Hydrogen is evaluated as one of the next-generation eco-friendly energy sources that will replace fossil fuels along with electricity. It emits only water while driving, can dramatically reduce carbon emissions, and has a high energy density, making it effective not only in passenger cars but also in moving commercial vehicles, trains, and ships. Another advantage is that the charging time is short compared to electricity, and unlike fossil fuels, it can be mined in various areas.
Related industries are also growing rapidly with major companies such as Hyundai Motors, SK, POSCO, Lotte, and Hanwha entering the market. According to the Korea International Trade Association, the global hydrogen vehicle market, which was worth $1 billion (about 1 trillion won) last year, is expected to expand to $43.2 billion (about 58 trillion won) in 2030.
In addition, various new hydrogen technologies are expected to be unveiled at ‘H2 MEET 2023’, the world’s largest hydrogen industry exhibition, to be held on the 13th of this month. This event will be held on the largest scale ever, with 303 companies and organizations from around the world participating.
However, the fact that the price of hydrogen cars is still high and the charging fee is also high compared to electricity remains a problem to be solved. Another concern is that the available hydrogen car models are limited, and there are difficulties in building infrastructure such as hydrogen charging stations. For this reason, the global hydrogen car market (9,619 units) from January to July of this year showed a negative growth of 9.6% compared to the same period last year.
Despite these challenges, many experts believe that hydrogen has the potential to become the leading energy source for transportation in the future. Hydrogen fuel cells are more efficient than electric batteries, and hydrogen can be produced from renewable energy sources such as solar and wind power. This makes hydrogen a clean and sustainable alternative to fossil fuels.
The widespread adoption of hydrogen mobility could have a significant positive impact on the environment. Hydrogen fuel cells produce zero emissions, so hydrogen-powered vehicles would not contribute to air pollution or climate change.
Hydrogen mobility could also create new jobs and boost the economy. The development and manufacturing of hydrogen fuel cells and hydrogen-powered vehicles would require a significant investment in research and development, infrastructure, and manufacturing facilities.