| |May, 202219percent fuel or green hydrogen as a reducing agent in the furnace could lead to a 15 times increase in the demand of hydrogen by 2050. Challenges faced by Steel Industry in Adopting HydrogenThere is no doubt in the fact that the transition from coal to hydrogen would be beneficial in the long run as it can play a significant role in other sectors as well such as transport, process industry, agriculture and long term energy storage which makes it easier to achieve economies of scale. Despite these benefits, there are some barriers in achieving hydrogen dependent steel industry. The first and foremost challenge is that hydrogen based DRI plant requires the high upfront capital cost. Since, the steel is traded on the global platform, these capital costs are difficult for the industry to absorb. There is a capital burden on each steel plant which pulls them back from emission-free steel manufacturing.The Road AheadHydrogen is found in abundant amount in the environment be it in water, hydrocarbons and other organic matter. Therefore, the transition of Indian Steel Industry to hydrogen would reduce India's geopolitical dependencies as its reliance on imports of coal and natural gas will be reduced. To retain the edge for India as one of the leading steel producers globally, the Indian Government should provide incentives to the steel industry through policies for the adoption of hydrogen. THERE IS AN INCREASING POTENTIAL OF THE CONSTRUCTION INDUSTRY, WHICH INDUCES INCREASED ADOPTION OF AUTOMATED HEAVY CONSTRUCTION VEHICLES EQUIPPED WITH HYDRAULIC CYLINDERS FOR VARIOUS OPERATIONS
< Page 9 | Page 11 >