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Liquid Hydrogen Market Size

Report ID: GMI5996
Published Date: Jun 2024
Report Format: PDF

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Liquid Hydrogen Market Size

Liquid Hydrogen Market size was valued at USD 38.4 Billion in 2023 and is anticipated to grow at a CAGR of 6.1% between 2024 and 2032. Liquid hydrogen (LH2) is hydrogen in its liquid state, achieved by cooling hydrogen gas to extremely low temperatures. It is used primarily as a fuel in various applications, including aerospace, transportation, and industrial processes.

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Establishing hydrogen hubs, which are centralized locations for hydrogen production, storage, and distribution, will stimulate the product demand. Collaborations between energy companies, technology providers, and industrial users are accelerating the development and adoption of liquid hydrogen technologies will augment the industry landscape. Furthermore, Countries and companies are forming international alliances to advance hydrogen technologies and develop global hydrogen supply chains.

Liquid Hydrogen Market Report Attributes
Report Attribute	Details
Base Year:	2023
Liquid Hydrogen Market Size in 2023:	USD 38.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.1%
2032 Value Projection:	USD 65.1 Billion
Historical Data for:	2021 to 2023
No. of Pages:	290
Tables, Charts & Figures:	53
Segments covered:	Production Method, Distribution Method, End Use and Region
Growth Drivers:	Shifting trends toward decarbonization Growing focus on clean energy directives Rising investments, new policy development & innovations
Pitfalls & Challenges:	High cost associated to transportation

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Innovations in cryogenic storage tanks and transportation vessels are making it easier and more cost-effective to handle liquid hydrogen will stimulate the product adoption. Development of advanced cryogenic tankers and trailers by companies like Chart Industries are facilitating the safe and efficient transport of liquid hydrogen. Furthermore, increasing the number of hydrogen refueling stations, particularly in regions with strong hydrogen policies and automotive markets contribute to the business growth.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of liquid hydrogen reached USD 38.4 billion in 2023 and will witness 6.1% CAGR between 2024 and 2032, propelled by advancements in hydrogen production technologies, increasing applications in sectors, and investments in hydrogen infrastructure.

Liquid hydrogen industry size from the cryogenic tanks segment will garner 5.5% CAGR through 2032, due to its critical role in storing and transporting hydrogen at extremely low temperatures.

Asia Pacific market size will reach USD 27.5 billion by 2032, owing to rapid industrialization, urbanization, and government initiatives promoting clean energy.

Some of the leading liquid hydrogen companies include Air Products and Chemicals, Inc., Air Liquide, Chart Industries, ENGIE, GE Appliances, GENH2, INOX India Limited, Kawasaki Heavy Industries, Ltd., Linde plc, Messer, Plug Power Inc., and Iwatani Corporation, among others.