How is the hydrogen market developing? Insights from the Hydrogen Insights Report 2024
The hydrogen sector on course for growth
The Hydrogen Insights Report 2024 from the Hydrogen Council shows impressive growth in the hydrogen market. Since 2020, the number of projects with Final Investment Decision (FID) has increased sevenfold! At the same time, investments have risen from USD 10 billion to an impressive USD 75 billion in 2024. This rapid growth illustrates the growing confidence in hydrogen as the central energy carrier of the future.
Potential and reality: a big difference
Despite the enormous potential of 48 million tons of clean hydrogen per year, current production volumes are still between 12 and 18 million tons. This discrepancy shows that the sector is on the right track, but still has a lot of work to do to realize its full potential. Rising demand, particularly in industry and heavy goods transport, requires additional investment and increased political support.
Hydrogen as a driver of the energy transition
Hydrogen has the potential to play a key role in shaping the energy transition. It can be used in various sectors – from industry and transportation to electricity and heat generation. By integrating hydrogen technologies, companies can significantly reduce their CO2 emissions and make their energy supply more sustainable. This not only contributes to achieving global climate targets, but also strengthens the competitiveness of companies.
Measures required for sustainable growth
Targeted measures are required to realize the full potential of the hydrogen sector:
Increase investment: Both private and public investment must be increased to expand production capacity and promote new hydrogen projects.
Political support: Governments play a decisive role by creating framework conditions that support the hydrogen market, for example through support programs, tax incentives and the expansion of the necessary infrastructure.
Technological innovation: Further developments in hydrogen technology are essential to increase efficiency and reduce production costs. Research and development must be intensified in order to promote innovative solutions.
Networking and cooperation: Building strong networks and partnerships between companies, research institutions and governments is crucial to exploit synergies and facilitate market entry.
Our role in the hydrogen transformation
At evety, we are convinced that hydrogen will play a central role in the sustainable energy future. With our expertise, we support companies in exploiting the diverse opportunities of the hydrogen market and adapting their business models accordingly. Through in-depth analyses, customized strategies and comprehensive project support, we help our customers to reduce their CO2 emissions and be economically successful at the same time.
Future outlook
The Hydrogen Insights Report 2024 shows that the hydrogen sector is on a promising growth path. With the right investments and political support, hydrogen can make a significant contribution to the global energy transition. At evety, we are ready to actively shape this exciting development and pave the way to a sustainable energy future for our customers.
