Global Hydrogen Demand Forecast up to 2050: Key Insights and Implications
Key Ideas
  • The ICS report projects a significant increase in global hydrogen demand by 2050, with South Korea, Japan, and Europe being the primary markets for hydrogen.
  • To meet the projected demand, up to 411 new hydrogen vessels or 500 vessels if transported as ammonia would be required, along with substantial electricity production.
  • The report emphasizes the key role of industry, with shipping identified as a crucial enabler to the hydrogen economy, showcasing the potential for growth and innovation.
  • Technological advancements are underway to develop larger capacity liquid hydrogen carriers, such as the Suiso Frontier, to address the challenges of transporting hydrogen at extremely low temperatures.
The International Chamber of Shipping (ICS) has released a new report outlining the anticipated global hydrogen demand leading up to 2050. The report identifies South Korea, Japan, and Europe as the primary markets for hydrogen, signaling a significant shift towards green energy sources. According to the report, meeting the projected 30 million tonnes of annual global green hydrogen demand would require the addition of up to 411 hydrogen vessels or up to 500 vessels if ammonia is used as a transport medium. This demand also translates to the equivalent electricity production of South and Central America combined. Guy Platten, the ICS secretary-general, stressed the necessity for a fivefold increase in hydrogen-based fuel sources to achieve a net-zero emissions scenario by 2050. One crucial highlight of the report is the substantial variability in potential hydrogen demand, with industry expected to drive a significant portion. In this landscape, the shipping sector emerges as a key facilitator of the hydrogen economy, poised to contribute to its expansion and development. Notably, ongoing efforts are directed towards enhancing the technology for liquid hydrogen carriers, as exemplified by the Suiso Frontier, the world's only trading liquid hydrogen carrier with a 1,250 cu m storage tank designed for transporting hydrogen at -253°C.
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