Lesser dependence on oil and diesel and a growing focus on emission control are expected to induce the global market growth
The global liquid hydrogen market is expected to be valued at USD 50.39 Billion in 2027 from USD 33.50 billion in 2019, registering a CAGR of 5.6% through the forecast period. Liquid hydrogen is the liquid form of hydrogen that is utilized in significant amounts as an efficient fuel and propellant for nuclear-powered space vehicles like rockets. Hydrogen is more commonly used in the gaseous state; however, it is generally stored and transported in liquid form. Liquid hydrogen is mostly stored in tanks at -253°C. NASA operates a large number of liquid hydrogen tanks, with each tank having a holding capacity of up to 3.8 million liters. Besides its effective use as rocket fuels, liquid hydrogen is utilized as a primary fuel for internal combustion engines (ICEs) and fuel cells.
The global liquid hydrogen market is projected to account for a substantially higher revenue over the forecast period. The primary factors responsible for the global market growth are the lesser dependence on conventional fuels such as oil and diesel, increasing government initiatives to bring down environmental pollution levels, rising focus on CO2 emission control, growing usage in electric vehicles, and increasing applications of liquid hydrogen across the aerospace and automotive industries. Hydrogen is a highly viable and eco-friendly fuel for trains and is increasingly replacing polluting fuels like diesel in trains. Hence, this is another vital factor bolstering the growth of the global liquid hydrogen market. However, liquid hydrogen is highly flammable and is associated with major risks of explosion. This is a significant factor expected to restrain the market growth in the coming years.
Key Highlights from the Report:
- Of the various methods, the steam reforming sub-segment has emerged as the leading segment in the global liquid hydrogen market in terms of market share. This method is said to be highly reliable and efficient and is extensively employed in the process of hydrogen production.
- Based on distribution, the pipeline sub-segment accounts for the largest chunk of the overall market revenue and is poised to expand at a robust CAGR of 5.7%. The pipeline network is considered the most convenient way for the distribution and supply of liquid hydrogen.
- The aerospace industry is the leading end-user sub-segment, owing to the extensive usage of liquid hydrogen as a rocket fuel used for combustion with oxygen or fluorine. However, the automotive industry is predicted to emerge as the fastest-growing end-user segment in the forthcoming years due to the widespread use of liquid hydrogen in electric and fuel cell vehicles.
- The North American liquid hydrogen market is poised to gain the most significant revenue share over the projected timeline. The region’s expanding aerospace industry, increasing space exploration activities, growing adoption of electric vehicles, and the presence of leading aerospace companies in the region, such as NASA, are the primary factors contributing to the growth of the regional market.
- Leading market competitors include Linde PLC, Air Products and Chemicals, Inc., Taiyo Nippon Sanso Corporation, The Messer Group GmbH, FuelCell Energy, Inc., Ballard Power Systems Inc., Showa Denko K. K., Iwatani Corporation, Koatsu Gas Kogyo Co., Ltd., and Plug Power Inc.
- In December 2020, Linde and Daimler AG inked a partnership for the large-scale manufacture of fuel-cell-powered trucks, dubbed GenH2, operating on next-generation liquid hydrogen refueling technology. The companies claimed that customer trials of the new trucks would commence in 2023.
Emergen Research has segmented the global liquid hydrogen market on the basis of method, distribution, end-use industry, and region:
By Method (Revenue, USD Billion; 2017-2027)
- Coal Gasification
- Steam Reforming
By Distribution (Revenue, USD Billion; 2017-2027)
- Cryogenic liquid tankers
By End-use Industry (Revenue, USD Billion; 2017-2027)
By Region (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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