Global Demand Creates Opportunities For Local Hydrogen Producers
The global hydrogen demand is expected to see the market grow at a CAGR of 9.2% from an estimated USD 130 billion in 2020 to USD 201 billion in 2025. Increased fuel cell power generation applications, demand for long-term power storage, and the need to reduce carbon emissions through hydrogen production methods are all contributing to market growth.
By 2025, the Asia Pacific hydrogen generation market is expected to be worth USD 93,468 million, with a CAGR of 10% over the forecast period. Australia is strategically located on Asia’s doorstep, positioning it perfectly to meet the region’s growing hydrogen demand.
Green Hydrogen In Australia
Experts predict hydrogen producers will transform the energy industry and take a large share of the market, now Australia and its major trading partners have committed to full decarbonisation by 2050. Australia, as a major exporter of high-quality resources, will play a critical role in assisting countries in meeting the growing demand for hydrogen.
The National Hydrogen Strategy built by the Australian government aims to capitalise on the growing global demand for clean hydrogen, which is expected to be worth $56 billion by 2050.
Domestic Market For Hydrogen Companies:
- International investors such as Toyota and Hyundai are collaborating with local partners to build a hydrogen refuelling network for electric vehicles. The transportation and logistics industries in Australia will be completely decarbonised as a result of this.
- Hydrogen can be converted into syngas, which can be used to heat homes instead of natural gas. According to KPMG, hydrogen heating supplies could cost $300 billion less than previously estimated.
- According to AECOM, the average cost of energy for remote communities using diesel generators is $450 per megawatt-hour, which can be reduced to $100 using hydrogen.
- Now the world is moving to meet carbon emission targets, the market is estimated to generate $10 billion in exports for Australia by 2040. For these reasons, Liberty Energy Capital is helping to grow green hydrogen companie s within Australia.
- Demand has been established in major markets around the world, including Japan, China, South Korea, Italy, France, Germany, the United Kingdom, and South Korea.
- According to the CSIRO, Japan, South Korea, Singapore, and China will need 3.8 million tonnes of hydrogen by 2030, with Australia expected to fill a large portion of this demand. By 2050, Japan is expected to import 10 megatonnes per year.