GenH2 Recognized as Key Player in Global Hydrogen Liquefaction Market

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North America’s hydrogen market is booming, fueled by a desire for clean energy and decarbonization. Green hydrogen is gaining ground, backed by government support like the Inflation Reduction Act. North American hydrogen sector could be worth over $140 billion by 2030, driven by green hydrogen production, investment, and job creation.

New Delhi, March 20, 2024 (GLOBE NEWSWIRE) — According to Astute Analytica, the global hydrogen liquefaction system market is projected to reach a valuation of US$ 8,158.8 million by 2032, up from US$ 4,122.5 million in 2023, at a CAGR of 7.88% during the forecast period 2024–2032.

The global hydrogen liquefaction system market is growing rapidly, as governments and businesses step up their efforts to switch to cleaner energy sources. With its newfound status as a viable alternative fuel, it’s crucial that hydrogen is produced, stored, and transported efficiently. Leading the race in the Asia-Pacific region, China opened more than 50 hydrogen refueling stations in 2022 and has over 250 operational sites. Japan aims to have 800,000 hydrogen-powered vehicles on the roads by 2030, while South Korea has set its sights on producing 5.3 million tons of hydrogen by 2040. Europe also has big plans for the gas: Germany had more than 95 hydrogen refueling stations (as of 2022) and the European Union aims to produce over 10 million metric tons of renewable hydrogen by 2030 – requiring more than 14% of the bloc’s electricity consumption. In North America, the US has more than 54 hydrogen refueling stations – predominantly in California – while Canada wants to use it in up to 30% of its energy mix by mid-century.

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