Yesterday saw the publication of the UK Hydrogen Innovation Opportunity by the Hydrogen Innovation Initiative, a partnership of Catapults and innovation organisations (see list below). The report was launched at a reception at the Institution of Mechanical Engineers, attended by key industry leaders, Government officials, politicians, and academics. It highlights that by 2050 the global hydrogen economy could be worth $8tn annually, with a global hydrogen technology market with the potential to reach $1tn.
The UK has an opportunity to capture a significant proportion of this future technology market, which will carry with it a three-fold benefit:
- 1. Economic growth: Increasing UK economic benefits and job creation by addressing a high growth, global export market.
- 2. Decarbonisation: Establishing resilience in the UK’s net zero pathway including delivering the 10GW low carbon hydrogen production target by 2030.
- 3. Influence: Securing a leadership position for the UK and influencing where the value will be anchored.
The report highlights how sustained investment over the next decade will establish the UK’s position – boosting public and private investment into key areas to get ahead of international competition. Based on insights from across industry and key stakeholders, the Hydrogen Innovation Initiative has identified four focus areas that represent the greatest potential benefit for the UK:
- 1. Production of hydrogen and conversion into carriers – e.g. ammonia
- 2. Propulsion systems for transport
- 3. Industrial hydrogen for feedstock, heat and power
- 4. End-to-end hydrogen storage
