Europe Green Hydrogen Market Size Zooming 15X at Robust CAGR of 48% to Touch USD 3 Billion by 2030

Published | 15 February 2024

Europe Green Hydrogen Market is flourishing due to the growing momentum in investments, growing global awareness about energy security, and an increasing emphasis on climate change goals.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Europe Green Hydrogen Market size at USD 189.89 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Europe Green Hydrogen Market size to boom at a robust CAGR of 47.95% reaching a value of USD 2,946.16 million by 2030. The Europe Green Hydrogen Market is propelled by an increasingly high demand for sustainable energy solutions. Green hydrogen, generated through electrolysis using renewable sources like solar and wind power, serves as a clean alternative to traditional fuels. Its popularity is escalating due to its capacity to significantly reduce carbon emissions, meeting the burgeoning expectations for eco-friendly fuels and positioning itself as a long-term replacement for fossil fuels. In Europe, heightened environmental concerns and a demand for cleaner energy across various industrial sectors further drive the market. With the continent's commitment to decarbonization, green hydrogen, easily transportable through pipelines, assumes a strategic role. Collaborative efforts and initiatives like the European Hydrogen Bank and the REPowerEU plan underscore a commitment to fair competition and the promotion of renewable hydrogen. Also, the green hydrogen demand is expected to expand at a high CAGR, driven by significant applications in fuel, chemical feedstock, and a rising demand from the refining and iron & steel industry. A surge in demand for green hydrogen is expected over the forecast period.

Impact of Geopolitical Tensions on Europe Green Hydrogen Market

Europe Green Hydrogen Market is impacted by geopolitical tensions in several ways. The recent invasion of Ukraine has highlighted Europe's vulnerability to Russian oil and gas dependencies, prompting urgent measures to diversify energy sources. In response, the European Union has unveiled plans to reduce reliance on Russian gas, with hydrogen emerging as a pivotal element in this strategy. Hydrogen, as an energy carrier, holds the promise of providing a clean alternative in industries difficult to decarbonize. While the push for green hydrogen is gaining momentum, challenges persist, including the dominance of fossil fuel-derived hydrogen. The geopolitical landscape is shifting, and the evolving energy trade dynamics are expected to significantly impact the Europe Green Hydrogen Market, making it a crucial element in Europe's quest for energy security and independence. The global transition to a low-carbon economy, spurred by recent events like Russia-Ukraine war, has significant implications for energy value chains. Green hydrogen, with its versatility, gains economic and political momentum and is poised to play a crucial role in achieving a carbon-free future. Current challenges to green hydrogen adoption, such as limited infrastructure and cost concerns, are being reshaped by recent spikes in fossil fuel prices. While green hydrogen is becoming cost-competitive with blue and grey hydrogen, the International Renewable Energy Agency (IRENA) forecasts a substantial decline in green hydrogen costs by up to 85% by 2050, making it a crucial element in Europe's quest for energy security and independence.

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Europe Green Hydrogen Market

Segmental Information

Europe Green Hydrogen Market – By Technology

Based on technology, the Europe Green Hydrogen Market is bifurcated into Alkaline Electrolysis and PEM Electrolysis segments. The alkaline electrolysis segment holds a higher share in the Europe Green Hydrogen Market by technology. Alkaline electrolysis exhibits an efficiency exceeding 70%, ensuring hydrogen gas purity at 99.5%. The technology is widely employed for electrolytic hydrogen production, resulting in exceptionally pure hydrogen and oxygen at 99.99%. The operational principle involves the transport of hydroxide ions (OH-) from the cathode to the anode within the electrolyte. The production of green hydrogen occurs at the cathode side. Commercially available for an extended period, alkaline electrolysis have established their presence in the market, providing a reliable means of generating high-purity hydrogen through the electrolysis process.

Europe Green Hydrogen Market – By Country

The in-depth research report on the Europe Green Hydrogen Market covers the market in the region’s major countries including Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, the Netherlands, and Rest of Europe. Germany dominates the Europe Green Hydrogen Market and is expected to maintain its dominance over the forecast period. The changing regulatory environment, initiation of novel projects, and strategic commercial collaborations, coupled with a widespread adoption of energy efficiency objectives, will drive the integration of hydrogen across diverse sectors. Increased research and development initiatives, coupled with the expansion of large-scale and low-carbon hydrogen and ammonia projects, will contribute to the establishment of an emission-free economy. The significant abundance of renewable resources, particularly wind and solar, along with the expanding electric vehicle fleet in the country, is expected to have a positive impact on market trends.

Competitive Landscape

The Europe Green Hydrogen Market is fragmented, with numerous players serving the market. The key players dominating the Europe Green Hydrogen Market include Siemens Energy, NEL ASA, ITM Power, McPhy Energy, Ørsted, Engie, Hynamics (EDF Group), and Covestro. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Europe Green Hydrogen Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Europe Green Hydrogen Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe Green Hydrogen Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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