Hydrogen Market Analysis

Description

The demand for low-carbon hydrogen is expected to rise significantly by 2050, driven by energy security and net zero promises in various industries such as power, steel, shipping, and aviation. The global commitment to reducing carbon footprints and transitioning to cleaner energy sources will likely lead to a surge in demand for green hydrogen. According to reports and research, the global market for green hydrogen is projected to reach 103 billion GBP by 2030 and continue growing until 2050 to achieve carbon neutrality. The International Renewable Energy Agency (IRENA) predicts that global hydrogen demand will rise to 614 million metric tons per year by 2050, which would meet 12% of the total energy use. IRENA’s World Energy Transitions Outlook sees hydrogen covering 12% of global energy demand and cutting 10% of CO2 emissions by 2050.