European Hydrogen Generation Market size is expected to surpass USD 38.6 billion by 2026 owing, according to a latest forecast report by Graphical Research.
Europe Hydrogen Generation Market Share is set to grow on account of growing refurbishment of the refineries along with escalated demand for crude oil. Increasing R&D activities, growing investment programs coupled with shifting consumer focus toward carbon negative fuels will positively impact the product demand.
Extensive utilization in various applications including steel making, pharmaceuticals among others coupled with the growing demand for fuel cells in the transport sector will fuel the captive market growth. In addition, lack of transport infrastructure for distribution of hydrogen coupled with the upgradation of captive generation facilities and its ability to provide low cost hydrogen are some salient features amplifying its utilization across the major industrial applications.
Escalating demand for petroleum and its by-products in response to the urgency to cater to the demand of mass population growth will propel the product penetration across all petroleum refineries. Stringent environmental laws and emission mandates in combination with the favorable incentives aimed at reducing the reliability on fossil fuels across all industries will further complement the business landscape.
SMR will witness a surge on account of ample availability of traditional fuels leading to minimal operational costs. Stringent environmental norms and growing consumer inclination towards clean fuel may hamper the overall SMR market share. However, ability to avoid the carbon deposition on the catalyst in combination with the wider application across major facilities including gas refineries and central oil plants will enhance the SMR hydrogen generation market growth.
Enforcement of Environment & Climate Change Law 2020 centered at limiting emissions together with various technological innovations to provide economic viability will boost the market size. Furthermore, rising awareness towards facilitating environmentally reliable, sound and affordable energy supply will further augment the business outlook.
The major players operating across the Europe Hydrogen Generation Market include Showa Denko K.K, Cummins, Caloric Anlagenbau, Air Products & Chemicals Inc., Nuvera Fuel Cells, Air Liquide SA, Plug Power Inc., Iwatani Corporation, Messer Group GmbH and Nel ASA.