Steam Methane Reforming Hydrogen Generation Market Size

Steam Methane Reforming Hydrogen Generation Market size

Steam Methane Reforming Hydrogen Generation Market was valued at USD 140 billion in 2023 and is anticipated to grow at over 6.4% CAGR from 2024 to 2032. Hydrogen as an element is available in abundance owing to its high chemical affinity. The product is produced from a wide variety of feedstocks using renewable and non-renewable processes.

To get key market trends

  Download Free Sample

The main technology utilized for hydrogen generation comprise of Steam Methane Reforming (SMR). It is a process where methane derived from natural gas is heated with steam along with a catalyst to produce a mixture of carbon monoxide and hydrogen utilized in organic synthesis. Swift shift from fossil fuels to renewable energy sources along with the extensive applications in industries including semiconductors will propel the SMR hydrogen generation market growth. Further, rising awareness toward clean energy coupled with greater focus toward utilization of renewable resources will drive the market share.
 

Increasing crude oil consumption along with surging investments toward the expansion of existing refining facilities across the developing economies will create significant market opportunities for various hydrogen manufacturers across the globe. Introduction of various policies aiming toward clean fuel adoption coupled with rising investments across the refining sector is set to stimulate the business scenario. Introduction of regulations of various incentive programs to limit the sulfur content in fuels comprising gasoline, diesel fuel, and motor oil is set to stimulate the steam methane reforming hydrogen generation market share. However, high production cost, safety concerns, slow infrastructure development, high amount of CO2 residual, coupled with transforming regulations limiting the SMR hydrogen generation adoption are some of the major concerns limiting the market growth.