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The Europe electrolyzer market was valued at EUR 254 million in 2023 and is expected to reach around EUR 9.5 billion by 2030. The major factors contributing to this growth are favorable government policies, ambitious green hydrogen production targets, carbon taxation, energy security issues, and the demand from hard-to-abate industries to substitute conventional hydrogen with green hydrogen.
However, the slow deployment of renewable energy projects, regulatory uncertainties, high capital requirements, immature hydrogen infrastructure, and competition from other renewable energy sources.
In 2023, the worldwide deployment of electrolysis capacity surged by an impressive 60% compared to the previous year, soaring to a total of 1.1 GW from the prior 700 MW. Within this capacity, Europe contributed significantly, accounting for 220 MW of the installed electrolyzer capacity, which translates to approximately 30 kilotons per year of renewable hydrogen supply.
Germany, Spain, and Sweden are leading the region in electrolysis capacity additions, which added around 25 MW of capacity each.
Currently, Europe has the world's second-largest electrolyzer manufacturing capacity, trailing only behind China. Majority of the operational manufacturing capacity is based of alkaline technology but PEM technology dominates in the announced electrolyzer manufacturing projects.
With current announcements and developments, the region is poised to maintain this prominent position in the global electrolyzer manufacturing landscape.
The national hydrogen strategies have emerged as key tools for driving the growth of the European electrolyzer market. These strategies, developed by individual European countries, outline ambitious goals, targets, and policies for clean hydrogen deployment.
They provide a roadmap for electrolyzer capacity expansion, hydrogen production scaling, and infrastructure development, fostering collaboration between governments, industry stakeholders, and research institutions to realize the full potential of green hydrogen as a clean energy carrier and energy storage system.
The renewable energy directive is one such regulation which has been the driving force behind developing renewable energy in the EU. With the EU's increased climate ambitions for 2030, aiming to become the first carbon-neutral continent by 2050, the directive underwent revisions as part of the Fit for 55 package in 2021 and later under the REPowerEU Plan in 2022, culminating in its adoption in Fall 2023.
One notable aspect of the revised directive, known as RED III, is its emphasis on renewable fuels of non-biological origin (RFNBOs), with hydrogen being a primary focus. By 2030, a combined sub-target of 5.5% for advanced fuels and RFNBOs in the transport sector has been set, with a minimum requirement of 1% from RFNBOs. This target aims to bolster the Europe green hydrogen market and drive the adoption of green hydrogen as a sustainable energy solution in the region's transportation sector.
The region has also established financial mechanisms to power the development of hydrogen infrastructure. For instance, in November 2023, the European Commission announced that it had earmarked EUR 2.2 billion in hydrogen funding for the spring of 2024. Similarly, the commission has approved funds for clean hydrogen projects in various member countries in the region.
(You can access a comprehensive list of both existing and upcoming green hydrogen projects, along with their current status, through our extensive Global Green Hydrogen Projects Database.)
Currently, alkaline electrolyzers (ALK) dominate the electrolyzer manufacturing landscape in the European Union, accounting for approximately 58% of the total capacity. Following closely behind, Proton Exchange Membrane (PEM) technology represents 41% of the manufacturing capacity. However, Anion Exchange Membrane (AEM) technology and Solid Oxide (SO) technology are still in nascent stages of development.
The new report from Blackridge Research on the Europe Electrolyzer Market comprehensively analyzes the electrolyzer market and provides deep insight into the current and future state of the industry.
The market research report examines the drivers, restraints, and key market trends influencing Europe electrolyzer market demand and growth.
The report also addresses present and future market opportunities, market dynamics, and the impact of Russia-Ukraine conflict on the Europe electrolyzer market, as well as important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and electrolyzer market share of key players.
Further, the report will also provide Europe electrolyzer market size, demand forecast, and growth rates.
The study covers all the major underlying forces that help the market develop and grow, and the factors that constrain growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and will function as a guide for you to analyze the degree of impact.
This report discusses market overview, the latest updates, important commercial developments and structural trends, and government policies and regulations.
This section provides an assessment of the COVID-19 impact on Europe electrolyzer market demand.
The report provides Europe electrolyzer market size and demand forecasts until 2029, including year-on-year (YoY) growth rates and CAGR.
The report examines the critical elements of the Europe electrolyzer industry supply chain, its structure, and the participants.
Using Porter's five forces framework, the report covers an assessment of the Europe electrolyzer industry's state of competition and profitability.
The report dissects the Europe electrolyzer market into segments based on product type. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.
Further, market size and demand forecasts will be presented, along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.
The report covers detailed profiles of major countries across the region. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.
This report presents detailed profiles of key companies in the Europe electrolyzer industry, such as Nel ASA, Plug Power Inc., ITM Power plc, Cummins Inc., Siemens Energy AG, McPhy Energy SA, Bloom Energy Corp., etc.
Generally, each company profile includes a company overview, relevant products and services, financial performance, recent developments, and company's business strategy.
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
The executive summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.
The report begins with an executive summary chapter and ends with conclusions and recommendations.
Get a free sample copy of the Europe electrolyzer market report by clicking the "Download a Free Sample Now!" button at the top of the page.
Also, check out our latest regional reports on:
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Key Company Profiles
7. Competitive Landscape
8. Conclusions and Recommendations
List of Tables & Figures
Abbreviations
Additional Notes
Disclaimer
Report - Europe Electrolyzer Market Outlook to 2029.pdf
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