Page 172 - CW E-Magazine (6-2-2024)

Special Report

FCEVs will be dwarfed by BEVs over on the creation of off-take agreements. There are also many broader macro-
the same period. This coordination is vital to sidestep the economic challenges. These encompass
“chicken-egg” dilemma often discussed sourcing project fi nance in a decelerating
The road ahead for hydrogen in the sector. Fundamentally, there can- global economy; standardising low-
The hydrogen market is increasingly not be hydrogen mobility or green steel- carbon hydrogen defi nitions worldwide;
gaining momentum, characterised by making without established low-carbon and devising fi nancial and tracking
rising company involvement, invest- hydrogen production, so plants should mechanisms for hydrogen. As hydrogen
ments, policy support, and broad recog- be built with room for expansion as is not yet commoditised, establishing
nition. Every year sees new technologi- local hydrogen economies grow. robust fi nancial systems will be key to
cal advancements as companies evaluate the hydrogen economy’s success.
diverse options and business models to Another hurdle is reducing the cost
tap into this emerging market. The sen- and lengthy timelines associated with About IDTechEx
timent is largely optimistic, with many green hydrogen. These challenges can IDTechEx (www.IDTechEx.com)
anticipating robust growth. IDTechEx be addressed by increasing renewable guides strategic business decisions
anticipates that the low-carbon hydro- infrastructure development, driving through its Research, Subscription
gen market will expand considerably, down the price of renewable energy, as and Consultancy products, helping
reaching a valuation of $130-bn by 2033 well as enhancing electrolyser techno- you profi t from emerging techno-
based on projected production. logy, and scaling up its manufacturing to logies.
the GW level. Additionally, government
However, there are signifi cant incentives, such as tax breaks, grants, IDTechEx’s report ‘Hydrogen
obstacles that the industry must overcome and loans, will be pivotal for funding Economy 2023-2033: Production,
to guarantee hydrogen’s place in the sus- capital-intensive hydrogen projects. Storage, Distribution & Applica-
tainable energy future. Coordinating the Expedited permitting procedures, tions’ covers technologies, commer-
development of production and transpor- especially for blue hydrogen’s CCUS cial activity, as well as industry chal-
tation infrastructure with end-use sites infrastructure and refuelling stations, are lenges and opportunities.
is crucial, as production initiatives hinge essential for maintaining project schedules.

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172 Chemical Weekly February 6, 2024

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