North America Steam Methane Reforming Hydrogen Generation Market Size

North America Steam Methane Reforming Hydrogen Generation Market

North America Steam Methane Reforming Hydrogen Generation Market size was valued at over USD 16.8 Billion in 2023 and is set to grow over CAGR 5.8% up to 2032. Majority of the hydrogen generation is from Steam Methane Reforming (SMR), wherein methane is derived from natural gas, heated with steam coupled with a catalyst to produce a mixture of carbon monoxide and hydrogen utilized in organic synthesis. Growing shift from fossil fuels to renewable energy sources coupled with the extensive utilization in industries comprising semiconductors will augment the market landscape.

To get key market trends

  Download Free Sample

Growing awareness on clean energy, increasing crude oil consumption, along with enhanced focus toward renewable resources will drive the business scenario. Large scale investments toward expansion of the existing refining facilities in the developing countries is set to create significant opportunities for hydrogen manufacturers across the globe. Further, introduction of mandates and policies aiming toward clean energy adoption coupled with shifting focus toward onsite hydrogen generation will augment the product demand.
 

Growing investments in the refining sector, prevalence of the technology in the hydrogen along with rising demand for hydrogen in various industries, including transportation, power generation, and manufacturing, will augment the market landscape. Further, SMR is currently the most cost-effective method for large scale hydrogen production. Ongoing transition towards clean energy sources, will enable it to serve as a bridging solution, thereby leading to gradual decarbonization, thereby driving the industry scenario.