South Korea Accelerates Growth in Hydrogen Mobility Sector
Key Ideas
- South Korea's demand for hydrogen in the mobility sector surged by 59% in 2024 compared to the previous year, reaching 6,389 tons from January to September.
- The government plans to ensure a stable supply of hydrogen by monitoring the market closely and designating three cities as hydrogen-specialized complexes to support the industry's growth.
- The Korea Petroleum Quality & Distribution Authority will conduct inspections at hydrogen facilities to maintain market stability, with investments planned for hydrogen storage, shipment, and fuel cell generation clusters.
- Deputy Minister Lee Ho-hyeon highlighted the increasing opportunities for people to encounter hydrogen products in daily life, especially with the rise of hydrogen buses and government-led initiatives.
South Korea has witnessed a significant increase in the demand for hydrogen in the mobility sector, with a notable 59% surge in consumption compared to the previous year. The Ministry of Trade, Industry, and Energy reported a consumption of 6,389 tons of hydrogen from January to September in 2024, a substantial rise from 4,016 tons in the same period last year. Deputy Minister for Energy Policy Lee Ho-hyeon emphasized the growing presence of hydrogen products in daily life, particularly with the proliferation of hydrogen buses. To support the hydrogen mobility industry, the government is keen on ensuring a stable supply of hydrogen by closely monitoring the market and collaborating with various stakeholders. The Korea Petroleum Quality & Distribution Authority is set to conduct on-site inspections at hydrogen facilities to uphold market stability. Furthermore, the government's plan to designate three cities—Donghae, Samcheok, and Pohang—as hydrogen-specialized complexes reflects a strategic move to bolster the growth of the hydrogen industry. These cities, after passing feasibility surveys, will receive investments for developing hydrogen storage, shipment, and fuel cell generation clusters. The investments in Donghae and Samcheok aim to create a hydrogen storage and shipment cluster, alongside accommodating 63 hydrogen-related companies and constructing a hydrogen liquefaction plant. Similarly, the Pohang project will focus on building a hydrogen fuel cell generation cluster, with significant investments planned over the coming years.