Key Trends Influencing the Growth of Liquid Hydrogen Market

Owing to the urgent need for reducing energy-related CO2 emission, the demand for alternative fuels and gases, which help in reducing these emissions, is on the rise. Liquid hydrogen is one such source of energy. With the use of hydrogen, economies can significantly contribute to the decarbonization in the atmosphere. The process of decarbonization of energy is one of the major drivers of the market.

At present, liquid hydrogen is in demand for its wide ranging applications, including high level of purity. It is commonly being used across end-use industries, including transportation, electronics, refining, chemicals, metals, glass, and others. Liquid hydrogen is also used in large volumes in the space industry as rocket fuel for combustion and as a propellent for space vehicles and nuclear-powered rockets.

In addition, liquid hydrogen is used to avert oxidation and decrease the use of metal oxides during heat treatment of certain alloys and metals. It is used as a raw material for several chemical processes varying from the production of polypropylene and high-density polyethylene to the hydrogenation of food-grade oils.

It has been noted that hydrogen has the ability to achieve emission maintaining targets with the help of decarbonization across sectors. It also plays a pivotal role by being an interim in the process of boosting energy system resilience, dispensing clean feedstock for industry, allowing large-scale renewable energy incorporation and power generation, as well as decarbonizing of transportation and industrial use of energy.

Some of the other factors driving the growth of the market include growing emphasis on reduction of fossil fuel emissions, constant fluctuations in the price of gasoline, and higher efficiency of liquefaction. However, there are certain factors that are restraining the growth of the market, including high cost of transporting liquid hydrogen, difficulty in storing liquid hydrogen on a large scale, and safety concerns in using liquid hydrogen.

Based on the market intelligence published by BIS Research, “Global Liquid Hydrogen Market - Analysis and Forecast, 2019-2024”, the liquid hydrogen market generated a volume of 116.1 kilotons in 2018 and is projected to grow at a CAGR of 5.66% during the forecast period from 2019 to 2024, on the basis of volume. The market is anticipated to reach 161.5 kilotons by 2024.

Some of the major players operating in the global liquid hydrogen market, as highlighted in the BIS Research report include Linde Plc, Air Products And Chemicals, Inc., Air Liquide, Iwatani Corporation, The Andhra Sugars Limited, TAIYO NIPPON SANSO CORPORATION, Kawasaki Heavy Industries, Ltd., United Hydrogen, And Elme Messer Gaas AS.

Request for a sample of the report: https://bisresearch.com/requestsample?id=760&type=download

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