The Global Grey Hydrogen Market was valued at USD 120.5 Billion in 2025 and is projected to reach USD 174.8 Billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period (2024–2030). This growth is underpinned by established industrial demand, cost-effective production via steam methane reforming (SMR), and its critical role as a bridge fuel in the broader hydrogen economy transition, particularly in refining and chemical manufacturing.

As the global energy landscape pivots towards decarbonization, grey hydrogen—produced from fossil fuels without carbon capture—remains the dominant and most cost-competitive source of hydrogen today. The industry is dominated by a mix of industrial gas giants, energy majors, and specialized engineering firms. In this blog, we profile the Top 10 Companies in the Grey Hydrogen Industry—the key players who are scaling production, driving operational efficiency, and strategically positioning themselves for the future low-carbon hydrogen market.

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🔟 1. Linde plc

Headquarters: Guildford, United Kingdom / Dublin, Ireland (operational)
Key Offering: Steam Methane Reforming (SMR) plants, on-site hydrogen generation, merchant hydrogen supply, and blue/green hydrogen technology.

Linde is the world’s largest industrial gas company and a leading player in hydrogen technology and production. It operates an extensive network of SMR plants globally, supplying vast quantities of grey hydrogen to refineries, chemical plants, and electronics manufacturers. Linde is also heavily investing in carbon capture and electrolysis to transition its portfolio towards low-carbon hydrogen solutions.

Strategic Initiatives:

• Global leader in SMR plant design, construction, and operation

• Major investments in blue hydrogen projects with carbon capture, utilization, and storage (CCUS)

• Developing large-scale electrolyzers for green hydrogen production

Download FREE Sample Report: Grey Hydrogen Market – View in Detailed Research Report

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9️⃣ 2. Air Liquide S.A.

Headquarters: Paris, France
Key Offering: Large-scale hydrogen production via SMR, pipeline networks, hydrogen liquefaction, and CO2 management solutions.

Air Liquide is a global industrial gas leader with decades of experience in hydrogen production. The company owns and operates one of the world’s most extensive hydrogen pipeline networks, primarily in the U.S. Gulf Coast and Europe, serving the refining and petrochemical sectors with reliable grey hydrogen supply. Their strategy balances maintaining a robust grey hydrogen base while advancing blue and green hydrogen.

Strategic Initiatives:

• Commitment to produce at least 50% low-carbon hydrogen (blue & green) for its hydrogen customers by 2030

• Development of large-scale CCUS projects, such as the “KazCarbon” initiative

• Expanding its hydrogen mobility and energy ecosystem

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8️⃣ 3. Air Products and Chemicals, Inc.

Headquarters: Allentown, Pennsylvania, USA
Key Offering: World-scale hydrogen production facilities, SMR technology, hydrogen fueling, and mega-scale energy transition projects.

Air Products is a dominant force in the global hydrogen market, with a significant portion of its revenue derived from grey hydrogen supplied to refineries for hydroprocessing. The company is renowned for building and operating some of the world’s largest hydrogen production complexes, particularly in major refining hubs. Its business model is aggressively shifting towards becoming a leader in clean hydrogen mega-projects.

Strategic Initiatives:

• Investment of over $15 billion in the world’s largest blue hydrogen project in Louisiana, USA

• Leadership in developing blue ammonia supply chains for global energy export

• Strategic partnerships for large-scale green hydrogen production in Saudi Arabia (Neom) and other regions

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7️⃣ 4. Shell plc

Headquarters: London, United Kingdom
Key Offering: Integrated hydrogen production (SMR) for internal refining use, hydrogen retail for mobility, and leading blue/green hydrogen project development.

As a major integrated energy company, Shell is both a significant consumer and producer of grey hydrogen, primarily for its global network of refineries. The company leverages its vast experience in hydrocarbon processing, natural gas supply, and project management to lead the transition from grey to low-carbon hydrogen, focusing on integrated energy hubs.

Strategic Initiatives:

• Developing the “Hydrogen Holland” green hydrogen plant in the Netherlands

• Launching hydrogen refueling stations for heavy-duty transport across Europe and North America

• Aiming to achieve a double-digit market share in global clean hydrogen sales by 2030

Download FREE Sample Report: Grey Hydrogen Market – View in Detailed Research Report

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6️⃣ 5. BP plc

Headquarters: London, United Kingdom
Key Offering: Grey hydrogen for refining operations, integrated energy projects (blue/green H2), and strategic partnerships across the hydrogen value chain.

BP’s existing refining operations rely on substantial grey hydrogen production through SMR. The company is strategically repositioning itself, leveraging its trading capabilities, customer relationships, and project development expertise to build a leading position in the future hydrogen market, with a focus on large-scale, low-carbon production in key industrial clusters.

Strategic Initiatives:

• Co-development of the “H2 Teesside” blue hydrogen project in the UK, aiming for 1GW of production by 2030

• Strategic partnership with global energy leaders for the “Asian Renewable Energy Hub” in Australia (green hydrogen/ammonia)

• Exploring hydrogen blending in existing gas networks and mobility solutions

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5️⃣ 6. Messer Group

Headquarters: Bad Soden, Germany
Key Offering: Merchant hydrogen supply via pipeline and cylinder, on-site SMR generation, and industrial gas solutions.

Messer is one of the world’s largest privately-owned industrial gas specialists, with a strong presence in Europe, the Americas, and Asia. The company supplies significant volumes of grey hydrogen to a diverse industrial customer base, including metal processing, electronics, and food industries, in addition to refining. Messer focuses on reliable supply and efficiency improvements in its existing assets while exploring clean hydrogen opportunities.

Strategic Initiatives:

• Investing in energy-efficient SMR technologies to reduce the carbon footprint of grey hydrogen production

• Expanding its hydrogen pipeline infrastructure in key industrial regions

• Participating in regional clean hydrogen consortiums and pilot projects

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4️⃣ 7. Uniper SE

Headquarters: Düsseldorf, Germany
Key Offering: Grey hydrogen production from gas-fired plants, hydrogen storage solutions, and development of hydrogen import terminals.

As a major European energy company, Uniper operates several gas-fired power plants and has significant expertise in gas infrastructure, which it is leveraging in the hydrogen sector. The company produces grey hydrogen and is aggressively pivoting to become a central hub for green hydrogen import and distribution in Northwest Europe, recognizing the region’s future supply gap.

Strategic Initiatives:

• Transforming its fossil fuel-based power plant sites into hydrogen-ready energy hubs

• Leading projects like “Green Wilhelmshaven” to establish Germany’s first LNG and green hydrogen import terminal

• Strategic partnerships for importing green ammonia from producer nations

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3️⃣ 8. ThyssenKrupp (thyssenkrupp Uhde Chlorine Engineers / Nucera)

Headquarters: Essen, Germany
Key Offering: World-leading alkaline water electrolysis (AWE) technology for green hydrogen and SMR technology for grey hydrogen.

ThyssenKrupp, through its business units, is a unique player as a leading technology provider for both the incumbent grey hydrogen industry (SMR technology) and the emerging green hydrogen market (large-scale electrolyzers). This dual expertise positions it as a critical enabler for the industry’s transition, helping clients upgrade or replace existing grey hydrogen assets with low-carbon alternatives.

Strategic Initiatives:

• Supplier of SMR plants that are increasingly designed for future retrofit with carbon capture

• Scaling up gigawatt-scale electrolyzer production capacity through its joint venture with De Nora, “thyssenkrupp nucera”

• Providing integrated solutions that combine green hydrogen production with downstream synthesis (e.g., ammonia, methanol)

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2️⃣ 9. Siemens Energy AG

Headquarters: Munich, Germany
Key Offering: Proton exchange membrane (PEM) electrolyzers, hydrogen-ready gas turbines, grid technology, and integrated power-to-X solutions.

Siemens Energy is a key technology integrator and enabler for the hydrogen economy. While not a primary producer of grey hydrogen, its technology is essential for both the existing energy system (turbines, compressors) and the future clean hydrogen value chain. The company’s strategy is centered on providing the technologies that will decarbonize grey hydrogen production and enable large-scale green hydrogen integration.

Strategic Initiatives:

• Developing hydrogen-ready gas turbines that can initially run on natural gas/grey hydrogen blends and transition to 100% green hydrogen

• Supplying PEM electrolyzers for industrial-scale green hydrogen projects worldwide

• Creating integrated energy system solutions that link renewable power, electrolysis, and industrial offtake

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1️⃣ 10. NEL ASA

Headquarters: Oslo, Norway
Key Offering: Alkaline and PEM electrolyzers for green hydrogen production, hydrogen fueling stations, and project development expertise.

NEL is a pure-play hydrogen company and a global leader in electrolyzer technology. Although focused on green hydrogen, its market position and growth are intrinsically linked to the transition away from grey hydrogen. As a key technology disruptor, NEL provides the essential equipment to replace SMR-based grey hydrogen with electrolysis-based green hydrogen, particularly in regions with cheap, abundant renewable electricity.

Strategic Initiatives:

• Aiming to achieve a levelized cost of hydrogen (LCOH) of $1.5/kg by 2025, making green hydrogen cost-competitive with grey hydrogen in certain markets

• Securing gigawatt-scale electrolyzer orders for large industrial and energy projects

• Expanding manufacturing capacity globally to meet surging demand for electrolyzers

Get Full Report Here: Grey Hydrogen Market – View in Detailed Research Report

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🌍 Outlook: The Grey Hydrogen Market is a Bridge in a Transitioning Energy World

The grey hydrogen market is at an inflection point. While it will continue to be the dominant supply source for the foreseeable decade due to its cost advantage and embedded infrastructure, the industry’s trajectory is now defined by its transition pathway. The leading companies are no longer just producers; they are architects of the future low-carbon hydrogen ecosystem, investing billions to retrofit, replace, and integrate new technologies.

📈 Key Trends Shaping the Market:

• SMR Retrofitting for Blue Hydrogen: Massive investments in adding carbon capture, utilization, and storage (CCUS) to existing SMR plants to produce blue hydrogen, extending asset life and reducing emissions.

• Industrial Cluster Development: Focus on developing integrated hydrogen hubs where grey/blue hydrogen infrastructure can coexist and gradually be supplemented by green hydrogen, leveraging shared pipelines and storage.

• Policy-Driven Demand Shifts: Implementation of carbon pricing, clean hydrogen standards (e.g., EU’s RFNBO criteria), and subsidies (e.g., U.S. 45V tax credit) are creating strong economic signals to shift from grey to low-carbon hydrogen.

• Technology Cost Convergence: Rapidly falling costs of electrolyzers and renewable energy are accelerating the long-term economic case for green hydrogen, setting a deadline on the dominance of unabated grey hydrogen.

Get Full Report Here: Grey Hydrogen Market – View in Detailed Research Report

The companies listed above are not only supplying the backbone of today’s industrial hydrogen demand—they are strategically positioning themselves to build and lead the clean hydrogen economy of tomorrow.