Global Liquid Hydrogen Market Size Forecasts To 2030
- The Global Liquid Hydrogen Market Size was valued at USD 39.45 Billion in 2021.
- The Market is growing at a CAGR of 7.38% from 2022 to 2030.
- The Worldwide Liquid Hydrogen Market Size is expected to reach USD 65.18 Billion By 2030.
- North America is expected to grow the fastest during the forecast period.
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The Global Liquid Hydrogen Market Size is expected to reach USD 65.18 Billion by 2030, at a CAGR of 7.38% during the forecast period 2022 to 2030. The increasing environmental concerns of governments due to the high carbon emission rate is also expected to augment the market growth during the forecast timeline. The growing demand for electric vehicles to reduce environmental pollution is expected to drive the market further. North America led the market for liquid hydrogen. The liquid hydrogen are being increasingly used owing to the rising awareness of its benefits. In the U.S., about 60 hydrogen fueling stations are operational.
The liquid state of the element hydrogen, abbreviated H2L, is found naturally in the molecular H2 form. In the absence of pipelines, liquid hydrogen is more typically employed than gaseous hydrogen for high-volume transportation and delivery. Liquefaction is the process of cooling hydrogen to cryogenic temperatures by liquefying it. Gaseous hydrogen is liquefied by lowering its temperature below 423°F. However, liquefaction consumes more than 30% of hydrogen's energy content and is costly. The most prevalent application of liquid hydrogen is as a concentrated form of hydrogen storage. Liquid hydrogen is used as the fuel for an internal combustion engine or fuel cell, liquid rocket fuel for rocketry applications, and is also used to cool neutrons to be used in neutron scattering.
This research report categorizes the market for Global Liquid Hydrogen Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Liquid Hydrogen Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Liquid Hydrogen Market.
Global Liquid Hydrogen Market Report Coverage
|Market Size in 2021:||USD 39.45 Billion|
|Forecast Period 2021-2030 CAGR:||7.38%|
|2030 Value Projection:||USD 65.18 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Technology Type, By Distribution Type, By End-user Industry, By Region , COVID-19 Impact Analysis|
|Companies Covered:||Engie S.A., Air Liquide S.A., Air Products Inc., Linde plc, Hydrogenics, Uniper SE, Cummins Inc., AIR WATER INC., SHOWA DENKO K.K., Iwatani Corporation, Universal Industrial Gases, Inc., Ballard Power Systems Inc., United Hydrogen, Siemens Energy, Wuxi Yuantong Gas Co., Ltd., First Element Fuel, Inc., Elme Messer Gaas AS, The Andhra Sugars Limited, Yingde Gas Group Co., Ltd., Messer Group GmbH, TAIYO NIPPON SANSO CORPORATION, Kawasaki Heavy Industries, Ltd.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The growing use of green hydrogen in the most emerging fields for heavy mobility, such as road freight, maritime, and aviation, is impacting demand for liquid hydrogen due to its advantageous characteristics such as transportation and storage ease. Additionally, increased demand from the automotive sector is one of the primary drivers driving the liquid hydrogen market. Even though liquid hydrogen may be used as a fuel for an internal combustion engine or a fuel cell, it has been used to construct a number of submarines and concept hydrogen cars. Increasing demand for liquid hydrogen in the chemicals and petrochemical industries will drive the liquid hydrogen market development even further.
The high prices of liquid hydrogen transportation will be a key hindrance to the expansion of the liquid hydrogen business. Also, liquefaction of hydrogen requires a large amount of energy to liquefy hydrogen and liquefaction consumes more than 30% of the energy content of the hydrogen and is expensive. Furthermore, liquid transportation challenges include the possibility of boil-off or evaporation during delivery.
- In 2021, the steam methane reforming segment is witnessing significant CAGR growth over the forecast period
On the basis of technology, the Global Liquid Hydrogen Market is segmented into steam methane reforming and electrolysis. Among these, the steam methane reforming segment is expected to increase at a significant CAGR during the forecast period. Steam reforming, which employs natural gas, is used in the industrial production of hydrogen. The energy content of the created hydrogen is less than that of the initial fuel, with some of it wasted as surplus heat throughout the manufacturing process. The steam methane reforming market is predicted to grow in demand because of its low-cost operation, improved efficiency, and input fuel flexibility.
- In 2021, the cryogenic tankers segment is dominating the market over the forecast period
On the basis of distribution, the Global Liquid Hydrogen Market is segmented into pipelines and cryogenic tankers. Among these, the cryogenic tankers segment is witnessing significant CAGR growth over the forecast period. Presently, hydrogen is delivered as a liquid over longer distances in cryogenic tanker trucks that are super-insulated. After liquefaction, liquid hydrogen is dispensed to delivery tankers and transported to distribution stations, where it is evaporated to a high-pressure gaseous product for dispensing.
- In 2021, the automotive segment is dominating the market with the largest market share of 42% over the forecast period
Based on the end-user application, the Global Liquid Hydrogen Market is segmented into automotive, transportation, chemical & petrochemicals, aerospace, metallurgy, heavy industry, and others. Due to increased demand for renewable and sustainable fuel, the automotive segment dominates the market with the largest market share of 42% over the projection period. Using sophisticated technology proton exchange membrane fuel cells to create electricity for an electric drive and a direct fuel for ICEs, liquid hydrogen can be used as a secondary energy source in automotive applications without emitting any CO2. Further R&D and development for hydrogen-powered vehicles are predicted to drive demand for liquid hydrogen. As a result, market participants increased their manufacturing capacity and expanded their global penetration.
Regional Segment Analysis of the Liquid Hydrogen Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, 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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Asia Pacific is dominating the market with the largest market share of 41%.
Asia Pacific, with a 41% market share, is expected to remain the industry's leading region during the projection period, owing to rising demand and manufacturing in growing countries such as India, China, Japan, South Korea, and Australia. The increased popularity of electric vehicles as a result of rising worries about carbon emissions is dominating market growth in this region. The key element driving the increase in demand for liquid hydrogen is the increased installation of liquid hydrogen by refinery companies. China Petroleum & Chemical Company, Reliance Industries Limited, and Nayara Energy Limited are some of the biggest refineries in the region with a strong demand for liquid hydrogen.
The report offers the appropriate analysis of the key organizations/companies involved within the Global Liquid Hydrogen Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players
- Engie S.A.
- Air Liquide S.A.
- Air Products Inc.
- Linde plc
- Uniper SE
- Cummins Inc.
- AIR WATER INC.
- SHOWA DENKO K.K.
- Iwatani Corporation
- Universal Industrial Gases, Inc.
- Ballard Power Systems Inc.
- United Hydrogen
- Siemens Energy
- Wuxi Yuantong Gas Co., Ltd.
- First Element Fuel, Inc.
- Elme Messer Gaas AS
- The Andhra Sugars Limited
- Yingde Gas Group Co., Ltd.
- Messer Group GmbH
- TAIYO NIPPON SANSO CORPORATION
- Kawasaki Heavy Industries, Ltd.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In June 2022, Air Liquide and Siemens Energy have formed a joint venture in Europe to produce industrial scale renewable hydrogen electrolyzers in series. This collaboration will help Europe develop a sustainable hydrogen economy and build a European ecosystem for electrolysis and hydrogen technology.
- In March 2022, Air Products Inc., a global leader in the supply, distribution, and dispensing of hydrogen, intends to construct, own, and manage a 10 metric ton per day green liquid hydrogen production facility in Casa Grande, Arizona, USA. The zero-carbon liquid hydrogen project is planned to be online in 2023. The company's goods will be sold to the hydrogen for mobility sector in California and other regions that require zero-carbon hydrogen.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Liquid Hydrogen Market based on the below-mentioned segments:
Global Liquid Hydrogen Market, By Technology Type
- Steam Methane Reforming
Global Liquid Hydrogen Market, By Distribution Type
- Cryogenic Tankers
Global Liquid Hydrogen Market, By End-user Industry
- Chemical & Petrochemicals
- Heavy Industry
Global Liquid Hydrogen Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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