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Europe Liquid Hydrogen Market Size
Europe Liquid Hydrogen Market size was valued USD 9.5 Billion in 2023 and is anticipated to grow at a CAGR of 7.1% from 2024 to 2032. It is a liquefied form of hydrogen gas, achieved by cooling it to extremely low temperatures. At standard atmospheric pressure, hydrogen gas condenses into a liquid state at temperatures below -252.87 °C. Hydrogen then becomes denser and occupies significantly less volume compared to its gaseous form, making it easier to store and transport for various applications, including fueling vehicles, powering industrial processes, and supporting energy storage systems.
The European Union's Hydrogen Strategy, unveiled in 2020, includes initiatives to scale up hydrogen production, infrastructure development, and research and innovation in technologies, will provide a clear roadmap for the market growth. The region is actively engaging in international collaborations and partnerships including the European Clean Hydrogen Alliance and partnerships with countries like Japan, South Korea, and Australia which will foster innovation in the market. Rising shifts in industries including transportation, steel production, chemicals, and energy, to hydrogen as a low-carbon alternative to fossil fuels will augment the industry landscape.
Who are the key leaders in the liquid hydrogen industry from Europe?
Air Liquide, Chart Industries, ENEOS Corporation, ENGIE, Hexagon Composites, Iwatani Corporation, Kawasaki Heavy Industries, Ltd., Linde plc, Messer, Nel ASA, Plug Power Inc., Shell plc, and TotalEnergies, are some of the major liquid hydrogen companies in Europe.
How big is the UK liquid hydrogen market?
The UK liquid hydrogen industry is expected to cross USD 2.9 billion by 2032 due to improving green industry, driving investments in the associated projects, including the development of hydrogen hubs, production facilities, and distribution networks in the country.
Why is the demand for SMR liquid hydrogen growing in Europe?
Europe liquid hydrogen market from the SMR segment is expected to exceed USD 15 billion by 2032 due to its efficiency, scalability, and cost-effectiveness along with availability of existing natural gas infrastructure and the abundance of methane feedstock.
What is the size of the Europe liquid hydrogen industry?
Europe liquid hydrogen market size was USD 9.5 billion in 2023 and is expected to register 7.1% CAGR from 2024-2032 owing to rising shifts in industries including transportation, steel production, chemicals, and energy, to hydrogen as a low-carbon alternative to fossil fuels in the region.