Liquid Hydrogen Market By Distribution (Pipelines, Cryogenic Tanks, Others), By End Use Industry (Aerospace, Automotive and Transportation, Energy and Power, Industrial Sector, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global liquid hydrogen market was valued at $39.0 billion in 2022, and is projected to reach $66.3 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
Liquid hydrogen is extensively used in the aerospace industry as a rocket fuel. It combines with liquid oxygen to create a powerful propellant in rockets & spacecraft. Its high energy content & efficiency make it an ideal choice for space exploration and satellite launches. Further, the space exploration and satellite industry has gained momentum in recent years. Public and private entities are investing in space missions, satellite launches, and space tourism. Companies such as SpaceX, Blue Origin, and Virgin Galactic are actively engaged in space exploration and commercial spaceflight initiatives. In addition, advances in materials, propulsion systems, avionics, and automation are leading to the development of more efficient, safer, and environmentally friendly aircraft. These advancements attract investments and drive liquid hydrogen demand in the aerospace sector, thereby driving the market growth.
Currently, the production, storage, and transportation of liquid hydrogen are expensive due to the specialized infrastructure required and the energy-intensive production processes. The cost of producing liquid hydrogen is higher compared to other fuels, which can limit its commercial viability, especially in applications where cost competitiveness is a significant factor. Furthermore, liquid hydrogen is highly flammable and can ignite easily when exposed to an ignition source. While precautions are taken to ensure safe handling, the potential for accidents and the need for appropriate safety measures cannot be ignored. The extreme cold temperature of liquid hydrogen can further pose risks to personnel if proper protective equipment & procedures are not followed. This factor is expected to hamper the market growth during the forecast period.
Global energy demand continues to rise due to population growth, urbanization, and economic development. Emerging economies are experiencing rapid industrialization and increase in energy consumption, while developed economies continue to require energy for their economic activities and lifestyles. This increase in demand drives the growth of the energy sector. In addition, there is a global shift toward clean & renewable energy sources driven by concerns over climate change, environmental pollution, and depletion of fossil fuel reserves. Governments, businesses, and individuals are investing in renewable energy technologies such as solar, wind, hydro, and geothermal power. This transition is creating new opportunities and driving growth in the renewable energy sector. Liquid hydrogen serves as an energy storage medium and addressing the intermittent nature of renewable energy sources such as solar and wind power. Excess electricity can be used to produce hydrogen through electrolysis, which can then be stored as liquid hydrogen. This stored energy can be converted back into electricity through fuel cells when needed, providing a reliable & flexible energy storage solution. These factors are creating opportunities during the forecast period.
The liquid hydrogen market is segmented on the basis of distribution, end-use industry, and region. By distribution, it is categorized into, pipelines, cryogenic tanks, and others. Depending on end use-industry, it is divided into aerospace, automotive & transportation, energy & power, industrial sector, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global liquid hydrogen market profiles leading players that include Iwatani Corporation, Messer Group GmbH., inoxcva, Air Products and Chemicals, Inc., Demaco powered by Leapforce, Linde Plc, Air Liquide, Cryostar, Hylium Industries, Inc., and Plug Power Inc. The market report provides in-depth competitive analysis as well as profiles of these major players.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the liquid hydrogen market analysis from 2022 to 2032 to identify the prevailing liquid hydrogen market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the liquid hydrogen market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global liquid hydrogen market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy End Use IndustryAerospace
Automotive and Transportation
Energy and Power
Industrial Sector
Others
By DistributionPipelines
Cryogenic Tanks
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Demaco powered by Leapforce
Air Products and Chemicals, Inc.
Cryolor
inoxcva
Hylium Industries, Inc.
Linde Plc
Air Liquide
Plug Power Inc.
Messer Group GmbH.
Iwatani Corporation
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