The growing concern for the environment’s safety and rise in government initiatives are driving the market for North America Liquid Hydrogen market.
North America Liquid Hydrogen Market Size – USD 33.72 Billion in 2019, Growth - CAGR of 5.5%, Trends – Surge in hydrogen refueling stations.
The global North America Liquid Hydrogen Market is forecast to reach USD 50.18 Billion by 2027, according to a new report by Reports and Data. North America Liquid Hydrogen uses limited fossil fuel resources, and the alarming need to secure national energy supplies is enabling the market product to emerge as a major component for a sustainable economy.
The North America Liquid Hydrogen market has gained popularity due to its benefits in improving environmental quality and providing energy security. The application of the product among several end-use industries is fostering its demand. It also acts as a long-term alternative in electronics and transportation. Manufacturers are encouraged to develop products with more advanced technologies. The growing emphasis on decarbonizing in several industries is also propelling its demand.
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Top Companies: Air Liquide, Ballard Power Systems Inc., FuelCell Energy, Inc., Air Products and Chemicals, Inc., Elme Messer Gaas AS, FirstElement Fuel, Inc., Linde PLC, Hydrogenics, Iwatani Corporation, and United Hydrogen, among others.
Further Key Finding from the Report Suggestion:
- Most of the hydrogen manufactured in the U.S. comes from the steam methane reforming process. Approximately 70% of this hydrogen is used in the petroleum refining industry, and nearly 20% goes into fertilizer production. Currently, there are 1,600 miles of hydrogen pipeline in the country, and there are large hydrogen production facilities in almost every state.
- A North America Liquid Hydrogen trailer is designed to carry North America Liquid Hydrogen on roads being pulled by a powered vehicle. Hydrogen is converted into a liquid for long-distance transportation. It is transported in super-insulated, cryogenic tanker trucks. It is more economical than gaseous form, as a liquid tanker truck can hold a much larger mass of hydrogen than a gaseous tube trailer can.
- North America Liquid Hydrogen is used in the unmanned aerial vehicle. The vehicle is used in the hurricane tracking as it can reach heights of up to 98,000 feet above sea level and run for 24 hours without having the need to refuel. The aerospace industry is forecasted to grow with a CAGR of 5.5% during the forecast period.
- The Asia Pacific will lead the market during the forecast period owing to the two countries that are dominating the market, China, and Japan. The increase in the refinery option to meet the escalating demand in South Korea, China, and India are driving its demand. Initiative taken by these two countries are affecting the market positively. Linde's North America Liquid Hydrogen technology was expected to be deployed at the 2020 Olympic Games in Tokyo.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global North America Liquid Hydrogen market is segmented into:
Production Method Outlook (Revenue, USD Billion; 2017-2027)
- Steam Methane Reforming (SMR)
- Electrolysis of Water
- Coal Gasification
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Cryogenic liquid tankers
- Pipelines
End Use Industry Outlook (Revenue, USD Billion; 2017-2027)
- Aerospace
- Automotive
- Electronics
- Chemical and Petrochemicals
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
North America Liquid Hydrogen Market Key Features:
North America Liquid Hydrogen is a cryogenic liquid and a clean-burning fuel that is widely used in a range of industries, including aerospace, automotive, and energy. Some key features of the North America Liquid Hydrogen market are:
- High energy density: North America Liquid Hydrogen has a high energy density, which means it can store a large amount of energy in a small volume. This makes it an attractive fuel option for applications where weight and space are important considerations.
- Clean-burning fuel: North America Liquid Hydrogen is a clean-burning fuel that produces only water vapor when burned, making it an attractive option for industries looking to reduce their carbon footprint.
- Versatility: North America Liquid Hydrogen can be used in a variety of applications, including fuel for rockets and spacecraft, fuel for fuel cell vehicles, and a feedstock for chemical processes.
- Growing demand: The North America Liquid Hydrogen market is expected to grow in the coming years, driven by the increasing demand for clean energy and the growing use of fuel cell vehicles.
- Infrastructure challenges: The widespread adoption of North America Liquid Hydrogen as a fuel is currently hindered by the lack of infrastructure for production, transportation, and storage.
- Production challenges: North America Liquid Hydrogen is produced by separating it from natural gas or other hydrocarbons through a process called steam methane reforming, which requires a significant amount of energy. The production process also generates carbon dioxide as a byproduct, which presents a challenge for meeting emissions reduction targets.
questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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