Europe Hydrogen Market Size, Share, Growth, Major Players, Industry Analysis by Forecast to 2032

2023-03-13 06:41:04 UTC | Chemicals & Advanced Materials
Europe Hydrogen Market Size, Share, Growth, Major Players, Industry Analysis by Forecast to 2032
According to ChemAnalyst report, “Europe Hydrogen Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032”, The Hydrogen market is expected to reach approximately 14 million tonnes in 2032 at an expected CAGR of 4.13% in the forecast period.  The surging demand for Hydrogen from major end-use industries, Refining, Ammonia, Chemical, and Fuel is anticipated to favour the Hydrogen market expansion in the upcoming years.

Hydrogen is a colourless and abundant gas. Hydrogen is always chemically bonded. It must initially produced, unlike natural gas, and several energy sources are employed for this. Its combustion doesn't release any pollutants, making it a carbon-free energy source. It is referred to as CO2-free hydrogen and serves as a storage option for renewable electricity when it is created using renewable energy. Hydrogen is a clean fuel and an alternative to methane. Hydrogen can be transferred in a variety of ways, including using existing gas networks.

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The primary driving factor of Hydrogen the growing demand of clean alternative to conventional fuels. With Europe’s goal towards decarbonizing, hydrogen holds a substantial position in the fuel market. Hydrogen can be easily transported by the means of pipelines. Countries like Spain, Germany, and the Netherlands are aiming towards exceeding pipeline in the forthcoming years and have already launched National Hydrogen strategies. In the forthcoming years, developments in efficient electrochemical compression of hydrogen will aiding the ease of transporting hydrogen. Furthermore, the development and maintenance of Hydrogen filling stations and port facilities for active gas transportation is another aspect that may boost the expansion of the Hydrogen market in the coming years. Traditional combustion engines can add weight and inefficiency to a vehicle. Hydrogen-powered vehicles use hydrogen fuel cells instead of combustion engines, which convert energy to electricity more effectively. The automotive sector is anticipated to further propel the hydrogen market expansion due to increased usage of hydrogen fuel cell vehicles in the upcoming years.

The Hydrogen market is segregated based on end-use, sales channel, and region. Based on the end-user industry, the Europe Hydrogen market is segregated into Refining, Ammonia, Chemical, Fuel, and Others. As of 2022, the majority of hydrogen is used by the Refining Industry with a market share of 50%. Hydrogen (H2) is crucial for refining operations in the petrochemical industry. Companies use this gas to remove Sulphur from the fuels using a chemical separation process known as hydrodesulphurization. Refining is expected to remain the major application of hydrogen even in the forecasted period.

Based on demand by region, the Hydrogen market is segregated into Northern Europe, Southern Europe, Eastern Europe, and Western Europe. Among these regions, Western Europe is dominating the Hydrogen market. In 2021, Western Europe accounted for consumption of approximately 41% of the hydrogen market with major consuming countries being France, Belgium, and Germany.

 “Europe Hydrogen Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032”, the significant players functional in the Europe Hydrogen are Linde, Air Liquide, Air Products, Sapio, Praxair, Petrochemia Plock, Kawasaki, Norsk Hydro, Skeljungur, SIAD, Oy Woikoski, Ansaldo Energia, and Others.

“Hydrogen is a versatile chemical which can be used as an energy carrier. Continuously increasing demand of clean energy sources for transportation and energy usage across the Europe is expected to boost the demand for Hydrogen in the forecast period until 2032. Hydrogen fuel cell powered vehicles with zero- carbon emissions strongly contribute towards Hydrogen market expansion. Furthermore, greater steps by the governments across Europe towards decarbonization and is lubricating the Hydrogen market expansion. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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