries remain the market's anchor: the petroleum refinery segment held a 55.5% share in 2025 and is forecast to grow 6.8% annually through 2035 on demand for hydrocracking, hydrotreating and desulfurization.
The U.S. market alone is expected to reach $1 billion by 2035, supported by clean-energy programs, hydrogen incentives, extensive natural gas infrastructure and competitive feedstock prices.
Broader adoption is also being reinforced by carbon pricing, government incentives and demand from ammonia and methanol producers seeking lower-carbon hydrogen without overhauling existing infrastructure.