Global Liquid Hydrogen Market 2024

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Market Overview

The liquid hydrogen market is poised for substantial growth as a promising energy carrier of the future, driven by stringent government regulations aimed at reducing greenhouse gas emissions and promoting sustainable fuels across various industries such as aerospace, automotive, and electronics. Its clean-burning characteristics and performance metrics make it well-suited for diverse end-use applications. It is projected that the global liquid hydrogen market will experience a compound annual growth rate (CAGR) of 13.4% in volume terms during the forecast period, leading to an estimated value of 309.0 thousand tons by the year 2029.

The global liquid hydrogen market is segmented by distribution methods, with cryogenic tanks and high-pressure tube trailers being the primary categories. The cryogenic tank segment is expected to reach 202.8 thousand tons by 2029, favored for its larger storage capacity and lower boil-off losses, making it particularly suitable for long-distance transport. Conversely, the high-pressure tube trailers segment is expected to demonstrate the highest CAGR during the forecast period from 2024 to 2029.

Furthermore, the liquid hydrogen market can be segmented into various sectors, including automotive and transportation, aerospace, electronics and semiconductor, and other industries. The aerospace industry has emerged as a significant consumer of liquid hydrogen, with a volume of 49.7 thousand tons in 2023, and is forecasted to expand rapidly, reaching 149.1 thousand tons by 2029 at a CAGR of 19.6% during the period from 2024 to 2029.

Geographically, Asia-Pacific has established itself as the dominant player in the liquid hydrogen market, closely followed by North America and Europe. In 2023, North America held the second-largest market share of 32.7% in the global liquid hydrogen market by volume. The region offers substantial growth opportunities for liquid hydrogen-related technologies, driven by increasing consumer awareness of environmental sustainability and the green economy. The adoption of liquid hydrogen as a vehicle fuel is gaining traction in North America, with the potential to reduce oil consumption and carbon emissions, aligning with efforts to combat climate change.

The global liquid hydrogen market is characterized by a high level of consolidation, with the top four players holding a dominant share of over 90% in 2022. Key players in the global liquid hydrogen market include Air Liquide S.A., Air Products and Chemicals, Inc., Linde plc, Iwatani Corporation, Nippon Sanso Holdings Corporation, Messer Group GmbH, Plug Power, Inc., Kawasaki Heavy Industries, Ltd., Universal Industrial Gases, Inc., Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd., Andhra Sugars Ltd., among others.

This study aims to analyze the global market for various segments of liquid hydrogen, including:

Distribution: Cryogenic Tank and High-pressure Tube Trailers.
End-User: Automotive and Transportation, Aerospace, Electronics and Semiconductor, and Others.
Region: North America, Europe, Asia-Pacific, and Rest of World (RoW).


Table of Contents

TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 4
Part 1. Key Findings 6
Part 2. Scope and Methodology 7
Report Scope 8
Distribution 8
End-User 8
Region 8
Research Methodology 9
Part 3. Liquid Hydrogen Market Overview 11
Summary 11
Introduction 12
Part 4. Market Dynamics 13
Growth Drivers and Future Trends 13
Restraints 15
Opportunities 16
Challenges 18
Part 5. Global Liquid Hydrogen Market by Distribution 19
Cryogenic Tank 20
High-pressure Tube Trailers 21
Part 6. Global Liquid Hydrogen Market by End-User 23
Automotive and Transportation 24
Aerospace 25
Electronics and Semiconductor 27
Others 28
Part 7. Global Liquid Hydrogen Market by Region 32
North America 35
USA 36
Canada 37
Mexico 38
Europe 40
Germany 42
France 43
Italy 44
UK 45
Asia-Pacific 46
China 48
Japan 49
India 50
Rest of World 52
Latin America 53
Middle East and Africa (MEA) 53
Part 8. Competitive Analysis 55
Competition Overview 55
Recent Developments 57
Linde plc 59
Business Overview 59
Contact Information 62
Air Products and Chemicals, Inc. 63
Business Overview 63
Contact Information 66
Air Liquide S.A. 67
Business Overview 67
Contact Information 70
Iwatani Corporation 71
Business Overview 71
Contact Information 73
Other Leading Competitors 74
Disclaimer 75
FIGURES AND TABLES
Global Liquid Hydrogen Market, Net Growth, 2020-2029 (Thousand Ton)
Global Liquid Hydrogen Market by Distribution, 2020-2029 (Thousand Ton)
Global Liquid Hydrogen Market by Distribution, CAGR Historic and Forecast, 2020-2029
Global Liquid Hydrogen Market by End-User, 2020-2029 (Thousand Ton)
Global Liquid Hydrogen Market by End-User, CAGR Historic and Forecast, 2020-2029
Global Liquid Hydrogen Market Share by Region, 2023
Global Liquid Hydrogen Market by Region, 2020-2029 (Thousand Ton)
Global Liquid Hydrogen Market by Region, CAGR Historic and Forecast, 2020-2029
North America Liquid Hydrogen Market, Net Growth, 2020-2029 (Thousand Ton)
North America Liquid Hydrogen Market Share by Country, 2023
Europe Liquid Hydrogen Market, Net Growth, 2020-2029 (Thousand Ton)
Europe Liquid Hydrogen Market Share by Country, 2023
Asia-Pacific Liquid Hydrogen Market, Net Growth, 2020-2029 (Thousand Ton)
Asia-Pacific Liquid Hydrogen Market Share by Country, 2023
Rest of World Liquid Hydrogen Market, Net Growth, 2020-2029 (Thousand Ton)
Rest of World Liquid Hydrogen Market Share by Region, 2023
Global Liquid Hydrogen Market Share (%) by Competitors, 2022
Linde plc Financial Overview (USD Million)
Linde plc Revenue, by Segment, 2022
Linde plc Revenue, by End Market, 2022
Linde plc Revenue, by Region, 2022
Air Products and Chemicals, Inc. Financial Overview (USD Million)
Air Products and Chemicals, Inc. Revenue, by Segment, 2023
Air Products and Chemicals, Inc. Revenue, by Region, 2022
Air Products and Chemicals, Inc. Revenue, by Country, 2022
Air Liquide S.A. Financial Overview (EUR Million)
Air Liquide S.A. Revenue, by Segment, 2022
Air Liquide S.A. Gas & Services Revenue, by Segment, 2022
Air Liquide S.A. Gas & Services Revenue, by Region, 2022
Iwatani Corporation Financial Overview (JPY Million)
Iwatani Corporation Revenue, by Segment, 2023

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