Europe: Hydrogen Market 2024

Hydrogen Market Size in Europe

In 2022, the Europe hydrogen market decreased by -7.7% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, posted resilient growth. Over the period under review, the market reached the maximum level at $X in 2021, and then fell in the following year.

Hydrogen Production in Europe

In value terms, hydrogen production fell slightly to $X in 2022 estimated in export price. Overall, production, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 95% against the previous year. The level of production peaked at $X in 2021, and then fell slightly in the following year.

Hydrogen Exports

Exports in Europe

In 2022, the amount of hydrogen exported in Europe soared to X cubic meters, rising by 60% compared with 2021. Overall, exports posted pronounced growth. The growth pace was the most rapid in 2021 with an increase of 89% against the previous year. The volume of export peaked at X cubic meters in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, hydrogen exports surged to $X in 2022. In general, exports showed a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Belgium was the largest exporter of hydrogen in Europe, with the volume of exports amounting to X cubic meters, which was near 58% of total exports in 2022. It was distantly followed by the Netherlands (X cubic meters), making up a 30% share of total exports. The following exporters - Germany (X cubic meters), Sweden (X cubic meters) and France (X cubic meters) - together made up 7.2% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Belgium (with a CAGR of +30.0%), while the other leaders experienced a decline in the exports figures.

In value terms, Belgium ($X) remains the largest hydrogen supplier in Europe, comprising 65% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 23% share of total exports. It was followed by Germany, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value in Belgium totaled +31.1%. 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 Europe stood at $X per cubic meter in 2022, with an increase of 42% against the previous year. Overall, the export price saw strong growth. The pace of growth was the most pronounced in 2020 when the export price increased by 79%. The level of export peaked in 2022 and is expected to retain growth in the near future.

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 Europe

In 2022, approx. X cubic meters of hydrogen were imported in Europe; with an increase of 182% on 2021 figures. Over the period under review, imports enjoyed prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hydrogen imports soared to $X in 2022. In general, imports recorded notable growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The Netherlands dominates imports structure, finishing at X cubic meters, which was approx. 77% of total imports in 2022. It was distantly followed by Denmark (X cubic meters) and France (X cubic meters), together committing an 11% share of total imports. Austria (X cubic meters) and Luxembourg (X cubic meters) held a relatively small share of total imports.

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 Europe, 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 (+58 p.p.) and Denmark (+5.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of France (-14.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) constitutes the largest market for imported hydrogen in Europe, comprising 73% of total imports. The second position in the ranking was held by France ($X), with a 4.2% share of total imports. It was followed by Austria, with a 2.3% 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

The import price in Europe stood at $X per cubic meter in 2022, falling by -12.5% against the previous year. In general, the import price recorded a pronounced descent. The most prominent rate of growth was recorded in 2018 when the import price increased by 11% against the previous year. Over the period under review, import prices reached the maximum at $X per cubic meter in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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