Vancouver, British Columbia, April 15, 2021 (GLOBE NEWSWIRE) -- The global Liquid Hydrogen Market is forecasted to be worth USD 50.39 Billion by 2027, according to a current analysis by Emergen Research. The global market of liquid hydrogen is anticipated to expand exponentially owing to the growing demand for electronic vehicles to reduce emission levels. Besides, the rising use of liquid hydrogen in electronic manufacturing is expected to propel the market growth further. Liquid hydrogen is widely used in LED, display, and semiconductor manufacturing. The simplest of molecules has unique characteristics; it has superior heat transfer capability and etching agent. Moreover, the rising application of liquid hydrogen in spacecraft is also anticipated to augment the market growth over the forecast timeframe.
However, liquid hydrogen is expensive than other fuel types, which is expected to hinder the market growth over the forecasted timeframe.
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Key Highlights From The Report
- In September 2020, Ballard Power Systems Inc. announced the introduction of its high-performance, zero-emission, proton exchange membrane (PEM) fuel cell stack FCgen-HPS product to provide vehicle propulsion at an industry-leading 4.3 kilowatts per liter (4.3 kW/L) volumetric high-power density. Over the decades of progress in PEM fuel cell products, this represents another power density achievement for Ballard.
- The electrolysis segment is expected to register substantial market growth with a CAGR of 5.6%. Hydrogen generated by electrolysis can lead to zero greenhouse gas emissions, depending on the electricity used source.
- It is expected that the Cryogenic liquid tankers segment will witness significant market growth. Over long ranges, it is usually relatively cost-effective to transport hydrogen in liquid form since a liquid hydrogen tank can store much more hydrogen than a high-pressure gas tank.
- In the forecast period, the aerospace segment is expected to be experiencing substantial expansion. Liquid Hydrogen is being used widely in the space program and rocket fuel.
- Due to the growing adoption of electric vehicles in developing nations such as South Korea, China, and Japan to minimize carbon emissions, the Asia Pacific region is expected to see significant growth during the forecast period.
- Key participants include The Messer Group GmbH, Showa Denko K. K., Ballard Power Systems Inc., Air Products and Chemicals, Inc., Iwatani Corporation, Linde PLC, FuelCell Energy, Inc., Koatsu Gas Kogyo Co., Ltd., Taiyo Nippon Sanso Corporation, and Plug Power Inc. among others.
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Emergen Research has segmented the global Liquid Hydrogen Market on the basis of method, distribution, end-use, and region:
- Method Outlook (Revenue, USD Billion; 2017-2027)
- Electrolysis
- Steam Reforming
- Coal Gasification
- Others
- Distribution Outlook (Revenue, USD Billion; 2017-2027)
- Pipelines
- Cryogenic liquid tankers
- End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Automotive
- Chemical
- Aerospace
- Electronics
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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