Steam Methane Reforming Market Share Projections: CAGR of 6.45% Envisions Market Size of $1246.54 Million by 2032
The steam methane reforming market size is anticipated to grow from USD 667.19 Million in 2022 to USD 1246.54 Million in 10 years. The market is expanding due to the rising investments in renewable energy sources. The increasing demand for green hydrogen is promoting the market growth.
Newark, Jan. 22, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the steam methane reforming market will grow from USD 667.19 Million in 2022 to USD 1246.54 Million by 2032. Throughout the projection period, the growing market for steam methane reforming would be propelled by favourable government policies, increased urbanization, and rising awareness of sustainability.
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Key Insight of the Steam Methane Reforming Market
The Asia-Pacific region will account for the largest market size during the forecast period.
The Asia-Pacific region will hold a significant market share due to the growth of the green construction industry. Manufacturers in regional end-user industries prefer to use equipment powered by hydrogen fuel cells due to the growing popularity of renewable energy resources, ongoing environmental concerns regarding greenhouse gas emissions and the availability of natural resources. Significant investments in the sustainable energy sector will drive the market growth further.
The captive segment is expected to augment the market during the forecast period.
The system type segment is divided into captive and merchant. The captive segment is expected to augment the market during the forecast period. Systems for producing hydrogen in a captive environment are becoming increasingly common because of their energy efficiency and low carbon emissions. At the refuelling station, hydrogen is produced on-site via captive systems.
The petroleum production segment is expected to augment the market during the forecast period.
The application segment is divided into petroleum production, methanol production and ammonia production. The petroleum production segment is expected to augment the market during the forecast period. Natural gas is the main methane source for hydrogen generation in industrial facilities and petroleum refineries. Petroleum refineries and commercial hydrogen manufacturers use steam-methane reforming to extract hydrogen atoms from carbon atoms in methane.
Report coverage & details:
|Market Size in 2032
|USD 1246.54 Million
|No. of Pages in Report
|System Type and Application
|Increasing demand for hydrogen
|Adoption of clean energy
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Driver: Increasing demand for steam methane reforming in the production of hydrogen gas
Natural gas steam reforming in industrial markets is commonly utilized to produce synthesis gas and hydrogen. The well-established natural gas steam reforming process produces most of the hydrogen generated worldwide. 95% of the hydrogen produced in the U.S. comes from steam methane reforming, the most extensively utilized method for producing bulk gas. Worldwide, hydrogen gas is utilized for many purposes, such as producing electricity. Today, hydrogen can be produced for fuel cell electric cars and other uses by reforming inexpensive natural gas.
Steam methane reforming requires high temperatures and pressures, which makes it an energy-intensive process. Its high energy consumption, as a result, may restrict its environmental sustainability. The cost of the power is thus high, which limits the market growth of the process.
Opportunity: Investment in zero-carbon fuel
Due to the expensive cost of batteries and their low power density, low or zero-carbon fuels must be introduced immediately to reduce greenhouse gas emissions from transportation. The most ideal zero-carbon fuel is hydrogen. Steam methane reforming is necessary to shift to a hydrogen economy in the short run. Although more advanced zero-carbon fuels may be developed, current SMR plants can easily be integrated with concentrated solar systems to significantly lower energy costs and upstream CO2 production emissions. Thus, the growing investment in zero carbon fuel will lead to higher production of steam methane reforming.
Challenges: Environmental concerns
The process has drawn criticism from politicians, the general public, environmentalists, and engineers on the matter that it adds to global warming. The main disadvantage of steam methane reforming is the amount of carbon dioxide produced as a byproduct. Carbon dioxide leads to climate change and may have detrimental effects on the environment and human health. Potential safety risks associated with SMR include the possibility of abrupt fire, uncontrollable energy release, gas leakage, and worker exposure.
Some of the major players operating in the steam methane reforming market are:
• Honeywell UOP
• Air Liquide
• Amec Foster Wheeler
• Air Products and Chemical
• Caloric Anlagenbau GmbH
• Heurtey Petrochem
• Haldor Topsoe
• Toyo Engineering Corporation
Key Segments Cover in the Market:
By System Type:
• Petroleum Production
• Methanol Production
• Ammonia Production
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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