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Liquefied Hydrogen Storage Market Trends

Report ID: GMI9755
Published Date: Jun 2024
Report Format: PDF

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Liquefied Hydrogen Storage Market Trends

Liquefied Hydrogen Energy Storage Market Size, 2022-2032 (USD Million)

The liquefied hydrogen market is expanding beyond traditional applications in industrial sectors to new areas such as transportation, power generation, and grid stabilization. This diversification is opening up new revenue streams and driving market growth. The adoption of liquefied hydrogen storage systems is being propelled by their potential to significantly reduce greenhouse gas emissions and dependence on fossil fuels. Additionally, the decreasing cost of hydrogen production and storage is making it a more economically viable option. Major companies are forming strategic partnerships and collaborations to leverage expertise and resources, driving innovation and commercialization of liquefied hydrogen technologies. These alliances are crucial for overcoming technical and economic challenges.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of liquefied hydrogen storage was reached USD 2.53 billion in 2023 and will grow at a 9.8% CAGR between 2024 and 2032, due to the increasing global focus on decarbonization and the transition to renewable energy sources.

The industrial segment in the liquefied hydrogen storage market recorded USD 3.45 billion by 2032, driven by its diverse applications, coupled with rising focus on decarbonization initiatives and the transition towards green hydrogen production.

Asia Pacific liquefied hydrogen storage industry will register USD 2.4 billion by 2032, attributed to rapid industrialization, government initiatives and investments in hydrogen infrastructure, coupled with ambitious sustainability goals.

Air Products and Chemicals, Inc., Cockerill Jingli Compressed hydrogen, ENGIE, FuelCell Energy, Inc., GKN Compressed Hydrogen, Gravitricity Ltd, ITM Power PLC, and Linde plc, among others.