Global Liquid Hydrogen Market Outlook to 2028

Global Liquid Hydrogen Market Outlook to 2028

Updated on 26th May 2023 | Market Research Reports | Q2 2023 | Report ID: BR04701

About the Report


  • The rise in liquefied hydrogen-powered fuel cells vehicles due to its benefits - North America, Asia, and Europe.
  • The increasing number of space exploration programs – NASA, Blue Origin, and Boeing.
  • Extensive focus from the governments towards decarbonization of multiple sectors.
  • The growing trend towards liquid hydrogen, due to its better transportability and storage ability.
  • Growth in countries modifying their energy law to facilitate hydrogen as an energy carrier – China, France, Korea, Chile, and Colombia. 


Liquid Hydrogen:

Production: Hydrogen is produced by the steam reforming of natural gas, water electrolysis, coal gasification, and ammonia dissociation. Hydrogen is also produced as a by-product of the distillation of petroleum and the production of chlorine.


The majority of the hydrogen is generated through steam reforming of natural gas. Syngas is a combination of hydrogen and carbon monoxide produced by the steam reforming process. The produced steam is split into its components regardless of the production technique, and the hydrogen is dried and purified.


The crucial component of infrastructure required for mass hydrogen transportation is a liquefaction system. Hydrogen gas is lightweight but extremely bulky, making transporting it in its gaseous state difficult.


Liquefaction of Hydrogen: The gaseous hydrogen is compressed and cooled to sufficiently low cryogenic temperatures −423°F (-253°C) using heat exchangers and reciprocating tube expanders to form liquid hydrogen. A hydrogen liquefaction technology also decreases the volume of hydrogen to around 1/800 of its gaseous state, allowing for more efficient mass transportation.


Storage: Liquid hydrogen is usually stored in on-site storage systems, typically consisting of a tank, vaporizer, and controls. The storage methods are chosen based on the rate of usage, pressure, and regulations. Tank sizes typically range from 1,500 to 25,000 gallons. Liquid hydrogen usually is vaporized and used as a gas in some applications. 


Transportation: Hydrogen is most commonly transported and delivered as a liquid when high-volume transport is needed in the absence of pipelines. Hydrogen is transported by pipeline and cryogenic liquid tanker trucks from the production site to the place of use.


Liquid semitrailers of 12,000 to 17,000 gallons capacity are used to deliver liquid hydrogen. These tankers are used to fill the stationary tanks. Liquid hydrogen transfer is less expensive than gaseous hydrogen transport.


Applications: Even as an alternative fuel, liquid hydrogen offers greater advantages due to its storage and transportation qualities.


In the space program, liquid hydrogen is utilized in enormous quantities as primary rocket fuel and as a propellant for spacecraft. Hydrogen is stored and transported in the form of liquid, despite being more usually used in the gaseous state.


Liquid hydrogen storage for fuel cell vehicles is critical for expediting the transition to carbon neutrality. Heavy-duty vehicles running on liquid hydrogen have twice the range of gaseous hydrogen trucks and shorter refueling times.






  • Fire and explosion hazards are associated with handling liquid hydrogen.
  • Expensive as it requires a high level of technical expertise to handle liquid hydrogen at cryogenic temperatures.
  • The slow growth of hydrogen fuelling stations.
  • Tax regulations.


Recent Trends & Development:

  • On March 8, 2021, Linde Plc announced to supply liquid hydrogen and related infrastructure to the world's first operational hydrogen-powered ferry by a Norwegian ferry operator Norled, which will reduce its annual carbon emissions by up to 95%. 
  • On February 4, 2021, Linde Plc announced its partnership with Hyosung Corporation (Hyosung), one of South Korea's largest industrial conglomerates, to build, own and operate an extensive new liquid hydrogen infrastructure in South Korea.
  • In 2020, Plug power acquired the United Hydrogen group, one of the largest privately-held merchants in North America, providing liquid hydrogen production, distribution, and logistics capabilities.
  • On October 12, 2021, Air Liquide and Faurecia signed a joint development agreement to design and produce onboard liquid hydrogen storage systems for zero-emission heavy-duty mobility.
  • On September 15, 2021, Six Japanese and Australian companies signed a memorandum of understanding (MOU) to implement the Central Queensland Hydrogen Project feasibility study. This project will employ renewable energy to produce hydrogen on a large scale, then liquefy it in Gladstone, Queensland, Australia, before shipping it to Japan.
  • On September 21, 2020, Airbus revealed three concepts for the world's first zero-emission (ZEROe) commercial aircraft powered by a modified gas-turbine engine running on hydrogen through combustion. 



  • Growing demand for heavy-duty vehicles in the mobility markets.
  • Growth potential as clean aviation fuel to decarbonize the aviation industry. 


Some international hydrogen trade projects:

Trade Projects




Blackridge Research's Global Liquid Hydrogen Market report provides insights into the current global and regional Global market demand scenario and its outlook.


This study offers a detailed analysis of various factors instrumental in affecting the Global Liquid Hydrogen market's growth. The study also comprehensively analyses the market based on the application sector (Aerospace, Automotive, Aviation, Maritime Vehicles, and others) and geography (North America, Europe, Asia-Pacific, and the Rest of the world).


This report also includes the latest market trends, drivers and restraints, present and future opportunities, new projects, the global impact of Covid-19 on the Global Liquid Hydrogen market, and significant developments.                                     


Further, the report will also provide Global Liquid Hydrogen market size, demand forecast, and key competitors in the market.


  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Analysis of Covid-19 Impact
  • 3.5 Market Opportunities
  • 3.6 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Application Sector
    • 5.1.1 Aerospace
    • 5.1.2 Automotive
    • 5.1.3 Aviation
    • 5.1.4 Maritime Vehicles
    • 5.1.5 Others

6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Europe
  • 6.3 Asia-Pacific
  • 6.4 Rest of the World

7. Key Company Profiles

  • 7.1 Air Liquide S.A.
  • 7.2 Linde Plc
  • 7.3 Air Products and Chemicals, Inc.
  • 7.4 Plug Power Inc.
  • 7.5 Iwatani Corporation

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures


Additional Notes


  This report helps to:-

  • Gain a deeper understanding of the impact of Covid-19 on the Global Liquid Hydrogen Market.
  • Equip yourself with rigorous analysis and forward-looking insights into the Global Liquid Hydrogen Market across multiple regions.
  • Gain an understanding of uncertainty and discover how the regions' most influential growth drivers and restraints will impact market development.
  • Assess market data and forecasts to understand how the demands across various segments evolve over the next few years.
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position.

  Who need this report?

  • End-User Industries
  • Suppliers
  • Utilities and grid operators
  • Investor Community
  • Financial Companies
  • Government Bodies and Industry Organizations
  • Others

  What's included

Report - Global Liquid Hydrogen Market Outlook to 2028.pdf
Market Data - Global Liquid Hydrogen Market Outlook to 2028.xls

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