Liquefied Hydrogen Storage Market Research Report By Storage Capacity (Small Scale (Up to 100 Metric Tons), Medium Scale (100-1,000 Metric Tons), Large Scale (Over 1,000 Metric Tons)), By End-Use Application (Power Generation, Transportation (Fueling Stations), Industrial Processes (Heat and Power), Peak Shaving and Grid Balancing), By Technology (Single Tank Storage, Multiple Tank Storage, Cryo-Compressors, Other Technologies), By Material of Construction (Stainless Steel, Aluminum, Carbon Fiber Composite, Other Materials) and By Regional

Global Liquefied Hydrogen Storage Market Overview

As per MRFR analysis, the Liquefied Hydrogen Storage Market Size was estimated at 6.23 (USD Billion) in 2022. The Liquefied Hydrogen Storage Market Industry is expected to grow from 7.48 (USD Billion) in 2023 to 38.8 (USD Billion) by 2032. The Liquefied Hydrogen Storage Market CAGR (growth rate) is expected to be around 20.07% during the forecast period (2024 - 2032).

Key Liquefied Hydrogen Storage Market Trends Highlighted

Market Trends of Liquefied Hydrogen Storage Market

The growing quest for clean and sustainable sources of energy, the potential of hydrogen as a long-term storage source, and the investment coming into hydrogen-powered vehicles are some of the market-boosting factors.

Developing new, better, and more efficient storage technologies, increasing the hydrogen transport network, and the potential use of hydrogen instead of fossil fuels for a plethora of applications are some of the existing potential opportunities.

Other current and emerging trends are the new development of high-pressure hydrogen storage tanks, liquid organic hydrogen carriers, and the combination of hydrogen storage with renewable energy systems. With these improvements, hydrogen can be safely and economically stored for longer periods which makes it easier to distribute and use hydrogen in various industries as well as in transportation.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Liquefied Hydrogen Storage Market Drivers

Increasing Demand for Hydrogen as a Clean Fuel

Hydrogen is a promising clean fuel that can be used in a variety of applications, including transportation, power generation, and industrial processes. The growing demand for hydrogen as a clean fuel is a major driver of the Liquefied Hydrogen Storage Market Industry. Governments around the world are implementing policies to promote the use of hydrogen as a clean fuel, and this is expected to drive demand for liquefied hydrogen storage solutions.Additionally, the development of new hydrogen-powered vehicles and fuel cell technologies is expected to further increase demand for liquefied hydrogen storage.

Rising Adoption of Hydrogen in Industrial Applications

Moreover, over the last few years, the adoption of hydrogen is increasing in industrial applications, such as refining, fertilizer production, and metal processing. The increasing application of hydrogen in the industry also strengthens the Liquefied Hydrogen Storage Market Industry. Industrial users of hydrogen are looking for safe ways of liquefied hydrogen storage because it has a number of potential advantages over other storage methods.

Technological Advancements in Liquefied Hydrogen Storage

Technological advancements in liquefied hydrogen storage are also driving the growth of the Liquefied Hydrogen Storage Market Industry. New technologies are being developed to improve the efficiency and safety of liquefied hydrogen storage. These technologies are making it possible to store hydrogen for longer periods of time and at lower costs. As these technologies continue to develop, the market for liquefied hydrogen storage is expected to grow.

Liquefied Hydrogen Storage Market Segment Insights:

Liquefied Hydrogen Storage Market Storage Capacity Insights   

The Liquefied Hydrogen Storage Market has been segmented by storage capacity into small scale (up to 100 metric tons), medium scale (100-1,000 metric tons), and large scale (over 1,000 metric tons). The small scale segment is expected to be one of the most rapidly growing market sub-segments over the period of 2017 to 2024, as the usage of liquified hydrogen on a smaller scale for transportation and power generation is on the rise. The medium scale segment is expected to grow steadily over the forecast period and is also expected to be one of the highest revenue-generating segments of this market by the end of 2024.The large scale segment is expected to dominate the market during the forecast period in terms of market revenue, due to a growing need for large scale hydrogen storage systems in transportation and energy. In terms of market revenue, the small scale segment is expected to emerge as the market leader in 2024, followed by the medium and large scale segments. The small scale segment is also anticipated to grow at the highest CAGR over the forecast period compared with the other two segments, as the demand for liquified hydrogen on a smaller scale is anticipated to surge in applications that require hydrogen to be stored in small quantities.The medium scale segment is expected to grow steadily due to an increase in the demand for hydrogen from the industrial and commercial sectors. The large scale segment is expected to grow at a moderate rate over the forecast period due to the high cost of setting up large scale hydrogen storage systems. Hydrogen-based power and fuel sources are increasingly being used, leading to an increased demand for hydrogen in general. Additionally, the medium and large scale segments of this industry are expected to be driven by a rise in the usage of hydrogen over the period of 2017-2024 from industrial and commercial applications.There has also been an increase in awareness about the environmental benefits of hydrogen over the recent years.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Liquefied Hydrogen Storage Market End-Use Application Insights   

The Liquefied Hydrogen Storage Market segmentation by End-Use Application includes Power Generation, Transportation, Industrial Processes, and Peak Shaving and Grid Balancing. Power Generation is expected to hold the largest market share in 2023 as the demand for reliable and clean sources of energy is increasing. The highest CAGR during the forecast period is to be witnessed by the Transportation segment, which is fuelled by the government initiatives regarding the build-out of hydrogen fuelling stations for hydrogen-driven vehicles. Furthermore, Industrial Processes and Peak Shaving and Grid Balancing applications are also anticipated to play a role in the market revenue growth. The adoption of hydrogen as an energy carrier, be it combustion in engines or gas turbines, combined with the decreasing costs of Liquefied Hydrogen Storage, is the primary driver of the expanding market demand

LiquefiedStorage Market Technology Insights   

Technology Segment Insight and Overview The Liquefied Hydrogen Storage Market is segmented based on technology into Single Tank Storage, Multiple Tank Storage, Cryo-Compressors, and Other Technologies. Among these, Single Tank Storage held the largest market share in 2023, accounting for nearly 40% of the global revenue. This is attributed to its simplicity, cost-effectiveness, and ease of maintenance. Multiple Tank Storage is expected to witness significant growth during the forecast period, owing to its ability to store larger volumes of hydrogen and its enhanced safety features. Cryo-Compressors are gaining traction due to their efficiency in liquefying hydrogen and their potential to reduce storage costs. Other Technologies, such as solid-state storage and metal hydride storage, are still in the development phase but have the potential to revolutionize the industry in the long run.

Liquefied Hydrogen Storage Market Material of Construction Insights   

The Material of Construction segment plays a crucial role in the Liquefied Hydrogen Storage Market, as the choice of material impacts factors such as safety, durability, and cost. Stainless steel, Aluminum, Carbon Fiber Composite, and Other Materials are the primary materials used in liquefied hydrogen storage systems. Stainless Steel is widely used due to its excellent corrosion resistance, strength, and durability. It is commonly employed in large-scale storage tanks and transportation vessels. In 2023, the stainless steel segment held a significant market share of around 45%. Aluminum offers advantages such as lightweight and high strength-to-weight ratio. It is gaining popularity in applications where weight reduction is crucial, such as the aerospace and automotive sectors. The aluminum segment is projected to witness steady growth, reaching an estimated market share of approximately 30% by 2032. Carbon Fiber Composite is a high-tech material known for its exceptional strength, stiffness, and low thermal conductivity. It is used in specialized applications requiring high performance and insulation, such as fuel tanks for space vehicles and hydrogen-powered cars.

The carbon fiber composite segment is expected to grow at a significant rate, driven by increasing demand for lightweight and efficient hydrogen storage solutions. Other Materials, including polymers and composites, are also used in specific applications. For instance, polymers are employed in small-scale storage tanks and transfer lines due to their flexibility and cost-effectiveness. The "Other Materials" segment is anticipated to hold a moderate market share throughout the forecast period. Overall, the Material of Construction segment is highly dynamic, with ongoing advancements in materials science leading to the development of new and improved options. The choice of material depends on various factors, including the specific application, safety regulations, and cost considerations, influencing the overall Liquefied Hydrogen Storage Market segmentation, data, statistics, and industry growth.

Liquefied Hydrogen Storage Market Regional Insights   

Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023, and it is expected to continue its dominance throughout the forecast period. This is attributed to the presence of key players in the region, as well as the growing demand for hydrogen fuel in the automotive and power generation industries. Europe is expected to be the second-largest market for liquefied hydrogen storage, followed by APAC. The growing adoption of hydrogen fuel cell vehicles in Europe is expected to drive demand for liquefied hydrogen storage in the region.APAC is expected to witness significant growth in the liquefied hydrogen storage market due to the increasing demand for hydrogen fuel in the transportation and industrial sectors.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Liquefied Hydrogen Storage Market Key Players And Competitive Insights:

Different strategies are being adopted by the main players in the Liquefied Hydrogen Storage Market industry in their efforts to gain a better competitive edge. On the one hand, this refers to the attention major companies working in the market are paying to the development of innovative technologies that would contribute to the increased efficiency as well as the safety of their products and investment in research and development as a way to stay ahead of the competition. On the other hand, in 2018 and beyond, the Liquefied Hydrogen Storage Market is likely to witness various strategic partnerships and collaborations between key companies as a way to try to stay ahead of the competition. Finally, the market will also see various mergersand acquisitions as a way of companies to diversify their products and the needs to increase their geographic reach.

Air Liquide is one of the most known companies working on the Liquefied Hydrogen Storage Market. The company is known for its wide palette of hydrogen storage solutions that includes cryogenic storage tanks, mobile storage trailers as well as hydrogen refueling stations. Moreover, Air Liquide is a strong company that enjoys a significant presence across the planet and has already been involved in a number of hydrogen projects all over the world. In general, the mission of the project is the pursuit of the development of fresh hydrogen storage technologies to help satisfy the growing demand for clean energy. Linde is another leading company in the domain of the Liquefied Hydrogen Storage Market. The company’s wide palette of liquefied hydrogen storage solutions includes stationary storage tanks, transportable storage trailers as well as hydrogen refueling stations. Linde enjoys a significant presence all over the world, and there exist multiple hydrogen projects in which the company’s intelligence is involved across the planet. The primary commitment of the company is to find sustainable solutions in hydrogen storage that will help decrease greenhouse gas emissions.

Key Companies in the Liquefied Hydrogen Storage Market Include:

• Air Liquide S.A.


• Linde plc


• Chart Industries, Inc.


• DKSH Holdings Ltd.


• Air Products Chemicals, Inc.


• PraxairTechnology, Inc.


• Chiyoda Corporation


• Showa Denko K.K.


• Baker Hughes Company


• Hydrogenics Corporation


• Cryospain, S.A.


• Worthington Industries, Inc.


• Nel Hydrogen Fueling


• Iwatani Corporation

Liquefied Hydrogen Storage Market Industry Developments

The Liquefied Hydrogen Storage Market is projected to reach USD 38.8 billion by 2032, witnessing a CAGR of 20.07% from 2024 to 2032. Rising demand for hydrogen as a clean fuel, coupled with increasing government initiatives to promote hydrogen-powered vehicles, is driving the market growth. The European Union has set a target of installing 1,000 hydrogen refueling stations by 2025, while Japan aims to have 320 hydrogen stations by 2030. These initiatives are expected to boost the demand for liquefied hydrogen storage systems. Technological advancements, such as the development of high-pressure hydrogen storage tanks and improved insulation materials, are also contributing to the market growth. Key industry participants include Air Liquide, Linde, Chart Industries, and Messer Group.

Liquefied Hydrogen Storage Market Segmentation Insights

• Liquefied Hydrogen Storage Market Storage Capacity Outlook
  
  
  
  • Small Scale (Up to 100 Metric Tons)
  
  
  • Medium Scale (100-1,000 Metric Tons)
  
  
  • Large Scale (Over 1,000 Metric Tons)
  
  
  
  

• Liquefied Hydrogen Storage Market End-Use Application Outlook
  
  
  
  • Power Generation
  
  
  • Transportation (Fueling Stations)
  
  
  • Industrial Processes (Heat and Power)
  
  
  • Peak Shaving and Grid Balancing
  
  
  
  

• Liquefied Hydrogen Storage Market Technology Outlook
  
  
  
  • Single Tank Storage
  
  
  • Multiple Tank Storage
  
  
  • Cryo-Compressors
  
  
  • Other Technologies
  
  
  
  

• Liquefied Hydrogen Storage Market Material of Construction Outlook
  
  
  
  • Stainless Steel
  
  
  • Aluminum
  
  
  • Carbon Fiber Composite
  
  
  • Other Materials
  
  
  
  

• Liquefied Hydrogen Storage Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa