Europe Hydrogen Market Size - By Type (Grey, Blue, Green), Application (Petroleum Refining, Chemicals), Growth Opportunities, Industry Outlook & Forecast, 2024 - 2032

Europe Hydrogen Market Size

Europe Hydrogen Market size was valued at more than USD 39.1 billion in 2023 and is expected to grow at 3.5% CAGR from 2024 to 2032. Positive outlook toward the expansion of the industrial base across developing economies along with mandates to curb the overall emission levels in the industries is set to boost the overall demand will continue to drive the business growth.
 

Growing requirement of an efficient fuel source and shifting efforts toward the adoption of sustainable & clean energy solutions have positively increased the adoption of hydrogen across various applications. Rising government spending on H? energy design & development programs in line with the deployment of green as well as blue hydrogen with the target to reduce the dependency on conventional fuel sources will further propel the business scenario.
 

COVID- 19 Impact

The COVID- 19 outbreak had a substantial impact on the broader hydrogen economy, causing a constant backlog in a number of streamlined projects in conjunction with scaled-back industrial operations, which has lowered the availability of hydrogen to end consumers. Falling demand for hydrogen was brought on by transportation constraints related to the pandemic which pushed back on refinery operations. However, government support in form of incentives and policies along with significant investments by the major players will support the industry dynamics.
 

Europe Hydrogen Market Trends

Hydrogen is a versatile element with a wide range of applications and is considered a clean energy carrier due to its potential to produce energy with minimal environmental impact when used in fuel cells or as a clean fuel for various industrial processes. Therefore, progressive shift toward the use of low carbon hydrogen and upgradation of the existing gas infrastructure, including pipelines will augment to business outlook.
 

Europe Hydrogen Market Analysis

Grey hydrogen market is projected to reach USD 34.6 billion by 2032, on the account of gaining momentum for renewable energy in line with continuous advancements to develop hydrogen infrastructure. Favorable efforts across the private & public sectors to find solutions concerning to advance the production methods coupled with paradigm shift towards energy conservation and growing requirement for efficient energy sources across different applications have positively impacted the Europe hydrogen market development.
 

Petroleum refinery market is set to grow at a CAGR of over 3.5% between 2023 and 2032. These are the largest consumers of H₂, to remove the impurities and sulfur content utilized in the hydro conversion and hydrotreating processes in the refineries. Growing public and private investments to desulfurize the petroleum products and increasing use of methanol across the industrial processes will enhance to the business potential. Moreover, continued deployment of low-cost renewable hydrogen the upgradation in line with expansion of refineries to comply with the clean energy targets will accelerate the Europe hydrogen market.
 

Germany hydrogen market will exhibit a growth rate of 0.5% during 2023 to 2032. Evolving regulatory landscape, introduction of new projects and commercial partnerships in conjunction with large scale adoption of energy efficiency targets will fuel the penetration of hydrogen across different areas. Surging research and development activities combined with expansion of large scale & low carbon projects for hydrogen & ammonia will support in the development of emission free economy. Additionally, huge presence of renewable resources primarily wind & solar along with growing electric vehicle fleet in the country will positively influence the market trends.
 

Europe Hydrogen Market Share

Major players operating across the Europe hydrogen market include;

• Air Liquide
• Air Products and Chemicals, Inc.
• Cummins Inc.
• Messer
• RESONAC HOLDINGS CORPORATION
• CALORIC
• NUVERA FUEL CELLS, LLC
• Plug Power Inc.
• Nel ASA
• TAIYO NIPPON SANSO CORPORATION
• Ballard Power Systems
• Mahler AGS GmbH
• Teledyne Technologies Incorporated
• Xebec Adsorption Inc.
• McPhy Energy S.A.

These participants are actively involved in strategic joint ventures & contracts to capture market share.
 

Europe Hydrogen Industry News

• In March 2023, Air Liquide announced the construction of an industrial scale innovative ammonia cracking pilot plant in Belgium. With innovative technology, the plant will enable the conversion of ammonia to hydrogen and contribute to the development of hydrogen as a key enabler in energy transition. The addition of the new plant will strengthen the company’s portfolio and augment its position across the industry.
   
• In October 2022, NUVERA FUEL CELLS, LLC signed an MoU with H2Boat, a system integrator for marine applications based in Italy, to supply a fuel cell engine. The company will provide the fuel cell engine named E-45 to the H2Boat for marine kind approval certification as well as for integration in H2Boat’s upcoming HP Energy Pack with P>40kW. The use of hydrogen fuel cells in boats will reduce the noise, vibrations, exhaust emissions, and environmental costs related to diesel-powered vessels. This will further strengthen the company’s business footprint in Europe.
   

This Europe hydrogen market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MT & USD Million’ from 2023 to 2032 for the following segments:

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By Type

• Grey
• Blue
• Green

By Application

• Petroleum refining
• Chemicals
• Others

The above information has been provided for the following countries:

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Netherlands
  • Russia