Market Size of Liquid Hydrogen Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 160.02 kilotons |
| Market Volume (2029) | 260.88 kilotons |
| CAGR (2024 - 2029) | 10.27 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Liquid Hydrogen Market Analysis
The Liquid Hydrogen Market size is estimated at 160.02 kilotons in 2024, and is expected to reach 260.88 kilotons by 2029, growing at a CAGR of 10.27% during the forecast period (2024-2029).
COVID-19 negatively impacted the market as all the industries halted their manufacturing processes. Lockdowns, social distances, and trade sanctions triggered massive disruptions to global supply chain networks. However, the condition is recovered in 2021, which is expected to benefit the market during the forecast period.
- In the medium term, the major factors driving the market studied are the growing demand for liquid hydrogen for space exploration and the increasing adoption of hydrogen fuel cells in commercial vehicles.
- On the flip side, the high cost associated with handling and storage is likely to restrain the market growth.
- Growing emphasis on utilizing hydrogen as a marine fuel and increasing innovations in the aerospace industry are likely to act as opportunities for the market in the coming years.
- Asia-Pacific accounted for the highest market share, and the region is likely to dominate the market during the forecast period.
