Hydrogen production to surge by 2030 as more countries embrace it

Frost & Sullivan says hydrogen production globally will rise to 168 million tonnes by 2030 from 71 million tonnes this year.

Different countries are now seeing in hydrogen a working solution to climate change, energy security and emission reduction. The revenue generated by the sector is seen hitting USD 420 billion (EUR 356m) in 2030, up from USD 177.3 billion in 2020.

In its report, Growth Opportunities in the Hydrogen Market for the Global Power Sector, Frost & Sullivan defines four key areas which require decisive government action in order to realise a hydrogen-based economy.

"Support R&D activities related to technologies involved in the production, storage, transport, and utilization of hydrogen and provide incentives to companies for developing the hydrogen and carbon capture utilization and storage (CCUS) infrastructure. A roadmap towards a hydrogen economy needs to be developed, which addresses the socio-economic barriers inhibiting the growth of the technology and mandating policies towards decarbonization," industry analyst Swagath Navin Manohar said.

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