Advances in Green Hydrogen Create Opportunity across the Global Power Sector
Advances in Green Hydrogen Create Opportunity across the Global Power Sector analyses the current and future industry potential of green hydrogen as an energy carrier. According to the study, green hydrogen production could reach 5.7 million tons by 2030.
Green hydrogen only account for less than 1 per cent of the total hydrogen produced, but global demand is expected to increase rapidly in the next two deceases, and it is believed to play a key role in achieving climate neutrality by 2050.
According to a new study from Frost & Sullivan, global green hydrogen production could skyrocket at a compound annual growth rate (CAGR) of 57 percent between 2019 and 2030, which would mean an increase from 40,000 tons to 5.7 million tons. The main growth drivers behind this will be the increasing push for decarbonisation, energy security needs, and technological innovations. However, to achieve a green hydrogen economy, technological and economical breakthroughs are needed to bring down the costs, in addition to new infrastructure and a decisive regulatory framework supporting the development.
For further revenue opportunities, Frost & Sullivan suggests several recommendations, such as:
- Countries need to step up their green hydrogen strategies and invest in pilot and demonstration projects for Power-to-X technologies.
- European countries and the US should add green hydrogen to natural gas mixture
- Develop modular fuel cell power systems that can be customized to rural/remote communities or critical infrastructure facilities
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