Liquid Organic Hydrogen Carriers Market Forecast and CAGR
According to the latest study by Fact.MR, liquid organic hydrogen carriers market is expected to get major boost in demand over the forecast period. Vital need for technologies that support safe transportation and storage of potential energy is driving the LOHC market. Moreover Fact.MR projects substantial demand for LOHC over the forecast period growing at a CAGR of around 5.6%.
Mounting demand for clean energy source is anticipated to provide major boost for LOHC market. Also, investments in R&D to develop cost efficient energy storage systems is major factor behind rising interest in LOHC technologies. Owing to these factors market for LOHC is projected to grow with moderate CAGR over the projected forecast period.
What are the Factors Driving Demand for Liquid Organic Hydrogen Carriers?
Over the past decade there has been rising concern regarding energy storage and transportation. Currently the various energy storage systems available are not reliable and have their limitations. For instance, battery technology have relatively shorter life and replacement costs are high. Also, current hydrogen storage technologies incur limitations such as low storage density, safety and high transportation cost issues.
LOHCs have gained traction as it counter the above discussed problems in an effective way. Further, ability of LOHC to transport green hydrogen from areas with high renewable presence to locations with concentration of industrial activities have provided the market with major boost.
Moreover, increasing interest in green technologies is enabling market players to upscale their products at global level. Further, there is a provoking demand for renewable energy to be made tradable commodity globally thus providing positive outlook to LOHC manufacturers.
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Mining Industry to Provide Stupendous Opportunity
Mining industry is highly dependent on diesel powered vehicles and machinery. Also due to less ventilation underground diesel smoke has been recognized fatal for workers with an increased risk of cancer. Thus it has become of higher importance to look for alternate energy sources in mining industries.
LOHC has been recognized as an important alternative solution to diesel powered machineries in mining operations. LOHC can provide required hydrogen density along with reduced risk of explosion. Also, this technology can further reduce the underground heat and emission without impacting the health of workers.
Moreover, costs associated with underground mining activities such as ventilation & catalytic fuel convertor costs gets reduced thus providing an economically viable option for mining operations.
Asia Pacific Liquid Organic Hydrogen Carriers Market Outlook
Asia Pacific showcases massive opportunity for the growth of LOHC technologies driven by rising demand for clean hydrogen for industrial and mobility purposes.
Further, China and Japan is projected to provide major push in demand for LOHC given their extensive roadmap to be a leader in hydrogen production and consumption. For instance, Japan has around 135 hydrogen refueling stations which is one of the highest in the world.
Moreover, various market players such as Chiyoda Corporation and Hynertech Co. Ltd are based in the region grasping the rising opportunity in hydrogen storage and transportation. Owing to these factors Asia Pacific is poised to provide high absolute $ opportunity over next ten years.
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Europe Liquid Organic Hydrogen Carriers Market Outlook
Europe has set out ambitious hydrogen vision for 2050 with the aim of delivering ~25% of energy demand by hydrogen. Also, this would reduce 560 Mt of annual carbon emission along with savings in fuel imports.
Additionally, leading LOHC players are poised in the region, which is set to provide uptick growth in demand for carriers.
Moreover, Germany is projected to lead the hydrogen movement in the region with increasing popularity for hydrogen being seen as a potent clean source of energy.
Owing to the above mentioned factors coupled with various governmental regulations over climate issue is projected to drive the LOHC market in the region.
Who are the Key Manufacturers and Suppliers of LOHC?
Some of the key market players in the industry are
- Hydrogenious Technologies
- Covalion, Hynertech Co. Ltd.
Aforementioned market players can be seen to opt for mix of organic and inorganic growth strategies such as collaborations and product launches.
- For instance, in July 2021 Eastman partnered with Hydrogenious technologies to provide specialty carriers needed to fit in LOHC technologies.
- In June 2020 Hyundia Motors announced that it would partner with Hydrogenious technologies with plans to deploy and market LOHC technologies.
An Adaptive Approach to Modern-day Research Needs
LOHC Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
By Compound Type
By Composition Type
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE: Although care has been taken to maintain the highest levels of accuracy in reports, recent market/vendor-specific changes may time to reflect in the analysis.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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