According to UnivDatos, The Asia Pacific Green Hydrogen Market was valued at USD 117.73 Million in 2023 and is expected to grow at a strong CAGR of around 68.2% during the forecast period (2024-2032). This is mainly owing to the development of green hydrogen which has emerged as a priority for multilateral institutions and private funders.
Green hydrogen is gaining significant momentum as a clean and sustainable energy source in the Asia Pacific region. This is mainly due to its potential to reduce greenhouse gas emissions and support the transition towards a low-carbon economy. Several countries in the region, including Australia, Japan, South Korea, and China are leading the way in the development and adoption of green hydrogen technology. Innovation in green hydrogen production techniques is key to driving the growth of the market in the Asia Pacific region. Research and development efforts are being focused on improving the efficiency and scalability of electrolysis technology. This will help to reduce production costs and enhance the competitiveness of green hydrogen.
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Investment in green hydrogen infrastructure is also crucial for the widespread adoption of green hydrogen in the Asia Pacific region. Governments, energy companies, and financial institutions are investing heavily in building hydrogen production facilities, storage infrastructure, and distribution networks. This will support the growth of the green hydrogen market. For instance, Australia’s National Hydrogen Strategy aims to establish the country as a major hydrogen producer and exporter by investing in large-scale hydrogen production projects. Partnerships and collaborations between public and private stakeholders are driving innovation and investment in green hydrogen in the Asia Pacific region. Joint research initiatives, pilot projects, and technology demonstrations are helping to accelerate the development and commercialization of green hydrogen technology. Governments are also providing incentives such as grants, tax credits, and regulatory support to encourage investment in green hydrogen projects.
Conclusion
The green hydrogen industry in the Asia Pacific region is investing in various initiatives to accelerate its growth. To speed up decarbonization, certain actions must be taken. Firstly, hydrogen or ammonia should be certified as low carbon. Secondly, the technical transition to burning 100% cleaner fuels, and not just 20%, in coal-fired plants, should happen ideally in the early 2030s, ahead of the current goal of achieving this in the 2040s. Finally, to decarbonize Southeast Asian economies, hydrogen or ammonia must be affordable. According to the International Energy Agency, co-firing at 60% with ammonia, at $250–$380 per metric ton, would triple or quadruple the cost of Indonesian electricity. Hence, Japanese companies are opting to keep coal-fired plants in Japan or Southeast Asia for longer by attempting to decarbonize them, to avoid having stranded assets.
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