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Europe Hydrogen Generation Market Size
Europe Hydrogen Generation Market was valued at USD 30.7 Billion in 2023 and is anticipated to grow at a CAGR of 7.1% from 2024 to 2032. It is the process of producing hydrogen gas from various feedstocks or sources. This can involve several methods, including electrolysis of water, steam reforming of natural gas or other hydrocarbons, biomass gasification, and thermochemical processes.
The European Union's ambitious climate targets, including the goal of becoming carbon-neutral by 2050 will fuel the market growth. The integration of renewable energy sources, into the energy mix coupled with supportive government policies and incentives aimed at promoting hydrogen infrastructure development and research initiatives, will augment the industry growth. Further, rising advancements in hydrogen production technologies, coupled with increasing demand for clean energy solutions, particularly in transportation, industry, and power generation will stimulate the growth trajectory.
Who are the major hydrogen generation companies in Europe?
Air Products and Chemicals, Inc., Ally Hi-Tech Co., Ltd., CALORIC, Cummins Inc., Hexagon Composites ASA, ITM Power plc among others.
Why is hydrogen generation expanding in Germany?
Germany hydrogen generation market will be worth USD 8 billion by 2032, as the country aims to achieve a low-carbon and sustainable energy system.
Why is the demand for captive hydrogen generation rising in Europe?
Captive hydrogen generation from delivery mode will reach USD 46.6 billion by 2032, as it offers greater energy independence and security for industrial facilities.
How much is the Europe hydrogen generation market worth?
The market size of Europe hydrogen generation was reached USD 30.7 Billion in 2023 and is set to grow at over 7.1% CAGR up to 2032, driven by the rising advancements in hydrogen production technologies, coupled with increasing demand for clean energy solutions, particularly in transportation industry and power generation.