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North America Steam Methane Reforming Liquid Hydrogen Market Size

Report ID: GMI10019
Published Date: Jun 2024
Report Format: PDF

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North America Steam Methane Reforming Liquid Hydrogen Market Size

North America Steam Methane Reforming Liquid Hydrogen Market was valued USD 9.2 billion in 2023 and is anticipated to grow at a CAGR of 5.6% through 2032. It is an industrial process that converts methane, primarily from natural gas, into hydrogen gas through a reaction with steam at high temperatures. The hydrogen gas is then cooled and condensed into its liquid form, providing a high-density energy source suitable for various applications, including fuel cells, industrial processes, and space exploration. This method is recognized for its efficiency in generating large quantities of high-purity hydrogen.

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Increasing focus on clean energy solutions and growing traction for hydrogen fuel cells in various sectors, including transportation, power generation, and industrial applications will uplift the process adoption. Improving technology and innovations such as improved catalyst design, heat recovery systems, and carbon capture and storage (CCS) integration are driving the business scenario.

North America Steam Methane Reforming Liquid Hydrogen Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Steam Methane Reforming Liquid Hydrogen Market Size in 2023:	USD 9.2 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.6%
2032 Value Projection:	USD 14.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	80
Tables, Charts & Figures:	30
Segments covered:	Distribution, End Use and Country
Growth Drivers:	Stringent emission regulations and environmental concerns Rising policy support and funding
Pitfalls & Challenges:	High upfront cost

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Increasing efforts by government to promote development and adoption of hydrogen as a clean energy source by providing subsidies, tax incentives, and funding for clean fuel infrastructure development is set to augment the industry growth. Rising investments in expanding clean energy infrastructure, including refueling stations and distribution networks across North America to facilitate the availability and accessibility of liquid hydrogen are escalating process adoption.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

North America steam methane reforming liquid hydrogen industry size was worth USD 9.2 billion in 2023 and is projected to expand at 5.6% CAGR from 2024 to 2032, led by the growing traction for hydrogen fuel cells in various sectors.

The North America steam methane reforming liquid hydrogen market share from the transportation end-use segment is projected to be worth over USD 7.7 billion by 2032, credited to the government policies and regulations in the U.S. and Canada.

The pipeline distribution segment in the North America steam methane reforming liquid hydrogen industry is projected to grow at over 7% CAGR between 2024 and 2032, due to the efficiency and reliability of pipeline distribution of steam methane reforming liquid hydrogen crucial for industries and applications requiring a consistent hydrogen supply.

U.S. steam methane reforming liquid hydrogen industry is projected to amass more than USD 12.6 billion by 2032, due to the expanding hydrogen infrastructure to support the increasing demand.