Hydrogen Liquefaction System Market to Reach USD 7.71 Billion by 2031 - Unleashing the Potential By InsightAce Exclusive Report
JERSEY CITY, N.J., April 22, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hydrogen Liquefaction System Market - By Product Type (Electrolysis And Steam Methane Reforming) And Application (Transportation, Electronics, Chemicals And Petrochemicals, Refining, And Others), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
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According to the latest research by InsightAce Analytic, the Global Hydrogen Liquefaction System Market is valued at US$ 4.19 Bn in 2023, and it is expected to reach US$ 7.71 Bn by 2031, with a CAGR of 7.9% during the forecast period of 2024-2031.
The integrated system for hydrogen liquefaction consists of three primary process stages: cryogenic, pre-cooling, and liquefying. The growth of the global hydrogen liquefaction system market can be attributed to the increase in hydrogen fuel cell vehicles, and strong global emphasis on reducing carbon emissions from the energy sector.
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Governments and organizations are incentivizing the transition to cleaner energy sources, making hydrogen an attractive option due to its potential for zero-emission energy storage and transportation. Additionally, integrating hydrogen energy storage with renewable energy sources such as wind and solar power addresses the intermittency challenge, making it a reliable and sustainable solution for grid stabilization.
Recent Developments:
-- In April 2023, Linde plc signed an MOU with Snam to develop clean
hydrogen projects and related infrastructure in Europe. Linde and Snam
will work in the areas of production, distribution, compression, and
storage.
-- In November 2021, Iwatani Corporation of America, a wholly owned
subsidiary of Iwatani Corporation, and ITM Power, the energy storage and
clean fuel company, partnered to deploy multi-megawatt
electrolyzer-based hydrogen energy systems in North America.
-- In October 2021, Plug Power Inc. acquired Applied Cryo Technologies,
Inc. (ACT). The acquisition of ACT adds significant capabilities,
expertise, and technologies to Plug Power Inc. that will help the
company expand the green hydrogen ecosystem.
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List of Prominent Players in the Global Hydrogen Liquefaction System Market:
-- Linde Group
-- Air Liquide
-- Chart Industries
-- Air Products and Chemical, Inc.
-- Kawasaki Heavy Industries
-- Iwatani
-- GenH2
-- Hylium Industries
-- Honeywell International Inc.
-- Siemens Gas and Power GmbH & Co.
-- Excelerate Energy Inc.
Hydrogen Liquefaction System Market Report Scope:
Report Attribute
Specifications
Market Size Value In 2023
USD 4.19 Bn
Revenue Forecast In 2031
USD 7.71 Bn
Growth Rate CAGR
CAGR of 7.9% from 2024 to 2031
Quantitative Units
Representation of revenue in US$ Million and CAGR from 2024 to 2031
Historic Year
2019 to 2023
Forecast Year
2024-2031
Report Coverage The forecast of revenue, the position of the company, the competitive market structure, growth
prospects, and trends
Segments Covered
By Product, And Application
Regional Scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country Scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South
East Asia; South Korea
Market Dynamics:
Drivers:
The market for hydrogen liquefaction systems is expanding quickly on a global scale as more companies and governments try to transition to greener energy sources. Now that hydrogen is a recognized alternative fuel, it needs to be produced, stored, and transported with efficiency. As the globe attempts to reduce greenhouse gas emissions and tackles the complicated issues presented by climate change, renewable energy sources such as solar and wind power have become increasingly important in the world energy scene. But because these sources are essentially erratic--they only produce power when the sun or wind blows--they require greater capacity to offer a steady supply of energy.
This intermittent nature seriously threatens the power grid's stability and dependability. Moreover, it makes it easier to smoothly incorporate more renewable energy into the system since excess energy may be stored for use when the amount of renewable energy produced is lower.
Challenges:
Hydrogen liquefaction processes are currently inefficient, with a thermodynamic energy efficiency of just 30-35% in the hydrogen liquefaction system market. It is a significant drawback because this inefficiency contributes to high costs when it comes to making hydrogen fuel. This makes it more difficult for hydrogen to be used on a larger and more cost-effective scale. However, with many shortcomings come many opportunities for improvement.
For example, using cheap power sources like gas or steam turbines, optimizing thermal management, utilizing ortho-para hydrogen converters, improving inter-cooling and insulation, and automating boil-off control can all help significantly improve its energy efficiency. However, several challenges could hold back growth in the market for hydrogen liquefaction systems, including high initial investment costs for large-scale projects and competition from conventional technologies such as fossil fuels or nuclear energy.
Regional Trends:
The APAC hydrogen liquefaction system market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The major factors contributing to the growth of this region include government initiatives in the region promoting hydrogen fuel cell vehicles, clean energy infrastructure development in countries such as China, Japan, and South Korea and growing demand for hydrogen in various sectors such as transportation, electronics, chemicals, and refining.
With an increasing emphasis on decarbonization and the integration of renewable energy sources, Europe is another important competitor in the market. Market expansion is being driven by government expenditures in hydrogen projects and supportive legislation. The growing number of hydrogen refuelling stations throughout Europe further strengthens the market potential.
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Segmentation of Global Hydrogen Liquefaction System Market-
By Product-
-- Steam Methane Reforming (SMR)
-- Electrolysis
By Application-
-- Transportation
-- Electronics
-- Chemicals and Petrochemicals
-- Refining
-- Others
By Region-
North America-
-- The US
-- Canada
-- Mexico
Europe-
-- Germany
-- The UK
-- France
-- Italy
-- Spain
-- Rest of Europe
Asia-Pacific-
-- China
-- Japan
-- India
-- South Korea
-- South East Asia
-- Rest of Asia Pacific
Latin America-
-- Brazil
-- Argentina
-- Rest of Latin America
Middle East & Africa-
-- GCC Countries
-- South Africa
-- Rest of Middle East and Africa
Any Doubt in Study? Speak with Analyst @
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Why should buy this report:
-- To receive a comprehensive analysis of the prospects for global Hydrogen
Liquefaction System market
-- To receive industry overview and future trends of global Hydrogen
Liquefaction System market
-- To analyze the Hydrogen Liquefaction System market drivers and
challenges
-- To get information on the Hydrogen Liquefaction System market size value
(US$ Mn) forecast till 2031
-- Major Investments, Mergers & Acquisition in global Hydrogen Liquefaction
System industry
Other Related Reports Published by InsightAce Analytic:
White (Natural) Hydrogen Market
Hydrogen Energy Storage Market
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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