Europe Steam Methane Reforming Hydrogen Generation Market Analysis

Europe Steam Methane Reforming Hydrogen Generation Market Analysis

Based on application, the petroleum refining SMR hydrogen generation market is projected to surpass USD 20 billion by 2032. Rising investments to desulfurize the petroleum products along with the upgradation and expansion of refineries to comply with the clean energy targets will stimulate the business outlook. Augmented demand for fertilizers in other application areas including agriculture combined with the existing policy framework will further strengthen the industry dynamics.
 

Chemical steam methane reforming hydrogen generation witnessed a market share of over 37% in 2023. Advancements in catalyst technology, process optimization, and plant design coupled with higher demand for onsite generation by various industries will fuel the product penetration. Moreover, growing investments & incentive programs including loan guarantees & tax credits by the state government will strengthen the industry outlook.
 

Russia steam methane reforming hydrogen generation market is estimated to reach USD 9 billion by 2032. Rising energy demand from various end user segments along with increasing cross border & sector strategic partnerships will complement the business scenario. Evolving regulatory landscape across the country combined with large scale adoption of energy efficiency targets provide a foundation for the national development of net zero carbon pathway. For instance, Russia aims to reach its net zero emissions target by 2060. Additionally, rretrofitting of conventional fuels with CCUS methods will support the adoption of carbon negative fuel, thereby enhancing the industry potential.
 

Growing investments & incentive programs including loan guarantees & tax credits by the state government combined with significant developments in charging & fueling infrastructures in the U.S. will boost the product adoption. Furthermore, rising fuel cell deployments primarily in California along with introduction of various federal tax incentives will sway the business trends.