North America Steam Methane Reforming Liquid Hydrogen Market - By Distribution (Pipelines, Cryogenic Tanks), By End Use (Transportation, Chemicals, Others), 2024 – 2032

North America Steam Methane Reforming Liquid Hydrogen Market - By Distribution (Pipelines, Cryogenic Tanks), By End Use (Transportation, Chemicals, Others), 2024 – 2032

North America Steam Methane Reforming Liquid Hydrogen Market will exhibit over 5.6% CAGR from 2024 to 2032. The focus on reducing GHG emissions and transitioning to cleaner energy sources is prompting industries to invest in hydrogen as a low-carbon alternative. Additionally, advancements in SMR technology are enhancing the efficiency and cost-effectiveness of hydrogen production, making it a more viable option for energy-intensive applications. For instance, in December 2023, Bloom Energy and SK ecoplant announced a major hydrogen project with Korea Southern Power Co., Ltd. The collaboration involves deploying 1.8 MW of Bloom’s Solid Oxide Electrolyzer technology in South Korea’s green hydrogen demonstration on Jeju Island, set to start in late 2025.

Government policies and incentives aimed at supporting hydrogen infrastructure, along with funding towards R&D efforts, is shaping the market outlook in North America.

North America steam methane reforming liquid hydrogen industry is segmented based on distribution, end use, and region.

The cryogenic tanks segment will seize a noteworthy market share by 2032, driven by the demand for safe hydrogen storage and transportation solutions. As industries adopt hydrogen as a low-carbon energy source, the necessity for reliable cryogenic tanks to store liquid hydrogen at extremely low temperatures is essential. These tanks offer the advantage of high-density storage, which is essential for meeting the demands of large-scale hydrogen distribution networks. Innovations in cryogenic technology improve the safety and cost-effectiveness of cryogenic tanks, surging their adoption.

The chemicals segment will positively influence the market growth over the study period, driven by substantial demand for hydrogen as a key feedstock. Hydrogen is crucial for various processes, such as ammonia synthesis for fertilizers and hydrocracking in petroleum refining. The focus on cleaner production methods is boosting the demand for efficient hydrogen production technologies like SMR. As chemical manufacturers seek to reduce carbon emissions and improve production efficiency, the reliance on SMR-produced hydrogen will thrive.

Canada steam methane reforming liquid hydrogen market will showcase a decent CAGR from 2024 to 2032, owing to the commitment to achieving net-zero emissions and fostering a sustainable energy future. The proactive policies and incentives in Canada for clean energy projects, coupled with increasing investments in hydrogen infrastructure, catapult the market expansion. Additionally, the focus on leveraging hydrogen to decarbonize heavy industries and transport sectors is amplifying the need for efficient hydrogen production technologies, positioning SMR liquid hydrogen as a pivotal element in Canada's green energy strategy.