Please Wait.....
Report
Liquid Hydrogen Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 120 Pages I Mordor Intelligence
The global liquid hydrogen market is projected to register a CAGR of over 5% during the forecast period.
The novel coronavirus outbreak has impacted most chemical industries worldwide, including the liquid hydrogen industry. During the pandemic, many industries were affected due to supply chain disruption. However, now the market is stable and growing steadily with the rising application of liquid hydrogen in the chemical industry.
Key Highlights
One of the major factors driving the liquid hydrogen market is the increasing demand from the automotive sector. Another major driving factor of the market study is the rising emphasis on reducing fossil fuel emissions.
But liquid hydrogen is very flammable and easy to let go of, which slows the growth of the market.
Increasing focus on the decarbonization of the global energy industry will offer new growth opportunities to the industry.
The Asia-Pacific region accounts for the highest market share due to increasing demand in countries like China, Japan, and South Korea.
Liquid Hydrogen Market Trends
Automotive Application to Dominate the Market
The global liquid hydrogen market is forecasted to grow substantially due to the rising demand for clean fuel in the automotive industry. Liquid hydrogen offers greater advantages because of its storage and transportation qualities.
In an automotive application, liquid hydrogen can be used as a secondary energy source without emitting any CO2 using new technologies like proton exchange membrane fuel cells to produce electricity for an electric drive and a direct fuel for ICEs (internal combustion engines).
Furthermore, pollution all around the globe is increasing over time from vehicles and transportation. Pollution from fossil fuel-powered vehicles is emitted directly into the environment, which causes health risks.
According to a study, vehicles driven by diesel and gasoline account for around 30% of the carbon emissions globally, and 72% of the emissions come from road vehicles like cars, trucks, lorries, and other road vehicles.
Pollution is a major concern for governments in both developed and developing countries.To minimize this problem, many players in the market have invested in research and development activities and launched electronic and hydrogen-powered vehicles. Hydrogen-powered vehicles are as safe as conventional vehicles.
According to a study, the number of electric cars on the world's roads by the end of 2021 will be 16.5 million, almost triple the amount in 2018. In China, electric car sales nearly tripled in 2021 to 3.3 million.
Thus, players in the market were also expanding their production capacity and extending their penetration all around the globe. For instance, in 2021, Air Liquide and Faurecia signed a joint development agreement to design and produce onboard liquid hydrogen storage systems for the automotive industry. Also in the same year, Linde PLC started up its fifth liquid hydrogen plant in the U.S. The new plant in La Porte, Texas, will supply over 30 tons per day of high-purity liquid hydrogen to meet growing demand from Linde's customers.
Because of all of these factors, the automotive industry is likely to be the leader in the studied market.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is dominating the liquid hydrogen market and is expected to continue this trend shortly. As their economies change quickly, countries like Japan, China, South Korea, and India are the biggest contributors to the Asia-Pacific region.
Liquid hydrogen is a power source; hydrogen fuels rockets and powers life-support systems and computers in aerospace environments. Liquid hydrogen is also used for metal sintering and annealing.
China is the world's second-largest national air travel market and a major aircraft manufacturer. Moreover, the aircraft parts and assembly manufacturing sector in China has been growing at a fast rate.
By 2040, the Chinese airline companies are planning to have 8,700 new airplanes, which would be worth USD 1.47 trillion. This is further expected to boost the market demand for liquid hydrogen.
According to the India Brand Equity Foundation, by 2024, India will be the third-largest aviation market in terms of passengers.Also, the country has become the third-largest domestic aviation market in the world.
Increasing the amount of liquid hydrogen that refineries make is also a key part of the growth of the market.Some of the major refineries in the region where the demand for liquid hydrogen is higher are China Petroleum & Chemical Corporation, Reliance Industries Limited, and Nayara Energy Limited.
In the refineries, liquid hydrogen is used in the hydrocracking and hydrotreating processes. Also, in refineries, demand for liquid hydrogen is increasing to lower the sulfur content of diesel fuel.
So, based on the above trends, Asia-Pacific is likely to lead the market being studied over the next few years.
Liquid Hydrogen Market Competitor Analysis
The liquid hydrogen market is highly consolidated in nature. Some of the major players in the market include Air Liquide S.A., Linde plc, Ballard Power Systems Inc., Universal Industrial Gases, Inc., and Air Products Inc., among other domestic and global players (not in any particular order).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Emphasis on the Reduction of Fossil Fuel Emissions
4.1.2 Growing Demand for Electronic Vehicles to Reduce Emission Levels
4.2 Restraints
4.2.1 High Flammability Range
4.2.2 Complexities Involved in Storing Liquid Hydrogen on Large Scale
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Volume)
5.1 Distribution
5.1.1 Containers
5.1.2 Tanks
5.2 End-user Industry
5.2.1 Automotive
5.2.2 Chemicals and Petrochemicals
5.2.3 Aerospace
5.2.4 Metallurgy
5.2.5 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Air Liquide
6.4.2 Air Products Inc.
6.4.3 AIR WATER INC
6.4.4 Ballard Power Systems.
6.4.5 Iwatani Corporation
6.4.6 Linde plc
6.4.7 Universal Industrial Gases, Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Focus on the Decarbonisation of Global Energy Industry
7.2 Upsurge in the Awareness About Higher Efficiency of Liquefaction
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security