Liquid Hydrogen Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Liquid Hydrogen Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
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 HighlightsOne of the major factors driving the liquid hydrogen market is the growing relevance of liquid hydrogen as an alternate fuel.Complexities involved in storing liquid hydrogen on a large scale, slow the growth of the market.Increasing focus on the decarbonization of the global energy industry will offer new growth opportunities to the industry.North America region accounts for the highest market share due to increasing demand in United States.Liquid Hydrogen Market TrendsRising Demand from Aerospace Applications In the Aerospace industry, Liquid hydrogen is used in propulsion systems as rocket fuel. Liquid hydrogen has the lowest molecular weight of any known substance and upon ignition, it burns with extreme intensity with temperatures reaching as high as 5,500°F. In propulsion applications, Liquid hydrogen is used in combination with an oxidizer such as liquid oxygen, to serve as fuel. This combination yields the highest specific impulse, or efficiency in relation to the amount of propellant consumed, of any known rocket propellant. Space programs across the world rely on liquid hydrogen as the rocket fuel for various aerospace operations. The recent growth in space programs has been driving the demand for liquid hydrogen in recent years. In 2022, global government expenditure for space programs in various countries has increased considerably. For instance, in the united states, government spending has grown from USD 54.59 billion in 2021 to USD 61.97 billion in 2022. Rapid growth in technological advancements is creating the demand for more advanced satellites. As a result, in 2022, over 186 attempts of orbital launches of which 180 were successful. This increase in the number of launches can be attributed to the growth in technical capabilities as well the increasing number of players with technical expertise in the aerospace industry. For instance, SpaceX’s Falcon 9 rocket alone has reached orbit over 60 times in 2022 alone. According to the National Aeronautics and Space Administration (NASA), for each launch, the rocket engines of each shuttle flight burn about 500,000 gallons of cold liquid hydrogen with another 239,000 gallons depleted by storage boil-off and transfer operations. The large volume of consumption per each operation coupled with the growing frequency of launches is propelling the demand for liquid hydrogen All such factors are likley to support the demand for the studied market. Growing Applications in Asia-Pacific Region 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, 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. So, based on the above trends, Asia-Pacific is likely to lead the market being studied over the next few years.Liquid Hydrogen Industry Overview The liquid hydrogen market is highly consolidated in nature. Some of the major players in the market include Air Liquide, Air Products Inc, Linde plc, Messer Group GmbH, and Iwatani Corporation, among others (not in any particular order).Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support