Home > Energy & Power > Emerging Energy Technologies > Hydrogen > Coal Gasification Liquid Hydrogen Market
Coal Gasification Liquid Hydrogen Market was valued at USD 2.39 billion in 2023 and is anticipated to grow at a CAGR of 4.3% from 2024 to 2032. It is a process to convert coal into syngas, a mixture of hydrogen, carbon monoxide, and other gases. This syngas can be further processed to extract hydrogen, which can then be liquefied for storage and transportation. Liquid hydrogen, with its high energy density and clean-burning properties, is seen as a key fuel in the transition to a low-carbon economy.
Rising need for energy security is encouraging countries with abundant coal reserves to view coal gasification to reduce dependence on imported fuels thereby improving the process adoption. Additionally, the process allows for the utilization of lower-grade coal, which might otherwise be uneconomical to exploit, maximizing the use of existing resources, will impact the business statistics.
Report Attribute | Details |
---|---|
Base Year: | 2023 |
Coal Gasification Liquid Hydrogen Market Size in 2023: | USD 2.39 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 4.3% |
2032 Value Projection: | USD 3.47 Billion |
Historical Data for: | 2021 to 2023 |
No. of Pages: | 75 |
Tables, Charts & Figures: | 25 |
Segments covered: | Distribution, End Use and Region |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
Increasing transition towards a low carbon economy to reduce greenhouse gas emissions and combat climate change, especially in industries where decarbonization is challenging, is set to influence the process demand. Growing technological advancements to make the process more efficient and cost-effective, drive its adoption. Additionally, innovations in cryogenic storage and transport of liquid hydrogen are enhancing the feasibility of large-scale hydrogen supply chains. These technological improvements foster process adoption for countries looking to invest in hydrogen as a future energy source.
Rising government policies and investments including offering subsidies, tax incentives, and funding for research and development in clean energy technologies are augmenting the business landscape. Growing demand for hydrogen in various industries, such as chemicals, refining, and steel production is driving the process penetration to meet large scale hydrogen demand across the globe.
Based on distribution, the cryogenic tanks are anticipated to cross more than USD 2.95 billion by 2032, on account of their efficiency in preserving liquid hydrogen over long distances, particularly in large-scale hydrogen supply chains. Rising demand for scalable distribution methods that can transport large volumes of liquid hydrogen, suitable for industrial applications and long-distance shipping will foster the business growth. Furthermore, their ability to store and distribute liquid hydrogen efficiently makes them an ideal solution for blending clean fuel with other energy carriers or for use in applications where high-density energy storage is required, thereby enhancing the product attractiveness.
Based on end use, the transportation sector is set to grow at a CAGR of over 4% through 2032. Rising global push towards decarbonizing the transportation sector is set to influence the process adoption. Increasing demand for high energy density fuel, particularly important for heavy-duty vehicles, such as trucks, buses, and trains, where long-range capability is driving the business growth. Furthermore, growing development of hydrogen refueling infrastructure particularly in key markets such as the U.S., Europe, and Asia Pacific is set to propel the hydrogen-powered vehicle adoption.
Asia Pacific coal gasification liquid hydrogen market is predicted to hit USD 1.21 billion by 2032. Presence of abundant coal reserves, particularly in countries such as China and India are encouraging companies to utilize domestic coal reserves for hydrogen production, enhancing energy security and reducing reliance on imported fuels thereby fostering process growth. Furthermore, China, Japan, and South Korea have set ambitious hydrogen targets and are investing in different technologies to produce cleaner hydrogen which will augment the business statistics.
In the U.S. abundance of coal resources is boosting the method adoption to convert these resources into hydrogen. This approach enhances the energy security by utilizing domestic produced coal and reducing reliance on foreign energy sources, thereby driving the industry scenario. Rising expansion of hydrogen infrastructure in the economy, including storage and distribution networks, is set to support the process penetration.
Eminent players are focusing on improving gasification technology, integrating advanced carbon capture and storage (CCS) systems, and developing more effective methods for hydrogen purification. These innovations aim to reduce production costs, increase output, and minimize environmental impact, making coal gasification a more competitive and attractive option for liquid hydrogen production. Furthermore, companies are expanding production facilities and forming strategic partnerships and joint ventures to expand their coal gasification capabilities and market reach.
Eminent players operating in the coal gasification liquid hydrogen industry are:
Click here to Buy Section of this Report
Market, By Distribution
Market, By End Use
The above information has been provided for the following regions and countries: