Liquefied Hydrogen Storage Market Size - By Application (Industrial, Transportation, Stationary), Regional Outlook & Forecast, 2024 – 2032

Liquefied Hydrogen Storage Market Size - By Application (Industrial, Transportation, Stationary), Regional Outlook & Forecast, 2024 – 2032

Global Liquefied Hydrogen Storage Market will grow at a CAGR of 9.8% from 2024 to 2032, driven by the increasing adoption of hydrogen as a clean energy source. With advancements in storage technologies and rising investments in hydrogen infrastructure, the demand for efficient and safe liquefied hydrogen storage solutions is expanding. This growth is underpinned by the global push towards sustainable energy solutions and the need for reliable hydrogen storage systems to support clean energy transitions.

For instance, as per the IEA, the number of planned projects for low-emission hydrogen production is growing quickly. If all announced projects are completed, annual production could reach 38 million tons by 2030, although 17 million tons are from projects still in early development stages. This represents a 50% increase in potential production compared to the figures reported in the IEA’s Global Hydrogen Review 2022.

In addition, investments in renewable energy projects and green hydrogen production spur the need for storage solutions to support intermittent energy sources. Furthermore, the push for reducing carbon emissions and transitioning to sustainable energy sources boosts demand for hydrogen storage, stimulating the market growth outlook.

The overall liquefied hydrogen storage market is categorized based on application and region.

The transportation segment will witness significant growth over 2024-2032. The shift towards hydrogen-powered vehicles, including buses, trucks, and trains, is boosting the demand for liquefied hydrogen storage. Hydrogen fuel cells offer a cleaner alternative to traditional fossil fuels, enhancing the need for efficient storage solutions to support the growing fleet of hydrogen-powered transportation modes. This trend is driving innovation and investment in storage technologies to meet the needs of the transportation sector.

North America liquefied hydrogen storage market will experience substantial growth from 2024 to 2032. The region's commitment to reducing carbon emissions, in line with advancements in hydrogen infrastructure, supports the rising demand for liquefied hydrogen storage solutions. The presence of major industrial players and government initiatives promoting clean energy further fuels market expansion. North America's robust regulatory framework and investment in hydrogen technologies are pivotal in driving the growth of the liquefied hydrogen storage market in the region.