IDTechEx: Global low-carbon hydrogen market to reach $130 billion by 2033

Technology company IDTechEx has predicted that the low-carbon hydrogen market will grow substantially over the next decade, reaching $130 billion by 2033.

In its new report, “Hydrogen Economy 2023-2033: Production, Storage, Distribution & Applications,” IDTechEx evaluates the necessary components to foster this growth.

The report includes technological analyses of all relevant technologies, techno-economic comparisons, detail on key commercial activities, major innovations and market trends across all value chain components.

According to IDTechEx, many companies worldwide are focused on developing new low-carbon hydrogen production assets, either blue or green, and these projects will be located near industrial users, allowing for future expansion and growth of the low-carbon hydrogen market.

However, IDTechEx pointed out that besides the need for substantial production infrastructure, there is also the need for a vast storage & distribution infrastructure to connect the two assets.

The technology company said in the report that despite its excellent energy characteristics, one of the primary challenges with hydrogen is its complicated storage and transportation due to its extremely low density at ambient conditions.

Hence, large volumes of hydrogen must be compressed to high pressures or liquefied at cryogenic temperatures to store adequate amounts. However, although these methods are the most commercially and technologically mature, they have significant drawbacks, IDTechEx pointed out. They consume considerable amounts of energy, thus reducing the effective energy content of the hydrogen, the company noted, adding that safety risks are associated with compressed gas storage, while liquid H2 storage is prone to boil-off, which causes some stored hydrogen to be wasted.

According to IDTechEx, promising alternatives for stationary storage include metal hydride systems for small-scale stationary storage and underground storage facilities for large-scale diurnal or seasonal storage, and in regard to transportation, pipelines will play a significant role in connecting production to end-use. The company pointed out that several worldwide players are developing new pure H2 pipelines, with some looking to repurpose existing natural gas pipelines. Also, ammonia and liquid organic hydrogen carriers (LOHCs) are considered promising, especially for international transport, as they can leverage existing chemical and petrochemical transport infrastructure.

In the report, IDTechEx also mentioned hydrogen’s role in decarbonizing industries where it is conventionally used, including refining and the production of ammonia and methanol. The company noted that these sectors will decarbonize primarily by replacing grey hydrogen with blue and green ones. It also mentioned steelmaking as a promising sector, adding that emerging industrial uses of hydrogen include bio- and synfuel production as well as power and heat applications.

Additionally, the technology company referred to hydrogen as an alternative to electrification in fuel cell mobility sectors and noted that long-haul transport sectors, including marine, rail and aviation, also aim to use hydrogen fuel cell propulsion systems.

• IDTechEx: Methane pyrolysis and turquoise H2 should not be overlooked
• IDTechEx: Fuel flexibility of SOFCs paves path to hydrogen economy
• Global blue hydrogen market to reach $34 billion, predicts IDTechEx

Hydrogen solutions and development will be showcased at Offshore Energy Exhibition & Conference (OEEC) 2023 in the dedicated Hydrogen Area.

Taking place on 28 and 29 November at the RAI Convention Center in Amsterdam, the OEEC 2023 gathers around 400 exhibitors, showcasing their experience and expertise in the offshore wind, oil and gas, marine energy, hydrogen sector and more.

Book your ticket with the Early Bird discount now and join the Hydrogen Area!

Follow Offshore Energy’s Clean Fuel: