Global Hydrogen Energy Market Growth and Transformative Initiatives
Key Ideas
- The global hydrogen energy market is expected to grow at a CAGR of 9.8% from 2024 to 2030, reaching USD 306.96 billion, driven by government policies and increasing energy demand.
- Countries like Vietnam, Thailand, Japan, and South Korea are actively investing in hydrogen technologies to reduce carbon emissions and promote clean energy solutions.
- Vietnam is focusing on developing green hydrogen infrastructure, while Thailand is fostering public-private partnerships for green hydrogen production.
- Japan continues to lead in hydrogen technology with plans to become a 'hydrogen society,' investing in fuel cell vehicles and a nationwide hydrogen refueling network.
The global hydrogen energy transition market is experiencing significant growth as countries worldwide embrace clean energy solutions to combat climate change. With investments and demand rising, the market is projected to reach USD 306.96 billion by 2030, with a CAGR of 9.8%. This growth is attributed to government policies, energy demand, and a shift towards reducing carbon emissions.
Vietnam is actively investing in green energy alternatives, focusing on hydrogen for industrial and transport sectors. The country's commitment to reducing carbon emissions has led to initiatives by Vietnam Electricity Group (EVN) to develop hydrogen-powered infrastructure.
Thailand is aggressively pursuing renewable energy sources, with a goal of achieving carbon neutrality by 2065. The country is partnering with companies like PTT Group and Shell to explore green hydrogen production and distribution. Pilot projects for hydrogen mobility are underway, including fuel cell-powered buses and trucks.
Japan, a pioneer in hydrogen technology, aims to become a 'hydrogen society' and is investing substantially in hydrogen infrastructure. The country's Toyota, Honda, and Mitsubishi Heavy Industries are leading in hydrogen research, with plans to scale up hydrogen energy use and establish a nationwide refueling network.
South Korea is making significant investments in the hydrogen economy, with plans to produce 6 million hydrogen vehicles by 2040. The country has developed an extensive infrastructure for hydrogen refueling stations and Hyundai Motor and SK Innovation are prominent players in the hydrogen industry, focusing on vehicles, fuel cells, and storage solutions.
Topics
South America
Government Policies
Clean Energy
Sustainability
Carbon Emissions
Regional Development
Market Growth
Industry Adoption
Regulatory Frameworks
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