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According to market research firm Wood Mackenzie, the cost of green hydrogen production, excluding transportation and storage costs, will fall by 50% by 2030 and further revitalize South Korea's hydrogen program
.
Cost is the biggest barrier to green alternatives, as green hydrogen costs 2-4 times
more to produce than fossil fuel hydrogen.
But Prakash Sharma, research director at WoodMac, said that could change
by the end of 2020 as net-zero policies fall, renewable energy costs fall, strong commercial activity in electrolyzer production and efficiency gains.
All of this could cut the cost of green hydrogen in half
.
"Such a large cost cut would require a price of less than $30 per megawatt-hour of renewable electricity, the deployment of large electrolyzers, and high load man-hours," Sharma added
.
The South Korean government is seeking to become a hydrogen economy nation by 2050 and plans to produce and import hydrogen
.
WoodMac said South Korea is currently the world's fifth-largest hydrogen market
.
National demand is expected to reach 4.
44 million mt by 2020, nearly 86% of which will come from refineries, which use hydrogen for desulfurization
.
The hydrogen used in this process is produced
locally using fossil fuels.
South Korea also aims to expand the use of hydrogen in the industrial, heating and transportation sectors, and the production of fuel cell vehicles (FCVs), including exports, will increase from less than 2,000 units today to 810,000 in 2022 and 6.
2 million
by 2040.
Wood McKenzie said, "South Korea's hydrogen journey will not be smooth
.
To achieve long-term goals, sustained investment
in hydrogen infrastructure and policy support is needed.
”
According to market research firm Wood Mackenzie, the cost of green hydrogen production, excluding transportation and storage costs, will fall by 50% by 2030 and further revitalize South Korea's hydrogen program
.
Cost is the biggest barrier to green alternatives, as green hydrogen costs 2-4 times
more to produce than fossil fuel hydrogen.
But Prakash Sharma, research director at WoodMac, said that could change
by the end of 2020 as net-zero policies fall, renewable energy costs fall, strong commercial activity in electrolyzer production and efficiency gains.
All of this could cut the cost of green hydrogen in half
.
"Such a large cost cut would require a price of less than $30 per megawatt-hour of renewable electricity, the deployment of large electrolyzers, and high load man-hours," Sharma added
.
The South Korean government is seeking to become a hydrogen economy nation by 2050 and plans to produce and import hydrogen
.
WoodMac said South Korea is currently the world's fifth-largest hydrogen market
.
National demand is expected to reach 4.
44 million mt by 2020, nearly 86% of which will come from refineries, which use hydrogen for desulfurization
.
The hydrogen used in this process is produced
locally using fossil fuels.
South Korea also aims to expand the use of hydrogen in the industrial, heating and transportation sectors, and the production of fuel cell vehicles (FCVs), including exports, will increase from less than 2,000 units today to 810,000 in 2022 and 6.
2 million
by 2040.
Wood McKenzie said, "South Korea's hydrogen journey will not be smooth
.
To achieve long-term goals, sustained investment
in hydrogen infrastructure and policy support is needed.
”
