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Green Hydrogen H2 News

Korea Unleashes Hydrogen Potential with Liquefaction and Transport

Anela DoksoBy Anela Dokso16/08/20233 Mins Read
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While Korea is determined to play a significant role in the global hydrogen economy, recent reports indicate that the nation’s liquefaction technologies require significant investment and government support to catch up with global leaders.

A report released by the Korea International Trade Association (KITA) sheds light on Korea’s current status in the hydrogen storage and transportation sector. Over the past decade (2011-2020), Korea accounted for a mere 5% of global patent applications in this field, in stark contrast to the European Union’s 33%, the United States’ 23%, and Japan’s 22%. This gap is attributed to a skewed focus on technology investments centered around hydrogen utilization, leaving the critical area of storage and transportation underrepresented.

Korea’s hydrogen industry investment pattern has disproportionately favored utilization-centric technologies, neglecting the crucial aspects of storage and transportation. Only 12% of the government’s hydrogen budget from 2016 to 2020 was allocated to these vital sectors. The report highlights that the breakthrough lies in liquefaction technology, which can convert hydrogen into liquid form for more efficient long-distance transportation. This technology could transform Korea’s domestic-focused hydrogen transportation market by enabling broader international trade.

Global Growth and Potential

As major economies invest heavily in hydrogen storage technology, the global hydrogen storage market is projected to grow at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2030, reaching around $21.7 billion. With hydrogen’s low energy density, its successful storage and transportation are pivotal. Countries are developing technologies to convert hydrogen into a liquid form, opening avenues for long-distance transportation, particularly maritime transportation.

Korea’s current hydrogen transportation market is confined within domestic boundaries due to gas-based distribution. However, if liquefaction technology becomes commercially viable, a cascade of investment in transportation infrastructure could follow, including liquefied hydrogen import and export terminals. Experts predict that the market size could surge to approximately $566 billion by 2050.

Hydrogen industry leaders are keenly competing to establish supremacy in hydrogen storage and transportation technology. Germany is leveraging its expertise to construct both domestic and international pipelines, while the United States focuses on technology development and infrastructure investment. Japan, perceived as a frontrunner, has already made strides in liquefied and liquid marine transportation, investing significantly in hydrogen supply chain projects.

Australia, another contender in the hydrogen race, is emphasizing the development of export-linked hydrogen storage and transportation technologies. Collaborative efforts with global hydrogen technology leaders, such as Germany and Japan, underscore its ambition to become a hydrogen exporter.

For Korea to emerge as a dominant player in the global hydrogen landscape, a shift towards comprehensive investment strategies that encompass hydrogen storage and transportation is imperative. As nations race to master the intricate science of liquefaction and international transport, Korea’s progress will undoubtedly shape the future of sustainable energy logistics.

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