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.