Hydrogen production to double by 2030 as the world advances towards a sustainable energy economy

economy

Frost & Sullivan’s recent analysis, Growth Opportunities in the Hydrogen Market for the Global Power Sector, finds that there has been a growing interest in hydrogen as a low- or zero-carbon energy.

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. Global hydrogen production is forecast to more than double, reaching 168 million tons by 2030 from 71 million tons in 2020, with revenue expected to reach $420 billion in 2030 from $177.3 billion in 2020.

Swagath Navin Manohar, Industry Analyst, Industrial Practice at Frost & Sullivan, said: “For the hydrogen economy to become a reality, decisive government actions are required in four key areas,”

“Support R&D activities related to technologies involved in the production, storage, transport, and utilization of hydrogen and provide incentives to companies for developing the hydrogen and carbon capture utilization 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 decarbonization.”

“While the cost of establishing a hydrogen economy will be high, the promises associated with hydrogen – as an important tool in catalyzing the transition towards sustainable energy economy- are huge. 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.” Manohar concluded.

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