Liquid Hydrogen Market is Registering a CAGR of 5.66% During the Period 2019-2024

FREMONT, Calif. - March 11, 2020 - PRLog -- The global liquid hydrogen market recorded a consumption of 116.1 kilotons in 2018 and is projected to reach 161.5 kilotons by 2024, registering a CAGR of 5.66% during the period 2019-2024. The growth in the global liquid hydrogen market is attributable to increasing emphasis on reductions of fossil fuel emissions and decarbonization of various sectors such as transportation and power generation.

The growing end-user industries and higher liquefaction efficiency have led to the surging demand for hydrogen fuel cells, which, in turn, have positively affected the existing market for liquid hydrogen. Huge investment by government and federal agencies to promote fuel cell vehicles to cut down carbon dioxide emission is further propelling the growth of liquid hydrogen. However, high cost of transporting liquid hydrogen and storage difficulty are some of the key factors that are restraining the growth of liquid hydrogen.

Liquid hydrogen is in extensive demand in applications which involve high levels of purity. They are widely used in industries such as transportation, electronics, refining, chemicals, metals, glass, and others. Liquid hydrogen is used in large volumes in 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 prevent oxidation and reduce metal oxides in heat treating certain alloys and metals. It is used as a raw material for numerous chemical processes varying from the production of polypropylene and high-density polyethylene to the hydrogenation of food-grade oils.

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Globally, direct heating and combustion of fuels for transportation accounts for approximately one third of greenhouse gas emissions (GHG), around two third of primary energy use, and a substantial fraction of air pollutant emissions. Air quality continues to be a major issue in various parts of the world, even if electric sector totally shifts to non-carbon emitting sources. Widespread adoption of zero-emissions vehicle (ZEVs), which includes hydrogen fuel cell electric vehicles (FCEVs), and plug-in battery electric vehicles (BEVs) is crucial to meet green-house gas emissions targets, lessen the dependence of the economy on foreign oil production, as well as meet the air quality requirements.

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