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Electrolysis Liquid Hydrogen Market Size - By Distribution (Pipelines, Cryogenic Tanks), By End use (Transportation, Chemicals and Others), Regional Outlook & Forecast, 2024 – 2032

  • Report ID: GMI9815
  • Published Date: Jun 2024
  • Report Format: PDF

Electrolysis Liquid Hydrogen Market Size

Electrolysis Liquid Hydrogen Market was valued at USD 2.1 billion in 2023 and is anticipated to grow at a CAGR of 7.2% between 2024 and 2032. It refers to the hydrogen gas production through electrolysis which involves using an electrical current to split water into hydrogen and oxygen gases followed by liquefaction The gas produced is then cooled to cryogenic temperatures to convert it into liquid form which is then stored and transported more easily compared with its gaseous counterpart, making it valuable for various industrial, energy, and transportation applications.

Electrolysis Liquid Hydrogen Market

Rising focus towards achieving net-zero emissions by developed countries is accelerating the adoption of liquid green hydrogen due to its high energy density and clean production will propel the process adoption. Expanding innovations in electrolyzer technology, including improvements in efficiency, cost reduction, and scalability, to make the process more economically viable in line with rising advancements in PEM and solid oxide electrolyzers to enhance efficiency, and product quality will influence the market growth.

Growing need for sustainable and clean energy sources coupled with rising hydrogen adoption as feedstock in various industrial processes such as ammonia production, refining, and steel manufacturing will stimulate the product demand. Moreover, rising collaborations between leading energy companies, technology providers, and research institutions are fostering innovation and scaling up production capacities, thereby driving the industry scenario.

Electrolysis Liquid Hydrogen Market Trends

Rising prioritization of energy security by emerging countries to reduce dependence on imported fossil fuels and augment domestic production using locally available renewable energy resources is set to boost the product adoption. Increasing number of hydrogen hubs coupled with substantial investments in research and development to boost innovations in electrolysis and hydrogen liquefaction technologies will complement the business scenario.

Electrolysis Liquid Hydrogen Market Analysis

Electrolysis Liquid Hydrogen Market Size, By Distribution, 2022-2032 (USD Billion)

Based on distribution, the cryogenic tanks are projected to surpass USD 3.2 billion by 2032 owing to their flexibility and mobility compared to the alternative distribution channels. Rising advancements in materials science, insulation technologies, and tank design to enhance performance, efficiency and insulation are driving the mode adoption. Furthermore, growing demand for solutions offering safety features to handle extreme temperatures and pressures associated with storing and transporting clean fuel will strengthen the industry scenario.

Electrolysis Liquid Hydrogen Market Share, By Distribution, 2023

Based on end use, the electrolysis liquid hydrogen market from transportation segment is set to grow at a CAGR of over 11.3% through 2032. Rising stringent environmental regulations and sustainability targets imposed by governments worldwide are compelling transportation industry to transition towards low-carbon and zero-emission solutions. Furthermore, decreasing cost of electrolysis, reducing industry carbon footprint and compliance with regulatory requirements coupled with advancements in fuel cell technology is improving the business statistics.

Asia Pacific Electrolysis Liquid Hydrogen Market Size, 2022-2032 (USD Billion)

Asia Pacific electrolysis liquid hydrogen market is likely to exceed USD 2 billion by 2032, fueled by rising investments and supportive policies, such as funding for research and development, incentives for clean fuel infrastructure development, and targets for renewable energy production. Rising demand for cost effective technology for hydrogen production in line with improving industrial applications, comprising hydrogenation processes, ammonia production, and metal processing will influence the industry statistics.

In the U.S. growing prioritization of energy independence and security, with a growing focus on reducing dependence on imported fossil fuels will propel the product penetration. Increasing implementation of supportive policies and incentives by federal and state governments to promote clean energy production and adoption coupled with rising technological innovation, with significant research and development efforts focused on advancing production processes and fuel cell technology will drive the market growth.

Electrolysis Liquid Hydrogen Market Share

Electrolysis Liquid Hydrogen Company Market Share

Eminent players are investing in marketing campaigns, educational initiatives, and customer support services to raise awareness and drive process adoption. Key players are diversifying their product offerings and expanding into new markets to reduce risk and capitalize on emerging opportunities. Furthermore, new companies are forming joint ventures, alliances, and strategic collaborations to strengthen their market position and expand their reach.

Electrolysis Liquid Hydrogen Market Companies

Eminent players operating in the electrolysis liquid hydrogen industry are:

  • Air Liquide
  • Air Products and Chemicals, Inc.
  • Cummins Inc
  • ITM Power
  • Linde Plc
  • MAN Energy Solutions
  • NEL Hydrogen
  • Plug Power Inc
  • Shell plc
  • Thyssenkrupp

Electrolysis Liquid Hydrogen Industry News

  • In January 2024, Plug Power Inc. has started operations at the largest liquid green hydrogen plant in the U.S., featuring the country's largest PEM electrolyzer deployment. This facility showcases Plug Power's reliable proprietary electrolyzer technology for producing sustainable hydrogen fuel.
  • In June 2022, Air Liquide and Siemens Energy came together to form a joint venture to produce renewable hydrogen electrolyzers for industrial application in Europe. This Franco-German partnership aims to foster a sustainable hydrogen economy and a robust European electrolysis ecosystem. Production will start in the second half of 2023, with an annual capacity target of three gigawatts by 2025.

This electrolysis liquid hydrogen market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “USD Billion & MT” from 2019 to 2032, for the following segments:

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Market, By Distribution

  • Pipelines
  • Cryogenic tanks

Market, By End Use

  • Transportation
  • Chemicals
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Rest of World
Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The market value of electrolysis liquid hydrogen was reached USD 2.1 billion in 2023 and is anticipated to grow at 7.2% CAGR through 2032, owing to the rising technological advancements.

The cryogenic tanks segment in the electrolysis liquid hydrogen market is projected to exceed USD 3.2 billion by 2032, owing to their flexibility and mobility compared to the alternative distribution channels.

Asia Pacific electrolysis liquid hydrogen market is anticipated to generate USD 2 billion by 2032 fueled by rising investments and supportive policies, such as funding for R&D, incentives for clean fuel infrastructure development.

Air Liquide, Air Products and Chemicals, Inc., Cummins Inc, ENGIE, ITM Power, Linde Plc, MAN Energy Solutions, NEL Hydrogen, Plug Power Inc, Shell plc., and Thyssenkrupp

Electrolysis Liquid Hydrogen Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 11
  • Tables & Figures: 20
  • Countries covered: 11
  • Pages: 100
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