PUBLISHER: Allied Market Research | PRODUCT CODE: 1365693
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365693
According to a new report published by Allied Market Research, titled, "Liquid Hydrogen Market," The liquid hydrogen market was valued at $39 billion in 2022, and is estimated to reach $66.3 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
Currently, the production, storage, and transportation of liquid hydrogen are expensive due to the specialized infrastructure required and the energy-intensive production processes. The cost of producing liquid hydrogen is higher compared to other fuels, which can limit its commercial viability, especially in applications where cost competitiveness is a significant factor. Furthermore, liquid hydrogen is highly flammable and can ignite easily when exposed to an ignition source. While precautions are taken to ensure safe handling, the potential for accidents and the need for appropriate safety measures cannot be ignored. The extreme cold temperature of liquid hydrogen can further pose risks to personnel if proper protective equipment & procedures are not followed. This factor is expected to hamper the market growth during the forecast period.
Global energy demand continues to rise due to population growth, urbanization, and economic development. Emerging economies are experiencing rapid industrialization and increase in energy consumption, while developed economies continue to require energy for their economic activities and lifestyles. This increase in demand drives the growth of the energy sector. In addition, there is a global shift toward clean & renewable energy sources driven by concerns over climate change, environmental pollution, and depletion of fossil fuel reserves. Governments, businesses, and individuals are investing in renewable energy technologies such as solar, wind, hydro, and geothermal power. This transition is creating new opportunities and driving growth in the renewable energy sector. Liquid hydrogen serves as an energy storage medium and addressing the intermittent nature of renewable energy sources such as solar and wind power. Excess electricity can be used to produce hydrogen through electrolysis, which can then be stored as liquid hydrogen. This stored energy can be converted back into electricity through fuel cells when needed, providing a reliable & flexible energy storage solution. These factors are creating opportunities during the forecast period.
The liquid hydrogen market is segmented on the basis of distribution, end-use industry, and region. By distribution, it is categorized into, pipelines, cryogenic tanks, and others. Depending on end use-industry, it is divided into aerospace, automotive & transportation, energy & power, industrial sector, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global liquid hydrogen market profiles leading players that include Iwatani Corporation, Messer Group GmbH., inoxcva, Air Products and Chemicals, Inc., Demaco powered by Leapforce, Linde Plc, Air Liquide, Cryostar, Hylium Industries, Inc., and Plug Power Inc. The market report provides in-depth competitive analysis as well as profiles of these major players.
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