
Udeesha Tomar
AVP - Strategy and Solutions
Leading procurement research solutions across chemicals, materials, and food & beverages, with expertise in price forecasting and market analytics.
.webp&w=3840&q=75)
Classification society ABS has partnered with the Korea Hydrogen Industry Association (KHIA) and the University of Ulsan, Foundation for Industry Cooperation (UOUFIC). The collaboration aims to create a hydrogen-powered passenger vessel, which will be a significant stride in the pursuit of zero emissions.
This 40-seat vessel, designed to boost the tourism sector, boasts of an electric propulsion derived from a 350kW hydrogen fuel cell. Notably, this vessel is part of the research, development, and demonstration projects aligned with Korea’s national hydrogen blueprint.
Request Access To The Latest Price Trends of Hydrogen
South Korea, under the Moon Jae-in administration, envisions a massive surge in its annual hydrogen market, targeting an increase from 130,000 tonnes to an impressive 5.26 million tonnes. Furthermore, as part of South Korea's New Deal announced in 2020, the country aims to roll out nearly 3 million fuel cell electric vehicles (FCEVs) by 2040, which will include 2.9 million locally-produced FCEVs, alongside 30,000 fuel cell trucks and 40,000 fuel cell buses. 2020 saw the nation leading in FCEV installations with a count surpassing 10,000 vehicles.
South Korea’s commitment to a hydrogen-based economy was cemented with the adoption of the Hydrogen Economy Roadmap in 2019 and the subsequent Hydrogen Law passed in 2020. This legislation set the stage for governmental support of hydrogen initiatives and the establishment of safety benchmarks for relevant facilities.
Furthermore, the Ministry of Oceans and Fisheries has recently laid down preliminary standards for ship hydrogen fuel cell apparatus, propelling hydrogen shipbuilding in the nation.
Read More About Hydrogen Production Cost Reports - Get Free Sample Copy in PDF
Ulsan, recognized as the epicenter of South Korea's hydrogen fuel-cell ship sector, received the status of a demonstration zone in 2019. This designation allowed for a brief relaxation in regulations to test the effectiveness of novel technologies. Moreover, a notable project was initiated in 2021, aiming to establish a versatile platform for hydrogen and electric-powered ships by 2025.
According to the article by Procurement Resource, ABS has joined forces with KHIA and UOUFIC to develop a hydrogen-powered, 40-seat passenger vessel to promote tourism and align with Korea's hydrogen strategy. Under Moon Jae-in, South Korea plans to expand its hydrogen market from 130,000 to 5.26 million tonnes and introduce 3 million FCEVs by 2040. Following the 2019 Hydrogen Economy Roadmap, South Korea introduced the Hydrogen Law in 2020. Ulsan, pivotal to Korea's hydrogen ship industry, was deemed a demonstration zone in 2019, emphasizing hydrogen-based innovations.

AVP - Strategy and Solutions
Leading procurement research solutions across chemicals, materials, and food & beverages, with expertise in price forecasting and market analytics.





We are Just a Text away