According to analysis from Frost & Sullivan, hydrogen production will double by 2030 as the world advances towards a sustainable energy economy and countries battle climate change.
Global hydrogen production is forecast to more than double, reaching 168 million tons by 2030 from 71 million tons in 2020, as the world advances towards a sustainable energy economy, new research finds. In the same period, revenue is expected to increase from $177.3bn to reach $420bn.
According to Frost & Sullivan’s analysis, countries across the world have started to consider a hydrogen-based economy as the answer to the growing concerns over increasing carbon emissions, energy security, and climate change.
“For the hydrogen economy to become a reality, decisive government actions are required in four key areas,” said Swagath Navin Manohar, industry analyst, industrial practice at Frost & Sullivan.
“Support R&D activities related to technologies involved in the production, storage, transport, and utilisation of hydrogen and provide incentives to companies for developing the hydrogen and carbon capture utilisation and storage (CCUS) infrastructure.
“A roadmap towards a hydrogen economy needs to be developed, which addresses the socio-economic barriers inhibiting growth of the technology and mandating policies towards decarbonisation.”
Frost & Sullivan’s notes growth opportunities for market participants will vary considerably, depending on the region:
“A roadmap towards a hydrogen economy needs to be developed, which addresses the socio-economic barriers inhibiting growth of the technology and mandating policies towards decarbonisation”
“While the cost of establishing a hydrogen economy will be high, the promises associated with hydrogen – as an important tool in catalysing the transition towards sustainable energy economy – are huge,” added Manohar.
“Although the current application of hydrogen is mainly in the industrial sector, it could be used as a fuel across the mobility, maritime and aviation sectors, and as an energy storage system (ESS) across the power generation sector.”
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