New York, United States , March 14, 2023 (GLOBE NEWSWIRE) -- The Global Liquid Hydrogen Market Size is to grow from USD 39.45 Billion in 2021 to USD 65.18 Billion By 2030, at a Compound Annual Growth Rate (CAGR) of 7.38% during the forecast period. The increasing environmental concerns of governments due to the high carbon emission rate is also expected to augment the market growth during the forecast timeline. The increasing demand for electric vehicles to reduce environmental pollution is expected to drive the market further. North America led the market for liquid hydrogen. The liquid hydrogen is being increasingly used owing to the rising awareness of its benefits. In the U.S., about 60 hydrogen fuelling stations are operational.
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Liquid hydrogen is used as fuel for an internal combustion engine or fuel cell, as liquid rocket fuel in rocketry applications, and to cool neutrons for neutron scattering. Given its advantageous properties such as transportation and storage simplicity, the expanding usage of green hydrogen in the most emerging industries for heavy mobility, such as road freight, maritime, and aviation, is impacting demand for liquid hydrogen. The growing demand for liquid hydrogen in the chemical and petrochemical industries will propel the liquid hydrogen market even further. However, the expansion of the liquid hydrogen industry will be significantly hampered by the high cost of liquid hydrogen transportation.
Browse 50 market data Tables and 50 Figures spread through 200 Pages and in-depth TOC on "Global Liquid Hydrogen Market Size, Share, and COVID-19 Impact Analysis, By Technology Type (Steam Methane Reforming, Electrolysis), By Distribution Type (Pipelines, Cryogenic Tankers), By End-user Industry (Automotive, Transportation, Chemical & Petrochemicals, Aerospace, Metallurgy, Heavy Industry, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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The steam methane reforming segment is witnessing significant CAGR growth over the forecast period.
On the basis of technology, the Global Liquid Hydrogen Market is segmented into steam methane reforming and electrolysis. Among these, the steam methane reforming segment is expected to increase at a significant CAGR during the forecast period. The steam methane reforming market is expected to expand in demand due to its low-cost operation, better efficiency, and input fuel flexibility.
The cryogenic tankers segment is dominating the market over the forecast period.
On the basis of distribution, the Global Liquid Hydrogen Market is segmented into pipelines and cryogenic tankers. Among these, the cryogenic tankers segment is witnessing significant CAGR growth over the forecast period. Presently, hydrogen is delivered as a liquid over longer distances in cryogenic tanker trucks that are super-insulated. After liquefaction, liquid hydrogen is dispensed to delivery tankers and transported to distribution stations, where it is evaporated to a high-pressure gaseous product for dispensing.
The automotive segment is dominating the market with the largest market share of 42% over the forecast period.
Based on the end-user application, the Global Liquid Hydrogen Market is segmented into automotive, transportation, chemical & petrochemicals, aerospace, metallurgy, heavy industry, and others. Due to increased demand for renewable and sustainable fuel, the automotive segment dominates the market with the largest market share of 42% over the projection period. Because of the increased demand for clean fuel in the automobile industry, the worldwide liquid hydrogen market is expected to rise significantly. Because of its storage and transportation properties, liquid hydrogen offers more advantages.
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Asia Pacific is dominating the market with the largest market share of 41%.
Asia Pacific, with a 41% market share, is expected to remain the industry's leading region during the projection period, owing to rising demand and manufacturing in growing countries such as India, China, Japan, South Korea, and Australia. Some of the region's largest refineries with a high demand for liquid hydrogen include China Petroleum & Chemical Company, Reliance Industries Limited, and Nayara Energy Ltd.
Recent Development
In December 2022, Yingde Gases unveiled its Water Electrolysis Tank for Hydrogen Production, the first of its kind in China. Yingde Gases Group exhibited a completed 500Nm3/h hydrogen-generating water electrolysis tank that was totally designed and produced in-house at its engineering and production plant.
In August 2022, In North Las Vegas, Nevada, Air Liquide established its largest liquid hydrogen production and logistics infrastructure site. With this structure, the corporation has laid the groundwork for more businesses to relocate to the area. This will result in additional jobs and investment in the area.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the Global Liquid Hydrogen Market Size include Engie S.A., Air Liquide S.A., Air Products Inc., Linde plc, Hydrogenics, Uniper SE, Cummins Inc., AIR WATER INC., SHOWA DENKO K.K., Iwatani Corporation, Universal Industrial Gases, Inc., Ballard Power Systems Inc., United Hydrogen, Siemens Energy, Wuxi Yuantong Gas Co., Ltd., FirstElement Fuel, Inc., Elme Messer Gaas AS, The Andhra Sugars Limited, Yingde Gas Group Co., Ltd., Messer Group GmbH, TAIYO NIPPON SANSO CORPORATION, Kawasaki Heavy Industries, Ltd., and among others
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