Liquefied Hydrogen Storage Market – By Application, Analysis, Share, Growth Forecast, 2025 - 2034

Liquefied Hydrogen Storage Market Size

The global liquefied hydrogen storage market size was USD 2.8 billion in 2024. The market is expected to grow from USD 3 billion in 2025 to USD 6.9 billion in 2034, at a CAGR of 9.7%. Innovations in cryogenic storage technologies are enhancing the efficiency and safety of liquefied hydrogen storage. Developments in insulation materials, refrigeration systems, and monitoring technologies are enabling the creation of more compact, efficient, and cost-effective storage solutions.
 

Liquefied hydrogen storage is increasingly being utilized to address the intermittency of renewable energy sources like wind and solar. By storing excess energy in the form of hydrogen, these systems enable a more stable and resilient energy grid, facilitating the transition to a low-carbon energy system. For instance, the International Renewable Energy Agency (IRENA) reports that hydrogen could account for 12% of global energy use by 2050, driven by advancements in storage technologies.
 

Across the globe, governments are rolling out policies and regulations designed to champion the adoption of clean energy technologies, with liquefied hydrogen at the forefront. These efforts are part of a broader strategy to curb greenhouse gas emissions and steer the world towards a sustainable energy paradigm. For reference, the European Union's Hydrogen Strategy aims to install at least 40 GW of renewable hydrogen electrolyzers by 2030.
 

Liquefied hydrogen storage is expanding its reach beyond conventional industrial applications, now playing pivotal roles in transportation, power generation, and grid stabilization. This shift not only diversifies its applications but also unlocks new revenue opportunities and expands the market landscape. For illustration, the U.S. Department of Energy (DOE) has allocated over USD 8 billion for regional clean hydrogen hubs under the Bipartisan Infrastructure Law, emphasizing the growing importance of hydrogen in the energy transition.
 

Liquefied Hydrogen Storage Market Trends

The global market was valued at USD 2.3 billion, USD 2.5 billion, and USD 2.8 billion in 2022, 2023, and 2024, respectively. Significant investments are being directed towards the development of hydrogen refueling infrastructure and large-scale storage facilities. Collaborative efforts between public and private sectors are essential for building a robust hydrogen supply chain, enhancing the market's scalability and reach.
 

The Trump administration's recent implementation of steep tariffs has introduced significant challenges and uncertainties within the liquefied hydrogen storage industry. These measures, aimed at bolstering domestic manufacturing, have inadvertently affected both the cost structures and strategic decisions of companies involved in hydrogen production and storage. The administration's tariffs on imported materials, notably steel and aluminum, have led to a surge in costs for constructing hydrogen storage facilities.
 

To bolster these initiatives, financial incentives like tax credits and subsidies are being offered, such as the U.S. Inflation Reduction Act, which provides up to USD 3 per kilogram of clean hydrogen production tax credits, spurring investments in the production and storage infrastructure of liquefied hydrogen.
 

The transportation sector's increasing adoption of hydrogen fuel cell vehicles (FCVs) is driving demand for efficient and compact storage solutions. For instance, according to the U.S. Department of Energy, over 15,000 hydrogen fuel cell vehicles were on the road globally by the end of 2023, with significant adoption in countries like the United States, Japan, and Germany.
 

Liquefied Hydrogen Storage Market Analysis

• Based on application, the industry can be categorized into industrial, transportation, stationary, and others. The industrial segment held a market share of 63.8% in 2024. Sectors including steel, cement, chemicals, and refineries are under pressure to reduce emissions. Hydrogen serves as a clean alternative to fossil fuels in high-temperature processes. Many industrial users prefer liquefied hydrogen due to its high energy density and the need for large-volume storage.
   
• Growing deployment of FCEVs in buses, trucks, trains, and even ships drives demand for efficient hydrogen storage. Liquefied hydrogen offers greater energy density than gaseous hydrogen, which is essential for long-haul and heavy-duty transport. In addition, Subsidies and zero-emission vehicle mandates are accelerating the rollout of hydrogen-powered fleets.
   
• Liquefied hydrogen helps store excess renewable energy (from solar and wind) for use during peak demand or grid outages. Remote facilities, data centers, and microgrids increasingly use hydrogen for reliable, off-grid power solutions. Hydrogen can support grid balancing services and long-duration energy storage, filling a role batteries can't easily fulfill. Many countries have specific plans to integrate hydrogen into their energy mix for stationary applications.
   

• The U.S. liquefied hydrogen storage market has reached a value of USD 381.1 million, USD 412.1 million, and USD 446.7 million in 2022, 2023, and 2024. Significant investments are being directed toward developing hydrogen refueling infrastructure and large-scale storage facilities. A robust industrial sector, including automotive and manufacturing, drives the demand for hydrogen storage solutions. The U.S. Department of Energy (DOE) has launched several initiatives to advance hydrogen storage technologies, including funding for research and development projects.
   
• North America holds a substantial market share in hydrogen storage, driven by the presence of major gas companies and strong government support for hydrogen infrastructure development. Over 55% of hydrogen infrastructure expansions are attributed to North American manufacturers, focusing on increasing hydrogen fueling stations and storage efficiency.
   
• Germany has solidified its position as a European hub for hydrogen storage, with investments in hydrogen infrastructure and a strong industrial base. Aggressive climate goals and a commitment to reducing carbon emissions drive the adoption of hydrogen storage solutions.
   
• The Asia Pacific region is witnessing the fastest growth in liquefied hydrogen storage market, emerging as a hotspot due to rapid economic development and growth in energy-intensive industries. Countries like Japan and South Korea are investing heavily in hydrogen infrastructure, including storage facilities, to support the transition to clean energy. ?
   
• China's rapid industrialization drives the adoption of hydrogen storage technologies, particularly in transportation and energy sectors. The Chinese government is actively promoting the development of a hydrogen-based economy, including investments in storage infrastructure.
   
• Japan has positioned itself as a front-runner in the global hydrogen economy, with plans for importation, storage, and utilization of hydrogen as a primary energy source. Investments in high-pressure hydrogen storage solutions have increased storage capacity by 75% compared to previous models. ?
   
• In India, Reliance Industries plans to use 3 GW of solar energy to generate green hydrogen, supporting India's transition to renewable energy sources. India aims to produce 5 million tons of green hydrogen by 2030, driving the need for efficient storage solutions.
   

Liquefied Hydrogen Storage Market Share

The top 5 players operating in market include Linde, Air Liquide, Air Products and Chemicals, ENGIE and FuelCell Energy, which collectively hold over 35% of the market share in 2024. Big players can integrate vertically (production, storage, distribution), reducing dependency on external vendors and ensuring reliability. Companies with more capital and larger shares typically lead R&D, pushing innovations in cryogenic tanks, liquefaction efficiency, and long-range storage solutions.
 

A strong market share builds credibility. Large industrial clients or governments are more likely to partner with well-established firms. Major players often have seats at policy roundtables and international collaborations, shaping regulations and subsidies that favor their strategic direction.
 

Liquefied Hydrogen Storage Market Companies

• Linde is the world's largest industrial gas supplier by market share and revenue. It operates over 350 hydrogen plants globally and has supplied hydrogen technologies to more than 180 fueling stations worldwide. The company reported sales of over USD 8.4 billion in September 2024.
   
• Air Liquide is a leading industrial gas producer with a strong presence in the hydrogen energy storage industry. The company has established itself as a key player in both industrial and stationary hydrogen energy storage sectors, driven by its robust production capabilities and commitment to technological advancement.
   
• Air Products is a major player in the industrial hydrogen energy storage industry, known for its strong production capabilities and technological advancements. The company spent USD 100.2 million in 2024 for research & development.
   
• ENGIE is a significant player in the hydrogen energy storage industry, particularly in Europe. The company is recognized for its deep industry knowledge and proficiency in industrial automation and smart technology.
   
• FuelCell Energy is a U.S.-based fuel cell company that designs, manufactures, operates, and services Direct Fuel Cell power plants. While primarily focused on fuel cell technology, the company contributes to hydrogen energy storage solutions. The company started with a revenue of USD 18.9 million in January 2025.
   

Some of the key market players operating across the liquefied hydrogen storage market are:

• Air Liquide
• Air Products and Chemicals
• Cockerill Jingli
• ENGIE
• FuelCell Energy
• GKN
• Gravitricity
• ITM Power
• Linde
• McPhy Energy
• Nel
• SSE
   

Liquefied Hydrogen Storage Industry News

• In December 2024, Air Liquide secured a USD 114 million grant from the European Innovation Fund to drive its ENHANCE project at the Port of Antwerp-Bruges, Belgium. This groundbreaking initiative focused on large-scale production and distribution of low carbon & renewable hydrogen derived from ammonia. It involved retrofitting an existing hydrogen production unit to utilize renewable ammonia and developing a hydrogen liquefier, aiming to cut CO? emissions by over 300,000 tons annually and advance decarbonization in industries such as chemicals, refineries, and heavy transportation.
   
• In March 2024, GKN Aerospace joined the HYFIVE consortium, a collaborative project aimed at developing liquid hydrogen fuel systems for zero-emission aviation. The partnership, which also includes several other prominent aerospace and technology companies, will focus on creating a sustainable, liquid hydrogen-based fuel system designed to power future commercial aircraft, significantly reducing aviation’s environmental impact. The company will contribute its expertise in advanced aerospace technologies, including its knowledge of fuel systems and aircraft propulsion. The project aligns with the company’s commitment to innovation and environmental sustainability in the aviation sector.
   
• In February 2024, Samsung C&T has developed a design for the world’s largest liquefied hydrogen storage tank, capable of holding 40,000 cubic meters—enough for over 500,000 hydrogen vehicles. The design, certified by DNV, improves efficiency and reduces hydrogen loss through boil-off. This advancement supports Samsung C&T’s broader strategy to lead in the hydrogen and ammonia value chain, furthering its green energy ambitions and boosting its global competitiveness in large-scale energy storage infrastructure.
   
• In February 2024, Linde, along with Daimler Truck, developed the innovative sLH2 technology for handling liquid hydrogen, setting new standards for hydrogen refueling. This technology enabled higher storage density, longer range, faster refueling, and lower costs, significantly improving energy efficiency. The process allowed refueling of a 40-tonne truck in 10-15 minutes, providing a range of over 1,000 kilometers, while reducing hydrogen station investment and operating costs.
   
• In October 2023, ENGIE's investment arm, ENGIE New Ventures, invested in MAGNOTHERM, a German startup developing a hydrogen liquefaction process based on magnetic refrigeration. This technology aims to reduce liquefaction costs and enhance hydrogen transport and storage efficiency.
   

The liquefied hydrogen storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034 for the following segments:

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Market, By Application

• Industrial
• Transportation
• Stationary
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • Japan
  • India