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Europe Hydrogen Energy Storage Market Size

Report ID: GMI9344
Published Date: May 2024
Report Format: PDF

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Europe Hydrogen Energy Storage Market Size

Europe Hydrogen Energy Storage Market size was valued at USD 4 billion in 2023 and is anticipated to grow at a CAGR of 8.8% between 2024 and 2032. Increasing concerns about climate change are driving the transition towards renewable energy sources, such as wind and solar, which often produce surplus energy that needs to be stored efficiently. Hydrogen, particularly green hydrogen produced from renewable sources, is emerging as a promising solution for long-term energy storage. Additionally, supportive government policies and incentives aimed at promoting clean energy technologies are fostering the development of hydrogen infrastructure across Europe.

Europe Hydrogen Energy Storage Market

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Various geopolitical factors are also fostering the need for the use of hydrogen. For instance, in May 2022, in response to the commencement of the Russian military intervention in Ukraine, the European Union (EU) has acted through the implementation of the REPowerEU plan. This plan aims to reduce the EU's reliance on Russian gas imports. A significant component of this strategy is the 'hydrogen accelerator' initiative, which aims to produce 10 million tonnes of renewable hydrogen within the EU and import an additional 10 million tonnes by the year 2030.

Europe Hydrogen Energy Storage Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Hydrogen Energy Storage Market Size in 2023:	USD 4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	8.8%
2032 Value Projection:	USD 8.4 Billion
Historical Data for:	2021 – 2023
No. of Pages:	60
Tables, Charts & Figures:	15
Segments covered:	State, Method, and Application
Growth Drivers:	Shifting policy framework across the hydrogen industry Growing investments toward hydrogen-based infrastructure Increasing clean energy demand
Pitfalls & Challenges:	High capital cost

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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size for hydrogen energy storage in Europe reached USD 4 billion in 2023 and is set to witness 8.8% CAGR from 2024 to 2032, owing to the increasing concerns about climate change, driving the transition towards renewable energy sources, such as wind and solar in the region.

Europe hydrogen energy storage industry from the gas segment is expected to reach over USD 6.4 billion by 2032, due to offering advantages such as high energy density and relatively lower cost compared to other forms of hydrogen storage.

Germany market is expected to record USD 2.9 billion by 2032, due to a robust renewable energy sector that generates excess electricity, which can be harnessed for hydrogen production through electrolysis in the country.

Air Products and Chemicals, Inc., Air Liquide, Cockerill Jingli Hydrogen, ENGIE, Fuel Cell Energy, Inc., GKN Hydrogen, Gravitricity Ltd, HYDROGEN IN MOTION, ITM Power PLC, Linde plc, McPhy Energy S.A., Nel ASA, and SSE, are some of the major hydrogen energy storage companies in Europe.