MarketsandMarkets Hydrogen Roundtable in Dubai Unlocks $100+ Bn Opportunities in Global Disruption

Dubai, UAE – February 2, 2024: With the global energy transition gaining momentum, hydrogen has emerged as a clean fuel source brimming with potential. Recognizing this burgeoning landscape, MarketsandMarkets, a leading global consulting and advisory firm, hosted a dynamic roundtable on “Opportunities Across the Hydrogen Value Chain: Upstream, Midstream, and Downstream” on January 25, 2024, at the Capital Club Dubai. The event brought together industry leaders, investors, and innovators from across sectors to delve into the challenges and opportunities presented by hydrogen, a fuel poised to revolutionize various industries.

Attendees explored over $100 Bn worth of new revenue opportunities created by global disruptions in the hydrogen space. The event was a platform for sharing actionable insights and strategies for leveraging hydrogen across multiple sectors, including chemicals, steel, mobility, aerospace, and defense.

Unlocking the Potential: Overcoming Challenges and Fueling Innovation

The roundtable highlighted the diverse challenges and opportunities within the hydrogen value chain. Concerns surrounding upstream dominance by gray hydrogen were addressed, emphasizing the need to shift towards cleaner options like blue and green hydrogen. Accurate selection of production technologies was identified as crucial, with innovation expected to surge in areas like Steam Methane Reforming (SMR), coal gasification, and electrolysis.

“The hydrogen economy presents a unique landscape where challenges pave the way for progress. With global carbon emissions at a critical juncture, the shift to green hydrogen is not just necessary; it’s inevitable,” said Sarwant Singh , President (Europe) and Chief Commercial Officer at MarketsandMarkets. “From cost reduction to sustainability solutions, the opportunities for innovation are immense, and this roundtable provided a platform for exploring these possibilities across the entire value chain,” added Sarwant Singh .

According to MarketsandMarkets analysis, the global hydrogen generation market is expected to grow from $159.5 Bn in 2022 to $334 Bn by 2030, with Asia Pacific currently leading the way, driven by China and India’s ammonia production capacity and refinery throughput.

Hydrogen: Fueling the Future Across Diverse Sectors

Beyond challenges, the roundtable focused on the transformative power of hydrogen across sectors like energy, aviation, marine, and defense. The emergence of hydrogen-specific vehicle platforms and architectures optimizing range, refueling, and payload balance was discussed, alongside the significant benefits for industries like steel, semiconductors, and chemicals.

“Hydrogen is not just a cleaner fuel; it’s a catalyst for innovation across industries,” said Kevin Kelly , Energy and Commercial Vehicles Europe Director at MarketsandMarkets. “While the mobility sector is set to see staggering growth across trucks, buses, and marine applications, it’s the chemical and refinery sectors that are set to drive green hydrogen introduction and cost reductions.”

Key Takeaways for a Hydrogen-Powered Future

The roundtable yielded several key takeaways, including:

• Green hydrogen demand exceeding forecasts: Green hydrogen demand is expected to be significantly higher than initially projected, indicating a faster transition towards cleaner solutions.
• Green hydrogen cost competitiveness: Green hydrogen production costs are expected to fall well below $20/kg by 2024, making it a viable competitor to traditional energy sources.
• Regional leadership in green hydrogen derivatives: Specific regions are poised to lead in developing green hydrogen derivatives, such as green ammonia, opening doors for new applications.
• Project financing as the key hurdle: Project financing remains the biggest challenge in the green hydrogen market. Addressing this hurdle is critical to unlocking the full potential of this clean fuel source.

The MarketsandMarkets Hydrogen Economy Roundtable in Dubai has set the stage for a robust and strategic roadmap towards harnessing the full potential of hydrogen, promising a future of innovation and sustainability in energy and beyond.

About MarketsandMarkets

Founded in 2009, MarketsandMarkets recognized uncharted business potential within disruptive trends, forecasting a surge of $25 trillion in new B2B revenues by 2030. In the 14+ year journey, MarketsandMarkets has collaborated with over 10,000 companies, generating $140+ Bn in revenue impact. Evolving from a market research publisher to a growth-enabling firm, it fosters a growth mindset among its 1500+ employees through a “GIVE growth” culture. Its exceptional standing was affirmed when Forbes recognized MarketsandMarkets as one of America’s Top Management Consulting Firms, highlighting our pioneering AI-driven platform, the Knowledge Store, designed exclusively for growth-minded executives.

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