H2Tech Market Data 2024 - 3

Over the past several years, the world has been engaged
in an energy transition. According to the United Nations,
more than 70 countries have set ambitious net-zero emissions
goals,1
initiatives to meet those targets. These pathways include,
but are not limited to, the broader adoption of electric
vehicles (EVs); utilizing new low-/zero-carbon fuels (e.g.,
blue/green H2
6
8
and many have enacted new regulations and
28
) to decarbonize power, transport and heavy
industry; increasing investments in renewable energy;
increasing the percentage of biofeedstock blending in
transportation fuels; incorporating the use of carbon capture
and storage (CCS) or carbon capture, utilization and
storage (CCUS); and boosting the production of biofuels
and alternative/renewable fuels, among others.
One pathway to help economies decarbonize is the
use of low-/zero-carbon H2
. Undoubtedly, H2
will play a
major role in global decarbonization activities since it is
well-suited to provide clean energy to the transportation,
industry, power and buildings, and processing sectors.
Most industry analysts forecast a stark rise in H2
demand
over the next 25 yr. According to the International Energy
Agency (IEA), global H2
demand was approximately
91 MMt in 2021.2
Several industry forecasts show global
H2 production reaching anywhere between 300 MMtpy
and 650 MMtpy by 2050. For example, the International
Renewable Energy Agency (IRENA) forecasts global H2
production increasing six-fold to nearly 620 MMtpy by
2050.3
to net-zero report forecasts global H2
Deloitte's Green hydrogen: Energizing the path
demand to reach
nearly 600 MMt by 2050, with most consumption driving
from the transportation sector (FIG. 1). Conversely, bp's
Energy Outlook 2023 forecasts global H2
ing between 300 MMtpy and 460 MMtpy within the same
timeframe-total H2
demand is based on accelerated and
net-zero scenarios.4
With the stark rise in global H2
demand, a significant
amount of capital investments are needed to satisfy forecasted
consumption. These investments include capital-intensive
H2
pipeline conversion and construction, storage (e.g., underground
salt caverns) and H2
ing to analysis by Deloitte, the global clean H2
refueling infrastructure. Accordmarket
could
production projects, electrolyzer manufacturing,
demand reachChina
South
Asia
North America
Europe
Southeast Asia
Middle East
Asia-Pacific
Eurasia
Latin America
Africa
FIG. 2. Clean H2 market size (USD $ B/yr), 2030-2050. Source: Deloitte's Green hydrogen: Energizing the path to net-zero.
increase exponentially from $160 B in 2022 to more than
$640 B in 2030 and upwards of $1.4 T by 2050 (FIG. 2).
The inclusion of H2
in the global shipping sector is
forecast to increase significantly in the future, as well.
The International Maritime Organization (IMO) is striving
to reduce emissions from the marine industry by 20% by
2030, at least 70% by 2040 and reaching net-zero by
2050. This reduction can be aided by utilizing low-emissions
marine fuels such as ammonia and methanol-more
than 190 ammonia-powered ships have been ordered,
46
51
54
61
86
110
152
194
199
2030
$642 billion
80
79
255
2040
$980 billion
166
141
125
2050
$1,408 billion
247
26
27
27 4
2030
58
55
80
49
2035
94
78
98
172
Iron and steel
FIG. 1. Clean H2
290
Other industry
Transport
Power
407
Buildings
demand by sector, 2030-2050. Source: Deloitte's Green hydrogen: Energizing the path to net-zero.
46 37
39 26
23
14
61
52
217
91
63
265
77
72
135
2040
107
117
502
2045
125
135
598
99
173
2050
118
215
6
5
3
MARKET DATA 2024
H2-Tech.com

http://www.H2-Tech.com

H2Tech Market Data 2024

Table of Contents for the Digital Edition of H2Tech Market Data 2024