Growth Opportunities in the Hydrogen Market for the Global Power Sector

Growth Opportunities in the Hydrogen Market for the Global Power Sector

With a Multitude of Applications, Hydrogen will Play an Important Role in Our Transition towards a Low-carbon Economy

RELEASE DATE
09-Oct-2020
REGION
Global
Research Code: K4B9-01-00-00-00
SKU: EG02112-GL-MT_24846

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Description

Continued concerns over global warming and increasing carbon emissions have forced governments to reduce their dependency on fossil fuels based economy and move towards a low-carbon economy. Our sustainable future depends on the development of these low-carbon and alternate energy sources that are renewable and environment friendly.

In recent years, there has been a growing interest in hydrogen as a low- or zero-carbon energy source, and many governments have started acknowledging the fact that a hydrogen-based economy could be the answer to our growing concerns over increasing carbon emissions, energy security, and climate change. Hydrogen could be used as a decarbonised fuel across the mobility, maritime and aviation sectors, and as a decarbonised energy storage system (ESS) across the power generation sector.

Though the promises associated with hydrogen—as an important tool in catalysing the transition towards sustainable energy economy—are huge, the current application of hydrogen is mainly in industrial sector. Much of the projects across power generation, transport, and other segments are still in their pilot stages and technological and cost breakthroughs are needed for increased adoption. The global demand for hydrogen and its emerging applications is expected to increase tenfold over the next 20 years, creating the need for a huge infrastructure for producing and delivering the fuel.

Almost all the hydrogen (grey hydrogen) used today is produced from fossil fuels with CO2 released into the atmosphere. Grey hydrogen can be used in the short to medium term to meet the growing hydrogen demand. However, in the long term, this method is unsustainable and requires alternative measures. Only hydrogen produced through carbon capture & storage (CCS) (blue hydrogen) and through RES (green hydrogen) can be considered as a sustainable option if we are moving towards a hydrogen economy.

For hydrogen economy to become a reality, decisive government actions are required in 4 areas:
• Support research and development (R&D) activities related to technologies involved in production, storage, transport and utilisation of
hydrogen.
• Provide incentives to companies for developing hydrogen infrastructure and carbon capture utilisation & storage (CCUS) infrastructure.
• Address socio-economic barriers inhibiting the growth of the technology and mandate policies towards decarbonisation.
• Develop a roadmap towards hydrogen economy.

There is still a long road to travel, and it would take 10-20 years before the hydrogen economy becomes mainstream across the global power sector and other segments.

The primary aim of this research study is to analyse the current and future market potential of hydrogen as a potential energy carrier driving the transition towards a sustainable energy future. The study also identifies growth opportunities for the hydrogen market in the global power sector, highlights trends in some of the key countries, and also lists companies active in this space.

Author: Swagath Navin Manohar

RESEARCH: INFOGRAPHIC

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Table of Contents

Key Findings

Purpose of this Experiential Study

5 Step Process to Transformational Growth

Strategic Imperatives for Success and Growth

Hydrogen Roadmap to 2050 in the Power Sector

Growth Opportunities for Hydrogen

Research Aim

Study Coverage and Exclusions

Key Questions this Study will Answer

Hydrogen—Future Zero-Carbon Energy Carrier

Government Action for Hydrogen

Types of Hydrogen

Types of Hydrogen (continued)

Hydrogen Production Processes

Production Costs of Various Hydrogen Technologies

Hydrogen Production—Carbon Emissions

Applications of Hydrogen

Application of Hydrogen in the Power Sector

Key Utilities Working on Hydrogen Technology

Hydrogen Roadmap to 2050 in the Power Sector

Hydrogen Roadmap to 2050

Market Drivers

Hydrogen in Power Sector—Key Market Drivers

Market Restraints

Hydrogen in Power Sector—Key Market Restraints

Hydrogen in Power Sector—Key Market Restraints (continued)

Impact of COVID-19 on the Growth in Hydrogen Adoption in the Power Sector

Key Market Trends

Power-to-Gas Likely to Further Boost the Demand for Generation from RES

Hydrogen Could Finally Enable Commercial Viability for FC Technology

Hydrogen Energy Storage Offers a Challenge to Existing Technologies

Hydrogen as a Lifeline for Nuclear Energy

Potential for Hydrogen to Drive Renewed Interest in CCS

Sustainable Hydrogen from Waste

Global Hydrogen Production Forecast

Global Hydrogen Market—Revenue Forecasts

Market Forecasts—Growth of Blue and Grey Hydrogen

Global Hydrogen Production—Market Forecasts Discussion

Hydrogen Industry—Regional Analysis

The United States

Germany

United Kingdom

France

China

India

Japan

Australia

Macro to Micro Visioning

Industry Mega Trends—Global Pathway Towards Decarbonisation

Industry Mega Trends—Five Elements to Achieve Decarbonisation

Industry Mega Trends—Circular Economy in Hydrogen Industry

Disruptive Technologies—Hydrogen vs. Lithium-ion Battery

Disruptive Technologies—Key Technology Innovations

Disruptive Technologies—Key Technology Innovations (continued)

Disruptive Technologies—Additive Manufacturing (AM)/3D Printing

Disruptive Technologies—Advanced Materials and Composites

Hydrogen Value Chain

Go-to-Market Recommendations for Companies

Competitive Landscape—Hydrogen Ecosystem

Competitive Landscape—Hydrogen Ecosystem (continued)

Key Global Players

Companies to Watch—ITM Power

Companies to Watch—Hydrogenics

Companies to Watch—NEL

Companies to Watch—SunFire

Companies to Watch—HySiLabs

Levers for Growth

Growth Opportunity 1—Co-firing Hydrogen/Ammonia with Coal to Reduce CO2 Emissions

Growth Opportunity 1—Co-firing Hydrogen/Ammonia with Coal to Reduce CO2 Emissions (continued)

Growth Opportunity 2—Blending H2 into Existing Natural Gas Pipelines to Reduce CO2 Emissions

Growth Opportunity 2—Blending H2 into Existing Natural Gas Pipelines to Reduce CO2 Emissions (continued)

Growth Opportunity 3—Combination of Lithium-Ion & Hydrogen Storage Systems Acting as a Primary & Backup Power Source

Growth Opportunity 3—Combination of Lithium-Ion & Hydrogen Storage Systems Acting as a Primary & Backup Power Source (continued)

Growth Opportunity 4—Combination of Blue & Green Hydrogen Aiding Our Transition towards Hydrogen Economy

Growth Opportunity 4—Combination of Blue & Green Hydrogen Aiding Our Transition towards Hydrogen Economy (continued)

Growth Opportunity 5—Primary Power Source for Off-grid & Critical Infrastructures

Growth Opportunity 5—Primary Power Source for Off-grid & Critical Infrastructures (continued)

Growth Opportunity 6—Backup Power Source for Commercial and Industrial Segments

Growth Opportunity 6—Backup Power Source for Commercial and Industrial Segments (continued)

Growth Opportunity 7—Electricity Storage Reducing Curtailments Ratio

Growth Opportunity 7—Electricity Storage Reducing Curtailments Ratio (continued)

Growth Opportunity 8—FC-CHPs for Industrial & Commercial Applications

Growth Opportunity 8—FC-CHPs for Industrial & Commercial Applications (continued)

Growth Opportunity 9—V2G for Local Grid Balancing

Growth Opportunity 9—V2G for Local Grid Balancing (continued)

Strategic Imperatives for Success and Growth

List of Abbreviations

Your Next Steps

Why Frost, Why Now?

List of Exhibits

Legal Disclaimer

Related Research
Continued concerns over global warming and increasing carbon emissions have forced governments to reduce their dependency on fossil fuels based economy and move towards a low-carbon economy. Our sustainable future depends on the development of these low-carbon and alternate energy sources that are renewable and environment friendly. In recent years, there has been a growing interest in hydrogen as a low- or zero-carbon energy source, and many governments have started acknowledging the fact that a hydrogen-based economy could be the answer to our growing concerns over increasing carbon emissions, energy security, and climate change. Hydrogen could be used as a decarbonised fuel across the mobility, maritime and aviation sectors, and as a decarbonised energy storage system (ESS) across the power generation sector. Though the promises associated with hydrogen—as an important tool in catalysing the transition towards sustainable energy economy—are huge, the current application of hydrogen is mainly in industrial sector. Much of the projects across power generation, transport, and other segments are still in their pilot stages and technological and cost breakthroughs are needed for increased adoption. The global demand for hydrogen and its emerging applications is expected to increase tenfold over the next 20 years, creating the need for a huge infrastructure for producing and delivering the fuel. Almost all the hydrogen (grey hydrogen) used today is produced from fossil fuels with CO2 released into the atmosphere. Grey hydrogen can be used in the short to medium term to meet the growing hydrogen demand. However, in the long term, this method is unsustainable and requires alternative measures. Only hydrogen produced through carbon capture & storage (CCS) (blue hydrogen) and through RES (green hydrogen) can be considered as a sustainable option if we are moving towards a hydrogen economy. For hydrogen economy to become a reality, decisive government actions are required in 4 areas: • Support research and development (R&D) activities related to technologies involved in production, storage, transport and utilisation of hydrogen. • Provide incentives to companies for developing hydrogen infrastructure and carbon capture utilisation & storage (CCUS) infrastructure. • Address socio-economic barriers inhibiting the growth of the technology and mandate policies towards decarbonisation. • Develop a roadmap towards hydrogen economy. There is still a long road to travel, and it would take 10-20 years before the hydrogen economy becomes mainstream across the global power sector and other segments. The primary aim of this research study is to analyse the current and future market potential of hydrogen as a potential energy carrier driving the transition towards a sustainable energy future. The study also identifies growth opportunities for the hydrogen market in the global power sector, highlights trends in some of the key countries, and also lists companies active in this space. Author: Swagath Navin Manohar
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No Index No
Podcast No
Author Swagath Navin Manohar
Industries Energy
WIP Number K4B9-01-00-00-00
Is Prebook No
GPS Codes 9307-A4,9AFE-A4,9B00-A4,9851,GETE