Hydrogen Market Analysis

Due to its simplicity and abundance, Hydrogen is emerging as a fuel for the future. It has widespread applications in various industries like power generation, refining, ammonia, methanol, iron & steel, glass, road transport, aviation, rail, and maritime. Mostly, these industries use either green Hydrogen, that is produced through electrolysis using renewables, or blue Hydrogen which is produced using fossil fuels combined with carbon capture and storage technologies.

Moreover, Hydrogen can be categorized into eight distinct types depending upon the production source. These are green, blue, grey, brown, black, turquoise, yellow and pink Hydrogen. Major focus of the world today is on renewable or green Hydrogen, followed by blue, grey, pink, and then turquoise Hydrogen which is still in the experimental stage.

In the early 2000s, Hydrogen received significant attention as a fuel for automobiles. However, it was not widely adopted due to multiple factors such as the cost of Hydrogen, cost of fuel cells, the challenges associated with Hydrogen storage and the lack of a proper Hydrogen fueling infrastructure. Despite these factors, Hydrogen remains of great interest as a low-carbon alternative fuel option, especially in the transport sector because of hard-to-find alternatives for long haul transportation.

Two types of Hydrogen vehicles are commonly used; vehicles that burn Hydrogen in a conventional internal combustion engine and Hydrogen fuel cell electric vehicles, in which the fuel cell electrochemically converts Hydrogen with Oxygen to generate electricity for an electric drivetrain while releasing water and heat as a by-product. Due to an increase in the development and usage of Hydrogen powered vehicles, an abrupt increase in the development of the Hydrogen refueling infrastructure is observed with many stations being constructed and operated around the globe.

As of May 2022, there are 469 active and 166 planned Hydrogen refueling stations around the globe. These refueling stations providing either 350 bar or 700 bar, are ideal for passenger cars, buses, and trucks, and some of these are easily accessible to public while others are just for research purposes or private stations that the public cannot use. Some of the Hydrogen refueling stations consist of on-site Hydrogen production and storage systems whereas Hydrogen in compressed gaseous form is delivered to others.

A Hydrogen Valley is a geographical area where various Hydrogen applications form an integrated Hydrogen ecosystem that usually comprises of a multi-million-euro investment. Hydrogen Valleys cover a substantial part of the Hydrogen value chain, from Hydrogen production, storage, and transportation to its end-use in sectors like industry, mobility, and energy. They are the major drivers of industrial development and job creation in the Hydrogen energy sector. There are 35 Hydrogen Valleys around the globe that are in different stages of implementation. Furthermore, these Valleys are dispersed in 20 countries with a total investment of EUR 32,440 million. At 23, Europe has the highest number of Hydrogen Valleys located in it.

Hydrogen potential is optimally dispersed around the world with a vast potential in USA, Canada, Chile, Australia, Japan, Korea, China, most of the Middle East and the European continent. Global Hydrogen demand has increased with a CAGR of 2%, from 60 Mt to 90 Mt since the start of this century and is expected to be approximately 500 Mt by 2050. Primarily, the demand is driven by refining and industrial sectors whereas applications like mobility and power constitute a minute portion of this demand. Europe is emerging as the leader in Hydrogen production and usage, as within the EU, there are 750 announced projects from all parts of the value chain that are expected to enter operation by 2025.

• What are different hydrogen production technologies with a special focus on electrolyzers and their competitive advantages?
• What are the emerging applications and industries in the hydrogen value chain?
• What are different future projections of hydrogen demand by 2050?
• What are the recent market developments and global partnerships in the hydrogen economy around the world?
• What are the different National Hydrogen Strategies of 23 countries around the globe?
• What are different H2 Valleys project developments around the world?

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