Unlocking Opportunities: South Korea's Hydrogen Economy Opens Doors for Finnish Enterprises

In 2022, Korea's hydrogen production revenues hit KRW 2.17 trillion (EUR 1.5 billion), with a growth rate of 5% expected annually. The market is forecast to more than double by 2030 to KRW 26.8 trillion (EUR 18.6 billion), with hydrogen demand set to rise to 3.9 million tonnes by 2030 and 27.6 million tonnes by 2050. Opportunities extend into the hydrogen fuel cell market for power generation and industrial applications, bolstered by South Korea's deployment of hydrogen fuel cell vehicles and buses. Coupled with incentives for hydrogen use across various industries, this development opens up a wide market for Finnish technology providers.

Collaborative efforts in research and development can enhance Finland's presence in the South Korean hydrogen economy, with policies like the Hydrogen Economy Roadmap and Hydrogen Act facilitating foreign investment and cooperation. The market is increasingly attracting international companies drawn by South Korea's comprehensive hydrogen economy roadmap. Companies from Japan, North America, and European countries are actively exploring partnerships and investments in South Korea's hydrogen sector. Their focus ranges from hydrogen production and storage solutions to fuel cell technologies, creating a competitive and dynamic ecosystem.

This cooperative environment enables Finnish companies to leverage South Korea's hydrogen initiatives, establishing partnerships, joint ventures, and direct investments. The synergy between South Korea's ambitious hydrogen plans and Finland's clean energy expertise offers a promising avenue for Finnish companies to expand their global footprint, contributing to a sustainable energy future through mutual growth and technological advancement in the hydrogen sector.

The opportunities in South Korea's hydrogen economy cater to a broad range of Finnish companies including technology innovators and manufacturers, engineering and infrastructure firms, clean energy solution providers, and research and development entities.

• Electrolysis
• On-site SMR
• Biogas to hydrogen production
• Steel blast furnace gas to hydrogen production
• CCUS technologies
• Liquefaction technologies
• Hydrogen/Ammonia co-generation technologies
• Biogas upgrading technologies
• Ammonia cracking
• High efficiency fuel cell systems and fuel cell supporting technologies
• Material (including hydrogen) handling and heavy-duty equipment such as hydrogen compressors, dispensers, etc.
  
  

Business Finland provides market advice and support in relations building in Korea. The Hydrogen and Batteries Program is facilitating companies approach an international partnerships. Now within the plans we have Finland Day at World Hydrogen Summit, Rotterdam, May 13, 2024 (tbc): A session to introduce Finland's hydrogen offerings and network with international participants.

For the autumn we have TF Trade Mission to South Korea in connection with H2 MEET 2024, September 25-27, 2024 (Details to be confirmed): H2 MEET Expo & Conference is the largest hydrogen event in Korea, attracting over 30,000 attendees, including key global decision-makers from more than 20 countries. Business Finland's plans would include Country Day Seminar, Company visits, Networking event, etc.

Business Finland internationalization advice and networking services are available for Finnish companies. Business Finland has local advisors in South Korea. With their knowledge of the market, they can advise in entering the market and connecting Finnish companies with relevant players in the value network.