October 29, 2013
Hydrogen has for many years been a valuable commodity gas, and today it is increasingly recognized as an important fuel and energy storage vector of the future. Demand for hydrogen as a fuel for fuel cells, in both transport and stationary applications (the power-to-transport and power-to-power vectors, respectively) will continue to rise in the coming years, along with demand for hydrogen for energy storage (the power-to-gas vector). Click to tweet: According to a new report from Navigant Research, worldwide revenue from hydrogen consumption for these new and emerging markets will grow from $1.3 billion annually in 2013 to $49.8 billion in 2030.
“Increased energy demand, government-mandated renewable energy requirements, growth in the cleantech backup power market, and deployment of a growing number of fuel cell-powered vehicles in the transport sector are all driving overall demand for hydrogen,” says Kerry-Ann Adamson, research director with Navigant Research. “At the same time, the increasing availability of distributed electrolysis, low off-peak electricity prices, and cheap natural gas are improving the economics of the hydrogen market.”
One of the largest markets for non-chemical or refinery hydrogen, according to the report, will be fuel cell transportation, especially light duty fuel cell vehicles. Demand for hydrogen closely tracks the deployment of the vehicles, which is tied to automakers’ commercialization and roll-out plans. At this early stage of market development, changes to these plans represent one of the highest sensitivities in the overall hydrogen market.
The report, “Market Data: Hydrogen Infrastructure”, analyzes the global market for hydrogen. It focuses specifically on hydrogen as a fuel for fuel cells, in both transport and stationary applications, commonly referred to as the power-to-transport and power-to-power vectors, respectively. The report also focuses on hydrogen in the evolving power-to-gas vector, as well as small-scale laboratory hydrogen through onsite production via electrolysis. Global market forecasts for hydrogen production, consumption, and revenue, segmented by sector, application, and region, extend through 2030. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Richard Martin
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* The information contained in this press release concerning the report, “Market Data: Hydrogen Infrastructure,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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