Within the power industry, hydrogen technology has emerged as a pivotal driver of innovation and strategic investments. Power companies are driving forward with cutting-edge technologies, particularly in energy storage and fuel cell development. These strides are set to revolutionize processes like calcination, hydrogen electrolysis, and thermal power generation, enhancing efficiency and performance in the hydrogen sector. Additionally, trends in hydrogen-related deals and hiring reflect the industry’s commitment to securing strategic partnerships and fostering talent in this dynamic field. GlobalData’s hydrogen market report provides comprehensive study for insights on the global low-carbon hydrogen market, including in-depth analysis of key countries, growth drivers, production capacity, policy assessments, and crucial participant profiles. Buy the report here.
This article presents a quarterly round-up of the latest trends in the power industry regarding hydrogen. It provides an overview of recent developments in hydrogen-related deals, talent acquisition, and patent filings within the power industry.
Diverse applications of hydrogen in power industry
Power companies in the field of hydrogen are leveraging new technologies and applications to innovate and improve their businesses. One such technology is an energy storage system that converts variable renewable electricity (VRE) into continuous heat at over 1000°C. This system uses thermal energy storage and structured pathways to deliver heat for processes including calcination, hydrogen electrolysis, steam generation, and thermal power generation. Another innovation is a container for a fuel cell system that includes a cooling system and supports multiple fuel cells to provide power to an external unit. Additionally, an electrochemical hydrogen pump has been developed to efficiently supply hydrogen. These patents provide power companies with the means to enhance their hydrogen technologies and applications, leading to improved efficiency and performance in the hydrogen sector.
The industry experienced a 25% decline in the number of hydrogen-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of hydrogen-related patent applications in the power industry witnessed a drop of 9% compared with Q2 2022.
Strategic deal trends in hydrogen in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in hydrogen. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of hydrogen in the power industry.
In Q2 2023, the number of hydrogen-related deals in the power industry declined by 57% compared with Q2 2022. On a quarterly basis, there was 42% drop in the number of deals in Q2 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2023, the power industry experienced a 26% drop compared with the previous quarter. On an annual basis, job postings also grew by 141%. Notably, architecture and engineering occupations, with a share of 18%, emerged as the top hydrogen-related job roles within the power industry in Q2 2023, with new job postings drop by 39% quarter-on-quarter. Installation, maintenance, and repair occupations came in second with a share of 17% in Q2 2023, with new job postings dropping by 22% over the previous quarter. The other prominent hydrogen roles include management occupations with a 16% share in Q2 2023, and business and financial operations occupations with a 6% share of new job postings.
Plug Power, Power Engineers, Nel, Engie, and SSE are among the top companies leading in hydrogen hiring within the power industry.
Countries driving adoption of hydrogen in power industry
The US is the leading country in hydrogen adoption within the power industry, boasting the highest number of hydrogen-related patents, jobs, and deals. Meanwhile, the UK, China, Canada and Germany also maintain significant positions in hydrogen adoption within the power industry.
In summary, the power industry experienced a temporary decline in hydrogen-related patent applications and deals, but annual trends remained positive. Job postings showed substantial growth, particularly in architecture and engineering occupations. Leading companies in hydrogen hiring included Plug Power, Power Engineers, Nel, Engie, and SSE.
To further understand GlobalData's analysis on hydrogen in the power industry, buy the report here.