Market Research Report

Europe Green Hydrogen Market Research Report: Forecast (2024-2030)

Europe Green Hydrogen Market Report - By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer, Others), By Energy Source (Solar, Wind,...Other Renewable Sources), By End Users (Power Generation & Energy Storage, Automotive & Transportation, Industrial Feedstock [Refineries & Petrochemicals, Steel & Cement Manufacturing]) and Others Read more

  • Energy
  • May 2024
  • 159
  • PDF, Excel, PPT

Market Insights & Analysis: Europe Green Hydrogen Market (2024-30):

The Europe Green Hydrogen Market size is estimated to grow at a CAGR of around 31.25% during the forecast period, i.e., 2024-30. The market growth is attributed to the crucial development in the green hydrogen industry through the unremitting need for hydrogen as a feedstock in various industries. In fertilizers for the agriculture industry, in refining for petrochemicals & chemical industry, in the food processing industry, etc. The surging global population and urbanization have been supporting the continuous demand for hydrogen in the industries as feedstocks.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 31.25%
Country Covered Germany, The UK, France, Spain, Italy, The Netherlands, Rest of Europe
Key Companies Profiled

Electrolyzer Technology Providers -  Accelera - McPhy Energy, Stiesdal A/S, Siemens, Thyssenkrupp, Other Potential Players

Renewable Power Generation Solution Providers- Iberdrola, BayWa r.e., Enel Green Power, Orsted, Statkraft, Other Potential Players

Green Hydrogen Manufacturing Company- EDF Renewable, Air Liquide, Linde, Air Products, Shell Plc, Total Energies, Other Potential Players,

Unit Denominations USD Million/Billion

 

Also, the carbon emissions generated during the production of hydrogen to satiate its demand from numerous industries have been alarming. As a result, governments across the European region have invested along with the private players to develop technologies and cast-off methods to reduce emissions and finally protect the environment. As per the European Commission, almost 96% of the hydrogen production in the continent is through fossil fuels. Hence, the heightened need to develop a hydrogen economy in the near future in order to curb the ill effects of climate change has been further pushing the development of the European Green Hydrogen Market over the past period. For instance:

  • In 2024, the European Hydrogen Bank announced funding of approximately USD 775 million for about 7 renewable hydrogen projects that aim to generate more than 1.5 million tons of renewable hydrogen by 2035 in the region.

Along with this, the presence of commendable renewable power plants and the green electricity generation capacity of Europe supports the manufacturing of green hydrogen in the region. Also, the share of renewable energy has been steadily increasing in the total energy consumption of European Nations. For example, in 2022, nearly 23% of the energy consumed in the whole of Europe was from renewable sources which was around 21.9% in 2021, and about 20% in 2020, as mentioned by the European Commission. Consequently, such development in the nations around Europe is predicted to enhance the Europe Green Hydrogen Market size in the coming years.


Europe Green Hydrogen Market Research Report: Forecast (2024-2030)

Europe Green Hydrogen Market Driver:  

Burgeoning Investments for the Set up of Hydrogen Economy – Countries such as Germany, France, the Netherlands, Spain, the UK, and a few others have been the frontrunners in developing & transitioning to a Hydrogen Economy. The government has laid out detailed plans for building up the green hydrogen production infrastructure, integrating green hydrogen into the existing energy supply, and finally transitioning to maximum green hydrogen energy in all sectors such as power generation, transportation (both individual/passenger and heavy commercial), industrial feedstock, as well as energy storage. For example, France 2030 is a plan of the French government, where it aims to develop low carbon hydrogen production capacity to about 6.5 GW or around 700,000 tons annually by 2030.

The plan also anticipations to sell the renewable hydrogen at a price point of nearly USD 1.6 per kg. The strategy also has laid out the step-by-step procedure of manufacturing, transportation, and usage of hydrogen in the country. Hence, such huge initiatives by the national governments would further aid in driving the Europe Green Hydrogen Market during 2024-30.

Europe Green Hydrogen Market Challenge:

Wide Gap Between Consumption of Renewable & Non-renewable Energy – Over the past times, all the countries in Europe have been heavily reliant on natural gas as a primary energy source, which was majorly imported through pipelines from Russia. Even though the emissions through natural gas are not minimal, nonetheless when compared to the other fossil fuels they are quite low. This usage of natural gas would help the countries to transition smoothly to a hydrogen economy, all the while maintaining the proper flow of energy for consumption across sectors.

However, due to the Russia-Ukraine war, the restrained supply of natural gas has highlighted the wide gap between the demand & supply of energy sources, and especially the key need for the development of more renewable sources. As a result, after Russia was sanctioned, the countries had to move to other energy sources, such as coal, and also reduce their energy usage. Hence, this would significantly hamper the region's overall industrial, construction, and other major development projects, like the creation of the Hydrogen Economy.

Europe Green Hydrogen Market Trend:

Usage of Existing Energy Infrastructure to Green Hydrogen Infrastructure – Recently, the huge financial burden undertaken to develop renewable hydrogen capacity to fulfill the complete energy demand of the region has underscored the shortfalls in land space, monetary investments, etc. Thus, to overcome these issues the private players combined with government support to integrate renewable production technologies into already established conventional energy infrastructure. This trend is expected to aid the Europe Green Hydrogen Market to flourish in the upcoming years.

Europe Green Hydrogen Market (2024-30): Segmentation Analysis

The Europe Green Hydrogen Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2024–2030 at the regional level. As per the analysis, the market has been further classified as:

Based on Technology:

  • Proton Exchange Membrane (PEM)
  • Alkaline Electrolyzer
  • Solid Oxide Electrolyzer
  • Others

Alkaline Electrolyzer is expected to maintain its majority share in the Europe Green Hydrogen Market in the future years, as the alkaline electrolyzer technology is the most mature & widely deployed not only across Europe but across the globe as well. Alkaline electrolyzers have a large lifecycle compared to their peers and are more efficient at large-scale production. Moreover, the electrolyzer also requires low upfront capital costs in contrast to the PEM electrolyzer. Therefore, countries such as Germany, Denmark, the Netherlands, and Norway have been widely installing alkaline electrolyzers in their large green hydrogen projects. Along with this, Germany’s GET H2 Nukleus project focuses on building up one of the key electrolyzer plants with a capacity of about 700 MW. Similarly, the Netherlands GreenHyScale project also aims to develop a capacity of around 200 MW of large-scale green hydrogen production plant during 2024-30.

Based on End Users:

  • Power Generation & Energy Storage
  • Automotive & Transportation
  • Industrial Feedstock
    • Refineries & Petrochemicals
    • Steel & Cement Manufacturing
    • Others (Food & Beverage, etc.)

Power Generation & Energy Source is expected to dominate the Europe Green Hydrogen Market during the forecast period. With the development of green hydrogen, the replacement of electricity production via non-renewables has been the main focus of the countries. The extreme amount of carbon emissions generated from power plants in the region to fulfill the electricity demand from residential, commercial, and industrial spaces is crucial. As per the International Energy Association, almost 50% of the carbon emissions generated in Europe are due to electricity and heat production. Further, approximately 40% of the electricity produced is via fossil fuels. Therefore, phenomenons such as “Power to X” where the technology providers have come up with solutions to generate green electricity and also store it effectively, would sustain the share of power generation and energy source as a primary end user of the European Green Hydrogen market in the forthcoming years.

Europe Green Hydrogen Market (2024-2030): Country Analysis

Geographically, the Green Hydrogen market expands across:

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • The Netherlands
  • Rest of Europe

Germany is estimated to hold the larger share of the Europe Green Hydrogen Market in the coming years, in line with reported large-scale renewable hydrogen production projects, government support & strategies, and also international tie-ups for imports. Germany is also the most carbon emission-generating country in the region due to the presence of notable industrial facilities in the country. Industries, such as steel, cement, automotive, etc., all require a heavy energy supply to efficiently operate. Thus, such circumstances have made the country keenly focus on transitioning to low-carbon energy sources green hydrogen being the main.

Europe Green Hydrogen Industry Recent Development:

  • 2024: Spanish Government reported that it will spend more than USD 950 million on about 10 hydrogen projects within initial months of the year, to accelerate the its goal of decarbonizing the country with renewable hydrogen and setting up a benchmark for the world.
  • 2023: The UK Government announced a financial support of approximately USD 1,200 million for the development of Green Industries Growth Accelerator (GIGA) that includes hydrogen and other low carbon energies for swift transition to net zero economy.

Gain a Competitive Edge with Our Europe Green Hydrogen Market Report

  • Europe Green Hydrogen Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • Europe Green Hydrogen Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Europe Green Hydrogen Market is expected to grow at a CAGR of around 31.25% during 2024-2030.

   A. The burgeoning investments for the set up of hydrogen economy in the European countries is expected to drive the Europe Green Hydrogen Market during 2024-2030.

   A. Electrolyzer Technology Providers: Accelera, McPhy Energy, Stiestdal A/S, Siemens, Thyssenkrupp, and others, Renewable Power Generation Solution Providers: Iberdrola, BayWa r.e., Enel Green Power, ├śrsted, Statkraft, and others, Green Hydrogen Manufacturing Companies: EDF Renewables, Air Liquide, Linde, Air Products, Shell Plc, Total Energies, and others are the top players in the Europe Green Hydrogen Market.

   A. Alkaline Electrolyzer is the leading electrolyzer technology in the Europe Green Hydrogen Market.

   A. Power Generation & Energy Source is the key end user in the Europe Green Hydrogen Market.

   A. The usage of existing energy infrastructure to green hydrogen infrastructure is the key trend shaping the growth of the Europe Green Hydrogen Market.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Europe Hydrogen Industry Outlook, 2023
    1. Production vs Consumption (Million Tons)
    2. Key End Users & their Consumption Pattern
    3. Major Players involved in the Production of Hydrogen
  5. Europe Hydrogen to Green Hydrogen Development Timeline, 2015-2050
  6. Europe Green Hydrogen Demand & Supply Analysis, 2023
  7. Green Hydrogen Electrolyzer Technology Comparative Analysis
    1. By Technology Type
    2. By OEM providers
    3. By Efficiency
    4. By Output Quality
    5. Others
  8. Europe Green Hydrogen Market Standards, Regulations, and Policies
  9. Europe Green Hydrogen Market Trends & Insights
  10. Europe Green Hydrogen Market Dynamics
    1. Drivers
    2. Challenges
    3. Impact Analysis (Short-term, Medium-term, Long-term)
  11. Europe Green Hydrogen Market Outlook, 2024-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume (Thousand Tons)
    2. Market Share & Analysis
      1. By Technology
        1. Proton Exchange Membrane Electrolyzer– Market Size & Forecast 2024-2030F (Thousand Tons)
        2. Alkaline Electrolyzer– Market Size & Forecast 2024-2030F (Thousand Tons)
        3. Solid Oxide Electrolyzer– Market Size & Forecast 2024-2030F (Thousand Tons)
        4. Others– Market Size & Forecast 2024-2030F (Thousand Tons)
      2. By Energy Source
        1. Solar– Market Size & Forecast 2024-2030F (Thousand Tons)
        2. Wind– Market Size & Forecast 2024-2030F (Thousand Tons)
        3. Other Renewable Sources– Market Size & Forecast 2024-2030F (Thousand Tons)
      3. By End Users
        1. Power Generation & Energy Storage– Market Size & Forecast 2024-2030F (Thousand Tons)
        2. Automotive & Transportation– Market Size & Forecast 2024-2030F (Thousand Tons)
        3. Industrial Feedstock
          1. Refineries & Petrochemicals– Market Size & Forecast 2024-2030F (Thousand Tons)
          2. Steel & Cement Manufacturing– Market Size & Forecast 2024-2030F (Thousand Tons)
          3. Others (Food & Beverage, etc.) – Market Size & Forecast 2024-2030F (Thousand Tons)
      4. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. The Netherlands
        7. Rest of Europe
      5. By Competitors
        1. Market Revenues
        2. Competition Characteristics
  12. Germany Green Hydrogen Market Outlook, 2024-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume (Thousand Tons)
  13. The UK Green Hydrogen Market Outlook, 2024-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume (Thousand Tons)
  14. France Green Hydrogen Market Outlook, 2024-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume (Thousand Tons)
  15. Italy Green Hydrogen Market Outlook, 2024-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume (Thousand Tons)
  16. Spain Green Hydrogen Market Outlook, 2024-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume (Thousand Tons)
  17. The Netherlands Green Hydrogen Market Outlook, 2024-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Volume (Thousand Tons)
  18. Europe Green Hydrogen Market Key Strategic Imperatives for Success & Growth
  19. Europe Green Hydrogen Key Stakeholders & Competition Alignment
    1. Company Profiles
      1. Electrolyzer Technology Providers
        1. Accelera
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        2. McPhy Energy
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        3. Stiesdal A/S
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        4. Siemens
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        5. Thyssenkrupp
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        6. Other Potential Players
      2. Renewable Power Generation Solution Providers
        1. Iberdrola
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        2. BayWa r.e.
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        3. Enel Green Power
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        4. Ørsted
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        5. Statkraft
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
      3. Green Hydrogen Manufacturing Company
        1. EDF Renewables
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        2. Air Liquide
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        3. Linde
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        4. Air Products
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        5. Shell Plc
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        6. TotalEnergies
          1. Business Overview
          2. Product Portfolio
          3. Strategic Alliances or Partnerships
          4. Recent Developments
          5. Financial Details
          6. Others
        7. Other Potential Players
  20. Disclaimer


Europe Green Hydrogen Market Segmentation