A global foot race is heating up for a share of what could become a $700 billion industry that embraces hydrogen technology in the world’s efforts to reduce emissions. Reese Energy Consulting today is studying the dominant runners in this race—Europe and Asia—which are manufacturing electrolyzers at warp speed to produce hydrogen from electricity without the use of fossil fuels. The U.S. uses hydrogen predominantly as a chemical feedstock in refining and other high-heat processes. Europe and China, however, are focused on creating hydrogen economies to power trucks, trains, and airplanes in addition to industrial applications. With the financial backing of governments and the private sector, the biggest players also are positioning to become the biggest exporters. As an example, Hyundai will export 64,000 hydrogen-powered trucks by 2030. While the cost to produce hydrogen has long been a deterrent, the ramp-up of production, distribution, an import/export market, and higher demand could see prices fall exponentially. Japan expects to have 800,000 hydrogen-powered vehicles by 2030 and a cost reduction of 90% by 2050.