Alternative Fuel Demand Seen Rising
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Electric vehicle production is ramping up and market watchers predict that the segment will make up a sizable portion of the overall car market within the next two decades. At the same time, competing technologies are also making a push to help manufacturers come in under government-mandated emissions standards.
Market research firm Navigant Research this week issued a report showing that hydrogen fuel could soon become a viable energy source for many industries. The firm predicts that hydrogen demand for industries outside of chemical and petroleum production will hit 3.5 billion kg by the year 2030. This represents a nearly 2000% increase over the 168 million kg the firm estimates was needed just last year.
The telecommunications industry is expected to lead the demand for hydrogen fuel. According to Navigant, hydrogen fuel cells will be instrumental in powering mobile base stations in the coming years. The firm points out that China and some other markets are readying for the adoption of hydrogen fuel cell-powered telecommunications networks.
“While hydrogen has historically been a valuable commodity gas, today, it is increasingly recognized as an important fuel and energy storage vector of the future,” said Kerry-Ann Adamson, research director at Navigant. “Increased energy demand, requirements to use renewable energy, growth in the cleantech backup power market, and the deployment of a growing number of fuel cell-powered vehicles in the transport sector will all push overall demand for hydrogen as a fuel to unprecedented levels.”