The growing concern for the environment’s safety and rise in government initiatives are driving the market for liquid hydrogen market.
Liquid Hydrogen Market Size – USD 33.72 Billion in 2019, Growth - CAGR of 5.5%, Trends – Surge in hydrogen refueling stations.
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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Top Companies: 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.
Further key findings from the report suggest:
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.
Regional Outlook
The key regions covered in the report are as follows:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
To know more about the report: https://www.reportsanddata.com/report-detail/liquid-hydrogen-market
Market Segmentation:
Production Method Outlook (Revenue, USD Billion; 2017-2027)
- Steam Methane Reforming (SMR)
- Electrolysis of Water
- Coal Gasification
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Cryogenic liquid tankers
- Pipelines
End Use Industry Outlook (Revenue, USD Billion; 2017-2027)
- Aerospace
- Automotive
- Electronics
- Chemical and Petrochemicals
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Table of Contents:
Report Overview
1.1 Research Scope
1.2 Key Liquid Hydrogen market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline
Global Growth Trends
2.1 Global Liquid Hydrogen market size
2.2 Latest regional market trends
2.3 Emerging growth trends
Competitive Outlook
3.1 Global Liquid Hydrogen market key players
3.2 Global Liquid Hydrogen size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Liquid Hydrogen market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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