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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.
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.
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.
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.
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.