Market Size of Liquid Hydrogen Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 10.27 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Liquid Hydrogen Market Analysis
The Liquid Hydrogen Market size is estimated at 160.02 kilotons in 2024, and is expected to reach 260.88 kilotons by 2029, growing at a CAGR of 10.27% during the forecast period (2024-2029).
COVID-19 negatively impacted the market as all the industries halted their manufacturing processes. Lockdowns, social distances, and trade sanctions triggered massive disruptions to global supply chain networks. However, the condition is recovered in 2021, which is expected to benefit the market during the forecast period.
- In the medium term, the major factors driving the market studied are the growing demand for liquid hydrogen for space exploration and the increasing adoption of hydrogen fuel cells in commercial vehicles.
- On the flip side, the high cost associated with handling and storage is likely to restrain the market growth.
- Growing emphasis on utilizing hydrogen as a marine fuel and increasing innovations in the aerospace industry are likely to act as opportunities for the market in the coming years.
- Asia-Pacific accounted for the highest market share, and the region is likely to dominate the market during the forecast period.
Liquid Hydrogen Industry Segmentation
The liquified form of hydrogen is clear, non-toxic, and has no color, odor, or taste. Under ambient conditions, the hydrogen molecule is extremely small (about 14 times lighter than air) and has a high diffusion rate and buoyancy.
The Liquid Hydrogen Market is Segmented By Distribution (Cryogenic Tank and High-Pressure Tube Trailers), End-user Industry (Automotive, Aerospace, Marine, and Other End-user Industries). The report also covers the market size and forecasts for the market in 11 countries across the globe. The report offers market size and forecasts for the liquid hydrogen market in volume (tons) for all the above segments.
| Distribution | |
| Cryogenic Tank | |
| High-Pressure Tube Trailers |
| End-user Industry | |
| Automotive | |
| Aerospace (including Outer Space) | |
| Marine | |
| Other End-User Industries |
| Geography | |||||||
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Liquid Hydrogen Market Size Summary
The liquid hydrogen market is poised for significant growth over the forecast period, driven by increasing demand in sectors such as aerospace and automotive. The market's recovery post-COVID-19 disruptions has set a positive trajectory, with the aerospace industry relying heavily on liquid hydrogen for rocket propulsion and cryogenic engines. This demand is further bolstered by the global surge in space programs and technological advancements, which necessitate more efficient fuel solutions. The automotive sector's shift towards hydrogen fuel cells, particularly in commercial vehicles, also contributes to the market's expansion. However, challenges such as high handling and storage costs may impede growth, while opportunities in marine fuel applications and aerospace innovations present potential avenues for market development.
The Asia-Pacific region is expected to dominate the liquid hydrogen market, with countries like China, India, and Japan leading the charge. China's focus on alternative fuels, coupled with its burgeoning aerospace sector, has significantly increased the demand for liquid hydrogen. The rise in hydrogen fuel cell vehicle production and sales further underscores this trend. In India, initiatives like the launch of hydrogen-powered heavy-duty trucks highlight the country's commitment to cleaner energy solutions. Japan's growing number of hydrogen fuel cell vehicles also reflects the region's expanding market. The market is characterized by consolidation, with major players such as Air Liquide, Air Products and Chemicals Inc., and Linde PLC investing in infrastructure and technology to enhance production and logistics capabilities.
Liquid Hydrogen Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand for Liquid Hydrogen for Space Exploration
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1.1.2 Increasing Adoption of Hydrogen Fuel Cell in Commercial Vehicle
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1.2 Restraints
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1.2.1 High Cost Associated with Handling and Storage
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Distribution
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2.1.1 Cryogenic Tank
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2.1.2 High-Pressure Tube Trailers
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2.2 End-user Industry
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2.2.1 Automotive
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2.2.2 Aerospace (including Outer Space)
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2.2.3 Marine
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2.2.4 Other End-User Industries
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 Rest of the World
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2.3.4.1 South America
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2.3.4.2 Middle-East and Africa
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Liquid Hydrogen Market Size FAQs
How big is the Liquid Hydrogen Market?
The Liquid Hydrogen Market size is expected to reach 160.02 kilotons in 2024 and grow at a CAGR of 10.27% to reach 260.88 kilotons by 2029.
What is the current Liquid Hydrogen Market size?
In 2024, the Liquid Hydrogen Market size is expected to reach 160.02 kilotons.
