How Hydrogen is Shaping the Future of Global Energy | Deeptech Review

A Deep Dive into Technological Advancements, Strategic Investments, Challenges and Opportunities in the Hydrogen Economy that are Driving a Global Shift to a New Era in Energy

Hydrogen production and usage are undergoing a significant transformation, driven by a growing need to transition towards more sustainable energy sources.

Globally, hydrogen consumption reached 95 million tons in 2022, with an annual increase of 3% according to the International Energy Agency (IEA). Although this growth is promising, it remains concentrated in traditional uses such as refining and the chemical industry, with less than 0.1% coming from new applications.

Goldman Sachs estimates that decarbonization and achieving net-zero emissions will require cumulative investments of $5 trillion, with the total potential market for hydrogen generation possibly reaching $1 trillion by 2050.

Yoshinori Kanehana, president of Kawasaki Heavy Industries and co-chair of the Hydrogen Council, emphasizes that despite the urgency driven by growing concerns for energy security, the on-the-ground deployment of hydrogen is not moving quickly enough and needs acceleration to realize its benefits.