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    Global Hydrogen Energy Market Set for Rapid Expansion by 2050

    Arnes BiogradlijaBy Arnes Biogradlija15/09/20233 Mins Read
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    The global hydrogen energy market is on the cusp of significant growth, with substantial investments pouring into various sectors of the hydrogen industry chain, according to the recently released White Paper on the Development of the Global Hydrogen Energy Industry.

    The paper outlines the current state of the hydrogen energy market, its growth potential, and China’s role as a key player in this transformative industry. With the pursuit of cleaner energy sources and ambitious climate goals, hydrogen is poised to play a pivotal role in the world’s future energy landscape.

    Hydrogen Energy Market’s Current Landscape

    As of 2022, the global hydrogen energy market is witnessing remarkable growth, primarily driven by investments in the industrial and transportation sectors. The White Paper reveals that 228 large-scale hydrogen energy projects have been announced worldwide, with 90 projects dedicated to large-scale industrial utilization, 53 for hydrogen energy transportation, and 17 for large-scale hydrogen production. In 2021, global hydrogen energy production reached 9,400 million tons, accounting for approximately 2.5% of the total global final energy consumption, with a market size of around $1,250 billion USD.

    However, the paper notes that in 2022, clean hydrogen production accounts for less than 100 tons, contributing to less than 1% of energy consumption. This is set to change drastically in the coming decades.

    The White Paper predicts that by 2050, global green hydrogen production will soar to 3 million tons, with blue-cyan content reaching 23 million tons, constituting 2% of the total global energy demand. Furthermore, as hydrogen production technology advances, the scale of production from fossil energy + CCUS (Carbon Capture, Utilization, and Storage) will reach 4.13 million tons by 2030. By 2060, the cost of hydrogen production from renewable energy-powered water electrolysis is projected to drop significantly, making it a more competitive option compared to fossil energy production.

    China’s Role in Hydrogen Energy

    China is positioned as a central figure in the hydrogen energy landscape. It currently leads the world in hydrogen production, with the majority sourced from fossil energy. Coal accounts for 57.06% of hydrogen production, followed by natural gas at 21.9%, and industrial by-product hydrogen at 18.15%. In contrast, hydrogen production from water electrolysis stands at 1.42%.

    While 80% of hydrogen energy applications in China are in the industrial sector, the transportation, electricity, and construction sectors collectively make up only 20%. Nevertheless, the White Paper anticipates significant growth in the transportation sector as fuel cell vehicle ownership rises, hydrogen refueling stations multiply, and the nation strives to achieve its “dual carbon” goal.

    The White Paper underscores that hydrogen energy has entered the commercialization phase, with robust growth expected in the coming years. A top-level design approach will be pivotal in ensuring energy security and industrial transformation in China. Two key systems are identified: the hydrogen energy supply system, where clean hydrogen production is a priority, and the hydrogen energy application system, with a growing emphasis on energy attributes and an increasing share in the transportation sector.

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