The global Liquid Hydrogen market is forecast to reach USD 50.18 Billion by 2027, according to a new report by Reports and Data. Liquid hydrogen uses limited fossil fuel resources, and the alarming need to secure national energy supplies is enabling the market product to emerge as a major component for a sustainable economy.
The liquid hydrogen market has gained popularity due to its benefits in improving environmental quality and providing energy security. The application of the product among several end-use industries is fostering its demand. It also acts as a long-term alternative in electronics and transportation. Manufacturers are encouraged to develop products with more advanced technologies. The growing emphasis on decarbonizing in several industries is also propelling its demand.
The rise in consumer awareness and an increase in the sales of fuel cell electric vehicles have further augmented the demand for the product. Another factor driving the market is the growing demand in the marine and aviation sectors to displace liquid helium. The cost of transporting the product is quite high, which affects the demand of the market. The difficulty in storing the market product also acts as a restraining factor.
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Key participants include Air Liquide, Ballard Power Systems Inc., FuelCell Energy, Inc., Air Products and Chemicals, Inc., Elme Messer Gaas AS, FirstElement Fuel, Inc., Linde PLC, Hydrogenics, Iwatani Corporation, and United Hydrogen, among others.
The global materials & chemicals industry has gained significant traction in the recent past, mainly owing to surging demand for raw materials and chemicals in a wide range of industries including buildings & construction, food & beverages, healthcare, electrical & electronics, petrochemical, water & wastewater treatment, packaging, and textile industries. Industry revenue growth is further driven by escalating demand for cost-effective and energy-efficient products, growing use of environmentally sustainable products, increasing initiatives to reduce carbon emissions, and stringent regulations enforced by leading environmental protection agencies. Hence, growing demand for lightweight, high-performance, and durable materials and chemicals, increasing applications of specialty chemicals, and rising consumer awareness about sustainable packaging are other major factors accountable for this industry’s growth.
Major Points Covered in the Global Liquid Hydrogen Market Report:
- Market Coverage: This section of the report provides significant details on key market aspects including the key market segments, product innovation scope, and macro-economic and micro-economic growth indicators. In addition, the report segments the global Liquid Hydrogen market based on product type, technology landscape, and application range.
- Executive Summary: Under this section, the global market growth rate, competitive landscape, drivers and constraints, trends, limitations, and the key market segments have been discussed.
- Regional Analysis: In this section, the latest report highlights the extensive global presence of the Liquid Hydrogen market. This section offers key insights into the latest trends in the regional markets including North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
- Competitive Landscape: This section of the report highlights the key players in the global Liquid Hydrogen market. It further emphasizes the leading products and services offered by these companies.
- Manufacturers’ portfolios: This section includes detailed information regarding the product portfolio of each local and global manufacturer, their strengths and weaknesses, product catalogue, production value and capacity, and other vital information.
Further key findings from the report suggest
- Most of the hydrogen manufactured in the U.S. comes from the steam methane reforming process. Approximately 70% of this hydrogen is used in the petroleum refining industry, and nearly 20% goes into fertilizer production. Currently, there are 1,600 miles of hydrogen pipeline in the country, and there are large hydrogen production facilities in almost every state.
- A liquid hydrogen trailer is designed to carry liquid hydrogen on roads being pulled by a powered vehicle. Hydrogen is converted into a liquid for long-distance transportation. It is transported in super-insulated, cryogenic tanker trucks. It is more economical than gaseous form, as a liquid tanker truck can hold a much larger mass of hydrogen than a gaseous tube trailer can.
- Liquid hydrogen is used in the unmanned aerial vehicle. The vehicle is used in the hurricane tracking as it can reach heights of up to 98,000 feet above sea level and run for 24 hours without having the need to refuel. The aerospace industry is forecasted to grow with a CAGR of 5.5% during the forecast period.
- The Asia Pacific will lead the market during the forecast period owing to the two countries that are dominating the market, China, and Japan. The increase in the refinery option to meet the escalating demand in South Korea, China, and India are driving its demand. Initiative taken by these two countries are affecting the market positively. Linde’s liquid hydrogen technology was expected to be deployed at the 2020 Olympic Games in Tokyo.
- Linde PLC opened the first-ever liquid nitrogen refueling station in California in October 2019. The new plant has three times more capacity than existing hydrogen fueling stations in California. Twelve other stations are set to follow shortly, securing the supply of hydrogen in this southwestern US state. California wants to have five million vehicles with carbon-neutral drive systems on the road by 2030 – and it needs to be able to supply these with green fuel.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/liquid-hydrogen-market
For the purpose of this report, Reports and Data have segmented into the global Liquid Hydrogen market on the basis of production method, distribution channel, end-use industry, and region:
Production Method Outlook (Revenue, USD Billion; 2017-2027)
- Steam Methane Reforming (SMR)
- Electrolysis of Water
- Coal Gasification
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Cryogenic liquid tankers
End Use Industry Outlook (Revenue, USD Billion; 2017-2027)
- Chemical and Petrochemicals
Reasons for Buying this Report:
- The report focuses on market share, market size, revenue share, industry growth rate, regional bifurcation, and overall industry outlook.
- The study provides pin-point analysis for changing competitive dynamics.
- The report helps readers in understanding the product segments and their future growth.
- Analysts in this research report can quickly expand their business by focusing on various business and market strategies.
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments.
- PEST analysis of the market in the five major regions.
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Explore Reports and Data’s Prime Analysis of the global Materials and Chemicals Industry:
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