Opportunities within the inflating hydrogen economy
The growing international development of hydrogen infrastructure, technology and trade is forming unique partnerships across industries.
Hydrogen fuel cell vehicles (FCEVs) possess a variety of distinguishing qualities that separate them from alternative gas or fuel-powered vehicles. Using hydrogen, vehicles produce zero emissions, have short refuelling times and can drive for long ranges (over 450km).
Currently, around 120 million tons of hydrogen are produced each year on a global scale, enough to power 200 million fuel cell vehicles.
Within countries that have implemented pro-hydrogen policies and infrastructure, fuel-cell-powered vehicle adoption programs have already gained impressive traction.
As more progressive national policies are introduced, better infrastructure is installed and associated costs decrease, FCEV adoption is expected to grow strongly. The global hydrogen market is projected to grow to 33% by 2024.
By 2050, hydrogen could power around 25 per cent of vehicles and passenger ships worldwide, 20 per cent of trains on non-electrified tracks, meet 10 per cent of global heat demand, generate $2.5 trillion in annual revenue and create 30 million jobs.
“Like any new technology, consumers have to learn about hydrogen before they’ll appreciate it. But the facts are on hydrogen’s side,” states Dr. Saehoon Kim, Senior Vice President and Head of Hyundai Motor Company’s Fuel Cell Centre.
“Hydrogen is about much more than cars. Across a range of industries, it will power a greener future.”
A study conducted by Hyundai and Bloomberg investigates the potential for a hydrogen-powered future by exploring the state of the hydrogen economy today.
The research evaluated 14 countries across five sectors: Transport, Energy, Heat, Exports and Feedstocks. Once assessed, each nation is given a H2 economy score. A score of three indicates maximum support, activity, and investment for hydrogen in today’s market.
While no country has reached a level three category, South Korea (2.80), Japan (2.77) and Germany (2.56) all received high scores.
Australia ranked 11 overall, with a rating of 1.76, primarily supported by high hydrogen-use in exports, feedstocks and energy.
A key project in Australia is the government funding a $10.7 million trial program that uses ‘green’ hydrogen to generate power for the electricity grid.
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Source: Bloomberg | H2 Economy Today
27 January 2021