Hydrogen production is set to double by 2030 as the world advances towards a sustainable energy economy, according to analysis by Frost & Sullivan.
On 10 November, it published Growth Opportunities in the Hydrogen Market for the Global Powers Sector, in which it set out how interest is growing in hydrogen, with countries across the world starting to view a hydrogen-based economy as a solution to growing concerns over emissions, energy security and climate change. It forecast global hydrogen production to more than double, reaching 168mn tonnes by 2030 – up from 71mn tonnes in 2020 – as revenue climbs to $420bn (£319bn).
Growth opportunities for market participants are likely to vary considerably, depending on the region. In the case of the UK, as the country looks to hit its 2050 net zero target, the report said it should look to capitalise on its economic growth and abundant renewable energy sources (RES) and scale hydrogen technology solutions and infrastructure.
Across Europe, France is striving for 10% zero carbon hydrogen adoption for industrial applications by 2023 under its hydrogen plan, rising to 40% by 2028, whereas Germany is already a global leader in the development of hydrogen and fuel cell technologies. The report noted a majority of the focus on hydrogen technologies, public and private R&D, pilot and demonstration projects is aimed at strengthening Germany’s automotive industry.
Elsewhere, Australia can become and remain a substantial player in the hydrogen value chain, if making the most of its renewable energy sources and natural gas reserves, while China, having identified the importance of hydrogen, has already accelerated the development of hydrogen-based technologies and hydrogen infrastructure in recent years. In Japan, heavy investment has been made in R&D relating to production, storage and development of hydrogen infrastructure for import and utilisation across various areas. The USA, meanwhile, was tipped to become the largest exporter of hydrogen and developer of hydrogen infrastructure across Latin America, Africa and Southeast Asia.
