New York, April 30, 2020 (GLOBE NEWSWIRE) -- The global Liquid Hydrogen market is forecast to reach USD 50.18 Billion by 2027, according to a new report by Reports and Data. 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 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.
The rise in consumer awareness and an increase in the sales of fuel cell electric vehicles have further augmented the demand for the product. Another factor driving the market is the growing demand in the marine and aviation sectors to displace liquid helium. The cost of transporting the product is quite high, which affects the demand of the market. The difficulty in storing the market product also acts as a restraining factor.
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The COVID-19 impact:
The effect of COVID-19 is echoing in every industries and it has compelled companies to rethink their strategies and the way they operate. The automotive sectors are among the worst hit industries and the stride that the electric vehicles made is going down the drain as the price of crude oil falls into the negative region. The electronic as well as aerospace sector is also witnessing a tremendous fall with the imposition of lockdown during the pandemic. The market will witness a further drop in demand due to the impact of the global recession.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented into the global Liquid Hydrogen market on the basis of production method, distribution channel, end-use industry, and region:
Production Method Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
End Use Industry Outlook (Revenue, USD Billion; 2017-2027)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/liquid-hydrogen-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
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