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Europe Green Hydrogen Market Report 2022: Rising Demand for Renewable Energy Bolsters 40% Annual Growth - Research and MarketsDUBLIN, March 21, 2023 /PRNewswire/ -- The "Europe Green Hydrogen Market Size, Segments, Outlook and Revenue Forecast 2022-2030 by Technology, Application, Generation and Delivery Mode and Major Countries" report has been added to ResearchAndMarkets.com's offering.
Rising demand for cleaner energy from all major industry sectors and escalating environmental issues arising from carbon emissions are major growth drivers for Europe's Green Hydrogen market. For instance, according to Eurostat, a statistical office of the European Union located in Luxembourg, renewable energy sources accounted for 37% of total EU electricity consumption in 2020, up from 34% in 2019.
By Application
By Generation and Delivery Mode
By Geography
Key Trends by Market Segment By Technology: As per the International Energy Agency (IEA) statistics about global installed electrolysis capacity by technology from 2015 to 2020, alkaline electrolysis technology accounted for two-thirds of capacity in 2020, however PEM electrolyzers technology share increased from just 12% to 34% during this period. By Application: Industrial Processes and Domestic Energy Systems together account for the majority share of the Europe Green Hydrogen Market. Rising industrialization across European countries, as well as the large and centralized demand for hydrogen in refineries, chemical industries, and steelmaking, is fueling the demand for green hydrogen in Industrial processes, and Domestic Energy Systems. For instance, according to Eurostat, Germany recorded the highest value of sold industrial production in 2021, representing 27 % of the EU total, followed by Italy with 16%. According to European Construction Industry Federation (FIEC EU), in 2021, the volume of residential construction output in the Netherlands increased by 3.6%. The green hydrogen market in the mobility industry is expected to grow at the fastest rate during the forecast period (2022-2030), as green hydrogen provides three times more energy per unit than fossil fuels. In addition, the mobility industry had no other viable options for fossil fuels before the commercialization of fuel-cell-based engines. Furthermore, green hydrogen-powered vehicles are ideal for mining vehicles, trains, planes, lorries, buses, and even marine transport. It is the best way to meet advanced countries' zero-carbon footprint targets. For instance, in April 2022, Transports Metropolitans de Barcelona (TMB), a Spanish transit company, announced in April 2022 its intention to incorporate 508 low-carbon buses by 2025, of which 233 will be electric and 46 hydrogen-powered. Additionally, in April 2022, The German Federal Ministry of Transport announced the investment of USD 644.72 Mn (600 Mn euros) for 1,600 low- and zero-emission buses. By Generation and Delivery Mode: The captive segment holds the largest market share in the Europe Green Hydrogen Market as captive production meets the majority of Europe's hydrogen demand. According to the 2020 EU Fuel Cells and Hydrogen Observatory (FCHO) report, nearly 88% of total capacity is captive, while the remaining 12% is often supplied by merchant facilities. The merchant segment is expected to grow at a faster rate during the forecast period, owing to increased demand from small-scale industries, such as steel manufacturing and pharmaceuticals, as well as the limited capacity of medium-scale industries to afford high capital costs. In addition, increased investment in green hydrogen projects, combined with the company's ability to supply hydrogen at competitive prices, will drive its market growth. By Geography: Germany accounts for largest share among all countries within the total Europe Green Hydrogen market, accounting for about 20% of total market revenue. France is expected to witness fastest growth during the forecast period, followed closely by Spain, owing primarily to solar and wind generation capacity growth. For instance, in December 2021, French government announced investment of nearly 2 bn euros (USD 2.14 bn) in green hydrogen technologies as part of its 2030 investment plan. In addition, the Spanish government created a 'hydrogen roadmap' to help the country achieve climate neutrality and a 100% renewable electricity system by 2050, with goals for 2030 and a vision for 2050 to ensure that green hydrogen adds to the country's climate neutrality by 2050. The green hydrogen market in Poland and Italy is also expected to grow significantly in the coming years, as the Italian government has prioritized hydrogen in its plans for an ecological transition, and has made strong goals for the advancement and adaptation of this energy vector by 2030. Additionally, the growing adoption of hydrogen strategies for the adoption of e-fuel vehicles in Poland is increasing green hydrogen demand. Conclusion The Europe Green Hydrogen Market is forecasted to continue an exponential growth that is witnessed since 2019, during the forecast period also, primarily driven by rising demand for cleaner energy from all major industry sectors and escalating environmental issues arising from carbon emissions. Though the market is highly competitive with over 150 participants, few global players control dominant share and regional players also hold significant share. Key Segments Covered in Europe Green Hydrogen Market:
Companies Mentioned in the Report:
Notable Emerging Companies Mentioned in the Report
Frequently Asked Questions What is the Study Period of this Market Report?
What is the Future Growth Rate of Europe Green Hydrogen Market?
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Which is the Largest Technology Segment within the Europe Green Hydrogen Market?
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