Hydrogen could play a major role in the global energy markets.
So far, Goldman Sachs called hydrogen a “once in a lifetime opportunity,” adding, the addressable market could be worth up to $11.7 trillion in the next 30 years.
Raymond James’ analyst Michael Glen said 2021 could be a “watershed moment” for hydrogen. In fact, he expects to see far more hydrogen-related announcements going forward from companies and countries all around the world.
Now, according to Bank of America analyst Haim Israel, as quoted by CNBC, “We believe that hydrogen is going to take 25% of all oil demand by 2050,” he went on to state, adding that oil was “facing headwinds left and right. Yes, we’ll still need it, yes, it’s still going to be around, but the market share of oil is going to plummet.”
In addition, the EU has laid out plans to install up to 40 gigawatts of renewable hydrogen electrolyzers and produce up to 10 million metric tons of renewable hydrogen by 2030. Even hydrogen industry heavyweights have been strong catalysts. For example, over the last week, Plug Power signed a memorandum of understanding with France’s Renault (OTC:RNLSY). The two will launch a 50-50 venture by the end of 2021.
That’s all bullish for some of the top hydrogen companies, including Plug Power (PLUG), Ballard Power Systems (BLDP), and Bloom Energy (BE).