Frost & Sullivan

Complimentary Intelligence

Growth Opportunities in the Hydrogen Market for the Global Power Sector

Countries across the world have started to consider a hydrogen-based economy as the answer to the growing concerns over increasing carbon emissions, energy security, and climate change.

Frost & Sullivan expects hydrogen production to more than double, reaching 168 million tons by 2030 from 71 million tons in 2020, with revenue expected to reach $420 billion in 2030 from $177.3 billion in 2020.

While the cost of establishing a hydrogen economy will be high, the promises associated with hydrogen – as an important tool in catalyzing the transition towards a sustainable energy economy – are huge. Although the current application of hydrogen is mainly in the industrial sector, it could be used as a fuel across the mobility, maritime and aviation sectors, and as an energy storage system (ESS) across the power generation sector.