Table of Content

Executive Summary
1 Market Dynamics
1.1 Market Drivers
1.1.1 Decarbonization of Global Energy Industry
1.1.2 Growing Emphasis on Reduction of Fossil Fuel Emissions
1.1.3 Constant Fluctuations in the Price of Gasoline
1.1.4 Higher Efficiency of Liquefaction
1.2 Market Restraints
1.2.1 High Cost of Transporting Liquid Hydrogen
1.2.2 Difficulty in Storing Liquid Hydrogen on a Large Scale
1.3 Market Opportunities
1.3.1 Opportunities for Liquid Hydrogen in the Aviation and Marine Industry
1.3.2 Liquid Hydrogen to Displace Liquid Helium in Various Sectors
1.4 Market Challenges
1.4.1 Safety Concerns in Using Liquid Hydrogen

2 Competitive Landscape
2.1 Key Market Development and Strategies
2.1.1 Business Expansions
2.1.2 Partnerships, Collaborations, and Contracts
2.1.3 Contracts and Agreements
2.1.4 Mergers, Acquisitions, and Joint Ventures
2.1.5 Product Launches
2.2 Market Share Analysis

3 Industry Analysis
3.1 Supply Chain Analysis
3.2 Cost Analysis
3.3 Industry Attractiveness
3.3.1 Threat of New Entrants
3.3.2 Bargaining Power of Supplier
3.3.3 Bargaining Power of Buyer
3.3.4 Threat of Substitutes
3.3.5 Intensity of Competition
3.4 Opportunity Matrix Analysis
3.4.1 Opportunity Matrix Analysis (by Region)
3.5 Production Capacity by Company
3.6 Regulations, Standards, and Codes for Liquid Hydrogen

4 Global Liquid Hydrogen Market (by Distribution Method), Analysis and Forecast (2019-2024)
4.1 Market Overview
4.2 Transport
4.2.1 Road
4.2.2 Rail
4.2.3 Air
4.2.4 Ship
4.3 Pipelines

5 Global Liquid Hydrogen Market (by Production Method), Analysis and Forecast (2019-2024)
5.1 Market Overview
5.2 Future Methods for Producing Liquid Hydrogen
5.3 Steam Methane Reforming (SMR)
5.4 Electrolysis

6 Global Liquid Hydrogen Market (by End-Use Industry), Analysis and Forecast (2019-2024)
6.1 Market Overview
6.2 Transportation
6.2.1 Aerospace
6.2.2 Automotive
6.2.3 Material Handling
6.3 Electronics
6.3.1 Semiconductors
6.3.2 Thin-Film Solar
6.4 Chemicals and Petrochemicals
6.5 Refining
6.6 Metals
6.7 Glass
6.8 Others

7 Liquid Hydrogen Market (by Region), Analysis and Forecast (2019-2024)
7.1 Market Overview
7.1.1 Global Liquid Hydrogen Market (by Region), Kilotons and $Million, 2018-2024
7.2 Asia-Pacific
7.2.1 Asia-Pacific Liquid Hydrogen Market (by Production Method)
7.2.1.1 Asia-Pacific Liquid Hydrogen Market (by End-Use Industry)
7.2.1.2 China
7.2.1.2.1 China Liquid Hydrogen Market (by End-Use Industry)
7.2.1.3 South Korea
7.2.1.3.1 South Korea Liquid Hydrogen Market (by End-Use Industry)
7.2.1.4 Japan
7.2.1.4.1 Japan Liquid Hydrogen Market (by End-Use Industry)
7.2.1.5 India
7.2.1.5.1 India Liquid Hydrogen Market (by End-Use Industry)
7.2.1.6 Rest-of-Asia-Pacific
7.2.1.6.1 Rest-of-Asia-Pacific Liquid Hydrogen Market (by End-Use Industry)
7.3 North America
7.3.1 North America Liquid Hydrogen Market (by Production Method)
7.3.1.1 North America Liquid Hydrogen Market (by End-Use Industry)
7.3.1.2 U.S.
7.3.1.2.1 U.S. Liquid Hydrogen Market (by End-Use Industry)
7.3.1.3 Canada
7.3.1.3.1 Canada Liquid Hydrogen Market (by End-Use Industry)
7.3.1.4 Mexico
7.3.1.4.1 Mexico Liquid Hydrogen Market (by End-Use Industry)
7.4 Europe
7.4.1 Europe Liquid Hydrogen Market (by Production Method)
7.4.1.1 Europe Liquid Hydrogen Market (by End-Use Industry)
7.4.1.2 Germany
7.4.1.2.1 Germany Liquid Hydrogen Market (by End-Use Industry)
7.4.1.3 U.K.
7.4.1.3.1 U.K. Liquid Hydrogen Market (by End-Use Industry)
7.4.1.4 France
7.4.1.4.1 France Liquid Hydrogen Market (by End-Use Industry)
7.4.1.5 Rest-of-Europe
7.4.1.5.1 Rest-of-Europe Liquid Hydrogen Market (by End-Use Industry)
7.5 Rest-of-the-World
7.5.1 Middle East and Africa
7.5.2 South America

8 Company Profiles
8.1 Overview
8.2 Liquid Hydrogen Manufacturers Profile
8.2.1 Air Products and Chemicals, Inc.
8.2.1.1 Company Overview
8.2.1.2 Role of Air Products and Chemicals, Inc. in Liquid hydrogen Market
8.2.1.3 Financials
8.2.1.4 SWOT Analysis
8.2.2 Air Liquide
8.2.2.1 Company Overview
8.2.2.2 Role of Air Liquide in Liquid Hydrogen Market
8.2.2.3 Financials
8.2.2.4 SWOT Analysis
8.2.3 Elme Messer Gaas AS
8.2.3.1 Company Overview
8.2.3.2 Role of Elme Messer Gaas AS in Liquid Hydrogen Market
8.2.3.3 SWOT Analysis
8.2.4 Iwatani Corporation
8.2.4.1 Company Overview
8.2.4.2 Role of Iwatani Corporation in Liquid Hydrogen Market
8.2.4.3 Financials
8.2.4.4 SWOT Analysis
8.2.5 Kawasaki Heavy Industries, Ltd.
8.2.5.1 Company Overview
8.2.5.2 Role of Kawasaki Heavy Industries, Ltd. in Liquid Hydrogen Market
8.2.5.3 Financials
8.2.5.4 SWOT Analysis
8.2.6 Linde plc
8.2.6.1 Company Overview
8.2.6.2 Role of Linde plc in Liquid Hydrogen Market
8.2.6.3 Financials
8.2.6.4 SWOT Analysis
8.2.7 The Andhra Sugars Limited
8.2.7.1 Company Overview
8.2.7.2 Role of The Andhra Sugars Limited in Liquid Hydrogen Market
8.2.7.3 Financials
8.2.7.4 SWOT Analysis
8.2.8 TAIYO NIPPON SANSO CORPORATION
8.2.8.1 Company Overview
8.2.8.2 Role of TAIYO NIPPON SANSO CORPORATION in Liquid Hydrogen Market
8.2.8.3 Financials
8.2.8.4 SWOT Analysis
8.2.9 United Hydrogen
8.2.9.1 Company Overview
8.2.9.2 Role of United Hydrogen in Liquid Hydrogen Market
8.2.9.3 SWOT Analysis
8.3 Liquid Hydrogen Suppliers Profile
8.3.1 Universal Industrial Gases, Inc.
8.3.1.1 Company Overview
8.3.1.2 Role of Industrial Universal Gases Inc. in Liquid Hydrogen Market
8.3.1.3 SWOT Analysis
8.3.2 Wuxi Yuantong Gas Co., Ltd
8.3.2.1 Company Overview
8.3.2.2 Role of Wuxi Yuantong Gas Co., Ltd. in Liquid Hydrogen Market
8.3.2.3 SWOT Analysis
8.4 Liquid Hydrogen Customers Profile
8.4.1 List of Major Customers of Liquid Hydrogen
8.4.2 Ballard Power Systems Inc.
8.4.2.1 Company Overview
8.4.2.2 Role of Ballard Power Systems Inc. in Liquid Hydrogen Market
8.4.2.3 Financials
8.4.2.4 SWOT Analysis
8.4.3 FuelCell Energy, Inc.
8.4.3.1 Company Overview
8.4.3.2 Role of FuelCell Energy, Inc. in Liquid hydrogen Market
8.4.3.3 Financials
8.4.3.4 SWOT Analysis
8.4.4 FirstElement Fuel, Inc.
8.4.4.1 Company Overview
8.4.4.2 Role of FirstElement Fuel, Inc. in Liquid hydrogen Market
8.4.4.3 SWOT Analysis
8.4.5 Hydrogenics
8.4.5.1 Company Overview
8.4.5.2 Role of Hydrogenics in Liquid Hydrogen Market
8.4.5.3 Financials
8.4.5.4 SWOT Analysis

9 Report Scope and Methodology
9.1 Report Scope
9.2 Global Liquid Hydrogen Market Research Methodology
9.2.1 Assumptions
9.2.2 Limitations
9.2.3 Primary Data Sources
9.2.4 Secondary Data Sources
9.2.5 Data Triangulation
9.2.6 Market Estimation and Forecast

List of Tables

Table 1.1: Impact Analysis of Drivers
Table 1.2: Energy Content for Various Fuels
Table 1.3: Gasoline Prices, by Country, 2018
Table 1.4: Impact Analysis of Restraints
Table 1.5: Cost of Liquid Hydrogen Transport via Ship
Table 2.1: Key Business Expansion Activities (2016-2019)
Table 2.2: Partnerships, Collaborations, and Contracts (2016-2019)
Table 2.3: Contracts and Agreements (2016-2019)
Table 2.4: Mergers, Acquisitions and Joint Ventures (2016-2019)
Table 2.5: Product Launches (2016-2019)
Table 3.1: Key Factors in Determining Threat from New Entrants in Liquid Hydrogen Market
Table 3.2: Key Factors in Determining Bargaining Power of Suppliers in the Liquid Hydrogen Market
Table 3.3: Key Factors in Determining Bargaining Power of Buyers in Liquid Hydrogen Market
Table 3.4: Analyzing the Threat of Substitutes
Table 3.5: Analyzing the Intensity of Competition
Table 3.6: Facilities With Production Capacities
Table 3.7: Summary of Regulations, Standards and Codes
Table 3.8: International Standards for Liquid Hydrogen
Table 4.1: Global Liquid Hydrogen Market (by Distribution Method), Tons, 2018-2024
Table 4.2: Global Liquid Hydrogen Market (by Distribution Method), $Million, 2018-2024
Table 5.1: Various Methods for Producing Liquid Hydrogen
Table 5.2: Global Liquid Hydrogen Market (by Production Method), Kilotons, 2018-2024
Table 5.3: Global Liquid Hydrogen Market (by Production Method), $Million, 2018-2024
Table 6.1: Global Liquid Hydrogen Market (by End-Use Industry), Kilotons, 2018-2024
Table 6.2: Global Liquid Hydrogen Market (by End-Use Industry), $Million, 2018-2024
Table 6.3: Use of Liquid Hydrogen as a Transportation Fuel
Table 6.4: Orbital Launches, by Vehicle Configuration, 2018
Table 6.5: National FCEV Targets
Table 6.6: National Hydrogen Fueling Station Targets
Table 6.7: Total Forklifts in Use (by Country), 2018
Table 6.8: Applications for Liquid Hydrogen in Semiconductor Manufacturing
Table 7.1: Global Liquid hydrogen Market (by Region), Kilotons, 2018-2024
Table 7.2: Global Liquid Hydrogen Market (by Region), $Million, 2018-2024
Table 7.3: Asia-Pacific Liquid Hydrogen Market (by Production Method), Kilotons, 2018-2024
Table 7.4: Asia-Pacific Liquid Hydrogen Market (by Production Method), $Million, 2018-2024
Table 7.5: Asia-Pacific Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.6: Asia-Pacific Liquid Hydrogen Market (by End-Use Industry), $Million, 2018-2024
Table 7.7: Recent FCEVs Developments in China
Table 7.8: China Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.9: China Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2029
Table 7.10: South Korea Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.11: South Korea Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.12: Japan Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.13: Japan Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.14: India Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.15: India Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.16: Rest-of-Asia-Pacific Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.17: Rest-of-Asia-Pacific Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.18: North America Liquid Hydrogen Market (by Production Method), Kilotons, 2018-2024
Table 7.19: North America Liquid Hydrogen Market (by Production Method), $Million, 2018-2024
Table 7.20: North America Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.21: North America Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.22: U.S. Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.23: U.S. Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.24: Canada Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.25: Canada Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.26: Mexico Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.27: Mexico Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.28: Europe Liquid Hydrogen Market (by Production Method), Kilotons, 2018-2024
Table 7.29: Europe Liquid Hydrogen Market (by Production Method), $Million, 2018-2024
Table 7.30: Europe Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.31: Europe Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.32: Germany Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.33: Germany Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.34: U.K. Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.35: U.K. Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.36: France Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.37: France Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024
Table 7.38: Rest-of-Europe Liquid Hydrogen Market (by End-Use Industry), Tons, 2018-2024
Table 7.39: Rest-of-Europe Liquid Hydrogen Market (by End-Use Industry), $Thousand, 2018-2024

List of Figures

Figure 1: Global Liquid Hydrogen Market Overview, 2018-2024
Figure 2: Global Liquid Hydrogen Market (by Production Method), 2018, 2019, and 2024
Figure 3: Global Liquid Hydrogen Market Analysis (by Distribution Method)
Figure 3: Global Liquid Hydrogen Market Analysis (by End-Use Industry)
Figure 4: Global Liquid Hydrogen Market (by Region), 2018
Figure 1.1: Market Dynamics: Global Liquid Hydrogen Market
Figure 1.2: Role of Liquid Hydrogen in Decarbonizing Major Sectors
Figure 1.3: Global Fuel Price Changes, 2008-2018
Figure 2.1: Share of Key Market Strategies and Developments, 2016-2019
Figure 2.2: Liquid Hydrogen Market Share Analysis, 2018
Figure 3.1: Global Liquid Hydrogen Market Supply Chain
Figure 3.2: Cost Analysis of Liquid Hydrogen Supply Chain
Figure 3.3: Porters Five Forces Analysis of Liquid Hydrogen Market
Figure 3.4: Global Liquid Hydrogen Market Opportunity Matrix (by Region), 2019-2024
Figure 4.1: Distribution Method of Liquid Hydrogen
Figure 4.2: Transport in Global Liquid Hydrogen Market (by Distribution Method), $Million and Kilotons, 2018-2024
Figure 4.3: Pipelines in Global Liquid Hydrogen Market (by Distribution Method), $Million and Kilotons, 2018-2024
Figure 5.1: Global Liquid Hydrogen Market- Production Method of Segmentation
Figure 5.2: Steam Methane Reforming in Global Liquid Hydrogen Market (by Production Method), $Million, 2018-2024
Figure 5.3: Electrolysis in Global Liquid Hydrogen Market (by Production Method), $Million and Kilotons, 2018-2024
Figure 6.1: Global Liquid Hydrogen- End-Use Industry Segmentation
Figure 6.2: Number of Launches, by Country, 2018
Figure 6.3: Transportation Industry in Global Liquid Hydrogen Market (by End-Use Industry), $Million and Kilotons, 2018-2024
Figure 6.4: Electronics Industry in Global Liquid Hydrogen Market (by End-Use Industry), $Million and Kilotons, 2018-2024
Figure 6.5: Chemicals and Petrochemicals Industry in Global Liquid Hydrogen Market (by End-Use Industry), $Million and Kilotons, 2018-2024
Figure 6.6: Refining Industry in Global Liquid Hydrogen Market (by End-Use Industry), $Million and Kilotons, 2018-2024
Figure 6.7: Metals Industry in Global Liquid Hydrogen Market (by End-Use Industry), $Million and Kilotons, 2018-2024
Figure 6.8: Glass Industry in Global Liquid Hydrogen Market (by End-Use Industry), $Million and Kilotons, 2018-2024
Figure 6.9: Others Industry in Global Liquid Hydrogen Market (by End-Use Industry), $Million and Kilotons, 2018-2024
Figure 7.1: Global Liquid Hydrogen Market – Regional Segmentation
Figure 7.2: Global Liquid Hydrogen Market (by Region), Tonnes and $Million, 2018 and 2024
Figure 7.3: China Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.4: South Korea Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.5: Japan Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.6: India Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.7: Rest-of-Asia-Pacific Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.8: U.S. Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.9: Canada Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.10: Mexico Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.11: Germany Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.12: U.K. Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.13: France Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.14: Rest-of-Europe Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 7.15: Rest-of-the-World Liquid Hydrogen Market, $Million and Kilotons, 2018-2024
Figure 8.1: Air Products and Chemicals, Inc.: Product Portfolio
Figure 8.2: Air Products and Chemicals, Inc.: Overall Financials, 2016-2018
Figure 8.3: Air Products and Chemicals, Inc.: Net Revenue (by Region), 2016-2018
Figure 8.4: Air Products and Chemicals, Inc.: Net Revenue (by Business Segment), 2016-2018
Figure 8.5: Air Products and Chemicals, Inc.: SWOT Analysis
Figure 8.6: Air Liquide: Product Portfolio
Figure 8.7: Air Liquide: Overall Financials, 2016-2018
Figure 8.8: Air Liquide: Net Revenue (by Region), 2016-2018
Figure 8.9: Air Liquide: Net Revenue (by Business Segment), 2016-2018
Figure 8.10: Air Liquide: SWOT Analysis
Figure 8.11 : Elme Messer Gaas AS: Product Portfolio
Figure 8.12: Elme Messer Gaas AS: SWOT Analysis
Figure 8.13: Iwatani Corporation: Product Portfolio
Figure 8.14: Iwatani Corporation: Overall Financials, 2016-2018
Figure 8.15: Iwatani Corporation: Net Revenue (by Region), 2016-2018
Figure 8.16: Iwatani Corporation: Net Revenue (by Business Segment), 2016-2018
Figure 8.17: Iwatani Corporation: SWOT Analysis
Figure 8.18: Kawasaki Heavy Industries, Ltd.: Product Portfolio
Figure 8.19: Kawasaki Heavy Industries, Ltd.: Overall Financials, 2016-2018
Figure 8.20: Kawasaki Heavy Industries, Ltd.: Net Revenue (by Region), 2016-2018
Figure 8.21: Kawasaki Heavy Industries, Ltd.: Net Revenue (by Business Segment), 2016-2018
Figure 8.22: Kawasaki Heavy Industries, Ltd.: SWOT Analysis
Figure 8.23: Linde plc: Product Portfolio
Figure 8.24: Linde plc: Overall Financials, 2016-2018
Figure 8.25: Linde plc: Net Revenue (by Region), 2016-2018
Figure 8.26: Linde plc: Net Revenue (by Business Segment), 2016-2018
Figure 8.27: Linde plc: SWOT Analysis
Figure 8.28: The Andhra Sugars Limited: Product Portfolio
Figure 8.29: The Andhra Sugars Limited: Overall Financials, 2016-2018
Figure 8.30: The Andhra Sugars Limited: Net Revenue (by Business Segment), 2016-2018
Figure 8.31: The Andhra Sugars Limited: SWOT Analysis
Figure 8.32: TAIYO NIPPON SANSO CORPORATION: Product Portfolio
Figure 8.33: TAIYO NIPPON SANSO CORPORATION: Overall Financials, 2016-2018
Figure 8.34: TAIYO NIPPON SANSO CORPORATION: Net Revenue (by Region), 2016-2018
Figure 8.35: TAIYO NIPPON SANSO CORPORATION: Net Revenue (by Business Segment), 2016-2018
Figure 8.36: TAIYO NIPPON SANSO CORPORATION: SWOT Analysis
Figure: 8.37 : United Hydrogen: Product Portfolio
Figure 8.38: United Hydrogen: SWOT Analysis
Figure 8.39: Universal Industrial Gases, Inc.: Product Portfolio
Figure 8.40: Universal Industrial Gases, Inc.: SWOT Analysis
Figure 8.41: Wuxi Yuantong Gas Co., Ltd.: Product Portfolio
Figure 8.42: Wuxi Yuantong Gas Co., Ltd.: SWOT Analysis
Figure 8.43: Ballard Power Systems Inc.: Product Portfolio
Figure 8.44: Ballard Power Systems Inc.: Overall Financials, 2016-2018
Figure 8.45: Ballard Power Systems Inc.: Net Revenue (by Region), 2017-2018
Figure 8.46: Ballard Power Systems Inc.: SWOT Analysis
Figure 8.47: FuelCell Energy, Inc.: Product Portfolio
Figure 8.48: FuelCell Energy, Inc.: Overall Financials, 2016-2018
Figure 8.49: FuelCell Energy, Inc.: Net Revenue (by Region), 2017-2018
Figure 8.50: FuelCell Energy, Inc.: SWOT Analysis
Figure 8.51: FirstElement Fuel, Inc.: Product Portfolio
Figure 8.52: FirstElement Fuel, Inc.: SWOT Analysis
Figure 8.53: Hydrogenics: Product Portfolio
Figure 8.54: Hydrogenics: Overall Financials, 2016-2018
Figure 8.55: Hydrogenics: Net Revenue (by Region), 2017-2018
Figure 8.56: Hydrogenics: Net Revenue (by Business Segment), 2016-2018
Figure 8.57: Hydrogenics: SWOT Analysis
Figure 9.1: Global Liquid Hydrogen Market Coverage
Figure 9.2: Segmentations for Market Estimation in the Global Liquid hydrogen Market
Figure 9.3: Report Design
Figure 9.4: Primary Interviews (by Player, Designation, and Region)
Figure 9.5: Data Triangulation
Figure 9.6: Top-Down and Bottom-Up Approach