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Frost & Sullivan: Global Green Hydrogen Production Expected to Reach 5.7 Million Tonnes by 2030, Driven by Decarbonization

By September 28, 2021 3   min read  (584 words)

September 28, 2021 |

Fuel Cells Works, Frost & Sullivan: Global Green Hydrogen Production Expected to Reach 5.7 Million Tonnes by 2030, Driven by Decarbonization
  • Aiming to achieve carbon neutrality by promoting the carbon removal industry by 2050 will have a positive effect on the green hydrogen market.
  • Frost & Sullivan recently published ‘Advances in Green Hydrogen Create Opportunity across the Global Power Sector’.

South Korea: Frost & Sullivan predicts that global green hydrogen production, from 40,000 tonnes in 2019, will reach 5.7 million tonnes by 2030, with a compound annual growth rate (CAGR) of 57%.

As carbon emissions concerns and pressure to decarbonize, particularly in the industrial, commercial, transportation and power sectors, increase, countries must reduce their reliance on fossil fuel-based systems and increase investment in low-carbon alternative technologies, including green hydrogen.

Se-Jun Park, CEO of Frost & Sullivan Korea, said, “It is difficult to achieve complete decarbonization with only electrification in certain fields such as transportation and power. To solve this problem, green hydrogen generated through the electrolysis of renewable energy and wind and solar power is attracting attention. Green hydrogen produced through electrolysis can be utilized as a chemical feedstock downstream in carbon-intensive fields, where carbon removal is difficult with electrolysis alone. Currently, green hydrogen accounts for less than 1% of the total hydrogen production. “However, the global demand for green hydrogen and related applications is expected to grow exponentially over the next 20 years, creating a need for sizable infrastructure to handle production and supply.”

Over the past five years, interest in utilizing green hydrogen as a low- or zero-carbon energy carrier has grown. Many governments, including the UK, Germany, Japan and Singapore, have begun to recognize the green hydrogen economy as an alternative to address concerns about carbon emissions, energy security and climate change. Technology research institutes in Germany, the UK, USA and Australia are already investing in pilot projects and demonstration projects related to green hydrogen production, storage, distribution and application across various business sectors. If a green hydrogen economy is to be realized, technical and economic solutions to lower the costs associated with green hydrogen production are required, while also a decisive regulatory framework to stimulate investment in the sector and support R&D.

For higher profit opportunities in the green hydrogen sector, related companies should keep an eye on the following strategies. :

  • Reinforcement of green hydrogen strategy and investment of national governments are required for Power-to-X (PtX) technology pilot project. In addition, strong collaboration and partnerships are needed to expand the technology
  • European countries and the US support reducing greenhouse gas (GHG) emissions, increasing RES integration into the energy mix, increasing system efficiency, and decarbonizing the electricity, thermal, industrial and transport sectors green hydrogenated demand for natural gas mixture to, fuel cell companies are small rural communities or a customizable modular fuel cell power system development needs as possible to meet the needs of major infrastructure
  • Combined Heat and Power (CHP: Combined heat and power) fuel cell manufacturing companies are focused on competitive advantage to relieve the concerns about the cost and reliability, and efficiency decrease in their holding outperform competitors lithium-ion energy storage system supplier

Frost & Sullivan Overview

Frost & Sullivan is a global market research and consulting agency for major industries such as automobiles, ICT, healthcare, and energy, and has been supporting solutions for customer business growth for over 60 years. It operates 2,200 consulting personnel in 47 branches in 29 countries around the world, and based on the results of continuous research and analysis of 12 industries and major technologies, not only growth strategies and benchmarking services, but also economic trends and promising technologies and megatrends. , identifying new business models to help government agencies, companies and investors seize growth opportunities.

Website: https://ww2.frost.com

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