North America Steam Methane Reforming Liquid Hydrogen Market Analysis

North America Steam Methane Reforming Liquid Hydrogen Market Analysis

To get key market trends

  Download Free Sample

Based on end use, the North America steam methane reforming liquid hydrogen market is segmented into transportation, chemicals and others. Transportation is anticipated to grow by more than USD 7.7 billion by 2032. Growing government policies and regulations in the U.S. and Canada aimed at reducing greenhouse gas emissions pushing automotive manufacturers and fleet operators to seek low-emission alternatives thereby impacting business growth. Increasing advancements in fuel cell vehicles offering longer ranges, faster refueling times, and better performance compared to earlier models are complementing the process growth.
 

Based on distribution, the market is segmented into pipeline and cryogenic tanks. Pipelines are set to grow at a CAGR of over 7% till 2032 due to their efficiency and reliability crucial for industries and applications requiring a consistent hydrogen supply, such as refueling stations and industrial processes. Rising adoption of distribution modes with cost and environmental benefits to reduce overall operation expenditure and carbon footprint associated with transportation are additional factors boosting the industry landscape. Furthermore, growing shift towards highly scalable solutions with modern technologies incorporating advanced materials and monitoring systems that enhance safety and security during clean fuel distribution will uplift the business scenario.
 

U.S. steam methane reforming liquid hydrogen market is anticipated to grow by more than USD 12.6 billion by 2032. Rising regulatory support by the federal government and several states to promote hydrogen as a clean energy source is driving the market growth. Growing initiatives such as the Hydrogen Energy Earthshot initiative to accelerate breakthroughs in hydrogen production and reduce costs will stimulate the industry statistics. Expanding hydrogen infrastructure to support the increasing demand in line with rising popularity of hydrogen fuel cell vehicles (FCVs) in the transportation sector, particularly in states such as California to overcome stringent emission standards, is improving the business growth.