Goldman Sachs predicts our island home could tap in as a key...

Goldman Sachs predicts our island home could tap in as a key exporter of the commodity.

Additionally, itexpects the hydrogen market could be worth more than US$1 trillion ($1.4trillion) by 2050.

Let’s take a lookat what might be in store for Australia’s – and the ASX’s – future in the greenhydrogen space.

CouldAustralia host a prime spot in a $1.4 trillion industry?

According toanalysts by Goldman Sachs, Australia could be up against regions including theMiddle East, North Africa, and Latin America in the race to supply hydrogen topotential major importers in Central Europe, Japan, Korea, and East China.

And we’re goingabout it differently than other regions.

Australia’shydrogen strategy focuses on its ambition of becoming a global hydrogen hub –using its natural gas and access to low-cost renewable power to produce theenergy commodity.

Australia’shydrogen industry is expected to ramp up from 2025, alongside that of LatinAmerica, Europe, and Africa.

However, Australiaand Europe have the lead in planned electrolyser capacity additions. They alsooffer the most funding for green hydrogen projects, such as those in the sightsof many ASX shares.

Australia’s National Hydrogen Strategy aims to place the nation as a key hydrogen exporter by 2030.

Looking to thefuture of the global industry, Goldman Sachs predicts up to 30% of hydrogencould be exported across borders – creating a new major internationaltrade. For context, that’s more than the amount of natural gas currently tradedbetween nations.

It also believesthe average size of hydrogen projects could increase more than 100 times overby 2025, while the cost of electrolysers needed to produce the energy commoditycould drop 40%.

Making the casemore exciting, the price of hydrogen could be par with that of diesel inlong-haul heavy road transport by as early as 2027.

So, which ASXshares have the potential to be involved in the upcoming export commodity?Let’s take a look.

WhatASX shares are involved in hydrogen?

There are plenty ofASX shares already on the hydrogen bandwagon.

Of course, the mostnotable is Fortescue Metals Group Limited (ASX: FMG) andits green energy leg, Fortescue Future Industries (FFI).

It’s creatinga major electrolyser manufacturing facility in Queensland, as well as engaging in green hydrogen production and hydrogen-fuelled transport initiatives.

Meanwhile, HazerGroup Ltd (ASX: HZR) is working to create hydrogen and synthetic graphite using its HAZER Process.

Province ResourcesLtd (ASX: PRL) is one step ahead with its HyEnergy Project, creating green hydrogen in Western Australia.

Speaking of theHyEnergy Project, Global Energy Ventures Ltd (ASX: GEV) recently began a feasibility study looking at transporting hydrogen from the project to key markets in Asia using its propriety compressed hydrogen ship.

Other ASX sharesinvolved in hydrogen include Pure Hydrogen Corporation CDI (ASX: PH2) and Sparc Technologies Ltd (ASX: SPN).