Rising demand for energy storage solutions worldwide is set to drive the hydrogen market to a value of US$2.5 trillion by 2050, according to new research from industry body The Hydrogen Council.
The new report from the industry association suggests the fuel will “become instrumental” in meeting greenhouse gas emission targets and might ultimately help the world generate 18% of its final energy demand, creating 30 million jobs in the process.
Investment of US$280 billion
Backed by a group of businesses including Air Liquide and BMW, The Hydrogen Council estimates investment required to achieve the targets may total US$280 billion between now and 2030.
“This ambitious yet realistic approach would deliver deep decarbonisation of transport, industry, and buildings, and enable a renewable energy production and distribution system,” the Council said.
“To realise this vision, investors, industry, and government will need to ramp up and coordinate their efforts.”
UK industry leaders
Two UK technology developers are reported to be amongst the leading solutions on the market.
Notable ITM Power, which develops hydrogen fuelling stations for the next generation of eco-cars alongside a technology that converts electricity to hydrogen that’s used for energy storage.
As well as AFC Energy which develops technology that converts waste hydrogen produced by the chemicals companies into power.