H2Tech Market Data 2023 - 9

H2 projects in the pipeline. The country will also become
the first in implementing green H2
to decarbonize power
generation with the Tallawarra B project providing more
than 300 MW capacity that is expected to be ready in
2023-2024. Australia is also ready to become the first in
dual-fuel power plants with its gas-H2
turbines for grid
electricity coming online in 2023.
In India, state-run energy companies are working to
pilot plants by 2024, with a cumulative
establish seven H2
investment of $200 MM over 5 yr. In the private sector,
Reliance Industries Ltd. has unveiled a $75-B plan to
convert India into a H2
hub, while the Adani group conglomerate
has announced $70 B in investments to build
a 45-GW renewables portfolio to achieve cheap green H2
targets by 2030. The country has announced an ambitious
target of 500 GW of non-fossil fuel capacity by 2030.
Overall investments in electrolyzers are expected to be
close to 1 T Rupees (nearly $12.5 B) by 2030. Green H2
production is expected to comprise about 30% of total H2
production (9 MMtpy) by 2030 and is projected to reach
80% (30 MMtpy) by 2050. This comes in with an overall
investment of 4 T Rupees (nearly $50 B). The largest H2
demand and consumption are expected to come from the
transportation and power generation sectors, contributing
to about 30% of total H2
demand by 2030.
China will play a significant role in the region's H2
market expansion. China's state-run initiatives towards
decarbonization are expected to dominate the electrolyzer
market, accounting for 62%-65% of the total demand in
2023, an increase from 47% in 2020. China has announced
100,000 t-200,000 t of green H2
require about 1.3 GW of electrolyzers (assuming solar
run). The country leads the region in green H2
.
production
with its 150-MW Ningxia plant capable of producing
23,700 tpy of clean H2
Japan and South Korea are investing heavily in the
adoption of fuel cells. Japan has ambitious FCEVs and
infrastructure targets for 2025. Singapore and Malaysia
are expected to start exclusive programs to promote fuel
cells in regional markets, with a focus on backup power
(stationary application) fuel cells.
The Middle East. The Middle East region, a natural hotspot
of renewable energy, is strengthening its position to become
a leading producer of clean H2
and is on the path to capitalize
the clean H2 export segment of the economy. Saudi
Arabia, the Unites Arab Emirates (UAE) and Oman will continue
to drive low-carbon H2
in the region. The UAE has set
an ambitious target to capture 25% of the global low-carbon
H2
market by 2030. The region will continue an aggressive
expansion strategy with Neom (Saudi Arabia) projected to
emerge as the H2
leader in the region. Development momentum
in the region will be driven by investment incentives,
energy incumbents and the region's circular carbon economy
agenda. The region will target exports to markets in
Europe and expanding markets in Asia but must overcome
challenges in foreign laws, regulations and policy obstacles.
Africa. Nations in the African continent are positioning
themselves to become major players in the H2
export marby
2025, which will
ket. The region is rich in renewable energy potential as well
as mineral resources, producing platinum-grade materials,
Central and South America. Chile was one of the first
in the region to develop a H2
roadmap and is leading the
low-carbon H2 industry, followed closely by Brazil. Together,
these two nations account for 70%-80% of active projects
in the region. Chile has ambitious targets of $5 B in green
H2
investment by 2025 and electrolysis capacity expansion
to 25 GW by 2030, along with the development of two H2
hubs in the country. The challenge of regional cooperation
is diminishing while attracting interest from potential
importing markets like Japan and the Netherlands. With the
potential for both renewable energy and sustainable blue H2
with carbon capture, the region is striving to develop local
demand and decarbonize the economy while attracting
foreign investments.
which are used in both fuel cells and electrolyzers. With 43
active projects, Africa is ready to capitalize on its resources
through investment in not only infrastructure and technology,
but also in R&D. North African countries (Morocco,
Algeria and Egypt) have more favorable infrastructure to
become H2
to deploy 10 GW of electrolysis capacity by 2030 and is
already developing several H2
hubs. Moreover, it is also
investing actively in R&D-several projects at South Africa's
HySA Systems are gaining traction towards creating new
intellectual property in fuel cell technologies. The region
also benefits from its dual incentive of decarbonization and
economic expansion by monetizing its resource potential in
the growing H2
economy. Africa, however, must overcome
the challenges in comparatively higher financing costs and
policing to drive down the cost of energy investments.
exporters. South Africa is working on its target
9
MARKET DATA 2023 | H2-Tech.com
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H2Tech Market Data 2023

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