Liquid Hydrogen Market Analysis

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.