Liquid Hydrogen Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034
Description
The Global Liquid Hydrogen Market was valued at USD 42.3 billion in 2024 and is projected to grow at a CAGR of 7.1% to reach USD 81.0 billion by 2034.
The market growth is driven by increasing global efforts to decarbonize heavy industries, transportation sectors, and power generation. Liquid hydrogen, known for its high energy density and clean-burning properties, is gaining significant traction as a next-generation energy carrier. Governments and industries worldwide are investing in hydrogen infrastructure, fueled by the need to reduce greenhouse gas emissions, meet net-zero targets, and ensure energy security.
The versatility of liquid hydrogen across fuel cells, aerospace propulsion, industrial processing, and storage applications makes it a strategic component of the global energy transition roadmap. Its ability to serve as both an energy carrier and a clean-burning fuel enables its integration into a wide array of systems, from powering zero-emission vehicles to fueling space missions and decarbonizing industrial operations. In fuel cells, liquid hydrogen provides a stable, high-density energy source that supports extended vehicle range and fast refueling, making it especially valuable for commercial fleets and heavy-duty transport. In the aerospace sector, it is a critical propellant due to its high specific impulse and efficiency in rocket engines, playing a vital role in both satellite launches and future space exploration missions.
The cryogenic tanks segment generated USD 35.5 billion in 2024 driven by rising demand across industrial, transportation, and aerospace sectors. It also acts as the backbone for safe storage and transportation of hydrogen at extremely low temperatures. Cryogenic tanks are engineered to handle hydrogen in its liquid state, typically stored at -253°C, and require advanced insulation technologies to minimize boil-off and maintain operational safety. Their use is critical in applications ranging from fueling hydrogen-powered vehicles and aircraft to storing hydrogen at production facilities and fueling stations.
The transportation segment generated USD 20.7 billion in 2024, propelled by advancements in hydrogen fuel cell vehicle (FCV) technology and increased investments in hydrogen refueling networks. Liquid hydrogen enables higher storage capacity and longer driving ranges compared to compressed hydrogen, making it ideal for long-haul trucks, buses, trains, and even maritime and aviation applications. Major automotive and aerospace manufacturers are investing heavily in R&D to optimize hydrogen engines and cryogenic storage systems, enhancing the viability of hydrogen as a mainstream fuel. Moreover, initiatives like hydrogen corridors and public-private partnerships for infrastructure development are accelerating the adoption of liquid hydrogen in the global mobility landscape.
North America Liquid Hydrogen Market generated USD 20.9 billion in 2024, driven by the region's increasing commitment to clean energy development, decarbonization of transportation and industry, and advancements in hydrogen infrastructure. The United States and Canada are spearheading initiatives that promote hydrogen as a critical pillar in achieving net-zero carbon emissions. The U.S. Department of Energy’s Hydrogen Energy Earthshot initiative and Canada's Hydrogen Strategy are accelerating investments in hydrogen production, liquefaction, and storage technologies. Liquid hydrogen is gaining traction in aerospace applications, particularly through NASA and private space exploration companies that rely on it as a high-efficiency rocket propellant.
Key players in the global Liquid Hydrogen Market include Air Liquide, Linde plc, Air Products and Chemicals, Inc., Plug Power Inc., and Iwatani Corporation, among others. These companies are leading the charge in scaling hydrogen liquefaction capacity, building dedicated supply chains, and deploying cutting-edge cryogenic storage technologies. Strategic collaborations with automotive OEMs, aerospace leaders, and government agencies are accelerating the deployment of hydrogen infrastructure and technology across regions. Investments in green hydrogen production and long-distance hydrogen transport solutions—such as liquid hydrogen tankers and pipelines—are positioning these companies at the forefront of the energy transition. As global focus intensifies on sustainable energy systems, the liquid hydrogen market is set to play a transformative role in reshaping the future of energy.
The market growth is driven by increasing global efforts to decarbonize heavy industries, transportation sectors, and power generation. Liquid hydrogen, known for its high energy density and clean-burning properties, is gaining significant traction as a next-generation energy carrier. Governments and industries worldwide are investing in hydrogen infrastructure, fueled by the need to reduce greenhouse gas emissions, meet net-zero targets, and ensure energy security.
The versatility of liquid hydrogen across fuel cells, aerospace propulsion, industrial processing, and storage applications makes it a strategic component of the global energy transition roadmap. Its ability to serve as both an energy carrier and a clean-burning fuel enables its integration into a wide array of systems, from powering zero-emission vehicles to fueling space missions and decarbonizing industrial operations. In fuel cells, liquid hydrogen provides a stable, high-density energy source that supports extended vehicle range and fast refueling, making it especially valuable for commercial fleets and heavy-duty transport. In the aerospace sector, it is a critical propellant due to its high specific impulse and efficiency in rocket engines, playing a vital role in both satellite launches and future space exploration missions.
The cryogenic tanks segment generated USD 35.5 billion in 2024 driven by rising demand across industrial, transportation, and aerospace sectors. It also acts as the backbone for safe storage and transportation of hydrogen at extremely low temperatures. Cryogenic tanks are engineered to handle hydrogen in its liquid state, typically stored at -253°C, and require advanced insulation technologies to minimize boil-off and maintain operational safety. Their use is critical in applications ranging from fueling hydrogen-powered vehicles and aircraft to storing hydrogen at production facilities and fueling stations.
The transportation segment generated USD 20.7 billion in 2024, propelled by advancements in hydrogen fuel cell vehicle (FCV) technology and increased investments in hydrogen refueling networks. Liquid hydrogen enables higher storage capacity and longer driving ranges compared to compressed hydrogen, making it ideal for long-haul trucks, buses, trains, and even maritime and aviation applications. Major automotive and aerospace manufacturers are investing heavily in R&D to optimize hydrogen engines and cryogenic storage systems, enhancing the viability of hydrogen as a mainstream fuel. Moreover, initiatives like hydrogen corridors and public-private partnerships for infrastructure development are accelerating the adoption of liquid hydrogen in the global mobility landscape.
North America Liquid Hydrogen Market generated USD 20.9 billion in 2024, driven by the region's increasing commitment to clean energy development, decarbonization of transportation and industry, and advancements in hydrogen infrastructure. The United States and Canada are spearheading initiatives that promote hydrogen as a critical pillar in achieving net-zero carbon emissions. The U.S. Department of Energy’s Hydrogen Energy Earthshot initiative and Canada's Hydrogen Strategy are accelerating investments in hydrogen production, liquefaction, and storage technologies. Liquid hydrogen is gaining traction in aerospace applications, particularly through NASA and private space exploration companies that rely on it as a high-efficiency rocket propellant.
Key players in the global Liquid Hydrogen Market include Air Liquide, Linde plc, Air Products and Chemicals, Inc., Plug Power Inc., and Iwatani Corporation, among others. These companies are leading the charge in scaling hydrogen liquefaction capacity, building dedicated supply chains, and deploying cutting-edge cryogenic storage technologies. Strategic collaborations with automotive OEMs, aerospace leaders, and government agencies are accelerating the deployment of hydrogen infrastructure and technology across regions. Investments in green hydrogen production and long-distance hydrogen transport solutions—such as liquid hydrogen tankers and pipelines—are positioning these companies at the forefront of the energy transition. As global focus intensifies on sustainable energy systems, the liquid hydrogen market is set to play a transformative role in reshaping the future of energy.
Table of Contents
166 Pages
- Chapter 1 Methodology
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.1.3 Base estimates and calculations
- 1.1.4 Base year calculation
- 1.1.5 Market estimates & forecast parameters
- 1.1.6 Key trends for market estimates
- 1.2 Market definitions
- 1.3 Forecast model
- 1.4 Primary research and validation
- 1.5 Some of the primary sources (but not limited to)
- 1.6 Data mining sources
- 1.6.1 Secondary
- 1.6.1.1 Paid sources
- 1.6.1.2 Source, by region
- Chapter 2 Executive Summary
- 2.1 Industry snapshot
- 2.2 Business trends
- 2.3 Production method trends
- 2.4 Distribution method trends
- 2.5 Application trends
- 2.6 Regional trends
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Regulatory landscape
- 3.2.1 North America
- 3.2.1.1 U.S.
- 3.2.1.1.1 Inflation Reduction Act of 2022
- 3.2.1.1.2 Sectionâ¯45V Clean Hydrogen Production Tax Credit
- 3.2.1.1.3 FMVSS No. 308 - Hydrogen Vehicle Fuel System Integrity
- 3.2.1.1.4 Bipartisan Infrastructure Law Clean Hydrogen Initiatives
- 3.2.1.1.5 The American Jobs Plan
- 3.2.1.1.6 Clean Hydrogen Production Incentives Act of 2021
- 3.2.1.1.7 Energy Policy Act, 2005
- 3.2.1.2 California
- 3.2.1.3 Canada
- 3.2.1.3.1 B.C. Hydrogen Strategy
- 3.2.1.3.2.1 Hydrogen Strategy for Canada
- 3.2.1.4 Mexico
- 3.2.1.4.1 Mexican Official Standard NOM-017-CRE-2019
- 3.2.1.4.2 Energy Transition Law
- 3.2.2 Europe
- 3.2.2.1.1 Regulatory framework for renewable hydrogen
- 3.2.2.1.2 REPowerEU plan
- 3.2.2.1.3 European Clean Hydrogen Alliance
- 3.2.2.1.4 Europe Hydrogen Strategy
- 3.2.2.2 UK
- 3.2.2.2.1 Ten Point Plan
- 3.2.2.3 Germany
- 3.2.2.3.1 Exemption from the EEG levy for green hydrogen projects
- 3.2.2.4 Italy
- 3.2.2.5 Netherlands
- 3.2.2.5.1 Dutch National Hydrogen Strategy (DNHS)
- 3.2.2.5.2 Hydrogen Delta Program
- 3.2.2.6 Spain
- 3.2.2.7 France
- 3.2.3 Asia Pacific
- 3.2.3.1 China
- 3.2.3.1.1 Green Hydrogen Standard
- 3.2.3.2 India
- 3.2.3.2.1 Green Hydrogen Definition - Carbon Intensity Threshold
- 3.2.3.2.2 National Hydrogen Mission
- 3.2.3.3 Japan
- 3.2.3.3.1 Hydrogen Society Promotion Act
- 3.2.3.3.2 Green Growth Strategy
- 3.2.3.4 Australia
- 3.2.3.4.1 National Hydrogen Strategy
- 3.2.3.5 South Korea
- 3.2.3.5.1 Clean Hydrogen Portfolio Standards (CHPS)
- 3.2.3.5.2 ISO/TCâ¯197 - New LHâ Technical Standards Proposal
- 3.2.3.5.3 Green New Deal
- 3.2.3.5.4 Hydrogen Act
- 3.2.3.5.5 Hydrogen Economy Roadmap of Korea
- 3.2.3.6 South Korea
- 3.2.3.6.1 Korea Gas Safety Standards
- 3.2.3.6.2 KGS FP217: Code for Facilities, Technology, and Inspection for Vehicle Refueling by Delivery of Compressed Hydrogen:
- 3.2.4 Rest of World
- 3.2.4.1 UAE
- 3.2.4.1.1 National Integrated Energy Model
- 3.2.4.2 Saudi Arabia
- 3.2.4.2.1 Saudi Green Initiative
- 3.2.4.2.2 Saudi Vision 2030
- 3.2.4.3 Oman
- 3.2.4.3.1 Hy-Fly Alliance
- 3.2.4.1 South Africa
- 3.2.4.1.1 South African Hydrogen Society Roadmap (HSRM)
- 3.2.4.2 Colombia
- 3.2.4.2.1 Colombia Hydrogen Roadmap
- 3.2.4.2.2 Energy Transition Law
- 3.2.4.3 Brazil
- 3.2.4.3.1 Brazilian National Energy Plan, 2050
- 3.2.4.4 Chile
- 3.2.4.4.1 National Green Hydrogen Strategy
- 3.3 List of key manufacturing sites, by country
- 3.4 Industry impact forces
- 3.4.1 Market growth drivers
- 3.4.1.1 Increasing focus toward clean energy
- 3.4.1.2 Rising investments, new policy development and innovations
- 3.4.1.3 Technological advancements
- 3.4.2 Industry pitfalls & challenges
- 3.4.2.1 Safety concerns
- 3.5 Growth potential analysis
- 3.6 Porter's analysis
- 3.7 PESTEL analysis
- Chapter 4 Competitive Landscape, 2025
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Strategic dashboard
- 4.3.1 Air products
- 4.3.1.1 Business expansion
- 4.3.1.2 Agreement
- 4.3.2 Engie
- 4.3.2.1 Business expansion
- 4.3.3 Shell
- 4.3.3.1 Agreement
- 4.3.3.2 Memorandum of understanding (MOU)
- 4.3.3.3 Contract
- 4.3.4 Air Liquide
- 4.3.4.1 Business expansion
- 4.3.5 Iwatani Corporation
- 4.3.5.1 Memorandum of understanding
- 4.3.5.2 Joint Venture
- 4.3.6 Chart Industries
- 4.3.6.1 Business expansion
- 4.3.6.2 Collaboration
- 4.3.6.3 Partnership
- 4.3.6.4 Memorandum of understanding (MOU)
- 4.3.7 Plug Power
- 4.3.7.1 Business expansion
- 4.3.7.2 Collaboration
- 4.3.8 INOXCVA
- 4.3.8.1 Business expansion
- 4.3.9 GenH2
- 4.3.9.1 Product launch
- 4.3.9.2 Partnership
- 4.3.9.3 Memorandum of understanding (MOU)
- 4.3.10 Kawasaki Heavy Industries
- 4.3.10.1 Business expansion
- 4.3.10.2 Memorandum of understanding (MOU)
- 4.3.10.3 Agreement
- 4.3.11 Linde
- 4.3.11.1 Product launch
- 4.3.11.2 Business expansion
- 4.3.11.3 Product development
- 4.4 Company benchmarking
- 4.5 Innovation & technology landscape
- 4.5.1 Air Liquide
- 4.5.2 Chart Industries
- 4.5.3 Shell
- 4.5.4 GE Appliances
- 4.5.5 GENH2
- 4.5.6 Salzburger Aluminium Group
- 4.5.7 Iwatani Corporation
- Chapter 5 Market Size and Forecast, By Production Method, 2021 - 2034 (MT & USD Billion)
- 5.1 Key trends
- 5.2 Coal gasification
- 5.3 SMR
- 5.4 Electrolysis
- Chapter 6 Market Size and Forecast, By Distribution Method, 2021 - 2034 (MT & USD Billion)
- 6.1 Key trends P a g e | 9 Liquid Hydrogen Market Report, 2025_2034 Copyright © Global Market Insights Inc. 2025. All Rights Reserved
- 6.2 Pipelines
- 6.3 Cryogenic tanks
- Chapter 7 Market Size and Forecast, By Application, 2021 - 2034 (MT & USD Billion)
- 7.1 Key trends
- 7.2 Transportation
- 7.3 Chemical
- 7.4 Others
- Chapter 8 Market Size and Forecast, By Region, 2021 - 2034 (MT & USD Billion)
- 8.1 Key trends
- 8.2 North America
- 8.3 Europe
- 8.4 Asia Pacific
- 8.5 Rest of World
- Chapter 9 Company Profiles
- 9.1 Air Products and Chemicals
- 9.1.1 Financial data
- 9.1.2 Product landscape
- 9.1.3 Strategic outlook
- 9.1.4 SWOT analysis
- 9.2 Air Liquide
- 9.2.1 Financial data
- 9.2.2 Product landscape
- 9.2.3 Strategic outlook
- 9.2.4 SWOT analysis
- 9.3 Chart Industries
- 9.3.1 Financial data
- 9.3.2 Product landscape
- 9.3.3 Strategic outlook
- 9.3.4 SWOT analysis
- 9.4 Engie
- 9.4.1 Financial Data
- 9.4.2 Product Landscape
- 9.4.3 Strategic outlook
- 9.4.4 SWOT analysis
- 9.5 GE Appliances P a g e | 10 Liquid Hydrogen Market Report, 2025_2034 Copyright © Global Market Insights Inc. 2025. All Rights Reserved
- 9.5.1 Financial data
- 9.5.2 Product landscape
- 9.5.3 Strategic outlook
- 9.5.4 SWOT analysis
- 9.6 GEN H2
- 9.6.1 Financial data
- 9.6.3 Strategic outlook
- 9.6.4 SWOT analysis
- 9.7 INOXCVA
- 9.7.1 Financial data
- 9.7.2 Product landscape
- 9.7.3 Strategic outlook
- 9.7.4 SWOT analysis
- 9.8 Iwatani Corporation
- 9.8.1 Financial data
- 9.8.2 Product landscape
- 9.8.3 Strategic outlook
- 9.8.4 SWOT analysis
- 9.9 Kawasaki Heavy Industries
- 9.9.1 Financial data
- 9.9.2 Product landscape
- 9.9.3 Strategic outlook
- 9.9.4 SWOT analysis
- 9.10 Linde
- 9.10.1 Financial data
- 9.10.2 Product landscape
- 9.10.3 Strategic outlook
- 9.10.4 SWOT analysis
- 9.11 Messer
- 9.11.1 Financial data
- 9.11.2 Product landscape
- 9.11.3 Strategic outlook
- 9.11.4 SWOT analysis
- 9.12 Plug Power
- 9.12.1 Financial data
- 9.12.2 Product landscape
- 9.12.3 Strategic outlook
- 9.12.4 SWOT analysis
- 9.13 Praxair Technology
- 9.13.1 Financial data
- 9.13.2 Product landscape
- 9.13.3 SWOT analysis
- 9.14 Salzburger Aluminium Group
- 9.14.1 Financial data
- 9.14.2 Product landscape
- 9.14.3 SWOT analysis
- 9.15 Shell
- 9.15.1 Financial data
- 9.15.2 Product landscape
- 9.15.3 Strategic outlook
- 9.15.4 SWOT analysis
- 9.16 Wuxi Yuantong Gas
- 9.16.1 Financial data
- 9.16.2 Product landscape
- 9.16.3 SWOT analysis
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