Liquid hydrogen has been widely used in the aerospace industry for many decades as a rocket fuel. Liquid hydrogen is used as a fuel in the rocket engines of launch vehicles, such as the Space Shuttle and the Saturn V, due to its high energy content, low density, and clean combustion products. The use of liquid hydrogen as a rocket fuel offers several advantages, such as high specific impulse, which means that the rocket can travel further with the same amount of fuel, and high thrust-to-weight ratio, which means that the rocket can accelerate quickly.
With the increasing demand for space exploration, both by governments and private companies, the demand for liquid hydrogen as a rocket fuel is expected to grow in the coming years. For instance, NASA's Artemis program, which aims to send humans back to the Moon by 2024 and establish a sustainable presence on the lunar surface, relies on the use of liquid hydrogen as a rocket fuel. In addition, several private space companies, such as SpaceX and Blue Origin, are also developing rockets that use liquid hydrogen as a fuel.

Moreover, liquid hydrogen is also being explored as a potential fuel for hypersonic aircraft, which can travel at speeds of Mach 5 or higher. Hypersonic aircraft have the potential to revolutionize air travel by reducing travel times and increasing efficiency. However, the development of hypersonic aircraft requires the use of advanced propulsion systems, such as liquid hydrogen, which can provide the high thrust-to-weight ratios and high specific impulses required for hypersonic flight.

Liquid hydrogen is a key component in fuel cell technology, which is increasingly being used in transportation, particularly in fuel cell vehicles. Fuel cell vehicles are electric vehicles that generate electricity using a fuel cell, which converts hydrogen into electricity and water, with no harmful emissions.
Liquid hydrogen is used as a fuel in fuel cell vehicles because it has a high energy density, meaning it can store a large amount of energy per unit of weight, and can be quickly refueled like conventional gasoline or diesel vehicles. In addition, the only byproduct of fuel cell vehicles is water, making them a much cleaner and sustainable alternative to conventional vehicles.
Several automakers, including Toyota, Honda, Hyundai, and Mercedes-Benz, have already launched fuel cell vehicles in various markets, and more are expected to follow in the coming years. In addition, governments around the world are offering incentives and subsidies to promote the adoption of fuel cell vehicles and hydrogen infrastructure.

The use of liquid hydrogen in fuel cell vehicles is expected to grow in the coming years as the demand for clean and sustainable transportation solutions increases. However, the widespread adoption of fuel cell vehicles and the development of a hydrogen fueling infrastructure still face several challenges, including high costs, limited availability of fueling stations, and safety concerns associated with the storage and transportation of hydrogen.

Market Overview
Global Liquid Hydrogen Market was valued at USD 15,972 million in 2022 and is estimated to reach a value of 32,645 million by 2033 with a CAGR of 4.1% during the forecast period. In terms of volume, the market recorded a consumption of 124,239 tons in 2022 and is anticipated to reach a volume of 200,513 tons by 2033.

Key Companies

• Engie S.A.
• Air Liquide S.A.
• Air Products Inc.
• Linde plc
• Uniper SE
• Cummins Inc.
• AIR WATER INC.
• SHOWA DENKO K.K.
• Iwatani Corporation
• Universal Industrial Gases, Inc.
• Ballard Power Systems Inc.
• Wuxi Yuantong Gas Co., Ltd.
• First Element Fuel, Inc.
• MesserGroup GmBh
• Others

By Technology Type
Steam Methane Reforming
Electrolysis

By Distribution Type
Pipelines
Cryogenic Tankers

By End User
Automotive
Transportation
Chemicals and Petrochemicals
Aerospace
Mettalurgy
Heavy Industry
Others

By Region
North America
• U.S.
• Canada
• Mexico
Europe
• Germany
• U.K.
• France
• Italy
• Russia
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• Rest of Asia pacific
South America
• Brazil
• Argentina
• Colombia
• Rest of South America
Middle East & Africa
• UAE
• KSA
• South Africa
• Turkey
• Rest Of MEA

Impact of COVID
The COVID-19 pandemic has had a significant impact on various industries, including the energy industry, which includes the production and distribution of liquid hydrogen. Here are some possible ways in which COVID-19 may have affected the liquid hydrogen industry:
Disruptions in supply chains: The pandemic has caused disruptions in supply chains worldwide, making it difficult for companies to get the raw materials they need to produce liquid hydrogen. This could result in delays or shortages in the production and distribution of liquid hydrogen.
Decreased demand: The pandemic has led to a reduction in demand for energy in many sectors, including transportation and manufacturing. This decrease in demand may have led to a reduction in the demand for liquid hydrogen, which is used primarily as a fuel for vehicles and in industrial processes
Reduced investment: The economic impact of the pandemic has caused many companies to reduce their investment in research and development, which could slow down progress in the development of new technologies for the production and distribution of liquid hydrogen.
Health and safety measures: The COVID-19 pandemic has also led to the implementation of health and safety measures in many industries, including the energy industry. These measures may have increased the cost of producing and distributing liquid hydrogen, as companies may have had to invest in additional equipment or personnel to ensure the safety of their workers.
Overall, the impact of COVID-19 on the liquid hydrogen industry is likely to be complex and varied, and may depend on a range of factors, including the specific sector and geographic location of the industry.

Value Chain Analysis
The value chain for liquid hydrogen begins with the production of hydrogen through various methods such as steam methane reforming, electrolysis, and coal gasification. Once produced, the hydrogen is purified and then liquefied by cooling it to a temperature of -253°C.
After liquefaction, the liquid hydrogen is stored in cryogenic storage tanks, which require specialized insulation to maintain the extremely low temperature. The stored liquid hydrogen is then transported to various end-use applications, including transportation, industrial processes, and energy storage.
In the transportation sector, liquid hydrogen is used as a fuel for fuel cell vehicles, which convert hydrogen into electricity to power an electric motor. The fuel cell stack is the core component of a fuel cell vehicle, and it requires specialized materials and components to operate at high efficiency and durability.

In the industrial sector, liquid hydrogen is used as a feedstock for various chemical processes, including the production of ammonia, methanol, and other chemicals. The use of liquid hydrogen in industrial processes requires specialized equipment and expertise to handle the cryogenic temperatures and prevent leaks or spills.
In the energy storage sector, liquid hydrogen is being explored as a means of storing energy from intermittent renewable sources such as solar and wind power. This requires the use of specialized equipment to convert electricity into hydrogen through electrolysis, and then store and transport the liquid hydrogen to be used to generate electricity when needed.

Overall, the value chain for liquid hydrogen is complex and requires specialized equipment, expertise, and infrastructure to produce, store, transport, and use liquid hydrogen. The value chain involves multiple stakeholders, including hydrogen producers, liquefaction and storage companies, transportation and logistics providers, fuel cell and industrial equipment manufacturers, and end-use customers.

Investment in hydrogen infrastructure, research and development, and supportive policies will be key to unlocking the full potential of liquid hydrogen and enabling its widespread adoption across various sectors.
Technology Insights
SMR accounts for over 90% of the hydrogen produced worldwide. This method involves reacting methane with steam at high temperatures and pressures to produce hydrogen gas and carbon dioxide.

While SMR is currently the dominant method for producing hydrogen, there is a growing trend towards the use of renewable and low-carbon hydrogen production technologies, such as electrolysis and biomass gasification, to produce liquid hydrogen. This is due to increasing concerns about the environmental impact of SMR, including greenhouse gas emissions and the depletion of natural gas resources.
One way to address the environmental impact of SMR is to capture and store the carbon dioxide produced during the process, known as carbon capture and storage (CCS). CCS is a technology that captures carbon dioxide emissions from industrial processes and stores them underground. SMR with CCS is considered a transitional technology that can help reduce greenhouse gas emissions in the short to medium term, while renewable and low-carbon hydrogen production technologies are developed and scaled up.
Overall, while SMR is currently the dominant method for producing liquid hydrogen, there is a growing trend towards the use of renewable and low-carbon hydrogen production technologies to produce liquid hydrogen, which can help reduce the environmental impact of hydrogen production and support the transition to a more sustainable energy system.

Electrolysis is a process that can be used to produce hydrogen, including liquid hydrogen, from water using an electrical current. Electrolysis involves splitting water molecules (H2O) into hydrogen gas (H2) and oxygen gas (O2) using an electric current passed through the water.
There are several different types of electrolysis, including alkaline electrolysis, proton exchange membrane (PEM) electrolysis, and solid oxide electrolysis. Each of these methods uses a different type of electrolyte and has different operating conditions, but they all involve the same basic process of using an electric current to split water into hydrogen and oxygen.

One advantage of electrolysis is that it can be powered by renewable energy sources, such as wind and solar, which can help to produce low-carbon or even zero-carbon hydrogen. This makes electrolysis an attractive option for producing liquid hydrogen that is more environmentally sustainable than hydrogen produced by steam methane reforming or other traditional methods.
However, electrolysis is currently more expensive than traditional hydrogen production methods, and the technology is still being developed and scaled up. As a result, the use of electrolysis to produce liquid hydrogen is still relatively limited compared to other methods. Nonetheless, as renewable energy becomes more widely available and the demand for low-carbon or zero-carbon hydrogen grows, electrolysis is expected to play a larger role in the production of liquid hydrogen in the future.

Distribution Type Insights
Currently, there is no extensive pipeline infrastructure for transporting liquid hydrogen. Most hydrogen is transported by truck or ship in specially designed cryogenic containers. However, with the growing demand for hydrogen as a clean energy source, there is a trend towards developing a pipeline infrastructure for transporting liquid hydrogen.
Pipeline transportation has several potential advantages over other modes of transportation for liquid hydrogen, including lower costs, higher efficiency, and increased safety. For example, pipelines can transport larger volumes of hydrogen over longer distances more efficiently than trucks or ships. Additionally, pipelines can reduce the risk of accidents associated with transporting liquid hydrogen by reducing the need for handling and transferring the gas between different modes of transportation.
Several countries, including the United States, Japan, and South Korea, have initiated projects to develop pipelines for transporting hydrogen, including liquid hydrogen. For example, in the United States, a hydrogen pipeline project known as the H2USA initiative is currently underway, with the goal of developing a network of pipelines to transport hydrogen from production centers to fueling stations.
While the development of a pipeline infrastructure for liquid hydrogen is still in the early stages, there is a growing interest and investment in this area. The trend towards pipeline transportation of liquid hydrogen is expected to continue as the demand for hydrogen as a clean energy source grows and the need for efficient and safe transportation increases.

The transportation of liquid hydrogen is typically done using cryogenic tankers, which are specially designed vessels that can transport the gas at extremely low temperatures and high pressures. Cryogenic tankers are expensive and require specialized handling and safety equipment, making them a significant investment for companies involved in the production and transportation of liquid hydrogen.
Investment in cryogenic tankers is also increasing as companies seek to expand their capacity for transporting liquid hydrogen. For example, in 2020, the Japanese shipping company Kawasaki Kisen Kaisha Ltd (K Line) announced that it would be investing in a fleet of cryogenic tankers for the transportation of liquid hydrogen as part of a joint venture with other companies. In the same year, Air Liquide, a leading producer and distributor of industrial gases, announced that it would be investing in the construction of a new liquid hydrogen production plant and a fleet of cryogenic tankers for the transportation of the gas.
Overall, the trends and statistics indicate that there is a growing demand for cryogenic tankers for the transportation of liquid hydrogen, driven by the increasing adoption of hydrogen as a clean energy source. As a result, investment in cryogenic tankers is expected to continue to grow in the coming years as companies seek to expand their capacity for transporting liquid hydrogen.

End Use Insights
Liquid hydrogen is used in the semiconductor industry as a cryogenic coolant for cooling down electronic devices during the manufacturing process. The use of liquid hydrogen as a coolant helps to improve the performance and reliability of these devices by reducing thermal noise and minimizing the effects of thermal expansion.
The semiconductor industry is a key consumer of liquid hydrogen, with major semiconductor manufacturers such as Intel, Samsung, and TSMC using significant amounts of the gas in their manufacturing processes. The demand for liquid hydrogen in the semiconductor industry is expected to continue to grow as the demand for high-performance electronic devices increases.
In terms of investment, there is a growing interest in the development of more efficient and cost-effective methods for producing and transporting liquid hydrogen to meet the growing demand from the semiconductor industry. This includes the development of new technologies for the production and liquefaction of hydrogen, as well as the development of more efficient and cost-effective cryogenic tanker and pipeline infrastructure for the transportation of liquid hydrogen.
Several companies are investing in the development of new technologies for producing and liquefying hydrogen. For example, Air Products, a leading industrial gases company, has developed a proprietary process for the production of high-purity hydrogen that can be used in semiconductor manufacturing. In addition, several companies, including Linde and Air Liquide, are investing in the development of new cryogenic tanker and pipeline infrastructure for the transportation of liquid hydrogen.
Overall, the demand for liquid hydrogen in the semiconductor industry is expected to continue to grow, driving investment in the production and transportation of the gas to meet this demand.

Liquid hydrogen (LH2) has been used in aerospace for several decades, primarily as a rocket fuel for launch vehicles and upper stages. LH2 offers a high specific impulse, which means that it provides a lot of thrust per unit of fuel, making it an attractive option for space missions. Additionally, LH2 is a clean-burning fuel, producing only water vapor and no harmful emissions, which is important for environmental reasons.

The demand for LH2 in aerospace is expected to continue to grow in the coming years as the industry seeks to reduce emissions and improve the efficiency of space travel. There are several ongoing projects and initiatives that involve the use of LH2 in aerospace, including:
• NASA's Space Launch System (SLS) rocket, which uses LH2 as the fuel for its core stage engines.
• SpaceX's Starship spacecraft, which is designed to use LH2 as a fuel for its engines.
• Blue Origin's New Glenn rocket, which will use LH2 for its first stage engines.
In terms of investment, there are opportunities for companies that produce and supply LH2 to the aerospace industry. There is also potential for investment in the development of new LH2 storage and delivery technologies that could make LH2 more practical for use in commercial aircraft and other applications beyond space travel. Additionally, there is ongoing research into the use of LH2 as a fuel for ground transportation, which could open up new markets and investment opportunities for LH2 in the future.

Regional Insights
The aerospace industry, in particular, is a significant driver of LH2 demand in North America, with NASA and private companies such as SpaceX and Blue Origin using LH2 as a rocket fuel for launch vehicles and spacecraft.
In addition to the aerospace industry, there is growing interest in using LH2 as a clean energy source in other industries, including heavy industry, transportation, and power generation. For example, several companies in North America are developing LH2-powered vehicles, such as trucks and buses.
In terms of investment, there are several companies in North America that produce and supply LH2 to the aerospace industry and other markets. Additionally, there are opportunities for investment in the development of new LH2 storage and delivery technologies, as well as in the production of LH2 using renewable energy sources.
One major initiative in North America related to LH2 is the Hydrogen Forward program, launched by the Canadian government in 2020. The program includes funding for research and development of hydrogen technologies, including LH2, as well as support for demonstration projects in various industries.
Overall, North America is a region with significant LH2 demand and investment potential, particularly in the aerospace industry and as a clean energy source for other applications.
The Asia-Pacific (APAC) region is also a significant market for liquid hydrogen (LH2) demand and investment.
In terms of demand, the aerospace industry is a significant driver in APAC, with countries such as Japan and China having active space programs that use LH2 as a rocket fuel. In addition to the aerospace industry, there is increasing interest in using LH2 as a clean energy source in other industries, such as transportation, heavy industry, and power generation.
One of the major initiatives related to LH2 in APAC is Japan's Hydrogen Society Vision, which was launched in 2017 to promote the use of hydrogen as a clean energy source. The initiative includes support for the development and deployment of LH2 technologies, as well as the creation of hydrogen supply chains.
In terms of investment, there are several companies in APAC that produce and supply LH2, as well as companies developing new LH2 storage and delivery technologies. Additionally, there are numerous research and development projects related to LH2 taking place across the region, with funding support from national governments.
Overall, APAC is a region with significant LH2 demand and investment potential, particularly in the context of the growing focus on clean energy and the development of hydrogen economies.
Competitive Analysis
Some of the major companies operating within the market are Engie S.A., Air Liquide S.A., Air Products Inc., Linde plc, Uniper SE, Cummins Inc., AIR WATER INC., SHOWA DENKO K.K., Iwatani Corporation, Universal Industrial Gases, Inc., Ballard Power Systems Inc., Wuxi Yuantong Gas Co., Ltd., First Element Fuel, Inc., MesserGroup GmBh.

Recent News
• In January 2022, Air Liquide announced a joint venture with Chinese energy company Ronghe Group to build and operate a liquid hydrogen production plant in China. The plant will have a capacity of 30 metric tons per day and will supply hydrogen for industrial and transportation applications in the region.
• In October 2021, Air Liquide announced that it had delivered the first batch of liquid hydrogen to Hyundai Motor Company for use in fuel cell electric vehicles. The delivery was part of a three-year contract between Air Liquide and Hyundai to supply liquid hydrogen to the automaker's fuel cell vehicle manufacturing plant in Ulsan, South Korea.
• In August 2021, Air Liquide announced that it had completed the acquisition of 40% of the capital of H2V Normandy, a French company that specializes in the production of green hydrogen using renewable energy sources. The acquisition will enable Air Liquide to expand its presence in the green hydrogen market and support the development of new hydrogen-based applications.
• In February 2021, Air Products announced that it had signed a memorandum of understanding with Cummins Inc. to work together on hydrogen fuel cell technology for the transportation industry. The companies plan to collaborate on product development and supply chain initiatives to accelerate the adoption of hydrogen fuel cell solutions for various applications, including long-haul trucks, buses, and trains.
• In November 2020, Air Products announced that it had been selected by NASA to supply liquid hydrogen for the agency's Space Launch System (SLS) rocket. Under the agreement, Air Products will provide liquid hydrogen for the SLS rocket's core stage, which is expected to make its first flight in 2021.
 
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
 Business Model
 Production Capacity, Revenue, Sales, Gross Margin
 Key Business Strategy
 SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
 Company Share Analysis from 2018-2022
 Company Analysis by Revenue and Sales
 Company Production Capacity, Gross Margin
 Company Share Analysis by Application/End Use
 Company Share Analysis by Product/Specification