The extensively growing market for renewable energy typically addresses solutions that involve batter-generated power or wind turbines. However, a new candidate to the suit of technological solutions that are expected to gain momentum is Hydrogen.
Hydrogen has the potential to emerge, and sustain as a preferred source of energy, states the BNY Mellon Mobility Innovation team. Hydrogen is capable of becoming a dominant player in the near future in the renewables market space. According to the BNY team, the innovative renewable energy source alternative is affordable and driven by macro tailwinds.
Despite the abundance of the natural element in the environment, it does not exist in a viable form. Hydrogen is bound to one or multiple other elements in the air or ground and thus needs extraction. Current extraction methods, even though effective, have lower output capabilities and use electricity. Anticipating the rise in demand requires mass extraction of Hydrogen via completely renewable resources.The United States falls behind in the rigorous attempts to achieve realistic Hydrogen energy goals however is on a good track. California has already established a policy that expects 50% of green Hydrogen in transportation by 2030, reaching 90% by 2025.
The U.S. Department of Energy (DoE)anticipates a promising economic influence of the hydrogen renewables space. The agency expects the Hydrogen economy to flow in US$750 billion per year with 3 million jobs by 2050. Additionally, the agency estimates Hydrogen technologies to bring in US$ 2.5 trillion global revenue by 2050.