The shift towards hydrogen-based economy arises due to the
growing concerns over increasing carbon emissions, energy security,
and climate change, says Frost & Sullivan
SANTA CLARA, Calif.,
Nov 10, 2020 /PRNewswire/ -- 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.
For further information on this analysis, please visit:
http://frost.ly/4s8
"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 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
the growth of the technology and mandating policies towards
decarbonization."
Manohar added: "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."
Growth opportunities for market participants will vary
considerably, depending on the region:
- Australia: With
abundant renewable energy resources (RES) and natural gas reserves,
the country could efficiently utilize these attributes to become
and remain a substantial player in the hydrogen value chain.
- China: China has accelerated the development of
hydrogen-based technologies and hydrogen infrastructure in recent
years after recognizing the importance of hydrogen in its
transition from a carbon-based to a hydrogen-based economy.
- France: Under the new
"The Hydrogen Plan", France aims
to reach 10% zero-carbon hydrogen adoption for industrial
applications by 2023 and 40% by 2028.
- Germany: Germany is a global leader in the development
of hydrogen and fuel cell (FC) technologies. A majority of the
focus on hydrogen technologies, public and private R&D, pilot
and demonstration projects is towards strengthening the country's
automotive industry.
- India: Despite enormous
potential and abundant RES and coal reserves, India is still in its early stages in the
adoption of hydrogen technology.
- Japan: Japan is heavily investing (through public
funding) in R&D related to production, storage, and development
of the hydrogen infrastructure for import and utilization across
various areas.
- United Kingdom: In
order to meet its net zero-carbon target by 2050, the country
should capitalize on its economic growth and abundant RES capacity
and scale its hydrogen technology solutions and
infrastructure.
- USA: The country is
also likely to become the largest exporter of hydrogen and
developer of hydrogen infrastructure across LATAM, Africa, and Southeast Asia.
Growth Opportunities in the Hydrogen Market for the Global
Power Sector is the latest addition to Frost &
Sullivan's Energy & Environment research and analysis
available through the Frost & Sullivan Leadership Council,
which helps organizations identify a continuous flow of growth
opportunities to succeed in an unpredictable future.
About Frost & Sullivan
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Growth Opportunities in the Hydrogen Market for the Global
Power Sector
K4B9-14
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