A recent analysis by business consulting firm Frost & Sullivan reported that global hydrogen production could double by 2030. The reason for this advance would be the growth of renewable energies, due to the growing concern for the environment.
Currently, the production of this energy reaches 71 million tons. But according to the company’s forecast, that number will reach 168 million in just 10 years. Moreover, increasing the profitability of renewable energy is also an issue that contributes to the surge. The sector has received more and more investment and attention from large companies, including those in the oil segment
However, according to Frost & Sullivan industrial practice analyst Swagath Navin Manohar, “for the hydrogen economy to become a reality, decisive government action is needed in four key areas.” In addition to providing incentives to companies operating in this sector, governments should still support activities related to the production, storage, transportation and use of hydrogen. He also states that it is necessary to consider “the socioeconomic barriers that indemnotify the growth of technology.”