South Korea’s hydrogen market will almost double in size from £9.1bn in 2020 to £17.3bn by 2030, says new report by Intralink.
The international business development consultancy says the growth will largely be driven by investment from big local players such as Hyundai and Doosan, which increasingly see hydrogen as a key growth engine.
Hyundai intents to spent £4.9bn under its Fuel Cell Vision 2030 programme and looks well placed to capitalise on its early-move advantage in fuel cells, both by selling its own vehicles and by licensing its fuel cell systems to OEMs around the world.
With POSCO’s recent retreat, Doosan now dominates Korea’s large-scale stationary fuel cell market and with its growing portfolio of fuel cell technologies, the company looks set to become competitive in other stationary power applications, such as the residential and commercial markets.
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