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Hydrogen Liquefaction System Market

Hydrogen Liquefaction System Market – By Product Type (Electrolysis And Steam Methane Reforming) And Application (Transportation, Electronics, Chemicals And Petrochemicals, Refining, And Others), By Region, And By Segment Forecasts, 2024-2031

Report ID : 2439 | Published : 2024-04-16 | Pages: 180 | Format: PDF/EXCEL

Hydrogen Liquefaction System Market Size is valued at USD 4.19 Bn in 2023 and is predicted to reach USD 7.71 Bn by 2031 at a 7.9% CAGR during the forecast period for 2024-2031.

Hydrogen Liquefaction System Market info

The global hydrogen liquefaction system market is witnessing significant growth, driven by increasing demand for hydrogen as a clean energy source in various industries such as transportation, power generation, and chemical manufacturing. Technological advancements in liquefaction processes and government initiatives promoting hydrogen fuel adoption to reduce carbon emissions are further fueling market expansion. Additionally, key players focus on developing efficient and cost-effective liquefaction systems to meet rising demand; collaborations and partnerships between industry stakeholders are expected to drive innovation and market growth. Furthermore, the global hydrogen liquefaction system market is poised for significant growth in the future driven by the transition towards clean energy and increasing hydrogen adoption across various sectors.

However, high initial investments and infrastructure challenges may hinder market progression.

Competitive Landscape

  • 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.

Market Segmentation:

The Global Hydrogen Liquefaction System Market is segmented based on Product into Steam Methane Reforming (SMR), Electrolysis, By Application- Transportation, Electronics, Chemicals and Petrochemicals, Refining, and Others.

Based on the product, the Steam Methane Reforming (SMR) segment accounted for the major share of the Global Hydrogen Liquefaction System Market.

 The Steam Methane Reforming (SMR) segment is expected to dominate the Global Hydrogen Liquefaction System market due to its established technology, cost-effectiveness, and scalability. Widely used in industrial-scale hydrogen production, SMR processes leverage readily available natural gas, offering high-purity hydrogen suitable for various applications. Integration with liquefaction systems enables the production and storage of liquid hydrogen for transportation. Supported by existing infrastructure and ongoing technological advancements, SMR remains a major contributor, though the market may evolve with advancements in alternative production methods.

The chemical and petrochemicals segment is to witness rapid growth.

The Chemicals and Petrochemicals segment experiences rapid growth in the Global Hydrogen Liquefaction System Market due to increasing demand for hydrogen as a feedstock for chemical processes and refining. Hydrogen is essential for various petrochemical processes, including hydrocracking, hydrotreating, and ammonia production. As industries strive for cleaner and more efficient production methods, hydrogen liquefaction systems play a crucial role in storing, transporting, and utilizing liquid hydrogen. This segment's growth is further propelled by technological advancements, regulatory incentives, and the transition towards sustainable energy solutions, driving heightened adoption of hydrogen in the chemical and petrochemical industries.

In the region, the APAC Hydrogen Liquefaction System Market holds a significant revenue share.

The APAC Hydrogen Liquefaction System Market is witnessing significant growth due to increasing initiatives towards decarbonization and the transition to clean energy sources. The region's robust industrial infrastructure, supportive government policies, and hydrogen infrastructure investments foster market expansion. Additionally, rising demand for hydrogen in transportation, energy storage, and manufacturing sectors is driving the adoption of liquefaction systems. Technological advancements and strategic collaborations further propel market growth.

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 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.

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

Competitive Landscape

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.

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Hydrogen Liquefaction System Market Snapshot

Chapter 4. Global Hydrogen Liquefaction System Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis

5.1. by Product Type & Market Share, 2019 & 2031

5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Product Type:

5.2.1. Steam Methane Reforming (SMR)

5.2.2. Electrolysis

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis

6.1. by Application & Market Share, 2019 & 2031

6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

6.2.1. Transportation

6.2.2. Electronics

6.2.3. Chemicals and Petrochemicals

6.2.4. Refining

6.2.5. Others

Chapter 7. Global Hydrogen Liquefaction System Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031

7.1.2. North America Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.1.3. North America Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

7.2. Europe

7.2.1. Europe Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031

7.2.2. Europe Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.2.3. Europe Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

7.3. Asia Pacific

7.3.1. Asia Pacific Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031

7.3.2. Asia-Pacific Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.3.3. Asia Pacific Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

7.4. Latin America

7.4.1. Latin America Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031

7.4.2. Latin America Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.4.3. Latin America Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2031

7.5.2. Middle East & Africa Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.5.3. Middle East & Africa Global Hydrogen Liquefaction System Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. Linde Group

8.2.2. Air Liquide

8.2.3. Chart Industries

8.2.4. Air Products and Chemical, Inc.

8.2.5. Kawasaki Heavy Industries

8.2.6. Iwatani

8.2.7. GenH2

8.2.8. Hylium Industries

8.2.9. Honeywell International Inc.

8.2.10. Siemens Gas and Power GmbH & Co.

8.2.11. Excelerate Energy Inc.

8.2.12. Other prominent players

Segmentation of Global Hydrogen Liquefaction System Market-

By Product-

  • Steam Methane Reforming (SMR)
  • Electrolysis

Hydrogen Liquefaction System Market seg

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
  • Southeast 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

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Hydrogen Liquefaction System Market Size?

Hydrogen Liquefaction System Market is expected to grow at a 7.9% CAGR during the forecast period for 2024-2031.

Iwatani, GenH2, Hylium Industries, Honeywell International Inc., Siemens Gas and Power GmbH & Co., Excelerate Energy Inc.

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