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Market report: South Korea’s hydrogen economy

Market report:  South Korea’s hydrogen economy

Is your firm operating in the hydrogen arena?

We’ve just published a market intelligence report on the huge business opportunities in this sector in South Korea – the latest of our reports for the UK government’s Department for International Trade (DIT).

It is titled 'The hydrogen economy - South Korea' and you can download your free copy below.

South Korea is on course to become a global leader in pioneering a hydrogen-based economy. Its government has committed to net zero carbon emissions by 2050 and recently announced its Green New Deal – pledging to invest £13 billion by 2025 in environmentally-friendly mobility.

One of the core targets of that investment is hydrogen fuel-cell vehicles: the country aims to produce 500,000 for export and domestic use by 2030. This will spur its hydrogen sector almost to double to £17.3 billion, with growth driven primarily by the big Korean players including Hyundai and Doosan.

All this brings considerable opportunities for western fuel cell and hydrogen companies – a point powerfully underlined by the £36 million deal we recently helped our British clean energy client Ceres Power to strike with Doosan.

Our report’s introduction says:

“South Korea is betting big on hydrogen. Sustained public and private investment has meant Korea is a key global market in the nascent hydrogen economy. The country accounts for one-third of the world’s installed capacity of utility-scale stationary fuel cells and its largest automotive company, Hyundai Motors, launched the world’s first commercial fuel cell vehicle in 2013, and its first fuel cell truck in 2020. Korea now plans to embark on a huge capital investment drive to build on these early successes, all of which should create strong opportunities for British firms in the space.”

The report goes on to:

  • summarise the country’s investment plans for the sector
  • give an overview of the Korean hydrogen ecosystem and its main players
  • explain the government policies that are helping to drive its growth, including the Green New Deal, and
  • pinpoint the sub-sectors that represent the hottest opportunities for western firms

Download your free copy of the report here: 


Hydrogen event: The UK’s Department for International Trade (DIT) is hosting an online event from 9am - 10am UK time on Wednesday 24 February - at which our Seoul-based hydrogen specialist Dilshod Akbarov is speaking – to explore the market in more detail.

Register for your free place, here.

Our other reports: You can find additional market intelligence papers in the Published Reports section of our website – including analyses of Korea’s fintech, digital health, AI, IoT, autonomous vehicle and smart cities sectors, Taiwan’s digital health market, and Japan’s AI and medtech fields.

To discuss the opportunities for your hydrogen business in South Korea, contact Alex Gover at  

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