H1 2023: During H1 2023, major players in the Europe Green Hydrogen market were N.V Nederlandse Gasunie, Iberdrola, Air Liquide S.A, and Siemens AG. Based on production capacity, N.V Nederlandse Gasunie held the largest production capacity of Green Hydrogen across Europe. In June 2023, Aker Horizons gained an investment of up to USD 12.15 million from Innovation Norway for a greenfield expansion at Rjukan, Norway. The project is named Rjukan project with a total hydrogen production capacity of 3000 tonnes per year from a 20 MW electrolyser capacity. Aker Horizons aims to begin the operation of Rjukan green Hydrogen production by 2025. From January 2023, the price of green hydrogen prices began to move in a southward direction fueled by the low energy costs of electrolysis. Prices slightly rose towards mid-February 2023 as demand from the energy sector of Europe gained momentum. By March 2023, prices for green hydrogen fell sharply in Europe due to the sluggish demand from the downstream industries and oversupply of green Hydrogen across the region. From April- June 2023, the price of green hydrogen decreased in Europe. Also, a free flow of inexpensive imports from the global market supported low prices. Furthermore, the market had enough inventory to meet the demand from the downstream business. Due to hazy demand from the downstream industry, green hydrogen plants were working at low pace. Additionally, the market experienced negative sentiment due to high interest rates in Europe.
The Europe Green Hydrogen market has reached approximately 3 thousand tonnes in 2022 and is expected to grow at an impressive CAGR of 132% during the forecast period until 2032. Green Hydrogen-based power generation is sustainable way of producing energy. Its demand will most likely surge in the forthcoming years especially in Europe.
The most prevalent chemical element in nature is hydrogen. Electrolysis by the means of renewable energies like solar or wind power produces green hydrogen. By using electrodes and an electrical current, electrolysis breaks down the water molecule into oxygen and hydrogen. Green Hydrogen is a clean alternative to conventional fuels. Green hydrogen has seen a substantial rise in demand in recent years owing to its ability to lower carbon emissions it is gaining popularity. It helps in meeting the rising expectations of the use of eco-friendly fuels. Its use is anticipated to increase since it can replace fossil fuels as a long-term energy source in the forthcoming years.
The market for green hydrogen in Europe is being driven primarily by increased environmental concerns brought on by carbon emissions and rising demand for cleaner energy from all major industrial sectors. With Europe’s goal towards decarbonizing, Green Hydrogen holds a substantial position in the fuel market. Green Hydrogen can be easily transported by the means of pipelines. Together, the worldwide European Hydrogen Bank and the green hydrogen partnerships seek to provide a framework to guarantee that alliances formed by the EU member states and the industry offer a level playing field between EU production and imports from outside the EU. Green hydrogen collaborations with other countries are anticipated to make it easier to promote the import of renewable hydrogen from other nations and help to encourage decarbonization. In May 2022, European Commission commissioned a REPowerEU plan to promote Europe’s focus on renewable hydrogen as an important energy carrier and reduce dependency on fossil fuel imports. The demand for green hydrogen is likely to increase at a rapid pace with major applications such as fuel, chemical feedstock and surging demand from refining and Iron & Steel Industry is likely to boost the demand during the forecast period. The Europe Green Hydrogen market will most likely reach nearly 22.30 million tonnes by 2032.
Based on demand by region, the Green Hydrogen market is segregated into Southern Europe, Eastern Europe, Western Europe, and Rest of the Europe. Among these regions, Western Europe is dominating the Green Hydrogen market and is likely to retain its position in the forecast period.
Based on the end-user industry, the Green Hydrogen market is segmented into various industries which are Green Ammonia, Transportation Fuel, Refining, Power & Heating, and Chemical Feedstock. Among these, Green Ammonia is the leading consumer followed by the transportation sector. In 2022, Green Ammonia industry held a market share of 38%. Green ammonia has a wide array of uses in various industries such as transportation, industrial power generation, and fertilizer.
Major players in the production of Europe Green Hydrogen are Shell Plc, Siemens AG, N.V Nederlandse Gasunie, Air Liquide S.A., Plug Power Inc, Iberdrola & Storegga JV, Iberdrola, Bp, Nouryon & Port of Rotterdam JV, Total and Engie, HyCC, Tata Steel & the Port of Amsterdam JV, Total Energies & Air Liquide JV, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Green Hydrogen which covers production, demand and supply of Green Hydrogen market in the Europe.
• To analyse and forecast the market size of Green Hydrogen
• To classify and forecast Europe Green Hydrogen market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Green Hydrogen market in the Europe.
To extract data for Europe Green Hydrogen market, primary research surveys were conducted with Green Hydrogen manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Europe Green Hydrogen market over the coming years.
ChemAnalyst calculated Green Hydrogen demand in Europe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Green Hydrogen across the Europe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Green Hydrogen manufacturers and other stakeholders
• Organizations, forums and alliances related to Green Hydrogen distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Green Hydrogen manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Europe Green Hydrogen market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
3 thousand tonnes
Market size Volume by 2032
22300 thousand tonnes
Growth Rate
CAGR of 132% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Manufacturing Process, Policy and Regulatory Landscape.
Segments covered
By End-Use: (Green Ammonia, Transportation Fuel, Refining, Power & Heating, and Chemical Feedstock)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
Southern Europe, Eastern Europe, Western Europe, and Rest of the Europe
I am satisfied with overall performance of ChemAnalyst. Weekly updates before the final report were especially helpful and reassuring. Additional requests on the interim and/or final reports were handled in a swift and professional manner
Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
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What is the expected Europe market size of Green Hydrogen in terms of volume for 2032?
Ans:
The Europe market size of Green Hydrogen is anticipated to reach about 22300 thousand tonnes by 2032.
Q2.
Which end-use industry is dominating the Europe Green Hydrogen market?
Ans:
The Green Ammonia industry is dominating the Green Hydrogen market and held a market share of roughly 38% in 2022.
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