The Europe Electrolyzers Market would witness market growth of 54.1% CAGR during the forecast period (2023-2030).
Recognizing the nature of the hydrogen economy, countries and companies are engaging in cross-border collaborations and partnerships. Initiatives and agreements are fostering knowledge exchange, joint research efforts, and establishing a hydrogen infrastructure. Such collaborations are instrumental in overcoming technological barriers and ensuring the widespread adoption of these devices on a larger scale.
Furthermore, the versatility of these devices lies in their ability to produce hydrogen, a clean and storable energy carrier. This hydrogen, in turn, finds application across diverse sectors, driving innovation and offering sustainable solutions to age-old challenges. One of the primary applications of these devices is in the industrial sector, where hydrogen serves as a key feedstock for various processes. Industries such as petrochemicals, steel manufacturing, and ammonia production are integrating these devices to produce hydrogen onsite. This reduces carbon emissions and enhances the overall sustainability of industrial processes.
As per the European Commission, a joint public-private initiative, the Clean Hydrogen Partnership (2021-2027), is funded by the European Commission via Horizon Europe. The Commission and key stakeholders signed a joint declaration on renewable hydrogen research and innovation on March 1, 2023. In this declaration, they pledged to increase and accelerate collaborative efforts about the research, development, demonstration, and deployment of hydrogen valleys. In addition, the European Clean Hydrogen Alliance was established in 2020 in conjunction with the EU hydrogen strategy as an element of the EU's new industrial strategy. Therefore, growing clean hydrogen initiatives in various countries of Europe will help expand the regional market.
The Germany market dominated the Europe Electrolyzers Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,956 million by 2030. The UK market is exhibiting a CAGR of 52.7% during (2023 - 2030). Additionally, The France market would experience a CAGR of 55.3% during (2023 - 2030).
Free Valuable Insights: The Global Electrolyzers Market will Hit USD 39.5 Billion by 2030, at a CAGR of 55%
Based on Capacity, the market is segmented into 500 kW to 2 MW, Less than 500 kW, and Above 2 MW. Based on Technology, the market is segmented into Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide (SOE) Electrolyzer, and Anion Exchange Membrane (AEM) Electrolyzer. Based on Application, the market is segmented into Power Generation, Industry Feedstock, Transportation, Building Heat & Power, Industry Energy, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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