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.
Liquid hydrogen is extensively used in the aerospace industry as a rocket fuel. It combines with liquid oxygen to create a powerful propellant in rockets & spacecraft. Its high energy content & efficiency make it an ideal choice for space exploration and satellite launches. Further, the space exploration and satellite industry has gained momentum in recent years. Public and private entities are investing in space missions, satellite launches, and space tourism. Companies such as SpaceX, Blue Origin, and Virgin Galactic are actively engaged in space exploration and commercial spaceflight initiatives. In addition, advances in materials, propulsion systems, avionics, and automation are leading to the development of more efficient, safer, and environmentally friendly aircraft. These advancements attract investments and drive liquid hydrogen demand in the aerospace sector, thereby driving the market growth.
Currently, the production, storage, and transportation of liquid hydrogen are expensive due to the specialized infrastructure required and the energy-intensive production processes. The cost of producing liquid hydrogen is higher compared to other fuels, which can limit its commercial viability, especially in applications where cost competitiveness is a significant factor. Furthermore, liquid hydrogen is highly flammable and can ignite easily when exposed to an ignition source. While precautions are taken to ensure safe handling, the potential for accidents and the need for appropriate safety measures cannot be ignored. The extreme cold temperature of liquid hydrogen can further pose risks to personnel if proper protective equipment & procedures are not followed. This factor is expected to hamper the market growth during the forecast period.
Global energy demand continues to rise due to population growth, urbanization, and economic development. Emerging economies are experiencing rapid industrialization and increase in energy consumption, while developed economies continue to require energy for their economic activities and lifestyles. This increase in demand drives the growth of the energy sector. In addition, there is a global shift toward clean & renewable energy sources driven by concerns over climate change, environmental pollution, and depletion of fossil fuel reserves. Governments, businesses, and individuals are investing in renewable energy technologies such as solar, wind, hydro, and geothermal power. This transition is creating new opportunities and driving growth in the renewable energy sector. Liquid hydrogen serves as an energy storage medium and addressing the intermittent nature of renewable energy sources such as solar and wind power. Excess electricity can be used to produce hydrogen through electrolysis, which can then be stored as liquid hydrogen. This stored energy can be converted back into electricity through fuel cells when needed, providing a reliable & flexible energy storage solution. These factors are creating opportunities 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 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 an in-depth competitive analysis as well as profiles of these major players.
Liquid hydrogen is extensively used in the aerospace industry as a rocket fuel. It combines with liquid oxygen to create a powerful propellant in rockets & spacecraft. Its high energy content & efficiency make it an ideal choice for space exploration and satellite launches. Further, the space exploration and satellite industry has gained momentum in recent years. Public and private entities are investing in space missions, satellite launches, and space tourism. Companies such as SpaceX, Blue Origin, and Virgin Galactic are actively engaged in space exploration and commercial spaceflight initiatives. In addition, advances in materials, propulsion systems, avionics, and automation are leading to the development of more efficient, safer, and environmentally friendly aircraft. These advancements attract investments and drive liquid hydrogen demand in the aerospace sector, thereby driving the market growth.
Currently, the production, storage, and transportation of liquid hydrogen are expensive due to the specialized infrastructure required and the energy-intensive production processes. The cost of producing liquid hydrogen is higher compared to other fuels, which can limit its commercial viability, especially in applications where cost competitiveness is a significant factor. Furthermore, liquid hydrogen is highly flammable and can ignite easily when exposed to an ignition source. While precautions are taken to ensure safe handling, the potential for accidents and the need for appropriate safety measures cannot be ignored. The extreme cold temperature of liquid hydrogen can further pose risks to personnel if proper protective equipment & procedures are not followed. This factor is expected to hamper the market growth during the forecast period.
Global energy demand continues to rise due to population growth, urbanization, and economic development. Emerging economies are experiencing rapid industrialization and increase in energy consumption, while developed economies continue to require energy for their economic activities and lifestyles. This increase in demand drives the growth of the energy sector. In addition, there is a global shift toward clean & renewable energy sources driven by concerns over climate change, environmental pollution, and depletion of fossil fuel reserves. Governments, businesses, and individuals are investing in renewable energy technologies such as solar, wind, hydro, and geothermal power. This transition is creating new opportunities and driving growth in the renewable energy sector. Liquid hydrogen serves as an energy storage medium and addressing the intermittent nature of renewable energy sources such as solar and wind power. Excess electricity can be used to produce hydrogen through electrolysis, which can then be stored as liquid hydrogen. This stored energy can be converted back into electricity through fuel cells when needed, providing a reliable & flexible energy storage solution. These factors are creating opportunities 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 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 an in-depth competitive analysis as well as profiles of these major players.
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.
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Key Market Segments
By End Use Industry
- Aerospace
- Automotive and Transportation
- Energy and Power
- Industrial Sector
- Others
By Distribution
- Pipelines
- Cryogenic Tanks
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Demaco powered by Leapforce
- Air Products and Chemicals, Inc.
- Cryolor
- inoxcva
- Hylium Industries, Inc.
- Linde Plc
- Air Liquide
- Plug Power Inc.
- Messer Group GmbH.
- Iwatani Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: LIQUID HYDROGEN MARKET, BY DISTRIBUTION
CHAPTER 5: LIQUID HYDROGEN MARKET, BY END USE INDUSTRY
CHAPTER 6: LIQUID HYDROGEN MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the liquid hydrogen market was valued at $39 billion in 2022, and is estimated to reach $66.3 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.Liquid hydrogen is the liquefied form of the chemical element hydrogen (H2). Hydrogen is the lightest and most abundant element, existing naturally as a gas under normal conditions. However, when hydrogen is cooled to extremely low temperatures (-252.87°C or -423.17°F), it condenses and transforms into a liquid state. Liquid hydrogen is characterized by its pale blue color and extremely low boiling point. It is stored & transported in highly insulated cryogenic containers, often called cryogenic tanks, designed to maintain the low temperature required to keep hydrogen in its liquid form. It possesses several unique properties that make liquid hydrogen valuable for various applications. It has a high energy density, implying that it contains a significant amount of energy per unit of mass. This makes it an attractive option for storing & transporting energy. Moreover, liquid hydrogen is also a clean-burning fuel, producing only water vapor as a byproduct when used in fuel cells or combustion processes.
Factors such as increase in disposable income, technological upgrades, and rise in the number of original equipment manufacturers (OEMs) have led the automotive & transportation sector to witness a significant growth. In addition, growth in environmental awareness and concerns about climate change have prompted governments across the globe to implement stricter emission standards & regulations. This has led to the development & adoption of electric and hybrid vehicles, which offer lower or zero tailpipe emissions. Moreover, governments provide incentives & subsidies to encourage the purchase of environmentally friendly vehicles, further driving the growth of the automotive industry. Liquid hydrogen serves as a fuel for hydrogen FCVs that use a fuel cell stack to convert hydrogen and oxygen from the air into electricity, powering the vehicle's electric motor. Liquid hydrogen is used as a storage medium for hydrogen in FCVs, providing a higher energy density compared to compressed hydrogen gas. This allows for longer driving ranges and quicker refueling times. These factors together drive the growth of the liquid hydrogen market during the forecast period.
Currently, the production, storage, and transportation of liquid hydrogen are expensive due to the specialized infrastructure required and the energy-intensive production processes. The cost of producing liquid hydrogen is higher compared to other fuels, which can limit its commercial viability, especially in applications where cost competitiveness is a significant factor. Furthermore, liquid hydrogen is highly flammable and can ignite easily when exposed to an ignition source. While precautions are taken to ensure safe handling, the potential for accidents and the need for appropriate safety measures cannot be ignored. The extreme cold temperature of liquid hydrogen can further pose risks to personnel if proper protective equipment & procedures are not followed. This factor is expected to hamper the market growth during the forecast period.
Liquid hydrogen plays a crucial role in energy storage and grid balancing. As intermittent renewable energy sources such as wind and solar power become more prevalent, there is a need for efficient energy storage solutions to ensure a stable and reliable power supply. Liquid hydrogen can be produced during periods of excess renewable energy and stored for later use, providing a means to balance supply and demand in the grid. In addition, liquid hydrogen has the potential to play a significant role in decarbonizing the transportation sector. It can be used as a fuel for hydrogen FCVs, which emit only water vapor as a byproduct. As governments and industries focus on reducing emissions from transportation, the demand for liquid hydrogen as a clean fuel alternative is expected to increase.
Global energy demand continues to rise due to population growth, urbanization, and economic development. Emerging economies are experiencing rapid industrialization and increase in energy consumption, while developed economies continue to require energy for their economic activities and lifestyles. This increase in demand drives the growth of the energy sector. In addition, there is a global shift toward clean & renewable energy sources driven by concerns over climate change, environmental pollution, and depletion of fossil fuel reserves. Governments, businesses, and individuals are investing in renewable energy technologies such as solar, wind, hydro, and geothermal power. This transition is creating new opportunities and driving growth in the renewable energy sector. Liquid hydrogen serves as an energy storage medium and addressing the intermittent nature of renewable energy sources such as solar and wind power. Excess electricity can be used to produce hydrogen through electrolysis, which can then be stored as liquid hydrogen. This stored energy can be converted back into electricity through fuel cells when needed, providing a reliable & flexible energy storage solution. These factors are creating opportunities 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 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.
Companies Mentioned
- Demaco powered by Leapforce
- Air Products and Chemicals, Inc.
- Cryolor
- inoxcva
- Hylium Industries, Inc.
- Linde Plc
- Air Liquide
- Plug Power Inc.
- Messer Group GmbH.
- Iwatani Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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