Korean Hydrogen Market Update 2022

An overview of current and future market for hydrogen in Korea.

Date published
15 June 2022
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Summary

The Korean Hydrogen Market Update is an overview of the current and future market for hydrogen in Korea. The report includes:

  • initiatives that will drive demand from Korean corporations and state-owned power generators
  • Korean Hydrogen policy and government led initiatives
  • an outline of what actions Korea is taking to transition to a hydrogen economy

The update also outlines several opportunities for the Korean Hydrogen Market, for example:

  • Korea plans to increase hydrogen production from about 450,000 tonnes/year in 2021, to 1.9 million tonnes/year by 2030 (Source: Ministry of Trade, Industry and Energy, Korea).
  • Australia is one of the most viable suppliers of liquid hydrogen and ammonia. This is thanks to our energy export infrastructure and potential for large scale hydrogen production projects.
  • Australia will attract investment from Korea’s energy sector who need to secure clean hydrogen This is in part due to the high cost and limited opportunities for large scale renewable energy in Korea.
  • Hydrogen pilot cities Ulsan, Ansan and Wanju are using hydrogen gas to fuel major urban functions. Examples include cooling, heating, electricity, and transportation.

Contact us

If you have any questions or would like to know more, please contact us.

Bongsuk Cha
Senior Business Development Manager, Austrade Seoul
Email: bongsuk.cha@austrade.gov.au

Ron Green
Trade & Investment Commissioner, Austrade Seoul
Email: ron.green@austrade.gov.au