The worldwide pipeline for hydrogen electrolyser initiatives has surged by a staggering 55.2 GW in six months, as reported within the newest Q2 2024 European Hydrogen Market Report (HyMaR) by energy market analytics supplier Aurora Power Analysis. The worldwide electrolyser database now stands at roughly 1.2 TW, marking a notable 4% improve within the final six months and equating to a considerable 5.5 PWh of electrical energy.
Most initiatives (90%) are nonetheless in early phases, in response to Aurora. The entire operational capability of current initiatives is nearing 2 GW (1,923 MW), displaying a development of 1,133 MW. About 130–140 GW of extra superior initiatives are additionally within the works, highlighting their substantial scale. Europe leads in challenge improvement, making up 32% of the capability share, the report finds, adopted carefully by Oceania at 21% in numerous operational or improvement phases. The initiatives involving Last Funding Choices (FIDs) quantity to roughly 15 GW, about 12% of the worldwide operational or under-construction capability.
Given its giant market dimension and superior coverage framework, particularly with the 2023 replace to its 2020 hydrogen technique, Germany leads in electrolyser challenge improvement in Europe, with about 9 GW in superior phases. Following carefully are the Netherlands and the UK, making up the highest three most tasty markets in Europe with related drivers. Whereas Europe stays a hotspot, initiatives are displaying international momentum, Aurora assesses.
Aurora additional initiatives a major position for electrolysers in European hydrogen manufacturing. By 2030, electrolysers are anticipated to make up over 50% of the overall capability combine, rising to 80% by 2040. Nonetheless, by 2030, put in electrolyser capability is anticipated to succeed in 35 GW, falling wanting targets set by the EC’s Internet Zero Trade Act and REpowerEU by 76%. This shortfall is attributed to excessive electrolysers’ CAPEX, rising value of capital and, and uncertainty in offtake agreements, delaying challenge funding choices.
When it comes to hydrogen manufacturing prices, the report identifies appreciable variation throughout European nations, starting from 4–20 €/kg. The Nordics and Spain stand out for providing probably the most cost-effective hydrogen, with Spain’s baseload manufacturing serving to to offset intermittent value will increase by 2–3 instances.
Dilara Caglayan, Analysis Lead at Aurora Power Analysis, feedback:
“The constructive influence of clearer coverage frameworks and assist schemes is obvious in electrolyser initiatives globally, with new initiatives in addition to among the current ones reaching a Last Funding Choice (FID). Nonetheless, additional cooperation nonetheless stays a prerequisite for the realisation of nationwide targets and the profitable rollout of a future hydrogen market.”
The Q2 2024 European Hydrogen Market Report (HyMaR) is obtainable now
