North America Liquid Hydrogen Market Analysis

North America Liquid Hydrogen Market Analysis

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Cryogenic tanks market size id predicted to reach USD 12.6 billion by 2032, owing to its safe storage and transportation of extremely cold and energy-dense cryogenic fluid along with its utilization across various industrial applications, including electronics manufacturing, materials processing, and aerospace among others. Increasing targets across developing countries to reduce carbon emissions primarily in transportation industry in line with the influx of startups and established firms diversifying into hydrogen-related ventures will positively accelerate the North America liquid hydrogen market growth.

Coal gasification market is set to observe around 4% CAGR through 2032. Transition to clean and sustainable energy carriers along with ongoing expansion of hydrogen value chain across the economies will sway the business trends. Surging government initiatives, including research funding and tax incentives coupled with evolution of technologies comprising of advanced gasifiers and carbon capture methods will stimulate the industry potential. In addition, rising demand for low-carbon hydrogen derived from coal gasification will support the market growth.
 

Transportation market is estimated to surpass USD 8.3 billion in 2032. Facilitating the integration of intermittent renewable energy sources along with formation of various strategic alliances for the development of liquid hydrogen fueled vehicles will propel the North America liquid hydrogen market scenario. Growing capability of hydrogen to offer zero-emission solutions for public transportation and freight will augment the industry potential. Furthermore, increasing emphasis on public and private partnerships combined with large scale adoption of fuel cell vehicles will contribute to the enhanced product demand.
 

U.S. liquid hydrogen market is poised to register gains at over 4.9% from 2023 to 2032. Commitment to expand hydrogen refueling infrastructure across the country, development of large scale infrastructure across the Californian state coupled with efforts to produce green hydrogen using renewable energy sources including wind and solar power will contribute to the industry growth. Additionally, ability to serve as a reliable source of backup power for critical infrastructure, data centers, and emergency response applications along with companies integrating liquid hydrogen into their sustainability strategies will contribute to hydrogen development.