Global Liquid Hydrogen Market 2024

Global Liquid Hydrogen Market 2024

The liquid hydrogen market is poised for substantial growth as a promising energy carrier of the future, driven by stringent government regulations aimed at reducing greenhouse gas emissions and promoting sustainable fuels across various industries such as aerospace, automotive, and electronics. Its clean-burning characteristics and performance metrics make it well-suited for diverse end-use applications. It is projected that the global liquid hydrogen market will experience a compound annual growth rate (CAGR) of 13.4% in volume terms during the forecast period, leading to an estimated value of 309.0 thousand tons by the year 2029.

The global liquid hydrogen market is segmented by distribution methods, with cryogenic tanks and high-pressure tube trailers being the primary categories. The cryogenic tank segment is expected to reach 202.8 thousand tons by 2029, favored for its larger storage capacity and lower boil-off losses, making it particularly suitable for long-distance transport. Conversely, the high-pressure tube trailers segment is expected to demonstrate the highest CAGR during the forecast period from 2024 to 2029.

Furthermore, the liquid hydrogen market can be segmented into various sectors, including automotive and transportation, aerospace, electronics and semiconductor, and other industries. The aerospace industry has emerged as a significant consumer of liquid hydrogen, with a volume of 49.7 thousand tons in 2023, and is forecasted to expand rapidly, reaching 149.1 thousand tons by 2029 at a CAGR of 19.6% during the period from 2024 to 2029.

Geographically, Asia-Pacific has established itself as the dominant player in the liquid hydrogen market, closely followed by North America and Europe. In 2023, North America held the second-largest market share of 32.7% in the global liquid hydrogen market by volume. The region offers substantial growth opportunities for liquid hydrogen-related technologies, driven by increasing consumer awareness of environmental sustainability and the green economy. The adoption of liquid hydrogen as a vehicle fuel is gaining traction in North America, with the potential to reduce oil consumption and carbon emissions, aligning with efforts to combat climate change.

The global liquid hydrogen market is characterized by a high level of consolidation, with the top four players holding a dominant share of over 90% in 2022. Key players in the global liquid hydrogen market include Air Liquide S.A., Air Products and Chemicals, Inc., Linde plc, Iwatani Corporation, Nippon Sanso Holdings Corporation, Messer Group GmbH, Plug Power, Inc., Kawasaki Heavy Industries, Ltd., Universal Industrial Gases, Inc., Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd., Andhra Sugars Ltd., among others.

This study aims to analyze the global market for various segments of liquid hydrogen, including:

Distribution: Cryogenic Tank and High-pressure Tube Trailers.

End-User: Automotive and Transportation, Aerospace, Electronics and Semiconductor, and Others.

Region: North America, Europe, Asia-Pacific, and Rest of World (RoW). Show more