Europe Green Hydrogen Market Trends, Revenue, Share, Demand, Growth Drivers, Business Challenges, Opportunities and Future Competition till 2024-2033: SPER Market Research
“Green hydrogen” is the term used to describe hydrogen gas produced by electrolysis with renewable energy sources, such solar or wind. Because the production method emits no greenhouse gases, it is considered “green” compared to conventional procedures that rely on fossil fuels.
Electrolysis is the process of separating water molecules (H2O) into oxygen (O2) and hydrogen (H2) using an electric current. Because the electricity required for the process comes from renewable energy sources, green hydrogen is a sustainable and environmentally favorable fuel choice.
According to SPER market research, ‘Europe Green Hydrogen Market Size- By Technology, By Application, By Generation and Delivery Mode – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Green Hydrogen Market is predicted to reach USD 38.65 billion by 2033 with a CAGR of 40.28%.
Drivers:
- Government subsidies are a major factor in the industry’s growth since they provide vital support for green hydrogen initiatives. Projects pertaining to hydrogen, for instance, are funded by the German National Hydrogen Strategy. Similarly, the United States offers tax credits to encourage the production of hydrogen and to fund infrastructure improvements. By lowering financial barriers for firms, these incentives also show the government’s commitment to making the hydrogen economy viable, which drives market expansion.
- An adaptable energy source called green hydrogen offers a long-term solution for sectors that have traditionally relied on fossil fuels to lower their carbon emissions. Its potential as a clean alternative for energy storage, industrial processes, and vehicle fuel presents significant opportunities for market expansion.
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Challenges: The most significant barrier for green hydrogen producers is the substantial initial outlay linked to establishing production facilities and managing transportation. The two key challenges are the advancement of efficient electrolysis technology and the building of power plants that run on renewable energy. These activities require significant research and development expenses in order to provide technologies that are practical. The fixed costs of solar and wind power plants, which are still highly expensive when compared to traditional non-renewable energy sources, raise the initial investment needed for hydrogen facilities. The demand for post-production transportation infrastructure development in order to transfer hydrogen in an inexpensive and effective manner raises the cost of building up green hydrogen plants even further.
The European green hydrogen sector faced challenges as well as opportunities in the wake of the COVID-19 epidemic. Supply chain delays and logistical problems hindered the installation of regional green hydrogen projects early in the pandemic. Investment in green hydrogen and other renewable energy initiatives was impacted by the financial fallout from the economic crisis. Notwithstanding these obstacles, the need for reliable energy supply chains and sustainable energy solutions is growing.
Additionally, some of the market key players are; Air Liquide, Air Products and Chemicals Inc., Ballard Power Systems, Bloom Energy, Linde Plc., Nel ASA.
Europe Green Hydrogen Market Segmentation:
By Type: Based on the Type, Europe Green Hydrogen Market is segmented as; Alkaline Electrolyzer, Proton Exchange Membrane (PEM) Electrolyzer, Solid Oxide Electrolyzer.
By Application: Based on the Application, Europe Green Hydrogen Market is segmented as; Industrial Processes, Domestic Energy Systems (Residential Premises, and Commercial Premises) Power Grids, Mobility.
By Generation and Delivery Mode: Based on the Generation and Delivery Mode, Europe Green Hydrogen Market is segmented as; Captive, Merchant (Pipeline/Tube Trailers, Liquid Tankers, Trucks, and Ships.
By Region: This research also includes data for Germany, The Netherlands, Poland, Italy, France, Spain, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Europe Green Hydrogen Market Outlook
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