The worldwide pipeline for hydrogen electrolyser tasks 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 Vitality Analysis. The worldwide electrolyser database now stands at roughly 1.2 TW, marking a notable 4% enhance within the final six months and equating to a considerable 5.5 PWh of electrical energy.
Most tasks (90%) are nonetheless in early phases, in response to Aurora. The full operational capability of current tasks is nearing 2 GW (1,923 MW), displaying a development of 1,133 MW. About 130–140 GW of extra superior tasks are additionally within the works, highlighting their substantial scale. Europe leads in challenge growth, making up 32% of the capability share, the report finds, adopted intently by Oceania at 21% in several operational or growth levels. The tasks involving Remaining Funding Selections (FIDs) quantity to roughly 15 GW, about 12% of the worldwide operational or under-construction capability.
Given its massive market measurement and superior coverage framework, particularly with the 2023 replace to its 2020 hydrogen technique, Germany leads in electrolyser challenge growth in Europe, with about 9 GW in superior levels. Following intently are the Netherlands and the UK, making up the highest three most tasty markets in Europe with related drivers. Whereas Europe stays a hotspot, tasks are displaying world momentum, Aurora assesses.
Aurora additional tasks a big position for electrolysers in European hydrogen manufacturing. By 2030, electrolysers are anticipated to make up over 50% of the full capability combine, rising to 80% by 2040. Nonetheless, by 2030, put in electrolyser capability is anticipated to achieve 35 GW, falling in need of targets set by the EC’s Web Zero Business Act and REpowerEU by 76%. This shortfall is attributed to excessive electrolysers’ CAPEX, rising price of capital and, and uncertainty in offtake agreements, delaying challenge funding selections.
When it comes to hydrogen manufacturing prices, the report identifies appreciable variation throughout European international locations, 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 price will increase by 2–3 occasions.
Dilara Caglayan, Analysis Lead at Aurora Vitality Analysis, feedback:
“The positive impact of clearer policy frameworks and support schemes is evident in electrolyser projects globally, with new projects as well as some of the existing ones reaching a Final Investment Decision (FID). However, further cooperation still remains a prerequisite for the realisation of national targets and the successful rollout of a future hydrogen market.”
The Q2 2024 European Hydrogen Market Report (HyMaR) is on the market now
