Steam Methane Reforming Liquid Hydrogen Market Size - By Distribution (Pipelines, Cryogenic Tanks), By End Use (Transportation, Chemicals), Regional Outlook & Forecast, 2024 – 2032

Steam Methane Reforming Liquid Hydrogen Market Size

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.
 

Steam Methane Reforming Liquid Hydrogen Market Trends

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.
 

Steam Methane Reforming Liquid Hydrogen Market Analysis

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.
 

Steam Methane Reforming Liquid Hydrogen Market Share

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.
 

Steam Methane Reforming Liquid Hydrogen Market Companies

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

• 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
• Shell Plc
   

Steam Methane Reforming Liquid Hydrogen Industry News

• In March 2023, Linde, with its strong in-house steam reformer technology, announced it has begun supplying liquid hydrogen to the operation of hydrogen-powered car and passenger ferries in Norway. The ferry has completed sea trials and commenced commercial operations. The company aims to decarbonize mobility around the world by supplying renewable fuel.
   
• In December 2020, In order to promote the growth of clean transportation, Air Liquide Engineering & Construction, a leader in the field of steam methane reforming technology, has partnered with Doosan Heavy Industries to build a liquid hydrogen plant in South Korea. In accordance with the agreement, Air Liquide will manage the hydrogen liquefier's engineering and procurement, utilizing its proficiency in the development and management of ultra-low temperature liquefaction facilities.
   

This steam methane reforming liquid hydrogen market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Billion & MT” from 2021 to 2032, for the following segments:

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Market, By Distribution

• Pipelines
• Cryogenic tanks

Market, By End Use

• Transportation
• Chemicals
• Others

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

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Rest of World