The global hydrogen energy market Cap is estimated at USD 2.32 billion in 2024 and is projected to have exponential demand, touching a market Cap of USD 162.30 billion by 2034. This growth and demand show a robust compound annual growth rate (CAGR) of 52.90% over the current forecast period.
Currently, Asian Pacific countries are the largest market for hydrogen technology, with Japan, China, and South Korea paving their way forward in achieving a Net Zero carbon footprint; Europe and North America lag. Chicago, Vancouver, London, and Beijing are among the major cities experimenting with hydrogen energy in the mobility domain. Recently, Hydrogen fuel cell trains have been launched in Germany and are expected to pave its way forward all across Europe and the US over the next five years.
Though Some developing nations are not looking at hydrogen mobility applications earlier than 2021, a period in 2024 started investing heavily in hydrogen energy. Net energy importers like Chile, South America, and African countries such as Morocco and Namibia are emerging as key players in exporting Green hydrogen, generated using renewable energy; recently Agastya Hydrogen got extremely overwhelmed with worldwide interest in Agastya Hydrogen refueling stations; support and help the countries achieve Net-Zero talks into practical walks by uplifting the economic benefits and revamping the climate.
Events like COP29 held on NOV 2024 in Azerbaijan; Baku have created a huge impact in bringing nations together to explore options in making a practical shift towards sustainable energy.
Period, fossil fuel exporters like Australia, Oman, Saudi Arabia, and the United Arab Emirates are seeking clean hydrogen to help diversify their sustainable economies.
Approximately 13 million FCEVs are estimated to be sold globally by 2030, of which 5.1 million will be from Asia alone. Policy support for hydrogen deployment worldwide is tied to current growth across the entire mobility sector.
Agastya Hydrogen is All set to launch its first 1 hundred Hydrogen refueling stations Across India and the US by Maximizing Hydrogen production to produce H2 under 4$. Period creates energy affordability and preserves nature.
SUSTAINABILITY TARGETS transformed INDIA’S FOCUS TO GREEN HYDROGEN Energy
Hydrogen’s potential in the mobility space will potentially fuel India’s journey toward “Atmanirbhar Bharat” a self-reliant India today. As EV adoption increases, India’s dependence on importing lithium and other rare elements also increases significantly. India has set a milestone to make its e-mobility industry energy-independent by 2047, and hydrogen energy is a vital element in supporting the country’s aspirations. As part of the effort to move toward this goal, the Union Cabinet of India approved the eagerly anticipated National Green Hydrogen Mission on 4 January 2022.
Mission outcomes
The mission’s outcomes include the development of a green hydrogen production capacity of at least 5 million metric tons per annum with an innovative renewable energy capacity addition of about 125 gigawatts. In addition, the mission aims to make India a leading global producer and supplier of green hydrogen by 2030. The Union Cabinet made advancements with the initial investment in the National Green Hydrogen Mission of Rs 19,744 crore (over US $2 billion). This mission thrusts India onto the path to energy sustainability, as nearly 50 MMT per annum of greenhouse gas (GHG) emissions are expected to be averted by 2030. The Ministry of New and Renewable Energy has appealed a cabinet note outlining the mission’s requirements for R&D and green hydrogen consumption obligations. Period recent Indian government’s vision is reflected by its support for the hydrogen-powered FCEV Toyota Mirai.
Crafting impact on industry
Heavy-duty trucks are expected to have significantly in the hydrogen mobility space, although they are not forecasted to be on the road until the latter part of this decade. Agastya Hydrogen is working on the latter part in being the impact live with HRS innovation in 2025. By 2030, it is estimated that 12,000 FCEV heavy-duty trucks will be running on Indian roads.
AGASTYA HYDROGEN TAKES ON HYDROGEN MOBILITY WITH INNOVATIVE ADVANCEMENTS:
Agastya Hydrogen is the global pioneer in hydrogen innovation, with the path-breaking innovation of its Agastya Hydrogen Refueling Station. Agastya HRS is all set to hit the mobility Industry focusing on the hydrogen energy utility in heavy trucks and new-age Automobiles. Hydrogen-powered trucks can displace approximately 1,825 gallons of diesel fuel and reduce greenhouse gas emissions by 2.5 metric tons annually in the United States alone. Together with Agastya Electrolyser Station, it generates Green Hydrogen on-site and offers Hydrogen Refuelling at the same place, avoiding packaging, transportation, and unpacking hydrogen. Let’s paint the world green with Hydrogen energy.
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