New trade routes are likely to emerge to connect demand centres with resource-rich regions
Hydrogen demand to grow sixfold by 2050 – McKinsey
Industrial use, road transport and synfuel production after 2035 are responsible for bulk of demand growth
Hydrogen demand is projected to grow at least sixfold by 2050, driven by the road transport, maritime and aviation sectors, according to the central scenario in consultancy McKinsey’s Global Energy Perspective. Demand could rise from 80mn t/yr today to 536mn t/yr by 2050, depending on uptake in particular sectors. In McKinsey’s ‘Further Acceleration’ scenario—where countries accelerate their commitments to the Paris climate deal and global warming is kept to 1.9°C this century—industrial use in the iron and steel sectors will drive 29mn t/yr of hydrogen demand growth by 2035. Another 26mn t/yr of demand growth is expected to come from road transport, driven by the increasing cost-competitive
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