Due to the growth of renewable energies, global production of hydrogen could double by 2030, indicates an analysis by Frost & Sullivan, a business consulting company.
Currently, the production of this energy reaches 71 million tons. But, according to the company’s forecast, that number will reach 168 million in just 10 years. In the same period, global revenue is expected to rise from $ 177.3 billion to $ 420 billion.
The reason that will drive this change is the growing concern for the environment, but not only that: the increase in the profitability of renewable energies also comes into play. No wonder, this sector has received more and more investment and attention from large companies – even those in the oil segment.
Importance of state support
However, according to Frost & Sullivan’s industrial practice analyst, Swagath Navin Manohar, “for the hydrogen economy to become a reality, decisive government action is needed in four key areas.”
In addition to providing incentives to companies operating in this sector, governments must also support activities related to the production, storage, transport and use of hydrogen. He also states that it is necessary to consider “the socioeconomic barriers that inhibit the growth of technology”.
Growth by region
According to Frost & Sullivan’s analysis, hydrogen production will have regional peculiarities. Among the countries that have the potential to stand out in this sector, the report points to the United Kingdom, Australia, Germany, the United States, France, China and Japan.
India is also mentioned, however, although it has reserves of renewable energy, the country is still in the early stages of production in this segment.
“Although the cost of establishing a hydrogen economy is high, the promises associated with hydrogen – as an important tool to catalyze the transition to a sustainable energy economy – are enormous,” added analyst Manohar, indicating that energy will bring numerous benefits , including for the maritime, mobility and aviation sectors.