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Hydrogen Industries For numerous industries, hydrogen holds promise as a valuable energy source. Many different sectors are drawn to hydrogen because it provides a flexible, clean option. The industries listed below need hydrogen: Energy and Power Generation: For the energy industry, particularly for power generation, hydrogen has a lot to offer. Only water vapor, which may be utilized to create power, is produced when hydrogen is employsed as a fuel in hydrogen fuel cells. In addition to helping reduce greenhouse gas emissions, this could promote the development of greener energy. 1. By 2050, hydrogen could meet 18% of the world's energy demands, according to the International Energy Agency (IEA). 2. According to the Hydrogen Council, investments related to hydrogen may total $280 billion by 2030. Hydrogen Future Growth in Energy and Power Generation Industry: 1. Hydrogen is predicted to be essential to the decarbonization of the power industry. As renewable energy sources like solar and wind power gain popularity, hydrogen has the potential to play a role in providing grid balancing services and storing excess electricity. 2. It is projected that the creation of hydrogen-based power plants, such as gas turbines and hydrogen fuel cells, and the incorporation of hydrogen into the power networks that are now in place would quicken in the next years. 3. Using hydrogen to produce electricity can assist achieve climate goals, reduce reliance on fossil fuels, and increase energy security. Transportation: In the transportation industry, hydrogen finds employment in vehicles such as cars, trucks, buses, railroads, and even ocean-going ships. Hydrogen fuel cells can power electric cars since they have a longer driving range and require less time to recharge than traditional batteries. Hydrogen can also be utilized to make hybrid fuels, such as hydrogenated vegetable oil, which is suitable for internal combustion engines. 1. As per the Global Hydrogen Council, there is a possibility that 20 million trucks and 400 million cars would be powered by hydrogen by 2050. 2. By 2024, the European Commission wants to see 1,000 hydrogen filling stations and 6 million automobiles that run on hydrogen. Hydrogen Future Growth in Transportation Industry: 1. It is projected that the transportation industry will use a great deal more hydrogen as fuel. Fuel cell electric cars (FCEVs) powered by hydrogen offer longer driving ranges and require less time to recharge than battery-electric vehicles. 2. The development of hydrogen infrastructure and the promotion of FCEV production and usage are being funded by governments and automakers. 3. Hydrogen's versatility—it may be used in buses, trucks, trains, and marine vessels—means that the transportation industry stands to gain from its increased use. Chemical Industry: Hydrogen is a necessary feedstock for the chemical industry. It is used in a number of processes, including as the synthesis of ammonia, methanol, and other chemicals. Hydrogen is a necessary ingredient for the production of plastics, polymers, fertilizers, and refined petroleum. 1. According to the International Energy Agency, hydrogen is used annually to manufacture around 70 million metric tons of chemicals. 2. Globally, hydrogen is used to manufacture 70% of ammonia and 10% of methanol, according to the Global Hydrogen Council. Hydrogen Potential in Chemicals Industry: 1. Hydrogen-related applications are anticipated to grow dramatically in the chemical industry. The need for hydrogen as a feedstock for chemical reactions like the synthesis of methanol and ammonia is predicted to increase. 2. The need to reduce greenhouse gas emissions in the chemical industry and the focus on sustainability will drive the transition to hydrogen, a cleaner alternative. 3. Green hydrogen, or hydrogen derived from renewable resources, is expected to gain popularity as the chemical industry works to achieve carbon neutrality. Oil Refining: In the oil refining industry, hydrogen is required for several refining processes. Hydrogen is added to crude oil to eliminate contaminants and sulfur, allowing the heavier crude oil to be processed into lighter, more valuable products like gasoline and diesel. 1. 10% of the world's oil refining process employs hydrogen, according to the Hydrogen Council, and this produces a yearly market value of over $20 billion. 2. The International Energy Agency estimates that the use of hydrogen in oil refining could cut carbon dioxide emissions by 80%. Hydrogen Potential Growth in Chemicals Industry: 1. The oil refining industry is expected to gradually shift to hydrogen-based processes in order to reduce its carbon footprint. 2. Stricter environmental regulations and the goal to produce cleaner fuels will drive the usage of hydrogen in oil refining operations. 3. Hydrogen technologies like hydrocracking and hydrogenation will be very helpful in the upgrading, processing, and lowering of sulfur content of heavier crude oil. Steel and Metal Production: In the steel industry, hydrogen offers a practical and sustainable coal substitute for the steelmaking process. Emissions of carbon dioxide can be significantly reduced by replacing coal with hydrogen. Another method for directly reducing iron ore and producing high-purity iron for steel production is to use hydrogen. 1. By 2030, the European Commission wants to have produced 6 million metric tons of hydrogen-powered low-carbon steel. 2. The Hydrogen Council estimates that by 2030, the steel industry alone would require up to 1.7 million metric tons of hydrogen annually. Hydrogen Future Growth in Steel and Metal Production Industry: 1. The steel industry is actively exploring direct reduction as a possible coal replacement. Direct reduction is a way of making steel. 2. The use of hydrogen-based direct reduction techniques can significantly reduce carbon dioxide emissions and increase the sustainability of the steel industry. 3. The transition to hydrogen-based steel manufacturing is expected to accelerate in the upcoming years due to government incentives, climate targets, and advancements in hydrogen technology. Aerospace and Defense: In the aerospace and defense sectors, hydrogen is being researched as a potential fuel for rockets and aircraft. Fuel cells made of hydrogen can provide efficient and lightweight power for a range of aircraft applications, reducing emissions and the need for fossil fuels. 1. NASA has long been looking into the possibility of powering rockets and spacecraft with hydrogen fuel cells. 2. Airbus has created concepts for hydrogen-powered aircraft, with hopes to start commercial flights by 2035. Hydrogen Growth Opportunities in Aerospace and Defense Industry: 1. The aerospace and defense sectors are providing funding for the development of hydrogen-based technologies for use in rocket and aircraft propulsion. 2. Hydrogen fuel cells are favored for space and aviation applications due to their low weight and excellent energy efficiency. 3. It is anticipated that the aerospace and defense sectors will employ hydrogen as a result of the growing focus on reducing emissions and the need for more ecologically friendly propulsion systems. Energy Storage and Grid Balancing: Energy storage and grid balancing are two uses for hydrogen. Hydrogen can be produced by electrolysis from surplus power generated by renewable sources. Hydrogen can be stored for later use or reverted back to electricity as needed, contributing to grid stabilization. 1. The International Renewable Energy Agency (IREA) projects that hydrogen will offer 3.6 exajoules of energy storage capacity by 2050. 2. The European Commission's Hydrogen Strategy calls for the installation of 40 gigawatts of electrolyzers by 2030 in order to manufacture hydrogen. Hydrogen Growth Opportunities in Energy Storage and Grid Balancing Industry: 1. The need for energy storage solutions is growing as the amount of renewable energy produced rises. 2. When necessary, excess renewable energy may be stored and released thanks to hydrogen's ability to function as a large-scale energy storage medium. 3. Future growth of hydrogen in energy storage and grid balancing will be facilitated by improved infrastructure for storing hydrogen and advanced electrolysis technology. These are just a handful of the economic areas that hydrogen can support. As the world economy continues to shift toward a low-carbon one, there will likely be a greater demand for hydrogen. New industries and applications may also emerge. Read More - https://www.marketsandmarkets.com/industry-practice/hydrogen/hydrogen-industries
