Steam Methane Reforming Hydrogen Generation Market - By Application (Petroleum Refining, Chemicals, Power Generation, Transportation, Industry Energy) and Forecast, 2025 – 2034

Steam Methane Reforming Hydrogen Generation Market Size

Steam methane reforming hydrogen generation market size was valued at USD 146.4 Billion in 2024 and is estimated to grow at a CAGR of 6.2% from 2025 to 2034. The SMR hydrogen generation process involves heating methane, sourced from natural gas, with steam and a catalyst. The result is a carbon monoxide and hydrogen mixture, which is then used in organic synthesis.
 

Developing economies are increasing crude oil consumption and investing in expanding refining facilities, creating significant market opportunities for hydrogen manufacturers worldwide. Policies promoting clean fuel adoption and increased investments in the refining sector are reshaping the business landscape. Regulations and incentive programs aim to reduce sulfur content in fuels like gasoline, diesel, and motor oil, boosting the market share for steam methane reforming hydrogen generation.
 

Expanding the use of hydrogen beyond its conventional industrial applications is poised to drive the market growth. Sectors like aviation and shipping, with their limited choices for low-carbon fuels, stand to benefit significantly from hydrogen in meeting environmental goals. While hydrogen-based fuels come with elevated energy consumption and costs, recent policy shifts aimed at achieving low-carbon targets are expected to bolster the market revenues considerably. The shift from fossil fuels to renewable energy sources, combined with widespread applications in industries such as semiconductors, will boost the  market growth.
 

Steam Methane Reforming Hydrogen Generation Market Trends

Rising demand for hydrogen-based fuels is driving the use of hydrogen generation in power generation and commercial buildings. For instance, the IEA projects that by 2030, nearly 4 metric tonnes of blended hydrogen will heat the buildings. Additionally, infrastructural upgrades and enhanced safety measures will increase the direct use of hydrogen in boiler units, boosting the commercial demand. Additionally, increasing awareness of clean energy and a heightened emphasis on utilizing renewable resources will enhance the market's share.
 

Steam Methane Reforming Hydrogen Generation Market Analysis

Based on application, the market is segmented into petroleum refining, chemical transportation, power generation, industry energy and Others. Transportation is set to grow over USD 11.5 Billion by 2034. Key players are actively designing, developing, and promoting hydrogen technology, driving the industry's growth as they work to decarbonize the transport sector. For instance, METI aims to roll out a fleet of 1,200 buses and 900 refueling stations by 2030. Key factors including access to hydro resources, affordable electricity, and a mix of renewable energy sources will not only bolster the hydrogen trade but also enable it to reach European and Asian markets, fueling further market expansion.
 

The U.S. steam methane reforming hydrogen generation market is anticipated to grow over USD 24.5 Billion by 2034. The positive outlook for the refining sector, along with government initiatives to develop new industrial facilities in chemicals, automotive, and power, will drive the product demand. Utilizing hydrogen for energy storage and leveraging the competitive production prices of abundant renewable and hydric sources will boost the business landscape. Additionally, international partnerships focused on researching and promoting green hydrogen in production processes will increase the market growth.
 

Refinery operations in countries like China and India will drive the market growth in Asia Pacific region. Increased funding from various research institutes and industry players, along with heightened government emphasis on green hydrogen production technologies, will propel the industry expansion. Manufacturers in the region are focusing on international hydrogen trade to achieve a low-carbon hydrogen economy.
 

Steam Methane Reforming Hydrogen Generation Market Share

Key companies in the industry are actively pursuing inorganic growth strategies, such as collaborations and acquisitions, to gain a competitive advantage. These mergers and acquisitions are primarily focused on enhancing profitability and securing a larger market share. Companies are also exploring new opportunities, such as producing hydrogen from renewable sources, in response to increasing demand for green hydrogen. Further, many companies are collaborating with governments and energy providers to advance hydrogen initiatives and develop infrastructure.
 

Steam Methane Reforming Hydrogen Generation Market Companies

Eminent players operating in the steam methane reforming hydrogen generation industry are:

• ALLY HI-TECH CO., LTD.
• Air Liquide
• Air Products & Chemicals, Inc.
• CALORIC
• HyGear
• HyGear
• Linde plc
• Mahler AGS GmbH
• Messer
• NUVERA FUEL CELLS, LLC
• Plug Power Inc.
• TAIYYON NIPPON SANSO CORPORATION
• Topsoe
   

Steam Methane Reforming Hydrogen Generation Industry News:

• In September 2022, Raven SR successfully trialed its steam reformer, generating hydrogen-rich syngas from methane. With a non-combustion, catalyst-free design, Raven's technology promises to outperform the conventional SMR process. The technology is slated to commence operations in the first half of 2023.
   
• In April 2022, Wood introduced its innovative SMR technology, boasting a 95% reduction in CO2 emissions compared to traditional SMR units. This technology is versatile, suitable for both brownfield and greenfield projects, ultimately lowering operational costs for operators.
   

Steam Methane Reforming Hydrogen Generation market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “(USD Billion)” from 2021 to 2034, for the following segments:

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Market, By Application

• Petroleum refining
• Chemical
• Transportation
• Power generation
• Industry energy
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Netherland
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
• Middle East & Africa
  • Saudi Arabia
  • Iran
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Chile