The International Chamber of Shipping (ICS) has released a new report, highlighting that heavy industries are expected to lead global hydrogen demand by 2050, with South Korea, Japan, and Europe emerging as key markets. The report, presented at the Malaysia Maritime Week event, underscores the substantial challenges and opportunities in meeting this demand, emphasizing the need for a significant expansion in hydrogen vessels and renewable energy infrastructure, reports International Chamber of Shipping.
Dominance of Heavy Industries in Hydrogen Demand
The report identifies heavy industries as the primary drivers of global hydrogen demand by 2050. To meet this demand, the shipping industry will play a crucial role in transporting hydrogen, with South Korea, Japan, and Europe leading the initial demand surge. Europe, in particular, aims to import half of its 20 million tonnes hydrogen target by 2030, necessitating up to 300 new vessels.
Infrastructure and Regulatory Challenges
The report highlights significant infrastructure and regulatory challenges that must be addressed to scale hydrogen production and transport. It stresses the importance of port readiness, enabling regulations, and the development of maritime infrastructure to support hydrogen transportation. This includes building pipelines and facilities for loading and unloading hydrogen at ports.
Maritime Industry’s Role in the Hydrogen Economy
As hydrogen demand increases, the maritime industry is positioned to be a key enabler of the hydrogen economy by connecting hydrogen surplus regions with high-demand areas. The report estimates that up to 411 new hydrogen vessels will be needed to meet a 30 million tonne increase in global hydrogen demand, with additional vessels required for ammonia transport. The maritime sector’s readiness will be essential in supporting this transition.
Did you Subscribe to our daily newsletter?
It’s Free Click here to Subscribe!
Source: International Chamber of Shipping
