As building up a hydrogen economy and society as a whole counts as one of South Korea’s most ambitious plans. In recent years, South Korea has emerged as a strong proponent of fuel cells and hydrogen energy. Based on supportive policy measures and innovation from local industry, the country is positioned to become a global leader in fuel cells which are used for powering vehicles or providing electricity.
Which industries are affected and where are the opportunities?
South Korea’s key industries such as the automotive, shipbuilding and petrochemicals are already equipped with world-class technology for hydrogen utilization, especially in mobility (vehicles, drones, etc.) and applications (fuel cells). In January 2019, South Korea legislated world's first hydrogen law ("Hydrogen Economy Promotion and Hydrogen Safety Management Act") to secure grounds for promoting the hydrogen economy & society in the long-term.
The government is supporting up- and downstream hydrogen industries through key projects, investment and deregulation. The industry strengths are fuel cell electric vehicles, fuel cells, applications, the opportunity areas are production, storage and distribution.