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市场调查报告书
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1954741

蓝氢市场规模、占有率、成长及全球产业分析:依类型、应用和地区划分的洞察与预测(2026-2034)

Blue Hydrogen Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2026-2034

出版日期: | 出版商: Fortune Business Insights Pvt. Ltd. | 英文 210 Pages | 商品交期: 请询问到货日

价格

蓝氢市场成长驱动因素

2025年全球蓝氢市场规模为25.1亿美元。预计该市场将从2026年的26.2亿美元成长到2034年的47.1亿美元,在预测期(2026-2034年)内复合年增长率(CAGR)为7.64%。

2025年,北美在全球市场占主导地位,市占率高达81.16%,市场规模为20.4亿美元,预计2026年将达21.2亿美元。

市场概览

蓝氢是指透过以下方式从天然气中提取的氢气:诸如蒸汽重整 (SMR) 和自动化热重整 (ATR) 等工艺,结合碳捕获与封存 (CCS) 技术,可捕获并储存生产过程中产生的二氧化碳排放。

蓝氢被视为一种过渡性的低碳解决方案,它既能利用现有的天然气基础设施,又能支持工业减排。市场成长的主要驱动力是各工业部门对永续氢能解决方案和脱碳策略日益增长的需求。

市场上的主要参与者包括埃克森美孚、壳牌、德希尼布能源、霍尼韦尔、空气产品公司、林德集团和英国石油公司。

市场动态

市场驱动因素

气候政策与净零排放目标

全球脱碳努力正在加速蓝氢的普及应用。北美、欧洲和亚太地区的国家都在设定净零排放目标。 蓝氢能够捕获高达 90% 甚至更多的二氧化碳排放,是一种可扩展的中期解决方案,符合当前的气候政策。

工业脱碳需求

炼油、化工、钢铁和水泥等产业面临减少排放的监管压力,因为减排并非易事。蓝氢可以整合到现有基础设施中,无需大规模系统改造即可实现经济高效的减排。

市场限制因子

向绿氢转型

蓝氢面临来自再生能源电解制取的绿色氢的竞争。再生能源和电解设备成本的下降使得绿氢更具竞争力。中国等国家正在扩大绿氢的生产能力,这有望降低其对化石燃料氢气生产解决方案的长期依赖。

向绿氢转型

市场机会

碳捕获与封存 (CCS) 的扩展

CCS 基础设施的可扩展性直接影响蓝氢的成长。大型 CCS 中心的发展能够实现经济高效的碳捕获与封存,从而增强蓝氢计画的商业可行性。对氢气和氨生产设施的投资将进一步扩大市场潜力。

市场挑战

由于 CCS 的运行,蓝氢生产存在“能源损耗”,与灰氢相比,需要多消耗约 25% 的天然气。 此外,天然气开采和运输过程中甲烷外洩会造成环境问题,并可能影响人们对长期永续性的看法。

市场趋势

从灰氢到低碳氢的过渡

从高碳排放的灰氢向低碳替代能源的过渡是重要的市场趋势。 蓝氢被视为一种过渡方案,可在绿氢基础设施建成之前分阶段减少排放。它能够利用现有的天然气网络,使得短期和中期部署更加现实。

市场区隔分析

依科技

  • 蒸汽重整 (SMR):由于其在工业领域的广泛应用和完善的基础设施,预计到 2026 年将占主导地位,市场占有率将达到 86.05%。
  • 自动化热解 (ATR):作为一种新兴的替代工艺,它结合了部分氧化和重整技术,以提高碳捕获效率。

依应用

  • 炼油领域:预计到 2026 年将保持领先地位,市占率达到 66.92%,这主要得益于氢气脱硫和清洁燃料生产对氢气的需求。
  • 化学领域:用于氨和甲醇的生产。
  • 其他:包括钢铁製造、水泥、合成燃料等。

区域展望

北美

北美市场引领全球市场,预计2025年将达20.4亿美元,2026年将达21.2亿美元。在联邦政府氢能战略和脱碳激励措施的支持下,美国市场预计2026年将达到15.1亿美元。

欧洲

在欧洲,欧盟氢能战略和 "再能源欧盟" (RePowerEU)倡议正在推动低碳氢化合物的发展。德国、英国和荷兰对碳捕获、利用与封存(CCUS)基础设施的投资正在支持市场成长。

亚太地区

快速的工业化和减排目标正在推动亚太地区的成长。 预计2026年,中国将达到2.7亿美元,日本将达到3,000万美元。该地区正致力于利用化石燃料氢气生产技术结合碳捕获与封存(CCS)实现工业部门的脱碳。

世界其他地区

由于基础设施和投资的限制,部署速度仍然缓慢。然而,未来的减碳举措可能会推动成长。

目录

第一章:引言

第二章:摘要整理

第三章:市场动态

  • 市场驱动因素
  • 市场限制因素
  • 市场机遇

第四章:主要发现

  • 主要国家的主要新兴趋势
  • 最新技术进展
  • 监理环境洞察
  • 波特五力分析
  • 关税对全球蓝氢市场的影响

第五章:全球蓝氢市场分析、洞察与预测(2021-2034)

  • 关键研究结果
  • 市场分析、洞察与预测 - 依技术划分
    • 蒸气重整 (SMR)
    • 自动热解 (ATR)
    • 其他
  • 市场分析、洞察与预测 - 依应用划分
    • 炼油厂
    • 化工
    • 其他
  • 市场分析、洞察与预测 - 依地区划分
    • 北美
    • 欧洲
    • 亚太地区
    • 世界其他地区

第六章 北美蓝氢市场分析、洞察与预测 (2021-2034)

  • 依国家划分
    • 美国
    • 加拿大

第七章 欧洲蓝氢市场分析、洞察与预测(2021-2034)

第八章 亚太地区蓝氢市场分析、洞察与预测(2021-2034)

  • 依国家划分
    • 中国
    • 澳大利亚
    • 其他亚太地区

第九章 全球其他地区蓝氢市场分析、洞察与预测(2021-2034)

第十章 竞争分析

  • 公司市占率分析(2025)
  • 公司简介
    • 壳牌

第11章 企业资料

  • Honeywell
  • Lummus Technology
  • TOPSOE
  • Technip Energies N.V.
  • BP p.l.c.
  • ExxonMobil
  • Air Products and Chemicals, Inc.
  • Linde PLC
  • Emerson Electric Co.
  • Equinor
  • Johnson Matthey
  • Aker Solutions
  • Dastur Energy
Product Code: FBI113948

Growth Factors of Blue Hydrogen Market

The global Blue Hydrogen Market was valued at USD 2.51 billion in 2025. The market is projected to grow from USD 2.62 billion in 2026 to USD 4.71 billion by 2034, registering a CAGR of 7.64% during the forecast period (2026-2034).

In 2025, North America dominated the global market, accounting for 81.16% share, with a valuation of USD 2.04 billion in 2025 and USD 2.12 billion in 2026.

Market Overview

Blue hydrogen refers to hydrogen produced from natural gas through processes such as Steam Methane Reforming (SMR) or Auto Thermal Reforming (ATR), combined with carbon capture and storage (CCS) technology to capture carbon dioxide emissions generated during production.

Blue hydrogen is considered a transitional low-carbon solution, helping industries reduce emissions while leveraging existing natural gas infrastructure. The market's growth is primarily driven by rising demand for sustainable hydrogen solutions and decarbonization strategies across industrial sectors.

Key companies operating in the market include ExxonMobil, Shell plc, Technip Energies N.V., Honeywell, Air Products and Chemicals Inc., Linde plc, and BP p.l.c..

Market Dynamics

Market Drivers

Climate Policies and Net-Zero Goals

Global decarbonization commitments are accelerating blue hydrogen adoption. Countries across North America, Europe, and Asia Pacific have pledged net-zero emission targets. Blue hydrogen, capable of capturing up to 90% or more of CO2 emissions, aligns with these climate policies and offers a scalable mid-term solution.

Industrial Decarbonization Demand

Hard-to-abate industries such as refineries, chemicals, steel, and cement are under regulatory pressure to reduce emissions. Blue hydrogen can integrate into existing infrastructure, offering cost-effective emission reductions without major system overhauls.

Market Restraints

Shift Toward Green Hydrogen

Blue hydrogen faces competition from green hydrogen, produced via renewable-powered electrolysis. Declining renewable energy and electrolyzer costs are making green hydrogen increasingly competitive. Countries like China are expanding green hydrogen capacity, potentially reducing long-term reliance on fossil-based hydrogen solutions.

Market Opportunities

Expansion of Carbon Capture and Storage (CCS)

The scalability of CCS infrastructure directly influences blue hydrogen growth. Development of large-scale CCS hubs enables cost-effective carbon capture and storage, strengthening the commercial viability of blue hydrogen projects. Investments in hydrogen-ammonia production facilities further expand market potential.

Market Challenges

Blue hydrogen production involves an "energy penalty," requiring approximately 25% more natural gas compared to grey hydrogen due to CCS operations. Additionally, methane leakage during natural gas extraction and transportation poses environmental concerns that may affect long-term sustainability perceptions.

Market Trends

Transition from Grey to Low-Carbon Hydrogen

The shift from carbon-intensive grey hydrogen to low-carbon alternatives is a major market trend. Blue hydrogen is viewed as a bridge solution, enabling gradual emission reductions while green hydrogen infrastructure develops. Its ability to utilize existing gas networks makes adoption more practical in the short to medium term.

Segmentation Analysis

By Technology

  • Steam Methane Reforming (SMR): Dominates with 86.05% market share in 2026, owing to its widespread industrial use and established infrastructure.
  • Auto Thermal Reforming (ATR): Emerging as an alternative process integrating partial oxidation with reforming for improved carbon capture efficiency.

By Application

  • Refinery Segment: Leads with 66.92% share in 2026, driven by hydrogen demand for hydrodesulfurization and cleaner fuel production.
  • Chemical Segment: Utilized for ammonia and methanol production.
  • Others: Includes steelmaking, cement, and synthetic fuels.

Regional Outlook

North America

North America leads the market, valued at USD 2.04 billion in 2025 and USD 2.12 billion in 2026. The U.S. market is valued at USD 1.51 billion in 2026, supported by federal hydrogen strategies and decarbonization incentives.

Europe

Europe is advancing low-carbon hydrogen under the EU Hydrogen Strategy and RePowerEU initiative. Investments in CCUS infrastructure across Germany, the UK, and the Netherlands support market growth.

Asia Pacific

Rapid industrialization and emission-reduction goals drive regional growth. In 2026, China is valued at USD 0.27 billion, while Japan reaches USD 0.03 billion. The region is focusing on decarbonizing industrial sectors through fossil-based hydrogen with CCS.

Rest of the World

Adoption remains gradual due to limited infrastructure and investment. However, future carbon reduction initiatives may stimulate growth.

Conclusion

The global Blue Hydrogen Market is projected to grow from USD 2.51 billion in 2025 to USD 2.62 billion in 2026, reaching USD 4.71 billion by 2034 at a CAGR of 7.64%. Strong climate commitments, industrial decarbonization demand, and CCS infrastructure expansion are key growth drivers. Although competition from green hydrogen and environmental concerns present challenges, blue hydrogen remains a crucial transitional solution supporting global energy transition goals through 2034.

Segmentation By Technology

  • Steam Methane Reforming (SMR)
  • Auto Thermal Reforming (ATR)
  • Others

By Application

  • Refinery
  • Chemical
  • Others

By Region

  • North America (By Technology, Application, and Country)
    • U.S. (By Application)
    • Canada (By Application)
  • Europe (By Technology, Application, and Country)
  • Asia Pacific (By Technology, Application, and Country)
    • China (By Application)
    • Australia (By Application)
    • Rest of Asia Pacific (By Application)
  • Rest of the World (By Technology, Application and Region)

Table of Content

1. Introduction

  • 1.1. Research Scope
  • 1.2. Market Segmentation
  • 1.3. Research Methodology
  • 1.4. Definitions & Assumptions

2. Executive Summary

3. Market Dynamics

  • 3.1. Market Drivers
  • 3.2. Market Restraints
  • 3.3. Market Opportunities

4. Key Insights

  • 4.1. Key Emerging Trends - For Major Countries
  • 4.2. Latest Technological Advancement
  • 4.3. Insight on Regulatory Landscape
  • 4.4. Porters Five Forces Analysis
  • 4.5. Impact of Tariff on the Global Blue Hydrogen Market

5. Global Blue Hydrogen Market (USD Billion) Analysis, Insights, and Forecast, 2021-2034

  • 5.1. Key Findings
  • 5.2. Market Analysis, Insights, and Forecast - By Technology
    • 5.2.1. Steam Methane Reforming (SMR)
    • 5.2.2. Auto Thermal Reforming (ATR)
    • 5.2.3. Others
  • 5.3. Market Analysis, Insights, and Forecast - By Application
    • 5.3.1. Refinery
    • 5.3.2. Chemical
    • 5.3.3. Others
  • 5.4. Market Analysis, Insights, and Forecast - By Region
    • 5.4.1. North America
    • 5.4.2. Europe
    • 5.4.3. Asia Pacific
    • 5.4.4. Rest of the World

6. North America Blue Hydrogen Market (USD Billion) Analysis, Insights, and Forecast, 2021-2034

  • 6.1. Key Findings
  • 6.2. Market Analysis, Insights, and Forecast - By Technology
    • 6.2.1. Steam Methane Reforming (SMR)
    • 6.2.2. Auto Thermal Reforming (ATR)
    • 6.2.3. Others
  • 6.3. Market Analysis, Insights, and Forecast - By Application
    • 6.3.1. Refinery
    • 6.3.2. Chemical
    • 6.3.3. Others
  • 6.4. Market Analysis, Insights, and Forecast - By Country
    • 6.4.1. U.S. Market Analysis, Insights, and Forecast - By Application
      • 6.4.1.1. Refinery
      • 6.4.1.2. Chemical
      • 6.4.1.3. Others
    • 6.4.2. Canada Market Analysis, Insights, and Forecast - By Application
      • 6.4.2.1. Refinery
      • 6.4.2.2. Chemical
      • 6.4.2.3. Others

7. Europe Blue Hydrogen Market (USD Billion) Analysis, Insights, and Forecast, 2021-2034

  • 7.1. Key Findings
  • 7.2. Market Analysis, Insights, and Forecast - By Technology
    • 7.2.1. Steam Methane Reforming (SMR)
    • 7.2.2. Auto Thermal Reforming (ATR)
    • 7.2.3. Others
  • 7.3. Market Analysis, Insights, and Forecast - By Application
    • 7.3.1. Refinery
    • 7.3.2. Chemical
    • 7.3.3. Others

8. Asia Pacific Blue Hydrogen Market (USD Billion) Analysis, Insights, and Forecast, 2021-2034

  • 8.1. Key Findings
  • 8.2. Market Analysis, Insights, and Forecast - By Technology
    • 8.2.1. Steam Methane Reforming (SMR)
    • 8.2.2. Auto Thermal Reforming (ATR)
    • 8.2.3. Others
  • 8.3. Market Analysis, Insights, and Forecast - By Application
    • 8.3.1. Refinery
    • 8.3.2. Chemical
    • 8.3.3. Others
  • 8.4. Market Analysis, Insights, and Forecast - By Country
    • 8.4.1. China Market Analysis, Insights, and Forecast - By Application
      • 8.4.1.1. Refinery
      • 8.4.1.2. Chemical
      • 8.4.1.3. Others
    • 8.4.2. Australia Market Analysis, Insights, and Forecast - By Application
      • 8.4.2.1. Refinery
      • 8.4.2.2. Chemical
      • 8.4.2.3. Others
    • 8.4.3. Rest of Asia Pacific Market Analysis, Insights, and Forecast - By Application
      • 8.4.3.1. Refinery
      • 8.4.3.2. Chemical
      • 8.4.3.3. Others

9. Rest of World Blue Hydrogen Market (USD Billion) Analysis, Insights, and Forecast, 2021-2034

  • 9.1. Key Findings
  • 9.2. Market Analysis, Insights, and Forecast - By Technology
    • 9.2.1. Steam Methane Reforming (SMR)
    • 9.2.2. Auto Thermal Reforming (ATR)
    • 9.2.3. Others
  • 9.3. Market Analysis, Insights, and Forecast - By Application
    • 9.3.1. Refinery
    • 9.3.2. Chemical
    • 9.3.3. Others

10. Competitive Analysis

  • 10.1. Company Market Share Analysis, 2025
  • 10.2. Company Profile
    • 10.2.1. Shell
      • 10.2.1.1. Business Overview
      • 10.2.1.2. Function and Service Offerings
      • 10.2.1.3. Recent Developments
      • 10.2.1.4. Financials (Based on Availability)

11. Similar data will be provided for the below-listed companies

  • 11.1. Honeywell
    • 11.1.1. Lummus Technology
    • 11.1.2. TOPSOE
    • 11.1.3. Technip Energies N.V.
    • 11.1.4. BP p.l.c.
    • 11.1.5. ExxonMobil
    • 11.1.6. Air Products and Chemicals, Inc.
    • 11.1.7. Linde PLC
    • 11.1.8. Emerson Electric Co.
    • 11.1.9. Equinor
    • 11.1.10. Johnson Matthey
    • 11.1.11. Aker Solutions
    • 11.1.12. Dastur Energy

List of Tables

  • Table 1: Global Blue Hydrogen Market Revenue (USD Billion) Forecast, By Technology, 2021-2034
  • Table 2: Global Blue Hydrogen Market Revenue (USD Billion) Forecast, By Application, 2021-2034
  • Table 3: Global Blue Hydrogen Market Revenue (USD Billion) Forecast, By Region, 2021-2034
  • Table 4: North America Blue Hydrogen Market Revenue (USD Billion) Forecast, By Technology, 2021-2034
  • Table 5: North America Blue Hydrogen Market Revenue (USD Billion) Forecast, By Application, 2021-2034
  • Table 6: North America Blue Hydrogen Market Revenue (USD Billion) Forecast, By Country, 2021-2034
  • Table 7: U.S. Blue Hydrogen Market Revenue (USD Billion) Forecast, By Application, 2021-2034
  • Table 8: Canada Blue Hydrogen Market Revenue (USD Billion) Forecast, By Application, 2021-2034
  • Table 9: Europe Blue Hydrogen Market Revenue (USD Billion) Forecast, By Technology, 2021-2034
  • Table 10: Europe Blue Hydrogen Market Revenue (USD Billion) Forecast, By Application, 2021-2034
  • Table 11: Asia Pacific Blue Hydrogen Market Revenue (USD Billion) Forecast, By Technology, 2021-2034
  • Table 12: Asia Pacific Blue Hydrogen Market Revenue (USD Billion) Forecast, By Application, 2021-2034
  • Table 13: Asia Pacific Blue Hydrogen Market Revenue (USD Billion) Forecast, By Country, 2021-2034
  • Table 14: China Blue Hydrogen Market Revenue (USD Billion) Forecast, by Application, 2021-2034
  • Table 15: Australia Blue Hydrogen Market Revenue (USD Billion) Forecast, by Application, 2021-2034
  • Table 16: Rest of Asia Pacific Blue Hydrogen Market Revenue (USD Billion) Forecast, by Application, 2021-2034
  • Table 17: Rest of World Blue Hydrogen Market Revenue (USD Billion) Forecast, By Technology, 2021-2034
  • Table 18: Rest of World Blue Hydrogen Market Revenue (USD Billion) Forecast, By Application, 2021-2034

List of Figures

  • Figure 1: Global Blue Hydrogen Market Revenue Breakdown (USD Billion, %), by Region, 2025 & 2034
  • Figure 2: Global Blue Hydrogen Market Value Share (%), By Technology, 2025 & 2034
  • Figure 3: Global Blue Hydrogen Market Forecast (USD Billion), by Steam Methane Reforming (SMR), 2021-2034
  • Figure 4: Global Blue Hydrogen Market Forecast (USD Billion), by Auto Thermal Reforming (ATR), 2021-2034
  • Figure 5: Global Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 6: Global Blue Hydrogen Market Value Share (%), By Application, 2025 & 2034
  • Figure 7: Global Blue Hydrogen Market Forecast (USD Billion), by Refinery, 2021-2034
  • Figure 8: Global Blue Hydrogen Market Forecast (USD Billion), by Chemical, 2021-2034
  • Figure 9: Global Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 10: Global Blue Hydrogen Market Value (USD Billion), by Region, 2025 & 2034
  • Figure 11: Global Blue Hydrogen Market Value Share (%), by Region, 2025
  • Figure 12: North America Blue Hydrogen Market Value Share (%), By Technology, 2025 & 2034
  • Figure 13: North America Blue Hydrogen Market Forecast (USD Billion), by Steam Methane Reforming (SMR), 2021-2034
  • Figure 14: North America Blue Hydrogen Market Forecast (USD Billion), by Auto Thermal Reforming (ATR), 2021-2034
  • Figure 15: North America Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 16: North America Blue Hydrogen Market Value Share (%), By Application, 2025 & 2034
  • Figure 17: North America Blue Hydrogen Market Forecast (USD Billion), by Refinery, 2021-2034
  • Figure 18: North America Blue Hydrogen Market Forecast (USD Billion), by Chemical, 2021-2034
  • Figure 19: North America Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 20: North America Blue Hydrogen Market Value (USD Billion), by Country, 2025 & 2034
  • Figure 21: North America Blue Hydrogen Market Value Share (%), by Country, 2025
  • Figure 22: Europe Blue Hydrogen Market Value Share (%), By Technology, 2025 & 2034
  • Figure 23: Europe Blue Hydrogen Market Forecast (USD Billion), by Steam Methane Reforming (SMR), 2021-2034
  • Figure 24: Europe Blue Hydrogen Market Forecast (USD Billion), by Auto Thermal Reforming (ATR), 2021-2034
  • Figure 25: Europe Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 26: Europe Blue Hydrogen Market Value Share (%), By Application, 2025 & 2034
  • Figure 27: Europe Blue Hydrogen Market Forecast (USD Billion), by Refinery, 2021-2034
  • Figure 28: Europe Blue Hydrogen Market Forecast (USD Billion), by Chemical, 2021-2034
  • Figure 29: Europe Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 30: Asia Pacific Blue Hydrogen Market Value Share (%), By Technology, 2025 & 2034
  • Figure 31: Asia Pacific Blue Hydrogen Market Forecast (USD Billion), by Steam Methane Reforming (SMR), 2021-2034
  • Figure 32: Asia Pacific Blue Hydrogen Market Forecast (USD Billion), by Auto Thermal Reforming (ATR), 2021-2034
  • Figure 33: Asia Pacific Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 34: Asia Pacific Blue Hydrogen Market Value Share (%), By Application, 2025 & 2034
  • Figure 35: Asia Pacific Blue Hydrogen Market Forecast (USD Billion), by Refinery, 2021-2034
  • Figure 36: Asia Pacific Blue Hydrogen Market Forecast (USD Billion), by Chemical, 2021-2034
  • Figure 37: Asia Pacific Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 38: Asia Pacific Blue Hydrogen Market Value (USD Billion), by Country, 2025 & 2034
  • Figure 39: Asia Pacific Blue Hydrogen Market Value Share (%), by Country, 2025
  • Figure 40: Rest of World Blue Hydrogen Market Value Share (%), By Technology, 2025 & 2034
  • Figure 41: Rest of World Blue Hydrogen Market Forecast (USD Billion), by Steam Methane Reforming (SMR), 2021-2034
  • Figure 42: Rest of World Blue Hydrogen Market Forecast (USD Billion), by Auto Thermal Reforming (ATR), 2021-2034
  • Figure 43: Rest of World Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 44: Rest of World Blue Hydrogen Market Value Share (%), By Application, 2025 & 2034
  • Figure 45: Rest of World Blue Hydrogen Market Forecast (USD Billion), by Refinery, 2021-2034
  • Figure 46: Rest of World Blue Hydrogen Market Forecast (USD Billion), by Chemical, 2021-2034
  • Figure 47: Rest of World Blue Hydrogen Market Forecast (USD Billion), by Others, 2021-2034
  • Figure 48: Company Market Share Analysis (%), 2025