The research study focuses on unleashing the innovations in fuel cell technology and aims to put forward a clear picture of the current consumption and future growth potential of liquid hydrogen. Besides, business expansions and contracts and agreements on an industry level are extensive between the key players to bring improvements in their liquid hydrogen products. For instance, in January 2019, Air Products and Chemicals, Inc., announced to expand its liquid hydrogen production facility in California. This helped the company to meet the growing product demand from various customer markets, including the increasing fleet of FCV in California, the U.S. It is the second liquid hydrogen plant built by the company in California and will be operational by first quarter of 2021. The company is also building new liquid hydrogen plant at its La Porte, Texas facility. Also, Air Liquide entered into a long-term agreement with FirstElement Fuel Inc., to supply hydrogen to refueling stations in California. This helped the company to serve the growing need of hydrogen vehicle market in California.

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Liquid hydrogen is potentially a vital element for future global energy resources. It is one of the widely available, long-term fuel alternatives for simultaneously tackling environmental quality and energy security. Thus, liquid hydrogen is an important source for decarbonizing various sectors such as transportation, power generation, and chemical sectors, among others.

The growth in the global liquid hydrogen market is attributable to increasing emphasis on reductions of fossil fuel emissions and decarbonization of various sectors such as transportation and power generation. The liquid hydrogen market has been segmented into production method, distribution method, and end-use industry. This research also analyzes the adoption of liquid hydrogen in different regions and countries. The growing end-user industries and higher liquefaction efficiency have led to the surging demand for hydrogen fuel cells, which, in turn, have positively affected the existing market for liquid hydrogen. Huge investment by government and federal agencies to promote fuel cell vehicles to cut down carbon dioxide emission is further propelling the growth of liquid hydrogen. However, high cost of transporting liquid hydrogen and storage difficulty are some of the key factors that are restraining the growth of liquid hydrogen.

The primary method of producing liquid hydrogen is steam reforming of natural gas. This method produces syngas, a mixture of carbon monoxide and hydrogen. The hydrogen is then dried and purified. The gaseous hydrogen formed is then condensed and cooled to adequately low cryogenic temperatures by applying heat exchangers together with tube expanders and reciprocating to form liquid hydrogen. This is, currently, the most important and widespread adopted method of producing liquid hydrogen. The method is less expensive than electrolysis and hence, the demand is significantly increasing. However, this method emits carbon-dioxide, sulphur oxides, and nitrous oxides due to burning of methane, thereby contributing to global warming. This is expected to surge the overall demand for electrolysis in the coming future, which emits negligible to no emissions.

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The competitive landscape of the liquid hydrogen market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by liquid hydrogen manufacturers are mergers and acquisitions, business expansions, partnerships, and collaborations. Among all the strategies adopted, contracts and agreements and business expansion have dominated the competitive landscape. Most of the liquid hydrogen manufacturers are of similar financial capability and the industry landscape is not quite competitive because of the small number of players in the market. However, innovation and development have been the key factors for large scale growth in this market. To increase their overall global footprint, manufacturers are expanding their businesses and are also entering into strategic partnerships to target a greater audience.

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