The first wave of adopters could be jumpstarted by existing markets that have few alternatives to hydrogen, such as Long Duration Energy Storage, heavy-duty trucks, trains, buses, marine vessels.
Long DurationEnergy Storage*
Heavy-duty trucks**
Forklifts***
Others
* The global capacity of Long Duration Energy Storage, which supports the use of renewable energy, should be incrase by a factor of 400 by 2040 to help the power sector achieve net zero by that year (Source McKinsey: Delivering the climate technologies needed for net zero)
** Relating the increase in hydrogen fuel cell vehicles from 2023 to 2024, as reported by the Hydrogen Council in its reports (hydrogen-insights), shows an increase of about 14 per cent from 79,000 to 90,000, of which 17 per cent are buses and 36 per cent trucks. Taking these values as reference metrics, it can be estimated (without considering distruptive technical developments) that by 2050 there will be approximately 1.4 million buses and trucks in circulation worldwide.
*** According to estimates by Grand View, the total forklift market in 2024 amounts to USD 72.6 billion, of which: 48% in Asia-Pacific, 32% in Europe, 15% in North America, 3% in Latin America, and 2% in other regions.
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