Europe Steam Methane Reforming Hydrogen Generation Market Size

Europe Steam Methane Reforming Hydrogen Generation Market

Europe Steam Methane Reforming Hydrogen Generation Market was valued at USD 26.7 billion in 2023 and is anticipated to grow at a CAGR of 6.9% between 202 and 2032. Steam Methane Reforming (SMR) is a well-established and widely used method for large-scale production of hydrogen owing to its efficiency and cost-effectiveness. It is commonly employed in industries including petrochemicals, ammonia production, and refining, where hydrogen is utilized as a key feedstock or reactant. Additionally, SMR can be integrated with carbon capture and storage (CCS) technologies to mitigate greenhouse gas emissions by capturing and storing the CO2 produced during the process.

Positive outlook toward the expansion of the industrial base across developing economies along with growing demand for hydrogen as a fuel across chemical and refinery industries will continue to drive the business growth. Further, various policies encouraging the decarbonization of the energy system is set to influence the large-scale deployment of the systems and lead to cost reductions.

Evolution of hydrogen over the past decade is attributed to its longstanding potential as a clean energy solution. Introduction of H? as an industrial feedstock in new application areas comprising the metal & semiconductor market will enhance the potential of it becoming a low carbon technology option. Moreover, mandates to curb the overall emission levels in the industries coupled with ongoing initiatives by the respective government toward utilization of low emission fuels will boost the product demand.