Hydrogen Liquefaction Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: MC241001 | Research Suite: Report (PDF) & Market Data (Excel)
Hydrogen liquefaction refers to the process of cooling the
gaseous hydrogen to below certain temperature, generally −253°C (−423°F), where
it transforms into liquid state, making it easy to store and transport. It
generally takes upto three steps including compression, cooling and
adsorption.
MARKET
OVERVIEW
The market valuation of the hydrogen liquefaction market was valued at approximately USD 4.1 billion in 2023 and is projected to reach USD 9.3 billion in 2034 exhibiting a CAGR of 7.5% during the forecast period of 2024-2034. Hydrogen liquefaction enables the utilization of liquid hydrogen as fuel. The market is aligned with diverse sectors, which makes it a sustainable and growing market.
GROWTH
DRIVERS
The support from the governments worldwide for the hydrogen economy where hydrogen being a key component in achieving the decarbonization goals is of the significant growth driver of the market. For instance, the U.S. Department of Energy Hydrogen Program, led by the Hydrogen and Fuel Cell Technologies Office (HFTO) conducts research and development in hydrogen production, delivery, infrastructure, storage, fuel cells, and multiple end uses among diverse industries.
The increase in investments or funding coupled with supportive policy frameworks fuels the market growth. The rise in demand of clean energy is one of the primary key drivers of the market where hydrogen serves as a key component in the transition of clean energy sources. The International energy Agency states that the global hydrogen is expected to increase from 90 million metric tons to 530 million metric tones by 2050, creating significant opportunities for the liquefaction.
The increase in the
establishment of hydrogen infrastructure like liquefaction plants, storage
facilities and distribution networks support the market growth. For instance,
the H2 Mobility initiative in regions driving the investment in large scale
refueling stations. The investment in hydrogen infrastructure boosts the market
growth. Hydrogen liquefaction plays a pivotal role as fuel for transportation
in fuel cell electric vehicles including, contributing towards market growth.
The expansion of the hydrogen based transportation supports the market
growth.
MARKET
SEGMENTATION:
·
By Technology Type- cryogenic
liquefaction and helium refrigeration
·
By Capacity Type-
small, medium and large
·
By End Users-
automotive, aerospace and aviation, energy and utilities, chemicals and
petrochemicals and others
·
By Region- North America,
Europe, Asia Pacific, Middle & Africa and South America
Hydrogen
Liquefaction Market Segment By Technology Type Review:
The cryogenic method is a widely used method for the liquefaction of hydrogen, involves cooling process of the hydrogen at extremely low pressure. It requires a large input of energy in order to condense the gas and convert it into the liquid form. In helium refrigeration method, helium is used to cool hydrogen and liquefy it due to its low boiling point. A closed helium circuit is supplied in a heat exchanger at a certain temperature, and it helps to achieve that ultra-low temperature which is required for the liquefaction of the hydrogen.
Hydrogen
Liquefaction Market Segment By Capacity Type Review:
Small capacity hydrogen liquefaction systems are
designed for low scale production of liquid hydrogen, suitable for small
industries or pilot projects. The medium capacity generally produces liquid
hydrogen in a range of 15 to 30 metric tons on a daily basis, designed for
commercial scale operations. The large capacity liquefaction systems generally
produces more than 30 metric tons of liquid hydrogen and are designed for
massive industrial applications and involves large scale hydrogen export.
Hydrogen
Liquefaction Market Segment By End Users Review:
Hydrogen liquefaction for the automotive sector is critical
for fueling the hydrogen powered vehicles, providing higher energy density as
compared to compressed hydrogen gas. It is essential in the aerospace sector as
a clean fuel and reduces the carbon footprint. The energy and utility indsutry
uses hydrogen as a storage medium for clean energy in renewable energy grids,
as it is capable of storing large amounts of energy for longer durations. The
chemical and petrochemical sector uses hydrogen as a feedstock for refining and
ammonia production.
Hydrogen
Liquefaction Market Segment By Regional Review:
North America is a valuable market driven by the government support with several initiatives and funding like US Department of Energy Hydrogen and Fuel Cells Program coupled with the industrial demand for clean energy drives the market growth in this region. Europe is a significant market driven by the initiatives like Europe’s Hydrogen Strategy promoting large scale hydrogen production and the region is itself home to several hydrogen valleys.
Asia Pacific is a rapidly growing market driven by the investments in hydrogen as a clean energy alternative coupled with government policies like Japan’s Basic Hydrogen Strategy. The Middle East and Africa market is anticipated to grow driven by the investments in renewable energy and hydrogen projects. South America is another growing market driven by the focus on renewable energy sector and government initiatives.
Key
Challenges:
The liquefying of hydrogen requires extremely low pressure,
demanding for significant amount energy and this energy intensive process
requires huge investments. The limited infrastructure for large scale hydrogen
liquefaction, making it logistically complex. This infrastructure gap hinders
the market adoption and growth. Moreover, the hydrogen is highly flammable
where handling it raises safety concerns like risk of leakage and
explosion.
Competitive
Landscape:
In the highly competitive Hydrogen Liquefaction market, companies are investing heavily in research and development to innovate and improve their products and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. The recent key news and development includes- In October 2022, Shell plc signed an MoU with Kansai Electric Power Co., Inc. to explore and collaborate on business opportunities in liquid hydrogen supply chain.
On May 2024, SK
E&S Co., a South Korean liquefied natural gas importer, has built the world’s
largest hydrogen liquefaction plant in Incheon, west of Seoul. On February
2024, Samsung C&T develops design for world’s largest liquefied hydrogen
storage tank. in 2021 the world’s first receiving terminal for liquefied
hydrogen was built in Japan. It has a usable capacity of 2,250 cubic meters. On
January 2024, Japanese firms Kawasaki Heavy Industries, Toyo Engineering
Corporation, JGC Corporation and Chiyoda Corporation have signed a joint
venture agreement to enhance the front-end engineering design (FEED) execution
for a liquefied hydrogen supply chain in development by Japan Suiso Energy
(JSE).
Global
Key Players:
·
Air Liquide Advanced Technologies
·
Chart Industries
·
GenH2
·
Hylium Industries, Inc.
·
Iwatani Corporation
·
Jiangsu Guofu Hydrogen Energy Equipment
Co., Ltd.
·
Kawasaki Heavy Industries, Ltd.
·
Linde plc
·
Nikkiso
·
Uestco Energy Systems
· Other Players
Attributes |
Details |
Base Year |
2023 |
Trend Period |
2024 – 2034 |
Forecast Period |
2024 – 2034 |
Pages |
215 |
By Technology Type |
Cryogenic Liquefaction and Helium
Refrigeration |
By Capacity Type |
Small, Medium and Large |
By End Users |
Automotive, Aerospace and Aviation, Energy and
Utilities, Chemicals and Petrochemicals and Others |
By region |
North America, Europe,
Asia Pacific, the Middle East and Africa, and South America |
Company Profiles |
Air Liquide Advanced
Technologies, Chart Industries, GenH2, Hylium Industries, Inc., Iwatani
Corporation, Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd., Kawasaki
Heavy Industries, Ltd., Linde plc, Nikkiso, Uestco Energy Systems, Other
Players |
Edition |
1st edition |
Publication |
October 2024 |