For a natural gas steam reforming, comparative studies of the performance in a conventional packed-bed reactor and a membrane reactor, a new conceptual reactor consisting of a reactor with series of hydrogen separation membranes, have been performed. Based on experimental kinetics reported by Xu and Froment, a process simulation model was developed with Aspen HYSYSⓇ, a commercial process simulator, and effects of various operating conditions like temperature, H2 permeance, and Ar sweep gas flow rate on the performance in a membrane reactor were investigated in terms of reactant conversion and H2 yield enhancement showing improved H2 yield and methane conversion in a membrane reactor. In addition, a preliminary cost estimation focusing on natural gas consumption to supply heat required for the system was carried out and feasibility of possible cost savings in a membrane reactor was assessed with a cost saving of 10.94% in a membrane reactor.