EU: Hydrogen Market 2024

Hydrogen Market Size in the EU

The EU hydrogen market fell notably to $X in 2022, declining by -21.5% against the previous year. The total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +82.1% against 2020 indices. As a result, consumption attained the peak level of $X, and then reduced markedly in the following year.

Hydrogen Production in the EU

In value terms, hydrogen production contracted rapidly to $X in 2022 estimated in export price. In general, production recorded a slight reduction. The growth pace was the most rapid in 2021 when the production volume increased by 100% against the previous year. As a result, production reached the peak level of $X, and then dropped remarkably in the following year.

Hydrogen Exports

Exports in the EU

Hydrogen exports skyrocketed to X cubic meters in 2022, picking up by 60% against the year before. Over the period under review, exports saw a moderate expansion. The most prominent rate of growth was recorded in 2021 with an increase of 89%. Over the period under review, the exports attained the peak figure at X cubic meters in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, hydrogen exports skyrocketed to $X in 2022. Overall, exports continue to indicate a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Belgium was the largest exporting country with an export of about X cubic meters, which accounted for 58% of total exports. It was distantly followed by the Netherlands (X cubic meters), generating a 30% share of total exports. Germany (X cubic meters), Sweden (X cubic meters) and France (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +30.0%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Belgium ($X) remains the largest hydrogen supplier in the European Union, comprising 66% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 24% share of total exports. It was followed by Germany, with a 3.6% share.

In Belgium, hydrogen exports increased at an average annual rate of +31.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the Netherlands (-3.6% per year) and Germany (+0.6% per year).

Export Prices by Country

The export price in the European Union stood at $X per cubic meter in 2022, jumping by 42% against the previous year. In general, the export price showed buoyant growth. The growth pace was the most rapid in 2020 an increase of 78% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per cubic meter), while Sweden (less than $X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.0%), while the other leaders experienced more modest paces of growth.

Hydrogen Imports

Imports in the EU

Hydrogen imports surged to X cubic meters in 2022, jumping by 188% on the previous year. Over the period under review, imports continue to indicate a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, hydrogen imports surged to $X in 2022. Overall, imports posted a moderate expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The Netherlands prevails in imports structure, finishing at X cubic meters, which was near 78% of total imports in 2022. Denmark (X cubic meters) ranks second in terms of the total imports with a 5.9% share, followed by France (4.9%). Austria (X cubic meters) and Luxembourg (X cubic meters) followed a long way behind the leaders.

Imports into the Netherlands increased at an average annual rate of +25.1% from 2012 to 2022. At the same time, Denmark (+35.4%), Austria (+8.8%) and Luxembourg (+4.4%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing importer imported in the European Union, with a CAGR of +35.4% from 2012-2022. By contrast, France (-5.2%) illustrated a downward trend over the same period. While the share of the Netherlands (+59 p.p.) and Denmark (+5.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of France (-14.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) constitutes the largest market for imported hydrogen in the European Union, comprising 75% of total imports. The second position in the ranking was taken by France ($X), with a 4.4% share of total imports. It was followed by Austria, with a 2.4% share.

In the Netherlands, hydrogen imports expanded at an average annual rate of +27.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: France (-9.6% per year) and Austria (+4.9% per year).

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per cubic meter, dropping by -12% against the previous year. In general, the import price showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when the import price increased by 10% against the previous year. The level of import peaked at $X per cubic meter in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($X per cubic meter), while Denmark ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+1.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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