Today, there are already several high growth sectors whereby hydrogen is becoming increasingly competitive to conventional fossil fuels. These include commercial applications in the transportation and logistics sectors in the form of cars, trucks, waste collection vehicles, buses and trains. These new market segments are in addition to hydrogen’s decades long use in refining, chemicals, iron & steel industries.
In addition to these applications, many others will be added by 2050. Next up will be other industries, which also produce high levels of CO2 emissions targeted by the European Union’s
NZE (Net Zero Emissions by 2050) initiatives. These include power & grid injection, large-scale industry (steel, cement, glass and paper), international aviation and shipping. Green CO2-free hydrogen provides a pathway for these industries to become significantly more environmentally friendly and competitive as government initiatives ramp up to transition to lower levels of CO2 emissions. This growth will also have a large financial impact. According to studies completed by Bloomberg NEF, annual sales of hydrogen in 2050 may reach $2.5 trillion.