Market Size of Europe Hydrogen Generation Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Hydrogen Generation Market Analysis
The Europe Hydrogen Generation Market is expected to grow at a CAGR greater than 7.5% during the forecast period.
The market was relatively unchanged by the Covid-19 pandemic due to demand from end-user industries such as iron and steel and refining, witnessing quick recoveries. The market recovered to pre-pandemic levels in 2021 and is expected to grow steadily during the forecast period.
- The growing demand for green hydrogen as a source of renewable energy, which can be easily manufactured, transported and stored and provide a viable alternative to Russian gas imports, is expected to be one of the most significant factors driving the market during the forecast period.
- However, high production costs compared to other renewable energy technologies are expected to restrain the demand in the market during the forecast period.
- Nevertheless, the commercialisation of photolytic (Direct solar water splitting) processes for hydrogen generation remain a significant opportunity for the market during the forecast.
- Due to its clear hydrogen strategy and early start in the green hydrogen segment, Germany is expected to be the largest geographical segment in the market during the forecast period.
