Powering The Transition

Experts from GMI Insights explore how industry leaders are preparing for the energy transition and developing hydrogen market  As the world transitions to a low-carbon future, hydrogen is quickly becoming a central part of the clean energy transition. Hydrogen is already powering key industrial processes, and is also being developed as a valuable fuel source for transportation and energy storage. With strong government support, industries working toward alternative clean forms of energy, and companies sharing innovations, the hydrogen market is set for massive growth. In fact, the global hydrogen market is expected to grow at a compound annual growth rate (CAGR) of 12.2% from $204.5 billion (€176 billion) in 2024 to $603.2 billion (€572 billion) in 2034. Although challenges remain. The International Energy Agency (IEA) says that global hydrogen demand in 2023 reached 97 million tonnes, a 2.5% growth over 2022. Out of this, however, less than 1 million tonnes were low- emissions hydrogen. This shows there is too compelling a reason to speed up cleaner alternatives, as demand will continue to grow. Gray Hydrogen Dominates, But Green Rises Gray hydrogen still dominates, but...