2025 values are estimated. CPS = Current Policies Scenario; STEPS = Stated Policies Scenario; NZE = Net Zero Emissions by 2050 Scenario. Market size is calculated based on fuel production volumes and prices, allocated to the point of demand. Biogases include biogas and biomethane. Hydrogen refers to low-emissions hydrogen. For hydrogen and hydrogen-based fuel production, fuel production is used as a proxy for price. Market size excludes the use of hydrogen, hydrogen-based fuels, and biofuels as fuel or feedstock in industry. The market for low-emissions hydrogen and hydrogen-based fuels, as well as low-emissions hydrogen, ammonia and methanol used as feedstocks in industry and biorefineries, is around USD 55 billion in 2035 in the STEPS, USD 50 billion in the CPS, and USD 560 billion in the NZE Scenario.
