Global Demand

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Global Hydrogen Demand

Over the next 5 years, the global hydrogen market is set to expand from US$130 billion to US$201 billion. This is due to growing demands from a range of industries to minimise carbon emissions and harness cleaner, greener energy sources.

This places Australia in a unique position to benefit from the surge in global hydrogen demand. Australia possesses significant stores of hydrogen sources and has been described by the World Energy Council as a future major supplier of the gas.

Australia’s geographic location also allows us to capitalise on growing hydrogen demands in the Asia Pacific market, currently valued at US$93 billion and is anticipated to grow at a CAGR of 10%.

  • The Australian government has invested AU$500 million to prepare Australia’s hydrogen exportation industry for future demands, with the export market expected to be worth around AU$11 billion by the year 2040.
  • Expected growth in demand from our largest trade partners, including Japan, which the CSIRO estimate to be importing up to 10 megatons per year alone by 2050.
  • Together with South Korea, China, and Singapore, these four nations alone are forecasted to import 3.8 million tonnes of hydrogen by 2030.

The Future of Hydrogen in Australia

174 countries – and the European Union – have committed to the Paris Agreement on climate change, pledging to become carbon-neutral by 2050. This will mean a significant shift in current energy production, and an inevitable movement towards hydrogen as a primary energy source.

To support this shift, the australian commonwealth has developed a national hydrogen strategy which pledges to:

  • Transition the country towards a higher proportion of variable renewable electricity sources.
  • Develop liquid fuel security by stockpiling hydrogen fuel reserves.
  • Build a technically skilled workforce capable of satisfying the growing global demand for the power source.
  • This roadmap will also change Australia’s domestic energy sector. Hydrogen has the potential to revolutionise almost every industry.
  • Currently, diesel generators alone are estimated to cost regional and remote communities AU$450 per MWh. Hydrogen will reduce this figure to AU$100 per MWh, presenting a big saving for regional and remote communities, and industries operating in those areas.
  • Considerable cost reductions are also expected in hydrogen’s replacing of natural gas, through Syngas.
    Syngas is an extremely rich form of hydrogen that is predicted to possess a market potential of US$66.5
    billion by 2027.
  • Powering vehicles with hydrogen fuel cells has become a realistic solution for Australian industries, particularly those operating in remote areas. Hydrogen vehicles already have a range of roughly 750 kilometres, which is causing the hydrogen fuel cell market to grow rapidly.

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