Europe Liquid Hydrogen Market
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Europe Liquid Hydrogen Market size was valued USD 9.5 Billion in 2023 and is anticipated to grow at a CAGR of 7.1% from 2024 to 2032. It is a liquefied form of hydrogen gas, achieved by cooling it to extremely low temperatures. At standard atmospheric pressure, hydrogen gas condenses into a liquid state at temperatures below -252.87 °C. Hydrogen then becomes denser and occupies significantly less volume compared to its gaseous form, making it easier to store and transport for various applications, including fueling vehicles, powering industrial processes, and supporting energy storage systems.
The European Union's Hydrogen Strategy, unveiled in 2020, includes initiatives to scale up hydrogen production, infrastructure development, and research and innovation in technologies, will provide a clear roadmap for the market growth. The region is actively engaging in international collaborations and partnerships including the European Clean Hydrogen Alliance and partnerships with countries like Japan, South Korea, and Australia which will foster innovation in the market. Rising shifts in industries including transportation, steel production, chemicals, and energy, to hydrogen as a low-carbon alternative to fossil fuels will augment the industry landscape.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Europe Liquid Hydrogen Market size in 2023: | USD 9.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 7.1 |
| 2023 Value Projection: | USD 17.6 Billion |
| Historical Data for: | 2019 to 2022 |
| No of Pages: | 240 |
| Tables, Charts & Figures: | 200 |
| Segments Covered: | Production, Distribution, End Use and Country |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Rising hydrogen strategy with a focus on scaling up hydrogen production, fostering cross-border cooperation, and accelerating the deployment of hydrogen technologies, will uplift the industry scenario. Rising technological advancements including breakthroughs in electrolysis, hydrogen storage, and fuel cell technology will unlock new possibilities for its applications across diverse sectors, thereby improving the product market penetration. Strategic partnerships and collaborations including public-private partnerships to cross-sector collaborations, will drive synergies, sharing expertise, and overcoming barriers to fuel adoption, thereby fueling the market momentum.
Based on production, the market is segmented into coal gasification, SMR and electrolysis. SMR is anticipated to grow by more than USD 15 billion by 2032 owing to its efficiency, scalability, and cost-effectiveness. When combined with carbon capture and storage (CCS) technologies, it offers a pathway to produce "blue" hydrogen, which will significantly reduce carbon emissions compared to the conventional hydrogen production methods, thereby creating growth prospects. Further, availability of existing natural gas infrastructure and the abundance of methane feedstock in Europe will create opportunities for process growth.
Based on distribution, the Europe liquid hydrogen market is segmented into pipelines and cryogenic tanks. Pipelines are set to grow at a CAGR of over 7.6% by 2032. Rising demand for hydrogen, particularly in sectors including transportation, industry, and power generation, has increased the need for reliable and cost-effective transportation infrastructure thereby fueling the pipeline demand. Moreover, distribution channels along with hydrogen storage facilities enhances the flexibility and reliability of the supply chain thereby making them a preferred choice as compared to alternative distribution channels.
UK liquid hydrogen market is anticipated to grow by more than USD 2.9 billion by 2032. The government's landmark Hydrogen Strategy unveiled in 2021, outlines a comprehensive roadmap to unlock the potential of hydrogen across key sectors will escalate the market growth trajectory. The presence of abundant renewable energy resources, including offshore wind and solar power, provides a solid foundation for green hydrogen production. The improving green industry will drive investments in the associated projects, including the development of hydrogen hubs, production facilities, and distribution networks thereby stimulating the market landscape.
Eminent players have increased investment in research and development to enhance hydrogen production, storage, and distribution technologies. By leveraging innovation, companies can optimize efficiency, reduce costs, and improve the scalability of liquid hydrogen solutions, thereby enhancing their competitiveness in the market. Moreover, companies are actively investing in infrastructure development to support the growing demand for liquid hydrogen across Europe. This includes the construction of hydrogen production facilities, storage terminals, and distribution networks, as well as the deployment of hydrogen refueling stations and industrial applications.
Eminent players operating in the Europe Liquid Hydrogen industry are:
Market, By Production, 2019 – 2032 (MT & USD Billion)
Market, By Distribution, 2019 – 2032 (MT & USD Billion)
Market, By End Use, 2019 – 2032 (MT & USD Billion)
The above information has been provided for the following countries:
Europe liquid hydrogen market size was USD 9.5 billion in 2023 and is expected to register 7.1% CAGR from 2024-2032 owing to rising shifts in industries including transportation, steel production, chemicals, and energy, to hydrogen as a low-carbon alternative to fossil fuels in the region.
Europe liquid hydrogen market from the SMR segment is expected to exceed USD 15 billion by 2032 due to its efficiency, scalability, and cost-effectiveness along with availability of existing natural gas infrastructure and the abundance of methane feedstock.
The UK liquid hydrogen industry is expected to cross USD 2.9 billion by 2032 due to improving green industry, driving investments in the associated projects, including the development of hydrogen hubs, production facilities, and distribution networks in the country.
Air Liquide, Chart Industries, ENEOS Corporation, ENGIE, Hexagon Composites, Iwatani Corporation, Kawasaki Heavy Industries, Ltd., Linde plc, Messer, Nel ASA, Plug Power Inc., Shell plc, and TotalEnergies, are some of the major liquid hydrogen companies in Europe.