Global Cryogenics Liquid Hydrogen Storage Market to Reach US 155 Million by 2031 at 10.6% CAGR Driven by Air Liquide and Kawasaki

The global Cryogenics Liquid Hydrogen Storage market is accelerating into its next growth chapter. According to the latest study from QYResearch, market size reached US$77.1 million in 2024 and is forecast to expand to US$155 million by 2031, registering a 10.6% CAGR from 2025 to 2031. North America leads with nearly 50% of the market, followed by Asia-Pacific at 27% and Europe at 17%. The largest product type is 25-45 m3 tanks, holding about 43% share, while chemical applications account for approximately 38% of demand.

Industry estimates indicate that the manufacturing cost of cryogenic liquid hydrogen storage systems accounts for approximately 80%-95% of the sales price, with raw materials and components together representing 55%-70%. For a medium-sized storage system priced at around US$1 million, the total cost is about US$0.8-0.95 million, leaving a gross profit of US$50,000-200,000. The gross profit margin remains relatively limited, typically in the range of 5%-20%, depending on economies of scale, insulation technology, and certification requirements.

Recent industry news in 2024-2025 highlights major developments: Air Liquide inaugurated a 30-ton/day liquid hydrogen complex in Nevada; Kawasaki Heavy Industries began constructing a 50,000 m3 liquid hydrogen tank in Japan; Daimler Truck and Linde rolled out the sLH2 refueling standard for trucks; and Baker Hughes announced its acquisition of Chart Industries, consolidating hydrogen equipment portfolios. These moves mark a shift from pilot demonstrations to large-scale industrial infrastructure, accelerating liquid hydrogen's role in mobility, aerospace, and industry.

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Leading Companies
Chart Industries
Gardner Cryogenics
Linde
Kawasaki
Air Liquide
Cryofab
INOXCVA
Air Water
Cryogenmash
Hylium Industries
Cryospain
Cryotherm
Jiangsu Guofu
CIMC Enric
Absolut Hydrogen
Fuhaicryo

Applications
Chemical
FCEV
Aerospace
Others

Classification
Below 25 m3
25 m3-45 m3
45 m3-100 m3
Above 100 m3

Latest Data
• 2024 market size: US$77.1 million
• 2031 forecast: US$155 million
• CAGR 2025-2031: 10.6%
• Top-5 vendor share: about 60%
• Regional shares: North America 50%, Asia-Pacific 27%, Europe 17%
• Largest type: 25-45 m3 tanks, 43% share
• Top application: Chemical, 38% share

2024-2025 Highlights and Company Milestones
• Air Liquide opened the largest U.S. liquid hydrogen production and logistics plant in Nevada, producing 30 tons per day with renewable energy inputs.
• Kawasaki Heavy Industries launched fabrication of a 50,000 m3 flat-bottom storage tank at Ohgishima, achieving a target boil-off rate of just 0.26% per day.
• Daimler Truck and Linde introduced the sLH2 refueling system, enabling 400 kg per hour refueling rates with reduced costs and simplified station designs.
• Baker Hughes announced the acquisition of Chart Industries, reinforcing the trend of industry consolidation to accelerate scale and investment.
• CB&I and Shell demonstrated a commercial-scale hydrogen tank concept at NASA's Marshall Space Flight Center.
• Plug Power secured funding for cryogenic hydrogen trailers with advanced insulation technologies.
• Toyota tested a self-pressurizing liquid hydrogen storage system in motorsport, showing progress toward zero-boil-off designs.

Five Product Snapshots
Chart Industries - Large Ground Storage Tanks
• Bulk cryogenic storage portfolio up to 1,000,000 liters
• Operating pressures 12-37 bar
• Insulation: perlite or composite vacuum systems
• Over 800 Chart hydrogen tanks in service worldwide
Linde Engineering - Stationary LH2 Tanks
• Standard sizes up to 400 m3
• Double-wall vacuum-insulated steel construction
• Operating temperature -253 °C, designed for industrial and mobility refueling
• Integrated with liquefiers from 0.25 to over 34 tons per day
Air Liquide (Cryolor) - Vertical LH2 Tanks
• Sizes 20-75 m3
• Design pressure 9.9-12 bar
• Capacity up to ~4 tons of liquid hydrogen
• Optimized weight-to-capacity ratio for mobility and industrial uses
Kawasaki Heavy Industries - Marine and Terminal Tanks
• Shipboard demonstration tank of 1,250 m3 on the SUISO FRONTIER vessel
• Flat-bottom storage tank of 50,000 m3 under construction
• Target boil-off rate: 0.26% per day
• Designed for integration with global liquid hydrogen supply chains
Hylium Industries - Portable Storage Solutions
• HYST250L: net 250 liters, 0-12 bar, normal evaporation rate 2.5% per day
• HYFT012L: compact 12-liter tank for UAVs, 0.84 kg hydrogen capacity
• Certified under ASME, KGS, DOT, TPED standards
• Delivered 110-liter LH2 tanks for maritime R&D in 2025

Downstream Customers
NASA
JAXA
ArianeGroup
United Launch Alliance
Blue Origin
FirstElement Fuel
Shell Hydrogen
Iwatani Corporation
HysetCo
H2 MOBILITY Deutschland
Toyota Motor Corporation
ZeroAvia
Plug Power
Air Products
Groupe ADP

Market Trend
Industrial Scale-Up
Large-scale production has moved from theory to reality. Air Liquide's 30-ton/day Nevada facility is supplying hydrogen for mobility and industry, while European stations now offer over 1 ton/day capacity. This reflects the pivot from gaseous hydrogen supply toward liquid hydrogen systems for higher throughput.

Terminal-Scale Storage
The construction of a 50,000 m3 flat-bottom LH2 tank in Japan by Kawasaki is the first of its kind, moving liquid hydrogen into the same category as LNG with terminal-scale assets. This development will anchor international shipping and large port operations.

Heavy-Duty Mobility
The sLH2 refueling system is a milestone for trucking. By reducing both capital and operating costs while achieving 400 kg/h refueling speeds, it brings liquid hydrogen trucking close to cost parity with diesel.

Technology to Reduce Boil-Off
Self-pressurizing systems such as those tested by Toyota in 2024 recycle boil-off gas into usable energy, cutting waste. Research worldwide is focused on achieving near-zero boil-off, extending storage times, and reducing operating costs.

Logistics and Distribution
Hydrogen logistics are expanding with cryogenic trailers and ISO tank solutions. Companies like Plug Power and Gardner Cryogenics are advancing technologies that improve payload capacity and insulation efficiency, supporting wider adoption of LH2 supply chains.

Consolidation and Strategic Investment
Baker Hughes' acquisition of Chart Industries underlines the capital intensity of hydrogen infrastructure. Larger balance sheets and integrated portfolios are critical to speed up global rollouts of liquefiers, storage tanks, and distribution systems.

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Aerospace and Aviation
Liquid hydrogen continues to dominate space launch applications. In aviation, new turbine engine tests using LH2 fuel show momentum toward zero-carbon flight, while ground refueling solutions for aircraft are advancing in Europe.

Conclusion
The global Cryogenics Liquid Hydrogen Storage market is positioned for rapid growth, driven by breakthroughs in storage scale, distribution, and fueling systems. With a forecast CAGR of 10.6% through 2031, the sector is shifting from experimental pilots to commercial-scale infrastructure. Chemical industries, aerospace, and heavy-duty trucking will continue to lead demand, while ongoing R&D aims to resolve boil-off and logistics challenges, bringing liquid hydrogen closer to mainstream energy systems.

Chapter Outline:

Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: key insights, key emerging trends, etc.
Chapter 3: Manufacturers competitive analysis, detailed analysis of the product manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 5 & 6: Sales, revenue of the product in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 7: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: The main points and conclusions of the report.

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