Coal Gasification Liquid Hydrogen Market Size

Coal Gasification Liquid Hydrogen Market Size

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.

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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.
 

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.