Liquid Hydrogen Market Research, 2032
The global liquid hydrogen market was valued at $39.0 billion in 2022, and is projected to reach $66.3 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
Report Key Highlighters:
- The liquid hydrogen market is consolidated in nature with few players such as Iwatani Corporation, Messer Group GmbH., inoxcva, Air Products and Chemicals, Inc., Demaco powered by Leapforce, Linde Plc, Air Liquide, Cryostar, Hylium Industries, Inc., and Plug Power Inc., which hold a significant share of the market.
- The report provides complete analysis of the market status across key regions and more than 15 countries across the globe in terms of value ($Billion) and volume (Kilotons).
- Top winning strategies are analyzed by performing a thorough study of the leading players in the liquid hydrogen market. Comprehensive analysis of recent developments and growth curves of various companies helps us to understand the growth strategies adopted by them and their potential effect on the market.
- The report provides competitive dynamics by evaluating business segments, product portfolios, target market revenue, geographical presence, and key strategic developments by prominent manufacturers.
Liquid hydrogen is the liquid state of the chemical element hydrogen (H2) at extremely low temperature. Hydrogen is normally found in a gaseous state at room temperature and atmospheric pressure, but when cooled to very low temperature (-253 degrees Celsius or -423 degrees Fahrenheit), it condenses into a liquid. Liquid hydrogen has a pale blue color and is highly transparent. It is the lightest and least dense liquid known, with a density of about 70 grams per liter. It is also highly volatile and evaporates rapidly when exposed to air. Due to its low boiling point, it requires special storage & handling conditions to maintain its liquid state. Liquid hydrogen has several important applications, primarily in the aerospace industry where it is used as a rocket fuel, where it combines with liquid oxygen to create a powerful propellant in rockets and spacecraft. Its high energy content & efficiency make it an ideal fuel for space exploration.
Robust demand from aerospace industry have fueled the market growth
The aerospace sector is a significant driving force behind the demand for liquid hydrogen as it is used as a rocket fuel in space exploration and satellite launches. Liquid hydrogen offers high energy density and efficient propulsion, making it an essential component in the aerospace industry. This factor is anticipated to drive the market during the forecast period.
Complexity in storage and handling of liquid hydrogen is expected to hinder the market growth
However, liquid hydrogen requires specialized storage & handling infrastructure due to its extremely low temperature and high volatility. Maintaining the low temperature and preventing evaporation can be challenging, as it requires well-insulated and cryogenic storage systems. The storage tanks need to be carefully designed to withstand the extreme cold and prevent leaks, making the infrastructure more complex & costly. This factor is projected to restrain the market growth.
Increased demand from renewable energy sector offering the most lucrative opportunities
As the global focus is on decarbonization and transition to cleaner energy sources, liquid hydrogen offers promising market growth opportunities. Liquid hydrogen can be produced from renewable sources of energy through processes such as electrolysis, enabling the production of ‘green hydrogen.’ Increase in demand for clean energy presents a significant opportunity for liquid hydrogen as a renewable & sustainable fuel. Furthermore, the transportation sector represents a significant opportunity for the liquid hydrogen market. Hydrogen fuel cell vehicles (FCVs) powered by liquid hydrogen offer zero-emission transportation with long driving ranges and quick refueling times. The expansion of hydrogen refueling infrastructure and the development of more efficient and cost-effective fuel cell technologies will drive the adoption of liquid hydrogen in the transportation sector. These factors are anticipated to offer lucrative opportunities for the liquid hydrogen market during the forecast period.
The liquid hydrogen market is segmented on the basis of distribution, end-use industry, and region. By distribution, it is categorized into, pipelines, cryogenic tanks, and others. Depending on end use-industry, it is divided into aerospace, automotive & transportation, energy & power, industrial sector, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The Asia-Pacific liquid hydrogen market size is projected to grow at the highest CAGR of 5.9% during the forecast period and account for 40% of liquid hydrogen market share in 2022. This is due to the factors such as, The Chinese Government has demonstrated strong support for hydrogen and fuel cell technologies. China has released various policy initiatives and targets to promote the development & adoption of hydrogen, including liquid hydrogen. The government has provided financial incentives, funding programs, and regulatory support to drive the growth of liquid hydrogen market.
These policies create a favorable environment for investment, research and development, and market deployment of liquid hydrogen in China. This factor is projected to boost the liquid hydrogen market growth. Furthermore, the Indian Government has launched various initiatives & programs to support the growth of the liquid hydrogen market. These initiatives include setting up a National Hydrogen Energy Mission and introducing supportive policies, funding programs, and R&D efforts. The government's focus on hydrogen and fuel cell technologies drives the growth of the liquid hydrogen market in Asia-Pacific.
By distribution, the cryogenic tanks segment dominated the global market in 2022, and is anticipated to grow at a CAGR of 5.6% during the forecast period. Cryogenic tanks are essential for storing & transporting liquefied gases such as liquid hydrogen, liquid oxygen, and liquefied natural gas (LNG). As various industries expand, the demand for cryogenic tanks increases to support the storage & transport sectors. In addition, tanks are utilized in the storage and transportation of liquid hydrogen, which has gained popularity as a cleaner alternative to traditional fossil fuels. With the increasing demand for natural gas as an energy source, especially in power generation and transportation, there is a corresponding rise in the demand for cryogenic tanks to support the infrastructure required for liquid hydrogen storage and distribution. This factor is projected to boost the market growth during the forecast period.
In 2022, the aerospace segment was the largest revenue generator, and is anticipated to grow at a CAGR of 5.7% during the forecast period. Liquid hydrogen offers high specific impulse, which is a measure of the efficiency of a rocket engine. It provides a greater thrust per unit of propellant compared to other fuels, allowing for higher velocities and payloads. The high specific impulse of liquid hydrogen makes it a preferred choice for achieving the demanding performance requirements of space missions. In addition, the aerospace industry is focusing on reducing aerospace’s environmental impact and transitioning toward more sustainable practices. Liquid hydrogen is a clean fuel and it burns oxygen and tend to produce water vapor. Its use as a propellant significantly reduces greenhouse gas emissions compared to traditional fossil fuel-based propulsion systems.
The global liquid hydrogen market profiles leading players that include Iwatani Corporation, Messer Group GmbH., inoxcva, Air Products and Chemicals, Inc., Demaco powered by Leapforce, Linde Plc, Air Liquide, Cryostar, Hylium Industries, Inc., and Plug Power Inc. The market report provides in-depth competitive analysis as well as profiles of these major players.
Key Recent Developments:
In July 2021, linde Plc started up its fifth liquid hydrogen plant in the U.S., reinforcing the company's robust supply network of plants in California, Alabama, Indiana and New York. This new plant in La Porte, Texas, will supply over 30 tons per day of high-purity liquid hydrogen to meet growing demand from Linde's customers. This strategic business expansion is expected to increase the sales of Linde Plc's liquid hydrogen products.
In September 2022, Air Liquid is combining its expertise with that of global automotive supplier Faurecia, a company of FORVIA Group, to accelerate the development of liquid hydrogen in the heavy mobility sector.
In May 2022, Air Liquid opened its largest liquid hydrogen production and logistics facility in North Las Vegas, Nevada, to supply growing needs for hydrogen-fueled vehicles. This strategic business expansion is projected to boost the
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the liquid hydrogen market analysis from 2022 to 2032 to identify the prevailing liquid hydrogen market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the liquid hydrogen market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global liquid hydrogen market trends, key players, market segments, application areas, and market growth strategies.
Liquid Hydrogen Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 66.3 billion |
 Growth Rate | CAGR of 5.5% |
 Forecast period | 2022 - 2032 |
 Report Pages | 278 |
 By End Use Industry |
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 By Distribution |
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 By Region |
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 Key Market Players | Cryolor, Air Products and Chemicals, Inc., Linde Plc, Hylium Industries, Inc., Demaco powered by Leapforce, Air Liquide, inoxcva, Plug Power Inc., Messer Group GmbH., Iwatani Corporation |
Analyst Review
According to CXOs of leading companies, the global liquid hydrogen market is expected to exhibit high growth potential. Liquid hydrogen is used in large volumes in the space program as a primary rocket fuel for combustion with oxygen or fluorine, and as a propellent for nuclear powered rockets and space vehicles. Advances in hydrogen production, storage, and utilization technologies play a crucial role in the growth of the liquid hydrogen market. Ongoing R&D efforts aim to improve the efficiency, safety, and cost-effectiveness of hydrogen technologies. Technological advancements facilitate the commercialization and broader adoption of liquid hydrogen, making it a more viable & attractive option for various applications. The CXOs further added that sustained economic growth and development of aerospace and automotive industries have surged the popularity of liquid hydrogen.??
Liquid hydrogen is the liquid state of the chemical element hydrogen (H2) at extremely low temperature. Hydrogen is normally found in a gaseous state at room temperature and atmospheric pressure, but when cooled to very low temperature (-253 degrees Celsius or -423 degrees Fahrenheit), it condenses into a liquid. Liquid hydrogen has a pale blue color and is highly transparent. It is the lightest and least dense liquid known, with a density of about 70 grams per liter. It is also highly volatile and evaporates rapidly when exposed to air. Due to its low boiling point, it requires special storage & handling conditions to maintain its liquid state. Liquid hydrogen has several important applications, primarily in the aerospace industry where it is used as a rocket fuel, where it combines with liquid oxygen to create a powerful propellant in rockets and spacecraft. Its high energy content & efficiency make it an ideal fuel for space exploration.??
Aerospace is the leading application of liquid hydrogen market
The liquid hydrogen market is segmented on the basis of distribution, end-use industry, and region. By distribution, it is categorized into, pipelines, cryogenic tanks, and others. Depending on end use-industry, it is divided into aerospace, automotive & transportation, energy & power, industrial sector, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.?
Iwatani Corporation, Messer Group GmbH., inoxcva, Air Products and Chemicals, Inc., Demaco powered by Leapforce, Linde Plc, Air Liquide, Cryostar, Hylium Industries, Inc., and Plug Power Inc.
Renewable hydrogen, produced through electrolysis using renewable energy sources like wind and solar, has gained attention as a sustainable alternative to conventional hydrogen production methods. There has been a surge in projects focusing on renewable hydrogen production, which is expected to impact the liquid hydrogen market positively.
The Liquid Hydrogen Market was valued for $39.0 billion in 2022 and is estimated to reach $66.3 billion by 2032, exhibiting a CAGR of 5.5% from 2023 to 2032.
Asia-Pacific is the largest regional market for liquid hydrogen market.
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