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Growth Opportunities in the Hydrogen Market for the Global Power Sector

  • Report

  • 111 Pages
  • October 2020
  • Region: Global
  • Frost & Sullivan
  • ID: 5182698

Need to Enhance Business Efficiency and Improve Employee Engagement Through Value-added Jobs is Driving Growth Opportunities

Continued concerns over global warming and increasing carbon emissions have forced governments to reduce their dependency on fossil fuels based economy and move towards a low-carbon economy. Our sustainable future depends on the development of these low-carbon and alternate energy sources that are renewable and environment friendly.

In recent years, there has been a growing interest in hydrogen as a low- or zero-carbon energy source, and many governments have started acknowledging the fact that a hydrogen-based economy could be the answer to our growing concerns over increasing carbon emissions, energy security, and climate change. Hydrogen could be used as a decarbonised fuel across the mobility, maritime and aviation sectors, and as a decarbonised energy storage system (ESS) across the power generation sector.

Though the promises associated with hydrogen - as an important tool in catalysing the transition towards sustainable energy economy - are huge, the current application of hydrogen is mainly in industrial sector. Much of the projects across power generation, transport, and other segments are still in their pilot stages and technological and cost breakthroughs are needed for increased adoption. The global demand for hydrogen and its emerging applications is expected to increase tenfold over the next 20 years, creating the need for a huge infrastructure for producing and delivering the fuel.

Almost all the hydrogen (grey hydrogen) used today is produced from fossil fuels with CO2 released into the atmosphere. Grey hydrogen can be used in the short to medium term to meet the growing hydrogen demand. However, in the long term, this method is unsustainable and requires alternative measures. Only hydrogen produced through carbon capture & storage (CCS) (blue hydrogen) and through RES (green hydrogen) can be considered as a sustainable option if we are moving towards a hydrogen economy.

For hydrogen economy to become a reality, decisive government actions are required in 4 areas:

  • Support research and development (R&D) activities related to technologies involved in production, storage, transport and utilisation of
  • hydrogen.
  • Provide incentives to companies for developing hydrogen infrastructure and carbon capture utilisation & storage (CCUS) infrastructure.
  • Address socio-economic barriers inhibiting the growth of the technology and mandate policies towards decarbonisation.
  • Develop a roadmap towards hydrogen economy.

There is still a long road to travel, and it would take 10-20 years before the hydrogen economy becomes mainstream across the global power sector and other segments.

The primary aim of this research study is to analyse the current and future market potential of hydrogen as a potential energy carrier driving the transition towards a sustainable energy future. The study also identifies growth opportunities for the hydrogen market in the global power sector, highlights trends in some of the key countries, and also lists companies active in this space.

Table of Contents

Executive Dashboard

  • Key Findings
  • Purpose of this Experiential Study
  • 5 Step Process to Transformational Growth
  • Strategic Imperatives for Success and Growth
  • Hydrogen Roadmap to 2050 in the Power Sector
  • Growth Opportunities for Hydrogen

Growth Environment - Market Overview

  • Research Aim
  • Study Coverage and Exclusions
  • Key Questions this Study will Answer
  • Hydrogen - Future Zero-Carbon Energy Carrier
  • Government Action for Hydrogen
  • Types of Hydrogen
  • Hydrogen Production Processes
  • Production Costs of Various Hydrogen Technologies
  • Hydrogen Production - Carbon Emissions
  • Applications of Hydrogen
  • Application of Hydrogen in the Power Sector
  • Key Utilities Working on Hydrogen Technology
  • Hydrogen Roadmap to 2050 in the Power Sector
  • Hydrogen Roadmap to 2050
  • Market Drivers
  • Hydrogen in Power Sector - Key Market Drivers
  • Market Restraints
  • Hydrogen in Power Sector - Key Market Restraints
  • Impact of COVID-19 on the Growth in Hydrogen Adoption in the Power Sector

Growth Environment - Key Market Trends

  • Key Market Trends
  • Power-to-Gas Likely to Further Boost the Demand for Generation from RES
  • Hydrogen Could Finally Enable Commercial Viability for FC Technology
  • Hydrogen Energy Storage Offers a Challenge to Existing Technologies
  • Hydrogen as a Lifeline for Nuclear Energy
  • Potential for Hydrogen to Drive Renewed Interest in CCS
  • Sustainable Hydrogen from Waste

Growth Environment - Market Forecasts

  • Global Hydrogen Production Forecast
  • Global Hydrogen Market - Revenue Forecasts
  • Market Forecasts - Growth of Blue and Grey Hydrogen
  • Global Hydrogen Production - Market Forecasts Discussion

Growth Environment - Key Country Markets

  • Hydrogen Industry - Regional Analysis
  • The United States
  • Germany
  • United Kingdom
  • France
  • China
  • India
  • Japan
  • Australia

Visioning Scenarios

  • Macro to Micro Visioning

Visioning Scenarios - Industry Mega Trends

  • Industry Mega Trends - Global Pathway Towards Decarbonisation
  • Industry Mega Trends - Five Elements to Achieve Decarbonisation
  • Industry Mega Trends - Circular Economy in Hydrogen Industry

Visioning Scenarios - Disruptive Technologies

  • Disruptive Technologies - Hydrogen vs. Lithium-ion Battery
  • Disruptive Technologies - Key Technology Innovations
  • Disruptive Technologies - Additive Manufacturing (AM)/3D Printing
  • Disruptive Technologies - Advanced Materials and Composites

Visioning Scenarios - Competitive Landscape Trends

  • Hydrogen Value Chain
  • Go-to-Market Recommendations for Companies
  • Competitive Landscape - Hydrogen Ecosystem

Key Global Players

  • Companies to Watch - ITM Power
  • Companies to Watch - Hydrogenics
  • Companies to Watch - NEL
  • Companies to Watch - SunFire
  • Companies to Watch - HySiLabs

Growth Pipeline

  • Levers for Growth

Growth Opportunity

Growth Opportunity 1 - Co-firing Hydrogen/Ammonia with Coal to Reduce CO2 Emissions
Growth Opportunity 2 - Blending H2 into Existing Natural Gas Pipelines to Reduce CO2 Emissions
Growth Opportunity 3 - Combination of Lithium-Ion & Hydrogen Storage Systems Acting as a Primary & Backup Power Source]

Growth Opportunity 4 - Combination of Blue & Green Hydrogen Aiding Our Transition towards Hydrogen Economy
Growth Opportunity 5 - Primary Power Source for Off-grid & Critical Infrastructures
Growth Opportunity 6 - Backup Power Source for Commercial and Industrial Segments
Growth Opportunity 7 - Electricity Storage Reducing Curtailments Ratio
Growth Opportunity 8 - FC-CHPs for Industrial & Commercial Applications
Growth Opportunity 9 - V2G for Local Grid Balancing
Strategic Imperatives for Success and Growth


  • List of Abbreviations

Next Steps

  • Your Next Steps
  • List of Exhibits


Companies Mentioned

A selection of companies mentioned in this report includes:

  • ITM Power
  • Hydrogenics
  • NEL
  • SunFire
  • HySiLabs