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 estimated to grow at a CAGR of 7.1% to reach USD 81.0 billion by 2034.
The market growth is fueled by accelerating clean-energy transitions, rising investments in hydrogen infrastructure, and increasing emphasis on decarbonization across heavy industries and transportation. As governments strengthen climate commitments and expand incentives for green hydrogen projects, the demand for liquid hydrogen continues to surge. Its high energy density, suitability for long-range transport, and adaptability across multiple industrial applications position liquid hydrogen as a central fuel in the global shift toward low-carbon economies.
Based on production method, the steam methane reforming (SMR) remained the dominant segment in 2024, generating USD 37.6 billion. SMR’s widespread industrial adoption, technological maturity, and cost advantages have supported its strong market share despite rising interest in electrolysis-based green hydrogen. Continuous investments in SMR facilities, modernization initiatives, and integration of carbon-capture technologies are improving the sustainability profile of SMR-derived liquid hydrogen. The scalability and reliability of this production route continue to attract large-scale manufacturers catering to the chemical, industrial, and transportation sectors.
Within distribution methods, the cryogenic tanks segment generated USD 35.5 billion in 2024, driven by extensive use in transport, storage, fueling stations, and large-scale mobility projects. These tanks enable safe handling of hydrogen at –253 °C and support long-duration energy transportation. Advancements in insulated tank designs, materials, and multi-layer containment technologies are reducing evaporative losses and improving cost-efficiency. Increasing deployment of hydrogen fueling stations, rapid expansion of hydrogen-powered trucks and buses, and growing adoption across aerospace and marine applications are significantly strengthening the demand for cryogenic tank infrastructure.
North America Liquid Hydrogen Market generated USD 20.9 billion in 2024, accounting for nearly half of global revenue. Strong federal incentives, ongoing hydrogen hub developments, deployment of green hydrogen plants, and large-scale investments by private players are shaping the region’s leadership. The U.S. Clean Hydrogen Production Tax Credit, infrastructure upgrades, and supportive state-level policies, particularly in California and the Pacific Northwest, are catalyzing the expansion of liquid hydrogen for mobility, industrial applications, and energy storage. North America’s technological ecosystem and rising adoption of fuel-cell vehicles further solidify its influence in the global market.
Key companies driving innovation and expansion in the Global Liquid Hydrogen Market include Air Products and Chemicals, Air Liquide, Linde, Plug Power, Chart Industries, Shell, Iwatani Corporation, Kawasaki Heavy Industries, INOXCVA, Cryostar, Cryospain, Messer, Nikkiso, Praxair Technology, Salzburger Aluminium Group, and ZeroAvia. These players are focusing on new production facilities, hydrogen liquefiers, advanced cryogenic storage systems, and strategic partnerships to strengthen global supply chains and accelerate market penetration. Companies in the Liquid Hydrogen Market are strengthening their competitive position through large-scale capacity expansions, strategic joint ventures, and investments in advanced liquefaction and storage technologies. Many firms are prioritizing vertical integration, building end-to-end ecosystems that include production, liquefaction, transport, and dispensing infrastructure. Collaborations with transport OEMs, aerospace firms, and energy providers help accelerate commercial adoption across heavy-duty mobility, maritime, and aviation sectors.
The market growth is fueled by accelerating clean-energy transitions, rising investments in hydrogen infrastructure, and increasing emphasis on decarbonization across heavy industries and transportation. As governments strengthen climate commitments and expand incentives for green hydrogen projects, the demand for liquid hydrogen continues to surge. Its high energy density, suitability for long-range transport, and adaptability across multiple industrial applications position liquid hydrogen as a central fuel in the global shift toward low-carbon economies.
Based on production method, the steam methane reforming (SMR) remained the dominant segment in 2024, generating USD 37.6 billion. SMR’s widespread industrial adoption, technological maturity, and cost advantages have supported its strong market share despite rising interest in electrolysis-based green hydrogen. Continuous investments in SMR facilities, modernization initiatives, and integration of carbon-capture technologies are improving the sustainability profile of SMR-derived liquid hydrogen. The scalability and reliability of this production route continue to attract large-scale manufacturers catering to the chemical, industrial, and transportation sectors.
Within distribution methods, the cryogenic tanks segment generated USD 35.5 billion in 2024, driven by extensive use in transport, storage, fueling stations, and large-scale mobility projects. These tanks enable safe handling of hydrogen at –253 °C and support long-duration energy transportation. Advancements in insulated tank designs, materials, and multi-layer containment technologies are reducing evaporative losses and improving cost-efficiency. Increasing deployment of hydrogen fueling stations, rapid expansion of hydrogen-powered trucks and buses, and growing adoption across aerospace and marine applications are significantly strengthening the demand for cryogenic tank infrastructure.
North America Liquid Hydrogen Market generated USD 20.9 billion in 2024, accounting for nearly half of global revenue. Strong federal incentives, ongoing hydrogen hub developments, deployment of green hydrogen plants, and large-scale investments by private players are shaping the region’s leadership. The U.S. Clean Hydrogen Production Tax Credit, infrastructure upgrades, and supportive state-level policies, particularly in California and the Pacific Northwest, are catalyzing the expansion of liquid hydrogen for mobility, industrial applications, and energy storage. North America’s technological ecosystem and rising adoption of fuel-cell vehicles further solidify its influence in the global market.
Key companies driving innovation and expansion in the Global Liquid Hydrogen Market include Air Products and Chemicals, Air Liquide, Linde, Plug Power, Chart Industries, Shell, Iwatani Corporation, Kawasaki Heavy Industries, INOXCVA, Cryostar, Cryospain, Messer, Nikkiso, Praxair Technology, Salzburger Aluminium Group, and ZeroAvia. These players are focusing on new production facilities, hydrogen liquefiers, advanced cryogenic storage systems, and strategic partnerships to strengthen global supply chains and accelerate market penetration. Companies in the Liquid Hydrogen Market are strengthening their competitive position through large-scale capacity expansions, strategic joint ventures, and investments in advanced liquefaction and storage technologies. Many firms are prioritizing vertical integration, building end-to-end ecosystems that include production, liquefaction, transport, and dispensing infrastructure. Collaborations with transport OEMs, aerospace firms, and energy providers help accelerate commercial adoption across heavy-duty mobility, maritime, and aviation sectors.
Table of Contents
185 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 Base year calculation
- 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 Price trend analysis, 2024 (USD/MT)
- 3.3.1 By region
- 3.4 Cost structure analysis
- 3.4.1 Production cost structure
- 3.4.2 Liquefaction system components
- 3.4.3 Storage cost structure
- 3.4.4 Transportation system components
- 3.4.5 Infrastructure & dispensing components
- 3.5 Industry impact forces
- 3.5.1 Market growth drivers
- 3.5.1.1 Growing focus on clean energy
- 3.5.1.2 Rising investments, new policy development and innovations
- 3.5.1.3 Technological advancements
- 3.5.1.4 Shifting trends toward decarbonization
- 3.5.2 Industry pitfalls & challenges
- 3.5.2.1 Safety concerns
- 3.5.2.2 High cost associated with transportation
- 3.6 Growth potential analysis
- 3.7 Porter's analysis
- 3.8 PESTEL analysis
- Chapter 4 Competitive Landscape, 2025
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.2.1 North America
- 4.2.2 Europe
- 4.2.3 Asia Pacific
- 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) .. 112
- 6.1 Key trends
- 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 Cryospain
- 9.4.1 Financial data
- 9.4.2 Product landscape
- 9.4.3 SWOT analysis
- 9.5 Cryostar
- 9.5.1 Financial data
- 9.5.2 Product landscape
- 9.5.3 SWOT analysis
- 9.6 Engie
- 9.6.1 Financial Data
- 9.6.2 Product Landscape
- 9.6.3 Strategic outlook
- 9.6.4 SWOT analysis
- 9.7 GE Appliances
- 9.7.1 Financial data
- 9.7.2 Product landscape
- 9.7.3 Strategic outlook
- 9.7.4 SWOT analysis
- 9.8 GEN H2
- 9.8.1 Financial data
- 9.8.3 Strategic outlook
- 9.8.4 SWOT analysis
- 9.9 INOXCVA
- 9.9.1 Financial data
- 9.9.2 Product landscape
- 9.9.3 Strategic outlook
- 9.9.4 SWOT analysis
- 9.10 Iwatani Corporation
- 9.10.1 Financial data
- 9.10.2 Product landscape
- 9.10.3 Strategic outlook
- 9.10.4 SWOT analysis
- 9.11 Kawasaki Heavy Industries
- 9.11.1 Financial data
- 9.11.2 Product landscape
- 9.11.3 Strategic outlook
- 9.11.4 SWOT analysis
- 9.12 Linde
- 9.12.1 Financial data
- 9.12.2 Product landscape
- 9.12.3 Strategic outlook
- 9.12.4 SWOT analysis
- 9.13 Nikkiso
- 9.13.1 Financial data
- 9.13.2 Product landscape
- 9.13.3 SWOT analysis
- 9.14 Messer
- 9.14.1 Financial data
- 9.14.2 Product landscape
- 9.14.3 Strategic outlook
- 9.14.4 SWOT analysis
- 9.15 Plug Power
- 9.15.1 Financial data
- 9.15.2 Product landscape
- 9.15.3 Strategic outlook
- 9.15.4 SWOT analysis
- 9.16 Praxair Technology
- 9.16.1 Financial data
- 9.16.2 Product landscape
- 9.16.3 SWOT analysis
- 9.17 Salzburger Aluminium Group
- 9.17.1 Financial data
- 9.17.2 Product landscape
- 9.17.3 SWOT analysis
- 9.18 Shell
- 9.18.1 Financial data
- 9.18.2 Product landscape
- 9.18.3 Strategic outlook
- 9.18.4 SWOT analysis
- 9.19 Wuxi Yuantong Gas
- 9.19.1 Financial data
- 9.19.2 Product landscape
- 9.19.3 SWOT analysis
- 9.20 ZeroAvia Ltd
- 9.20.1 Financial data
- 9.20.2 Product landscape
- 9.20.3 Strategic outlook
- 9.20.4 SWOT analysis
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