Hydrogen Liquefaction Market

As the interest towards becoming a hydrogen economy increases, so is the demand for hydrogen. The flexibility required in renewable energy systems can be achieved by hydrogen. Considering the increasing demand for energy applications, it is also a potential alternative to replace fossil fuels. Hydrogen is a suitable energy carrier as well as a naturally abundant element. There has been considerable research on hydrogen storage methods, including liquefaction, compression, and sorption in metal hydrides or carbon nanotubes. A comparative analysis of various hydrogen storage technologies concludes that hydrogen liquefaction is more beneficial than hydrogen compression in terms of higher volumetric capacity and is more technologically mature than sorption technologies. Liquid hydrogen is a well-suited option for transporting hydrogen over long distances.

Additionally, it is also a convenient option for delivering the gas both to industrial users and to hydrogen filling stations. Since liquid hydrogen provides flexibility, it can be stored in various forms. It can be efficiently pumped to high pressures & gasified or partly cooled & compressed for future applications. Liquefaction of hydrogen also decreases the volume, resulting in a reduced number of tank trucks on the road. Moreover, if the filling stations are provided with liquid hydrogen directly, they wouldn’t be required to perform compression, which is an expensive and energy-demanding process. Liquefaction of hydrogen increases its energy density compared to gaseous hydrogen and is economical at higher volumes. Demand for liquid hydrogen from light-duty fuel cell electric vehicles (FCEVs) and material handling equipment is increasing as countries pace towards emission reductions

Based on technology, the hydrogen liquefaction market has been categorized into the hydrogen claude cycle and helium brayton cycle. The hydrogen claude cycle is one of the world's most adopted cycles for large hydrogen liquefaction plants. In this cycle, hydrogen is used in the feed and recycling lines, generating the necessary cold for the liquefaction. A super critical expansion turbine is usually installed in the feed line in this cycle to improve the process efficiency. This technology is characterized by higher investment but lower operating costs. The helium brayton cycle is mostly adopted for small-scale plants with a maximum capacity of 3 tons per day (TPD). The recycling line utilizes helium gas, but the feed gas's pressure conditions, the supercritical turbine's installation, and ortho para (O-P) conversion of the feed hydrogen are almost the same as the hydrogen claude cycle. The helium brayton cycle is characterized by low investment costs but lower process efficiency and hence higher operating cost.

Based on application, the hydrogen liquefaction market has been categorized into aerospace, transportation, and industrial. The use of liquid hydrogen as a fuel in the aerospace industry has been prevalent for several years. Besides being light, it also exhibits reduced risks compared with compressed gas in terms of storage pressure. When combined with oxygen, liquid hydrogen has been used in space applications to make rocket fuel, called propellants. The US, China, Russia, Japan, and India are leading in hydrogen fuel utilization. This drives the hydrogen liquefaction market in the aerospace industry. In transportation, liquid hydrogen can be utilized in fuel cell electric vehicles. The fast refueling process is one of the significant advantages of fuel cell vehicles over electric vehicles.

The global hydrogen liquefaction market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2019, gas supply companies in the US announced plans to develop new liquefaction plants, which are expected to increase the US liquid hydrogen production capacity by ~40%. This is expected to spur market growth. Countries in the Asia Pacific, such as South Korea, India, Japan, Australia, and China, are speeding policy formulation and setting up projects to include hydrogen in their energy mix. In 2021, Linde (Ireland) announced to build and operate Asia’s largest liquid hydrogen facility in South Korea. This project aims to contribute to South Korea’s decarbonization target of 2050.

The major players operating in the hydrogen liquefaction market include Air Products Inc (US), Linde plc (Ireland), Chart Industries (US), Praxair Technology Inc (US), Kawasaki (Japan), Iwatani Corporation (Japan), Messer Group (Germany), Demaco Cryogenics (Netherlands), MAN Energy Solutions (Germany), and KBR (US).

Frequently Asked Questions (FAQ)

Q1. What is the current market size of the global hydrogen liquefaction market?
Q2. What are the challenges associated with the hydrogen liquefaction market?
Q3. What are the international standards which are regulating the hydrogen liquefaction market?
Q4. Who are the top five players in the global hydrogen liquefaction market?
Q5. What revolutionary technology trends could be witnessed over the next five to ten years?
Q6. How are the companies implementing organic and inorganic strategies to gain increased hydrogen liquefaction market share?
Q7. Which will be the leading regions with the largest market share by 2030?
Q8. What will be the revenue pockets for the hydrogen liquefaction market in the next five to ten years?
Q9. Which end user segments will have the maximum growth opportunity during the forecast period?
Q10. Which region held the highest market share in hydrogen liquefaction?
Q11. What is a key factor driving the market of the hydrogen liquefaction market?