The global hydrogen market is forecast to grow one thousand-fold by 2040, with demand for clean hydrogen projected to reach 500 million tonnes a year between now and 2050. This is represented by the EU pinpointing hydrogen as central to decarbonising European industry, transport, power and buildings.
Why such demand for one product?
Clean hydrogen has the potential to decarbonise chemical, cement, iron and steel production and provide combined heat and power from a single source. Hydrogen will enable surplus energy from other sources to be stored and circulated across sectors and regions, creating a circular economy of renewable energy where wasted energy is continually recycled into power.
This is why hydrogen is critical to the EU strategy of energy system integration, as it can produce heat and power from multiple sources. It’s also a prime electrofuel, a renewably-sourced drop-in replacement fuel to rapidly decarbonise sectors such as shipping and aviation. And crucially, hydrogen can provide renewable fuel for sectors from freight transport and shipping, which are unsuitable for direct electrification.
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