What is the outlook for hydrogen power in the future?

A McKinsey & Company report co-authored with industry estimated that the hydrogen economy could generate $140 billion in annual revenue by 2030 and support 700,000 jobs. The study also projected that hydrogen could meet 14 percent of total American energy demand by 2050.

What energy is projected to be the most used in 2030?

Outlook for modern renewables In this scenario, electricity generated from renewable sources is the largest source of renewable energy consumption in 2030, overtaking coal in 2026 and supplying around 37\% of electricity by 2030.

What is expected to happen to global energy consumption by 2040?

EIA projects world energy consumption will increase 56\% by 2040. Renewable energy and nuclear power are the world’s fastest-growing energy sources, each increasing 2.5\% per year. However, fossil fuels continue to supply nearly 80\% of world energy use through 2040.

What is the demand for hydrogen?

Supplying hydrogen to industrial users is now a major business around the world. Demand for hydrogen, which has grown more than threefold since 1975, continues to rise – almost entirely supplied from fossil fuels, with 6\% of global natural gas and 2\% of global coal going to hydrogen production.

What is the future of the energy industry?

While companies will still produce fossil fuels in 2040, renewables could account for almost 70\% of the world’s energy mix, while nearly 80\% less carbon will be emitted into the air, according to a report from global financial institution ING.

What is the future of energy generation?

Renewable energy is expected to make up 30 percent of the world’s energy by 2024, according to the International Energy Agency, and most of this is driven by solar and wind projects that continue to be rolled out at a startling pace.

What is the future of the energy source?

Atomic energy, solar energy, and energy from wind and bio fuels are just a few of the promising alternatives for a cleaner and greener future. Other relatively new sources of energy such as fuel cells, geothermal energy, and ocean energy are also being explored.