Rising Demand and Investments in North America's Liquid Hydrogen Market
Key Ideas
- The North America electrolysis liquid hydrogen market is booming, driven by investments in hydrogen-powered transportation and clean energy infrastructure.
- The market size is projected to grow at a CAGR of 7.5% until 2032, reaching USD 220.3 million in 2023, with the cryogenic tanks segment expected to see significant growth.
- The U.S. market is forecasted to exceed USD 343 million by 2032, fueled by initiatives like the Hydrogen Energy Earthshot to create a network of hydrogen hubs across the country.
- Key players in the market include Cummins, Linde, Shell, and Siemens Energy, among others, highlighting the growing interest in hydrogen technologies.
The North America electrolysis liquid hydrogen market is experiencing a surge in demand and investments, primarily due to the increasing adoption of hydrogen-powered transportation modes such as buses, trucks, and trains. This growth is further supported by the development of clean energy refueling infrastructure, aligning with stringent environmental regulations pushing for cleaner technologies. The market recorded a size of USD 220.3 million in 2023, with a projected CAGR of 7.5% until 2032. One significant driver of this growth is the rising government support for hydrogen adoption as a clean energy solution to reduce production costs. The cryogenic tanks segment is expected to grow substantially by more than USD 335.5 million by 2032, thanks to their high storage density, making them ideal for handling large hydrogen volumes.
The U.S. market is set to lead this growth trajectory, with expectations to surpass USD 343 million by 2032. This growth is backed by initiatives like the Biden administration's Hydrogen Energy Earthshot initiative, which aims to establish a network of hydrogen production, storage, and utilization centers nationwide. Key players in the market, including Cummins, Linde, Shell, and Siemens Energy, are actively participating in this market, reflecting the increasing interest and investments in hydrogen technologies in North America.