Hydrogen Market

Global Hydrogen Market

The hydrogen generation market is forecasted to grow at an average CAGR of 9.2% from US$130 billion in 2020 to US$201 billion by 2025. Industry growth is mainly led by global demand for clean mobile energy like our P2H units, long-term power storage, the need to minimise greenhouse gas emissions and increased fuel cell power generating applications. Between now and 2025, the Asia Pacific market is estimated to grow at a CAGR of 10%, currently it is worth more than US$93 billion. Strategically located at the doorstep of Asia, Australia is poised to supply the region’s rising hydrogen demand.

Future of Australian Industry

With Australia and its major trading partners committing to full decarbonisation by 2050, green hydrogen is forecasted to transform the energy industry and dominate the market. As a trusted exporter of high-quality resources, Australia is expected to play a pivotal role in helping nations meet the growing demand for green hydrogen.

The Australian Federal Government’s National Hydrogen Strategy aims to take advantage of increasing global need for clean hydrogen and make it a key energy export.

Domestic opportunities:

  • Multinational organisations, Toyota and Hyundai, are currently working with domestic partners to develop a hydrogen refuelling network across Australia for electric vehicles. These developments will be critical to Australia’s transportation and logistics industries reaching zero emissions.
  • CSIRO has identified liquified green hydrogen as a primary solution for meeting Australia’s domestic liquid fuel reserve targets. Our hydrogen can also be converted into syngas, which will allow us to replace natural gas when heating homes. KPMG found electrifying heating supplies could cost AU$300 billion more than hydrogen gas.
  • Green hydrogen presents an opportunity to decarbonise isolated communities dependent on diesel generators. This is both financially and environmentally costly for Australians. American transnational engineering firm, AECOM, observed the average cost of energy for these communities is AU$450/MWh, which could be reduced to AU$100/MWh through hydrogen.

Export opportunities:

  • A growing market estimated to generate AU$11.6 billion in exports by 2040 as the world moves to meet carbon emission targets.
  • Proven demand from major markets across the globe — Japan, China, South Korea, Italy, France, Germany, United Kingdom and South Korea.
  • CSIRO estimates Japan, South Korea, Singapore and China will require 3.8 million tonnes of hydrogen by 2030 — Australia is expected to fill a substantial amount of this.
    Japan alone is estimated to import 10 mega tonnes a year by 2050.

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