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Electrolysis Hydrogen Generation Market Analysis

Report ID: GMI7906
Published Date: Jan 2024
Report Format: PDF

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Electrolysis Hydrogen Generation Market Analysis

Electrolysis Hydrogen Generation Market Revenue Share, By Application, 2023

The transportation application will reach USD 6.9 billion by 2032. Utilization of hydrogen as a fuel across the transportation sector along with rising interest in hydrogen-powered vehicles including trucks and freight transport will propel the product adoption. In addition, growing investments from various automotive manufacturers in hydrogen fuel cell technology in line with introduction of stringent emission reduction targets for the transportation sector will stimulate the product demand.

Europe Electrolysis Hydrogen Generation Market Size, 2021 - 2032 (USD Billion)

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Europe electrolysis hydrogen generation market will grow at a CAGR of more than 7.5% through 2032. Ongoing introduction of policies and mandates, large scale investments by private authorities, and funding programs by major government authorities to bring in the energy transition will sway the business trends. For instance, in November 2023, Siemens Energy, in a joint venture with Air Liquide, started its new gigawatt-scale plant in Berlin to produce electrolyzer modules with high efficiency to produce low carbon hydrogen. Continuous development of projects across various economies along with introduction of hydrogen targets at the state level will accelerate the business trends in the forecasted time.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of electrolysis hydrogen generation was reached USD 13.1 billion in 2023 and is anticipated to surprass USD 24.2 billion by 2032, driven by increasing awareness of the environmental impact of the conventional hydrogen production methods.

The transportation application grew at a decent pace in 2023 and will reach USD 6.9 billion by 2032, d riven by the utilization of hydrogen as a fuel across the transportation sector along with rising interest in hydrogen-powered vehicles.

Europe Electrolysis hydrogen generation industry will grow at a CAGR of more than 7.5% through 2032, driven by large scale investments by private authorities and funding programs by major government authorities to bring in the energy transition.

Cummins Inc., Siemens Energy, Air Liquide, Plug Power Inc., Nel ASA, TAIYO NIPPON SANSO CORPORATION, Teledyne Technologies Incorporated, McPhy Energy S.A, HyGear, Claind srl, RESONAC HOLDINGS CORPORATION are some of the major industry contenders.