Overall hydrogen volumes will grow by 170% and will see cumulative investments of USD 3.2trn to 2060. China is set to lead that expansion, accounting for 35% of new hydrogen production and use over the forecast period.

Clean hydrogen uptake is expected to be strongest in emerging demand sectors by 2060, led by steelmaking (18% of total clean hydrogen use), aviation (18%) and maritime (15%). The established demand sectors, fertilizer and methanol, are also decarbonizing large parts of their supply chains and are each expected to account for around 13% of clean hydrogen use. 

The hydrogen industry has faced several challenges in recent years and this is reflected in the Outlook. DNV has revised down its mid-century hydrogen outlook by 35% since our previous hydrogen forecast in 2022 primarily due to a lack of policy support which has led to early ambition failing to convert to large-scale projects. The forecast also reflects continued progress in electrification technologies, which has reduced hydrogen’s role in some sectors previously expected to adopt it.  

Read in full: Energy security and China’s scale underpin hydrogen growth, DNV forecasts