Hydrogen is going to take 25% of all oil demand by 2050, Bank of America analyst says

Hydrogen is going to take 25% of all oil demand by 2050, Bank of America analyst says

Hydrogen is set to play a major role in the global energy markets over the coming decades, supplanting a large chunk of oil demand, according to Bank of America's head of global thematic research.Speaking to CNBC's "Squawk Box Europe" on Friday morning, Haim Israel accepted that while oil and gas would still be needed going forward, it was nearing a peak in demand. "We think it's peaking this decade, it's soon — way sooner than what everybody thinks," he said.  Israel listed several factors which would affect oil and gas going forward, including cheaper renewable energy, regulation and the electrification of cars."We believe that hydrogen is going to take 25% of all oil demand by 2050," he went on to state, adding that oil was "facing headwinds left and right. Yes, we'll still need it, yes, it's still going to be around, but the market share of oil is going to plummet."As noted by the U.S. Department of Energy, hydrogen "is an energy carrier, not an energy source," meaning it's a secondary energy source like electricity. The DOE adds that hydrogen "can deliver or store a tremendous amount of energy" and "can be used in fuel cells to generate electricity,