Global Hydrogen Demand
Global Hydrogen Demand
The hydrogen generation market is anticipated to expand at an average CAGR of 9.2% from US$130 billion in 2020 to US$201 billion by 2025. Market growth is largely driven by global demand for clean mobile energy like our gensets, long-term power storage, the need to minimise greenhouse gas emissions and increased fuel cell power generating applications.
The Asia Pacific market is estimated to be currently worth more than US$93 billion and grow at a CAGR of 10% between now and 2025. As one of Asia’s closests western neighbours, Australia is poised to fulfil the region’s rising hydrogen demand.
Future of Australian Industry
Australia’s major trading partners have committed to full decarbonisation by 2050, we believe hydrogen will revolutionise the energy sector and become a sizable component of the global energy market. Australia has a track record of exporting high-quality resources, and will thus play a critical role in aiding countries in Asia, and around the globe, in fulfilling this growing demand for hydrogen.
The Australian Commonwealths’ National Hydrogen Strategy provides a clear road map to the country’s plan to capitalise on this growing market.
Domestic opportunities:
The American multinational engineering firm (‘AECOM’) estimates the average cost of power to remote communities with diesel generators is approximately AU$450 per MWh, hydrogen may reduce this to as little as AU$100 per MWh.
Syngas, made from hydrogen, can be used to heat houses instead of natural gas. KPMG estimates this to be a market worth approximately $300 billion and still be a less expensive option than electric heating.
International conglomerates such as Toyota and Hyundai, are creating hydrogen refuelling networks for electric vehicles. This is a further movement towards Australia, and the western world’s push toward decarbonisation.
Export opportunities:
Estimated to generate AU$10 billion in exports for Australia by 2040.
Proven demand from major markets across the globe; Germany, Japan, United Kingdom, South Korea, Italy, France and China.
CSIRO notes Australia is expected to fill a substantial amount of South Korea, China, Japan, and Singapore’s need for 3.8 million tonnes of hydrogen by 2030. In 2050, Japan is predicted to be importing 10 mega tonnes.
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