Steam Methane Reforming Liquid Hydrogen Market
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Steam Methane Reforming Liquid Hydrogen Market was valued USD 33.9 Billion in 2023 and is anticipated to grow at a CAGR of 6.2% by 2032. Rising push towards decarbonization and ambitious targets by governments worldwide to reduce carbon emissions and transition to sustainable energy systems will boost the process adoption. Increasing integration of CCS technology with SMR to reduce its carbon footprint is influencing the process penetration, especially in regions with stringent emission regulations.
Rising transportation sector's shift towards cleaner fuels led to gaining traction of hydrogen-powered fuel cell vehicles (FCVs) as a viable alternative to battery electric vehicles (BEVs) due to their longer range and shorter refueling times will create growth opportunities for industry growth. Furthermore, increasing investments and strategic partnerships among major energy companies, technology providers, and governments aimed at scaling up hydrogen production and infrastructure are fostering the industry landscape.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Steam Methane Reforming Liquid Hydrogen Market size in 2023: | USD 33.9 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 6.2 |
| 2023 Value Projection: | USD 57.8 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 80 |
| Tables, Charts & Figures: | 20 |
| Segments Covered: | Distribution, End Use and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Expansion of hydrogen infrastructure supported by rising investment by governments and private entities in the development of clean energy refueling stations, storage facilities, and transportation networks is driving the business statistics. Rising technological advancements to improve efficiency and cost-effectiveness of processes coupled with increasing innovations in catalyst design, heat recovery systems, and process optimization to reduce energy consumption and operational costs of SMR plants will augment the product penetration.
Based on distribution, the pipelines segment is estimated to cross USD 9 billion by 2032. Rising demand for transportation means offering high efficiency and cost-effectiveness coupled with continuous and steady product flow over long distances will propel the mode demand. Furthermore, rising advancements in pipeline infrastructure with advanced safety features, including leak detection systems, automatic shut-off valves, and corrosion-resistant materials making them less prone to accidents and disruptions caused by weather, traffic, or human error will propel the business scenario.
Based on end use, the transportation sector is set to grow at a CAGR of over 11.2% through 2032. Stringent environmental regulations and ambitious climate goals are major drivers pushing the sector towards cleaner fuels thereby accelerating the process adoption. Rising technological advancements in hydrogen fuel cells coupled with increasing investments in building and expanding refueling stations, particularly in regions with strong government support for clean energy initiatives will enhance the process adoption.
Asia Pacific steam methane reforming liquid hydrogen market is projected to surpass USD 24.8 billion by 2032. Rising initiatives by Japan, South Korea, China, and Australia aim to reduce carbon emissions, enhance energy security, and drive economic growth through the development of a hydrogen economy will stimulate the industry growth. For instance, Japan's Basic Hydrogen Strategy targets the widespread use of hydrogen in various sectors by 2050, while South Korea's Hydrogen Economy Roadmap aims to establish a hydrogen society by 2040. Furthermore, increasing investments by governments and private companies in the construction of refueling stations, production facilities, and transportation networks is expected to positively influence the business statistics.
In the U.S. rising funding programs from government for clean fuel research, development, and demonstration projects, aiming to accelerate the commercialization of technologies and reduce costs will augment the product penetration. Improving collaboration between government agencies, research institutions, and industry stakeholders will drive innovation and market development.
Eminent players are allocating substantial resources to research and development initiatives to propel hydrogen producing technologies forward, enhance efficacy, and reducing expenses. Key players are making investments to build new production facilities and upgrade and optimize their current operations to increase their production capacity. Additionally, businesses are putting a greater focus on environmental responsibility and sustainability by using green hydrogen production technologies to optimize energy efficiency and lower carbon emissions.
Eminent players operating in the steam methane reforming liquid hydrogen industry are:
Market, By Distribution
Market, By End Use
The above information has been provided for the following regions and countries:
Air Liquide, Air Products and Chemicals, Inc., Ballard Power Systems Inc, Chart Industries, ENGIE, HyGear, Iwatani Corporation, Linde Plc, Matheson Tri-Gas, Praxair Technology, Inc., Reliance Industries, and Shell Plc among others.
Asia Pacific steam methane reforming liquid hydrogen market size is anticipated to grow by more than USD 24.8 billion by 2032, driven by initiatives to reduce carbon emissions and enhance energy security.
The transportation segment in the steam methane reforming liquid hydrogen market is anticipated to witness over 11.2% CAGR through 2032, due to stringent environmental regulations and ambitious climate goals.
The market size steam methane reforming liquid hydrogen was reached USD 33.9 billion in 2023 and is anticipated to grow at 6.2% CAGR during 2024 to 2032, driven by rising push towards decarbonization.