Where Will Plug Power Be in 3 Years?
It's not hard to paint a rosy picture for hydrogen stocks like Plug Power (NASDAQ: PLUG). According to a recent report by global consultancy McKinsey & Co, "global clean hydrogen demand is projected to grow significantly by 2050, but infrastructure scale-up and technology advancements are needed to meet projected demand." As a company that provides that infrastructure and technology, Plug Power is in the driver's seat to meet this growth in demand that could be sustained for decades.
With a market cap of just $1.8 billion, there is certainly plenty of upside potential to Plug Power stock. Deloitte, another global consultancy, predicts that the global market for hydrogen could reach $1.4 trillion by 2050. But what about the next three years? The true growth potential of Plug Power stock might surprise you.
While wind and solar power get most of the attention, hydrogen power has a large opportunity to help the world transition away from fossil fuels. That's because hydrogen fuel is particularly good at decarbonizing what economists call "hard to abate" sectors. Asphalt, cement, steel, shipping, aviation -- these are just a few areas where replacing fossil fuels with renewable energy remains very difficult.
Source Fool.com
