The hydrogen market is gradually expanding indirect relevance to the energy transition, forming a potential link in the chain. Renewable electricity can be used to generate hydrogen, which can then be used to provide access to industries that would otherwise be difficult to decarbonize through electrification.
Hydrogen has the potential to reduce the risk of power price volatility for renewable energy generators. Hydrogen is regarded as a dependable alternative for achieving climate goals and adhering to local emission regulations.
Developing economies are focusing on promoting hydrogen as an energy carrier and reducing emissions from the use of hydrocarbon fuels through the ongoing development of technologies in both the public and private sectors, such as fuel cells developed for motor vehicles and power generation, infrastructure, and safety codes related to hydrogen energy.
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