Petroleum Refinery Merchant Hydrogen Generation Market Size

Petroleum Refinery Merchant Hydrogen Generation Market Size

Petroleum Refinery Merchant Hydrogen Generation Market was valued at USD 10.3 billion in 2023 and is anticipated to grow at a CAGR of 7.6% between 2024 and 2032. It refers to the production of hydrogen at dedicated facilities, which is then commercially supplied to petroleum refineries. Merchant hydrogen generation is designed to meet the hydrogen needs of refineries efficiently, often with a focus on ensuring reliable supply, cost-effectiveness, and adherence to environmental regulations.

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Rising pressure on petroleum refineries to comply with stringent environmental regulations aimed at reducing emissions and improving air quality is set to boost the market growth. Increasing advancements in hydrogen production technologies, such as electrolysis, steam methane reforming (SMR), and auto-thermal reforming (ATR), to make hydrogen generation more cost-effective and efficient additionally complement the business landscape.
 

Growing demand for processes offering economic benefits to refineries by outsourcing hydrogen production to specialized facilities, avoiding high capital and operational costs associated with on-site clean production units thereby propelling business statistics. Furthermore, increasing demand for cleaner fuels is encouraging refineries to invest in technologies that produce low-sulfur and low-emission products leading to augment merchant hydrogen adoption, as it supports processes that produce cleaner fuels and meet the evolving market demands.