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North America Liquid Hydrogen Market Size (2024 - 2029)

The North America liquid hydrogen market is projected to experience significant growth over the forecast period, driven by an increasing emphasis on decarbonizing the energy sector and the expansion of the automobile industry and other end-user sectors. Despite challenges such as high transportation costs and storage complexities, the market is expected to benefit from opportunities in marine fuel applications and innovations in the aerospace industry. The United States is anticipated to lead the market due to rising demand for liquid hydrogen in space exploration and the growing use of hydrogen fuel cells in commercial vehicles.

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Market Size of North America Liquid Hydrogen Industry

North America Liquid Hydrogen Market Summary
Study Period 2020-2029
Base Year For Estimation 2023
Market Size (2024) USD 7.55 Billion
Market Size (2029) USD 11.33 Billion
CAGR (2024 - 2029) 8.50 %
Market Concentration Medium

Major Players

North America Liquid Hydrogen Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Liquid Hydrogen Market Analysis

The North America Liquid Hydrogen Market size is estimated at USD 7.55 billion in 2024, and is expected to reach USD 11.33 billion by 2029, growing at a CAGR of 8.5% during the forecast period (2024-2029).

  • Over the medium term, factors such as increasing focus on the decarbonization of the global energy industry along with growth and expansion of the automobile industry and other end-user verticals are expected to drive the North America liquid hydrogen market during the forecast period.
  • On the other hand, high costs associated with the transportation of liquid hydrogen is expected to pose a major challenge to the growth of the liquid hydrogen market. Complexities involved in storing liquid hydrogen on a large scale will further restrict the scope of growth for this market.
  • Nevertheless, rising emphasis on liquid hydrogen as a marine fuel and increasing innovations in the aerospace industry is expected to create lucrative growth opportunities for the liquid hydrogen market in North America soon.
  • United States is expected to dominate the North America liquid hydrogen market during the forecast period. Owing to the growing demand for liquid hydrogen for space exploration and the increasing adoption of hydrogen fuel cells in commercial vehicles.

North America Liquid Hydrogen Industry Segmentation

Liquid hydrogen is the liquid state of the element hydrogen. Hydrogen is most commonly transported and delivered as a liquid when high-volume transport is needed in the absence of pipelines. Liquefying hydrogen must be cooled to cryogenic temperatures through a liquefaction process.

The North America liquid hydrogen market is segmented by distribution, end-user, and geography. By distribution the market is segmented into containers and tanks, by end-user the market is segmented into automotive, chemicals and petrochemicals, aerospace, and other end-users. The report also covers the market size and forecasts for the liquid hydrogen market across major countries in North American region. For each segment, the market sizing and forecasts have been done based on revenue (USD).

Distribution
Containers
Tanks
End-User
Automotive
Chemicals and Petrochemicals
Aerospace
Other End-Users
Geography
United States
Canada
Rest of North America
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North America Liquid Hydrogen Market Size Summary

The North America liquid hydrogen market is poised for substantial growth, driven by the increasing emphasis on decarbonization within the global energy sector and the expanding automotive industry. Liquid hydrogen's superior storage and transportation qualities make it an attractive clean fuel alternative, particularly in automotive applications where it can be used to power vehicles without CO2 emissions. The United States is expected to lead this market, fueled by its growing demand for liquid hydrogen in space exploration and the adoption of hydrogen fuel cells in commercial vehicles. Despite challenges such as high transportation costs and storage complexities, the market is anticipated to benefit from innovations in the aerospace industry and the rising use of liquid hydrogen as a marine fuel.

The oil and gas downstream sector's growth in North America is also expected to positively influence the demand for hydrogen, with significant investments and projects underway, particularly in the United States. Hydrogen plays a crucial role in refining processes and the production of ammonia and methanol, further driving its demand. The United States has been a leader in hydrogen technology research and development, supported by substantial government investments. Major industry players like Air Liquide, Linde, and Air Products are actively expanding their operations, with new facilities and projects aimed at increasing liquid hydrogen production and distribution. These developments, along with successful commercial applications such as Hyzon Motors' liquid hydrogen fuel cell electric vehicle, underscore the market's potential for growth during the forecast period.

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North America Liquid Hydrogen Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Increasing Focus on the Decarbonization of Global Energy

        2. 1.5.1.2 Expansion of Automobile Industry

      2. 1.5.2 Restraints

        1. 1.5.2.1 High Costs Associated with Transportation of Liquid Hydrogen

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Distribution

      1. 2.1.1 Containers

      2. 2.1.2 Tanks

    2. 2.2 End-User

      1. 2.2.1 Automotive

      2. 2.2.2 Chemicals and Petrochemicals

      3. 2.2.3 Aerospace

      4. 2.2.4 Other End-Users

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Rest of North America

North America Liquid Hydrogen Market Size FAQs

The North America Liquid Hydrogen Market size is expected to reach USD 7.55 billion in 2024 and grow at a CAGR of 8.5% to reach USD 11.33 billion by 2029.

In 2024, the North America Liquid Hydrogen Market size is expected to reach USD 7.55 billion.

North America Liquid Hydrogen Market Report Snapshots

North America Liquid Hydrogen Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)