Liquid Hydrogen Market Size - By Distribution (Pipelines, Cryogenic Tanks), By Production (Coal Gasification, SMR, Electrolysis), By End-Use (Transportation, Chemicals, Others) & Forecast, 2024 – 2032

Liquid Hydrogen Market Size

Liquid Hydrogen Market size surpassed USD 39.7 billion in 2023 and is expected to grow at 7% CAGR from 2024 to 2032. Longstanding potential as a clean energy and ongoing government initiatives for scaling up the existing hydrogen infrastructure will augment the industry statistics. The global market for hydrogen is anticipated to reach USD 317 billion by 2032.
 

COVID- 19 Impact

The COVID- 19 pandemic had a significant effect on the overall hydrogen economy, causing perpetual delays in various streamlined projects and restricted industrial activities, resulting in a diminished supply of hydrogen to end consumers. However, the industry is expected to acquire momentum owing to government assistance in the form of incentives and regulations, in addition to huge investments by the leading businesses.
 

Liquid Hydrogen Industry Trends

Growing need for efficient energy storage solutions along with active investments in development of hydrogen economy will foster the liquid hydrogen market growth. Furthermore, the risk and complexity factor associated with gaseous hydrogen in line with emphasis on advancement of electrolysis will contribute to increase product adoption.
 

Liquid Hydrogen Market Analysis

Coal gasification liquid hydrogen market is projected to register 4.1% CAGR during 2023 to 2032 owing to negligible release of greenhouse gas while production in conjunction with versatility to be used in various applications including industrial processes, energy storage, hydrogen fuel cell vehicles, etc. In addition to, favorable efforts across the private & public sectors to find solutions pertaining to advance the hydrogen production methods along with progressive shift towards the use of low carbon hydrogen will complement the business scenario.

Cryogenic tanks industry will generate USD 34.6 billion revenue by 2032. Improving infrastructure, advancements in fuel cell technology, and cost reductions couple with stringent government standards associated with safety are making liquid hydrogen more viable and attractive in several countries. For instance, in August 2022, INOX India Limited delivered the largest cryogenic liquid hydrogen storage tank to for hydrogen liquification plant of Doosan Corporation in South Korea. With 238 cubic meters capacity, the tank is built to meet the Korean Gas Safety Standards and charge buses, trams & trucks.
 

Transportation liquid hydrogen market will cross a valuation of USD 15.8 billion by 2032 owing to increasing requirement for efficient energy sources across various applications coupled with strategic agreements and partnerships among market players. For example, in September 2020, ENGIE entered into an agreement with ArianeGroup for progression of liquid hydrogen in decarbonizing long distance & heavy-duty transportation. The companies agreed to test and develop hydrogen liquification technology and introduce associated products & services, primarily for marine applications.
 

Asia Pacific liquid hydrogen market size is estimated to observe 4.4% CAGR between 2023 and 2032. Paradigm shift toward energy conservation and growing demand for hydrogen as a fuel across chemical and industrial processes will positively impact the demand across end users. Additionally, governments and industries worldwide are increasingly focused on reducing carbon emissions and mitigating the effects of climate change.
 

Liquid Hydrogen Market Share

Focus on the development of cost-effective and innovative heating solutions through new product innovations and acquisitions will augment the liquid hydrogen market dynamics. Major players operating across the business landscape include:

• Air Products and Chemicals, Inc.
• Shell plc
• Air Liquide
• Linde plc
• Messer
• Iwatani Corporation
• Chart Industries
• Plug Power Inc.
• ENGIE
• Wuxi Yuantong Gas Co., Ltd
• Kawasaki Heavy Industries, Ltd.
• INOX India Limited
• GENH2
• Praxair Technology, Inc.
• Salzburger Aluminium Group.
   

Liquid Hydrogen Industry News

• In October 2022, Shell plc collaborated with Kansai Electric Power to explore business opportunities in liquid hydrogen supply chain and promote decarbonization in Japan. The companies aim to produce carbon free hydrogen, and deploy liquification, storage & shipping of hydrogen. The collaboration enhances its potential across hydrogen economy while expanding its customer base across the country.
   
• In September 2022, Air Liquide entered into a partnership with Faurecia to propel the development of liquid hydrogen in heavy duty mobility sector. The company will deploy cryogenic tanks to heavy duty fleets with the aim to accelerate the utilization of decarbonized vehicles. With advanced technological expertise, considerable R&D, and innovative approach, the company will significantly contribute to emission free hydrogen economy and establish robust position across the industry.
   

This liquid hydrogen market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MT & USD Billion’ from 2023 to 2032 for the following segments:

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Market, By Distribution

• Pipelines
• Cryogenic tanks

Market, By Production

• Coal gasification
• SMR
• Electrolysis

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
  • Japan
  • South Korea
  • India
  • Australia
• Rest of World