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Europe Steam Methane Reforming Liquid Hydrogen Market Size

Report ID: GMI9902
Published Date: Jun 2024
Report Format: PDF

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Europe Steam Methane Reforming Liquid Hydrogen Market Size

Europe Steam Methane Reforming Liquid Hydrogen Market was valued USD 8.3 billion in 2023 and is anticipated to grow at a CAGR of 7.2% from 2024 to 2032. SMR is the most widely used method for hydrogen production, particularly for industrial and large-scale applications. It involves reacting methane with steam under high temperatures and pressures to produce hydrogen, carbon monoxide, and a small amount of carbon dioxide. The product can then be liquefied for various applications, including transportation, energy storage, and industrial processes.

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Europe rising commitment to reducing carbon emissions coupled with growing government supportive policies, incentives, subsidies, and funding for hydrogen projects will propel the industry growth. Expanding improvements in SMR technology to enhance efficiency and reduce costs, making liquid hydrogen production more economically viable in line with rising innovations in CCS technology to mitigate the carbon emissions associated with SMR will boost the process adoption.

Europe Steam Methane Reforming Liquid Hydrogen Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Steam Methane Reforming Liquid Hydrogen Market Size in 2023:	USD 8.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.2%
2032 Value Projection:	USD 15.4 Billion
Historical Data for:	2021 - 2023
No. of Pages:	80
Tables, Charts & Figures:	15
Segments covered:	Distribution, End Use and Country
Growth Drivers:	Rising decarbonization efforts Rising policy support and funding
Pitfalls & Challenges:	High upfront cost

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Rising push towards cleaner production processes in industries including chemicals, refining, and fertilizers increases demand for low-carbon hydrogen thereby propelling the process demand. Growing mobility and transportation sector shift towards liquid hydrogen application, especially for heavy-duty vehicles, buses, and maritime transport due to its high energy density is set to influence the business statistics.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market size of Europe steam methane reforming liquid hydrogen was worth USD 8.3 billion in 2023 and is projected to expand at 7.2% CAGR from 2024 to 2032, on account of the rising commitment to reduce carbon emissions coupled with growing government supportive policies, incentives, subsidies, and funding for hydrogen projects.

The pipeline distribution segment in the Europe steam methane reforming liquid hydrogen market is estimated to account for more than USD 12 billion by 2032, due to the growing demand for clean energy, expanding hydrogen infrastructure, and advancements in pipeline technology.

The transportation end-use segment in the Europe steam methane reforming liquid hydrogen industry will expand at over 7.5% CAGR between 2024 and 2032, owing to the stringent environmental regulations, ambitious climate goals coupled with rising technological advancements.

Germany steam methane reforming liquid hydrogen industry is projected to exceed USD 2.8 billion by 2032, due to the presence of robust industrial sector coupled with companies increasing hydrogen adoption to replace fossil fuels and reduce emissions.